HYCM South Africa is one of those FX brokers in the world who are thought to be scams, unsafe, or even fraud brokers. People hear about it and then search on a search engine like, “Is HYCM South Africa a scam or legit FX broker.”
Are you also one of them? If yes, then don’t worry because we are here to assist you in this matter. Read this brief article completely so that you can get complete information about HYCM South Africa and answer your every question. So, let’s get straight into it:
HYCM South Africa Broker
We researched HYCM South Africa and found out that it is the UK-based broker that once was called HYMarkets. It is a constituent of the Henyep Group. The Henyep group was started in 1977 and is a multinational financial company.
HYCM or Henyep Markets is a universal CFD and forex broker. HYCM’s parent company, Henyep, is extremely famous in financial and trading hubs of the world like the UK, Hong Kong, Dubai, and Cyprus. So, it also has office locations in these parts of the world.
Is HYCM South Africa Scam or Legit?
HYCM has a respected track history that stems from the parent company. HYCMM itself is regulated by the FCA, the authentic rule and authorizing chief in the UK. Customers are warranted to have compulsory legit protection. The strict regulation ensures that customer finances are observed in segregated accounts, prohibiting HYCM from applying those funds for functional purposes.
Other HYCM branches in Cyprus, Dubai, and the Cayman Islands are also authorized and regulated by the applicable authorities. Customers can also be assured of coverage by the FSCS. In such a case that HYCM must affirm bankruptcy, the FSCS compensates customers up to £50k. So now, you can confidently say that HYCM South Africa is a legit and reliable FX broker.
Pros and Cons of HYCM South Africa Broker
A broker’s pros and cons tell how much it can provide and, most importantly, how and why you should go for it as a trader. If you are an FX trader, you must know that every FX broker has some cons and some pros.
But in general, we consider that broker to be better that has more pros than cons. And while examining the pros and cons of any broker, you have to focus on which pros are more important for you and which cons are pretty acceptable. So, let’s see what HYCM South Africa has got for you:
- You have to pay lesser FX and CFD charges to trade with HYCM than other brokers of the same caliber.
- If you want to learn before starting to earn from HYCM, there is good news for you. You will get amazing educational content from HYCM South Africa that will help you in every way.
- A user-friendly account opening facility is provided by it.
- If you want to inactive your account, you have to pay for it.
- Only forex CFD products are available for you.
The Bottom Line
So, what do you think about HYCM South Africa? Please let us know!