Compare HYCM vs Forexee
What is HYCM? What is Forexee?
HYCM is a global forex broker that has been in the market since 1977. It is regulated by multiple authorities, including the FCA, CySEC, DFSA, and CIMA. It offers trading in forex, stocks, indices, commodities, cryptocurrencies, and ETFs.
Forexee is an ECN/DMA forex broker that was established in 2004. It is registered in Estonia and operates under the supervision of the Financial Intelligence Unit (FIU). It offers trading in forex, metals, and cryptocurrencies.
HYCM vs Forexee Regulation Comparison
HYCM has a higher trust score than Forexee, as it holds more tier-1 licenses from reputable regulators. HYCM is authorized by the FCA in the UK, the ASIC in Australia, the MAS in Singapore, and the JFSA in Japan. Forexee only has a license from the FIU in Estonia, which is not a well-known regulator in the forex industry.
Both brokers also have offshore licenses from the CIMA in the Cayman Islands, which offer less protection and oversight for traders.
HYCM vs Forexee Trading Assets Comparison
HYCM offers a wider range of trading assets than Forexee, with over 1,000 instruments available on its platform. HYCM allows traders to access forex, stocks, indices, commodities, cryptocurrencies, and ETFs. Forexee only offers forex, metals, and cryptocurrencies.
HYCM also has more forex pairs than Forexee, with 70 currency pairs compared to 49 pairs offered by Forexee.
HYCM vs Forexee Trading Fees Comparison
Both brokers charge commissions on their ECN accounts, which are based on the trading volume and the account type. HYCM has three types of ECN accounts: Raw, Classic, and VIP. The Raw account has the lowest spreads and commissions, starting from 0 pips and $4 per lot respectively. The Classic account has spreads from 0.2 pips and commissions from $2.5 per lot. The VIP account has spreads from 0 pips and commissions from $1.8 per lot.
Forexee has two types of ECN accounts: STP and Crypto. The STP account has spreads from 0 pips and commissions from $2.5 per lot. The Crypto account has spreads from 0 pips and commissions from 0.25% of the transaction value.
Both brokers also offer swap-free accounts for Islamic traders, which do not incur any interest charges or rollover fees.
HYCM vs Forexee Account Types Comparison
HYCM has four types of accounts: Fixed, Classic, Raw, and VIP. The Fixed account has fixed spreads from 1.8 pips and no commissions. The Classic account has variable spreads from 1.2 pips and no commissions. The Raw account has variable spreads from 0 pips and commissions from $4 per lot. The VIP account has variable spreads from 0 pips and commissions from $1.8 per lot.
Forexee has three types of accounts: STP, ECN, and Crypto. The STP account has variable spreads from 0 pips and commissions from $2.5 per lot. The ECN account has variable spreads from 0 pips and commissions from $1.8 per lot. The Crypto account has variable spreads from 0 pips and commissions from 0.25% of the transaction value.
HYCM vs Forexee Deposit Options Comparison
Both brokers offer multiple payment methods for depositing and withdrawing funds, including bank wire transfer, credit/debit cards, e-wallets, and cryptocurrencies.
HYCM does not charge any fees for deposits or withdrawals, except for bank wire transfers which may incur some charges by the intermediary banks. Forexee does not charge any fees for deposits but charges some fees for withdrawals, depending on the payment method.
HYCM has a minimum deposit requirement of $100 for all account types, except for the VIP account which requires $10,000. Forexee has a minimum deposit requirement of $50 for the STP and ECN accounts, and $10 for the Crypto account.
HYCM vs Forexee Trading Platforms Comparison
Both brokers use the MetaTrader 4 (MT4) platform, which is one of the most popular and widely used trading platforms in the forex industry. MT4 offers advanced charting tools, technical indicators, automated trading, and customization options.
HYCM also offers its own proprietary mobile app, called HYCM Trader, which is compatible with iOS and Android devices. The app allows traders to access their accounts, place orders, monitor the market, and receive notifications. Forexee does not have its own mobile app, but it supports the MT4 mobile app.
HYCM vs Forexee Analytical Tools Comparison
HYCM provides traders with various analytical tools, such as market news, economic calendar, trading signals, webinars, and educational materials. HYCM also offers third-party modules from Trading Central, which provide technical analysis, market commentary, and trading ideas.
Forexee does not offer much in terms of analytical tools, except for an economic calendar and some basic educational materials. Forexee does not provide any market news, trading signals, webinars, or third-party modules.
HYCM vs Forexee. Which forex broker is better? Which forex broker should you choose?
There is no definitive answer to which forex broker is better or which one you should choose, as different brokers may suit different traders depending on their preferences, goals, and strategies. However, here are some general suggestions and recommendations.
- If you are looking for a more trustworthy and reputable broker, you may prefer HYCM over Forexee, as HYCM has more tier-1 licenses from well-known regulators and has a longer history in the market. HYCM also offers more protection and compensation schemes for its clients, such as the Financial Services Compensation Scheme (FSCS) in the UK and the Investor Compensation Fund (ICF) in Cyprus .
- If you are looking for a more diverse and comprehensive range of trading assets, you may also favor HYCM over Forexee, as HYCM offers over 1,000 instruments across various markets, such as forex, stocks, indices, commodities, cryptocurrencies, and ETFs. HYCM also has more forex pairs than Forexee, with 70 currency pairs compared to 49 pairs offered by Forexee .
- If you are looking for lower trading costs and fees, you may find Forexee more attractive than HYCM, as Forexee has lower commissions on its ECN accounts and does not charge any fees for deposits. Forexee also has lower minimum deposit requirements than HYCM, which may appeal to beginner or low-budget traders .
- If you are looking for a more user-friendly and convenient trading platform, you may not see much difference between HYCM and Forexee, as both brokers use the MetaTrader 4 (MT4) platform, which is one of the most popular and widely used trading platforms in the forex industry. MT4 offers advanced charting tools, technical indicators, automated trading, and customization options . However, HYCM also offers its own proprietary mobile app, called HYCM Trader, which may give it an edge over Forexee in terms of mobile trading.
- If you are looking for more analytical tools and educational resources, you may lean towards HYCM over Forexee, as HYCM provides traders with various analytical tools, such as market news, economic calendar, trading signals, webinars, and educational materials. HYCM also offers third-party modules from Trading Central, which provide technical analysis, market commentary, and trading ideas. Forexee does not offer much in terms of analytical tools, except for an economic calendar and some basic educational materials.
Ultimately, the choice of forex broker depends on your personal preferences and needs. You should always do your own research and due diligence before opening an account with any broker. You should also consider factors such as customer service, security, reliability, and reputation when choosing a broker.
