The online brokerage firm HYCM requires a capital deposit from the trader owning the brokerage account to activate the CFD and Retail foreign exchange (Forex) trading platform.
The minimum amount required with HYCM is $10, which can be deposited via various methods, including wire transfer, debit card, credit card and eWallet. It should be noted that the minimum deposit with HYCM may vary depending on the type of trading account chosen.
HYCM generally does not charge commissions on deposits, but conversion fees may apply if depositing in a currency different from the account base currency.
What is the HYCM minimum deposit?
The HYCM minimum deposit is $100 if you choose a Fixed or Classic account and $200 if you opt for a Raw account.
Also, the minimum deposit may change depending on the HYCM funding method you choose.
The HYCM minimum deposit features are listed in this table below:
| HYCM DEPOSIT FEATURES | CHARACTERISTICS |
|---|---|
| HYCM Fixed Account | $10 minimum deposit |
| HYCM Classic Account | $100 minimum deposit |
| HYCM Raw Account | $200 minimum deposit |
| HYCM Islamic Account | $100 minimum deposit ($200 for Raw Islamic Account) |
| Deposit Fees | No |
| Withdrawal Fees | No |
| Base Currencies | USD, EUR, GBP, RUB, AED, CAD |
(58% of retail CFD accounts lose money)
You can go deeper into the broker’s offering by consulting our HYCM account types guide and their features.
What are the HYCM account base currencies?
The HYCM account base currencies include USD, EUR, GBP, RUB, AED, CAD.
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
- 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. Note that availability of the base currencies depends on your location.
What are the HYCM funding and deposit methods?
The HYCM deposit methods features and fees are listed below.
- Wire Transfers: 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.
- Credit/Debit Cards: HYCM credit and debit card deposits through 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.
- eWallets: 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.
- Other Methods: Depending on where you are based, the broker may offer some specific local deposit methods. These can include WebMoney, China Union Pay, Perfect Money, Interact, and even the use of some virtual cards to enable you to make a deposit. Bitcoin deposits are also facilitated depending on your location. Fees and processing times here could vary depending on the area and method used.
What are the steps to fund your HYCM account?
Here is how you can make a deposit to your HYCM account:
- Create a HYCM account:
The very first step you should consider is opening a demo account. This is a great possibility to learn more if you are a new trader. All you have to do is head to the broker’s website. You can then open a live account when you are ready. In case you find it useful, you can read our best forex brokers beginners top ten.
- Login into the HYCM client area:
Once you are ready to open a live account you can do so directly through the website of the broker, by also selecting the account type you want.
- Verify the HYCM account:
After that, you need to make HYCM verify your account before you start trading. You will need an ID or a passport to prove your identity, and a bank statement or utility bill to prove your address.
- Fund your HYCM account:
With your account verified, you will be ready to make your first deposit. You can select to make your deposit, as said before: bank wire, credit/debit cards, different e-wallets.
- Wait for the HYCM approval:
Once you have deposited into your account, wait for it to be processed. The time of processing depends on the method used. Remember that the withdrawal method for when you will withdraw must match the one used for deposits.
How does the HYCM minimum deposit compare with other major brokers?
The comparison between HYCM’s minimum deposit and those of other brokers can be found in this table below:
| FEATURES | HYCM | AVATRADE | PEPPERSTONE |
|---|---|---|---|
| Minimum Deposit | $100 | $100 | $0 ($200 recommended) |
| Wire Transfer | Yes | Yes | Yes |
| Credit Card | Yes | Yes | Yes |
| PayPal | No | No | Yes |
| Number of deposit methods | 8 | 6 | 9 |
| Account currencies | USD, EUR, GBP, RUB, AED, CAD | USD, EUR, GBP, JPY, AUD | AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD |
Warning
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.
Does HYCM offer deposit bonuses?
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.
To learn more, read our HYCM review.