We selected Oanda as Best mobile trading platform and Best broker for API trading for 2020, based on an in-depth analysis of 57 online brokers that included testing their live accounts. The Forex market is filled with dishonest FX brokers and other market players that are intent on prying you away from your hard-earned money.
Who is the richest forex trader?
George Soros is the richest forex trader in the world and the top of this list.
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However, many India citizens believe that the main reason is to stop currency outflow. I meanwhile believe that RBI will ease in their limits in the coming period as India is going through the financial change. https://traderevolution.net/ Meanwhile, you should note that CFD platforms are not legal in India. Thus from a broader perspective trading on leverage is not allowed in India. You as a trader should know your limits and act accordingly.
Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company.
HYCM makes up for its account shortcomings by offering excellent customer service for all of its clients. The broker also provides an attractive HYCM bonus for deposits that offers 25% as deposit bonus for a maximum bonus of $5000. Traders must deposit at least $500 for a bonus, but the trading conditions are too steep for an average trader.
What does 100 pips mean?
Pip is an acronym for “percentage in point”. A pip is the smallest price move that an exchange rate can make based on forex market convention. Most currency pairs are priced out to four decimal places and the pip change is the last (fourth) decimal point. A pip is thus equivalent to 1/100 of 1% or one basis point.
HYCM’s continuous market updates should provide a wealth of information for all traders, regardless of their trading proficiency or market knowledge. HYCM has strict regulations that make them answerable to some of the top regulators in the financial markets. Therefore, you should have a pretty satisfactory experience while dealing with HYCM, which is all that is required to trade successfully in the FX market.
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The broker did a good job on assuring the tarnsparency of trading and relationship with its customers. Every cusotmer from very part of the world can be sure of the funds safety here. They are regulated with a well-known and trust worthy authorities, tehy offer negative balance protection and at the same time don’t made their trading commissions too high due to this fact. This is a rare opprotunity to trade with a regulated broekrage and still have affordable fees and spreads.
Nevertheless, HYCM does not deviate from its regulatory norms while providing services to its clients, which should ensure a good amount of trust among traders. HYCM is regulated by the FCA and the CySEC through its European offices located in London and Cyprus. Therefore, HYCM has covered the entire European Forex market by being licensed directly under the European MiFID derivative and the European Central Bank. In the UK, investors are protected by the Financial Services Compensation Scheme , while in Cyprus, investors protection is offered by the Investor Compensation Fund . Is this really the key reason why people start to trade?
The only thing you have to keep in mind is that the deposit and withdrawal methods are rather limited here in my opinion. Few e-payments systems, CC and bank wire, that’s basically it.
The broker used to provide an HYCM bonus for traders making a deposit into their live trading account, but it seems that the broker no longer offers any bonus due to the conflict of interest with clients. Nevertheless, HYCM is following the footsteps of other FX brokers by offering a loyalty program that provides a cash rebate by accumulating certain lot conditions.
All funds deposited to HYCM are held in segregated tier 1 bank accounts for security. Even though HYCM has been around for a few decades, they still don’t offer an ECN account, which is a huge surprise. HYCM spreads are also significantly higher, especially since other leading STP and market maker brokers offer spreads starting from 1 pip.
- Withdrawals take a day or two to complete depending on the method you choose.
- I’ve withdrawn funds about a dozen of times and each time the money arrived with no delays or further questions from HYCM stuff.
- HYCM is regulated by the FCA as well as the CySEC , which are two of the major regulatory agencies in the FX market.
- There is a number of deposit and withdrawal methods that you can use.
For those who don`t know, what type of account to select, there is the special test. There are about 5 – 7 question about your trading style in it. And it`s important to know, does a trader use them or not, beforehand. Most traders need to use stop losses to protect themselves from huge risk unless the trade is hedged against another trade or the trader is not using leverage.
Its important that broker works closely with reliable regulators. In this case if something goes wrong with the broker, this regulator will be held responsible scalping to compensate for client’s losses caused by broker’s inability to fulfill its duties. This is why CySEC, FCA and other regulations are VERY VERY important.
CONVENIENT TRADING FEES POLICIES They’ve got different account types so you can find the best one that will meet your needs 100%. Newbies and those who trade at market openings and during news releases will definitely appreciate FIX accounts at HYCM. There are also variable foreign exchange market spreads on standard accounts and RAW accounts assume you pay minimal spreads and additional commission. There are no per trade commissions of other two account types. FAST EXECUTIONS This is the other important thing that I need to mention as a pro of this broker.
I played a bit answering this test in different ways and I definitely see some logic in the solutions they suggest for one or another approach to trading. Don’t forget to fill out all the paperwork providing true residence address and personal information to avoid any troubles in future. HYCM has been facilitating trade on the financial markets for over 43 years.
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With many online brokers who misguide retail investors claiming forex trading performed legally through them. Moreover, RBI claims the restrictions are there to prevent retail investors/traders from losing big time.
For example, at IG, it is possible to have both EUR and USD-based accounts. For India, trading on other pairs rather than defined HYCM scam by RBI is illegal under the FEMA Act. Trading forex in India through an online broker is a non-bailable offense in India.
New market players can go for fixed spreads and focus on learning and their analysis. The only issue – the min deposit here is a bit higher, yet, not that much, just 200 bucks. There is a number of deposit and withdrawal methods that you can use. I’ve withdrawn funds about a dozen of times and each time the money arrived with no delays or further questions from HYCM stuff.