Compare Fortrade vs HYCM
What is Fortrade? What is HYCM?
Fortrade is a UK-based online broker that provides trading services for forex, indices, stocks, commodities, and cryptocurrencies. It was founded in 2013 and is regulated by the Financial Conduct Authority (FCA) in the UK and the National Bank of the Republic of Belarus (NBRB) in Belarus.
HYCM is a global online broker that offers trading services for forex, indices, stocks, commodities, cryptocurrencies, and ETFs. It is part of the Henyep Group, which has been in the investment industry since 1977. It is regulated by the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, the Financial Conduct Authority (FCA) in the UK, the Dubai Financial Services Authority (DFSA) in Dubai, and the Cayman Islands Monetary Authority (CIMA) in the Cayman Islands.
Best Forex Brokers Ranking
| Rank | Broker | Review | Open Account | Bonus | Platform | Minimum Deposit | ECN |
|---|---|---|---|---|---|---|---|
| 1 | Exness |  | Open Exness account | 16$/lot | MT4, MT5, Exness, ... | 1$ | 10$ |
| 2 | IC Markets | | Open IC Markets account | - | MT4, MT5, cTrader | 200$ | 200$ |
| 3 | XM | | Open XM account | 30$ | MT4, MT5 | 5$ | - |
| 4 | XTB | | Open XTB account | 2000$ | MT4, xStation 5 | 1$ | 1$ |
| 5 | FBS | | Open FBS account | 140$ | MT4, MT5, FBS Trader | 1$ | 1000$ |
Fortrade vs HYCM Regulation Comparison
Both Fortrade and HYCM are regulated by the FCA in the UK, which means they have to comply with strict rules and standards to protect their clients’ funds and interests. However, HYCM has more regulatory licenses than Fortrade, as it is also regulated by CySEC, DFSA, and CIMA in other jurisdictions. This gives HYCM more credibility and trustworthiness as a global broker.
Additionally, both brokers are members of the Financial Services Compensation Scheme (FSCS) in the UK, which covers up to £85,000 per client in case of insolvency or default. However, only HYCM is also a member of the Investor Compensation Fund (ICF) in Cyprus, which covers up to €20,000 per client in case of insolvency or default.
Fortrade vs HYCM Trading Assets Comparison
Both Fortrade and HYCM offer a wide range of trading assets for their clients to choose from. However, HYCM has more variety and diversity than Fortrade, as it offers more than 300 instruments across six asset classes: forex, indices, stocks, commodities, cryptocurrencies, and ETFs. Fortrade only offers around 250 instruments across five asset classes: forex, indices, stocks, commodities, and cryptocurrencies.
Moreover, HYCM has more options for trading stocks and cryptocurrencies than Fortrade. HYCM offers over 100 stocks from US, UK, Germany, France, Italy, Spain, Hong Kong, Japan, and Australia markets. Fortrade only offers around 50 stocks from US and UK markets. HYCM also offers 12 cryptocurrencies for trading: Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, EOS, Stellar Lumens, Cardano, Tron, Monero, Dash, and IOTA. Fortrade only offers six cryptocurrencies for trading: Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, and Dash.
Fortrade vs HYCM Trading Fees Comparison
- Both Fortrade and HYCM charge their clients fees for trading on their platforms. However, their fee structures are different and depend on various factors such as account type, instrument, spread, leverage, commission, swap, and other charges.
- Fortrade does not charge any commission on any of its instruments. It only charges spreads and swaps on its trades. The spreads vary depending on the instrument and market conditions. The average spread for EUR/USD is 2 pips on Fortrade’s Standard account. The swaps are calculated based on the interest rate differential between the two currencies involved in the trade. They are charged or credited to the client’s account at the end of each trading day.
- HYCM charges both spreads and commissions on some of its instruments. The spreads vary depending on the account type and instrument. The average spread for EUR/USD is 1.8 pips on HYCM’s Classic account and 0.2 pips on its Raw account. The commissions are only charged on the Raw account and depend on the instrument. For example, the commission for forex pairs is $4 per round lot traded. The swaps are calculated similarly to Fortrade’s swaps and are charged or credited to the client’s account at the end of each trading day.
