So, you are thinking about opening an account with HYCM and starting to trade?
That is a great choice and you can find out all the details on this major broker by taking a look at our in-depth HYCM Review.
Here we will drill a little deeper on an important key issue of this or any broker when you start to trade. The minimum deposit. We will examine the HYCM minimum deposit on all the account types they offer, as well as all the deposit methods available so you can be fully prepared to trade.
Let’s get started.
Table of contents
What is the HYCM Minimum Deposit?
The HYCM official minimum deposit is $100. This is if you open a Fixed or Classic Account, while if you apply for a Raw Account you will need twice the amount. Depositing with HYCM is free of charge and it also makes available a good selection of base currencies to help you avoid any conversion fees.
|Base Currencies||USD, EUR, GBP, RUB, AED, CAD|
Now that you know the minimum deposit amount, did you know that HYCM is one of the best brokers for Asian traders thanks to the variety of services offered within all asian countries? Visit the HYCM website and have a look yourself! (58% of retail CFD accounts lose money).
HYCM Classic Account Minimum Deposit
The HYCM Classic Account is the brokers’ account type that offers floating spreads. Here as well you will find that the minimum deposit is just $100.
This represents excellent value and certainly falls around the average amount for a minimum deposit in the industry, making trading very accessible to all.
If you want to check out other very accessible choices, head to our low no minimum deposit broker selection to see more.
HYCM Raw Account Minimum Deposit
As the name suggests, this account type offers raw spread trading that can be extremely low and cost-effective with a spread starting from 0 pips on this account type. The HYCM minimum deposit here is $200.
This is an excellent value and low minimum deposit for this type of account, though you can check out more similar low spread offers in our best ecn stp forex brokers listing that features many big names.
HYCM Islamic Account Minimum Deposit
If needed, a HYCM Islamic Account type is also offered. Any of the available account types from the broker can be made an Islamic Account if you require it. With that in mind, the minimum deposit will follow the specific type of account you are opening.
While HYCM offers a great Islamic Account, there are many available which you can find by looking at our selection of swap-free Islamic forex brokers for more comparison.
HYCM Minimum Deposit vs Other Brokers
|Minimum Deposit||$100||$100||$0 ($200 recommended)|
|Number of deposit methods||8||6||9|
|Account currencies||USD, EUR, GBP, RUB, AED, CAD||USD, EUR, GBP, JPY, AUD||USD, EUR, GBP, AUD, NZD, SGD, JPY, CAD, CHF, HKD|
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money
HYCM Account Base Currency
Your account base currency is the currency you use to make deposits and withdrawals from your account, as well as trading. When it comes to the HYCM base currencies, you will find several are available.
These are USD, EUR, GBP, RUB, AED, and CAD. This is a good selection which is important in helping you to avoid any conversion fees that can be charged if you deposit or withdraw to a non-base currency.
HYCM Funding and Deposit Methods
As you would expect from a major broker like HYCM, there are several funding options available to you. Each of these has its own minimum requirement and processing time. You can view each of these in more detail through the image below.
HYCM Wire transfer Deposit
Wire deposit is the first method available and of course, this is a method you will always find available at a major broker. The HYCM minimum deposit for a bank wire transfer is $250.
There are no fees from the broker side for this deposit, though you should definitely double-check with your bank to see if any fees are charged from your bank side before making the deposit. A wire transfer may take up to 7 working days to reach your trading account.
HYCM Credit Card Deposit
HYCM credit and debit card deposits are supported, though only if they are using a Visa or Mastercard. The minimum deposit using this method is $20.
Again there are no fees from the broker side. The processing time is also very fast and should typically be completed within one hour.
HYCM eWallets Deposit
eWallet deposits from Neteller and Skrill are both accepted by HYCM. Again here the minimum deposit required is just $20.
As with credit and debit card deposits, there are no fees from the broker and the deposits are typically available to trade within just 1 hour at most.
HYCM Other Deposit Methods
Depending on where you are based, the broker may offer some specific local deposit methods. These can include WebMoney, China Union Pay, Interact, and even the use of some virtual cards to enable you to make a deposit. Fees and processing times here could vary depending on the area and method used.
HYCM Deposit Bonus
A HYCM deposit bonus may be offered depending on your location. If you are trading with the UK or European entities this will not be available due to regulatory requirements, but if you are trading under CIMA regulation, then a deposit bonus is offered.
The broker offers a 10% credit bonus on every deposit over $100 that you make up to a maximum amount of $5,000.
HYCM Minimum Deposit FAQs
What is the minimum deposit for HYCM?
The minimum deposit with HYCM is $100 to open a Fixed or Classic Account. However, if you apply for a Raw account you’ll need a minimum deposit of $200. There are no fees charged from the broker and you’ll find a good range of base currencies available to avoid conversion fees.
Is HYCM regulated?
HYCM is a reliable and trusted broker. They are regulated by the world’s leading financial bodies such as the FCA, CySEC, CIMA, and the DFSA. HYCM further protects you by holding your funds in a segregated bank account and providing negative balance protection.
About the Author
Anthony is a financial journalist and business advisor with several years’ experience writing for some of the most well-known sites in the Forex world.
A trader turned industry writer, he is currently based in Shanghai with a finger on the pulse of Asia’s biggest markets.
He is a keen golfer with a very high handicap so when not helping you find the best broker for your needs, you may find him on the course or just as likely following any number of sports from the comfort of his sofa.