HYCM Minimum Deposit Guide
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.
Let’s dive in and find more about HYCM minimum deposit.
Round-Up
| Features | FXTM Minimum Deposit |
|---|---|
| HYCM Fixed Account | $10 |
| HYCM Classic Account | $100 |
| HYCM Raw Account | $200 |
| HYCM Islamic Account | $100 ($200 for Raw Islamic Account) |
| Deposit Fees | No |
| Withdrawal Fees | No |
| Base Currencies | USD, EUR, GBP, RUB, AED, CAD |
You can go deeper into the broker’s offering by consulting our HYCM account types guide and their features.
Visit HYCM (58% of retail CFD accounts lose 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
- 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.
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 descriptions 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, 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.
How to Deposit Funds into your HYCM Account: Steps-by-Steps Tutorial
Here is how you can make a deposit to your 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 (58% of retail CFD accounts lose money). 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.
- 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.
- 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.
- 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.
- 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.
HYCM Minimum Deposit vs Other Brokers
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.
| 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 |
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.
To learn more, read our HYCM review.
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