- Additionally, both brokers may charge other fees such as withdrawal fees, inactivity fees, conversion fees, and deposit fees depending on the payment method and currency used by the client.
Fortrade vs HYCM Account Types Comparison
| Account Type | Fortrade | HYCM |
|---|---|---|
| Minimum Deposit | $100 | $100 (Classic), $200 (Raw), $10,000 (VIP), $100 (Islamic) |
| Spread | Variable | Variable |
| Leverage | Up to 1:200 | Up to 1:500 |
| Commission | None | None (Classic and Islamic), $4 per round lot (Raw and VIP) |
Fortrade vs HYCM Deposit Options Comparison
- HYCM has more payment methods than Fortrade, as it offers 15 deposit options and 12 withdrawal options. Fortrade only offers 10 deposit options and 9 withdrawal options.
- Both brokers accept bank wire transfer, credit/debit card, Skrill, Neteller, and WebMoney as deposit and withdrawal options .
- Fortrade also accepts Trustly, Sofort, iDeal, Giropay, and Przelewy24 as deposit and withdrawal options. However, these methods are only available for clients from certain countries and regions.
- HYCM also accepts PayPal, Rapid Transfer, Klarna/Sofortüberweisung, and local bank transfer as deposit and withdrawal options. Moreover, HYCM accepts various cryptocurrencies as deposit options through different platforms such as Skrill, Neteller, BitPay, VLoad, BitcoinPay, Paydoo, PayRetailers, etc.
- The minimum deposit and withdrawal amounts vary depending on the payment method and the account type. For example, the minimum deposit amount for bank wire transfer is $100 for both brokers , but the minimum withdrawal amount for bank wire transfer is $50 for Fortrade and $250 for HYCM .
- The processing time and fees also vary depending on the payment method and the account type. For example, the processing time for credit/debit card deposits is instant for both brokers , but the processing time for credit/debit card withdrawals is 3-5 business days for Fortrade and 1-10 business days for HYCM . The fees for credit/debit card deposits are free for both brokers , but the fees for credit/debit card withdrawals are 1.9% for Fortrade and 2% for HYCM
Fortrade vs HYCM Trading Platforms Comparison
Both Fortrade and HYCM offer their clients access to the popular MetaTrader 4 (MT4) trading platform, which is widely used and trusted by traders around the world. MT4 is a user-friendly and customizable platform that supports multiple order types, charting tools, indicators, expert advisors, automated trading, and mobile trading.
However, Fortrade also offers its own proprietary platform called Web Fortrader, which is a web-based platform that can be accessed from any browser without downloading or installing any software. Web Fortrader is a simple and intuitive platform that allows traders to trade over 250 instruments with one-click execution, advanced charting tools, market news, economic calendar, and risk management tools.
HYCM does not have its own proprietary platform, but it offers its clients access to another third-party platform called PrimeTrader, which is a web-based platform that supports over 120 instruments with tight spreads, fast execution, advanced charting tools, market news, economic calendar, and risk management tools.
Fortrade vs HYCM Analytical Tools Comparison
Both Fortrade and HYCM offer their clients various analytical tools to help them make informed trading decisions and improve their trading performance. However, HYCM has more analytical tools than Fortrade, as it offers Trading Central, Autochartist, and VPS services.
Trading Central is a leading provider of technical analysis and market research that delivers actionable insights and recommendations to traders through various channels such as webinars, newsletters, reports, indicators, and widgets. Autochartist is an automated market scanner that identifies trading opportunities based on chart patterns, Fibonacci patterns, key levels, and volatility analysis. VPS services allow traders to run their MT4 platforms on a remote server that ensures high-speed execution, security, and reliability. Fortrade only offers Trading Central as an analytical tool.
Fortrade vs HYCM. Which forex broker is better? Which forex broker should you choose?
Choosing a forex broker depends on your personal preferences, trading style, goals and risk appetite. Different brokers may suit different traders better. Therefore, you can research and compare the features, benefits and disadvantages of each broker before making a decision. You can also try their demo account to test their platform and services without risking real money. Ultimately, you should choose the broker that best meets your needs and expectations.
