Compare SimpleFX vs HYCM
What is SimpleFX? What is HYCM?
SimpleFX is an online broker that offers trading in forex, CFDs, cryptocurrencies, and other assets. HYCM is a multi-regulated broker that provides trading in forex, stocks, indices, commodities, and cryptocurrencies.
SimpleFX vs HYCM Regulation Comparison
SimpleFX is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, while HYCM is regulated by the Financial Conduct Authority (FCA) of the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority (DFSA), and the Cayman Islands Monetary Authority (CIMA).
SimpleFX vs HYCM Trading Assets Comparison
SimpleFX offers trading in over 200 instruments, including 60 currency pairs, 15 indices, 10 commodities, 6 energies, and more than 100 cryptocurrencies. HYCM offers trading in over 300 instruments, including 69 currency pairs, 100 stocks, 28 indices, 15 commodities, 33 cryptocurrencies, and 4 ETFs.
SimpleFX vs HYCM Trading Fees Comparison
SimpleFX charges variable spreads and commissions on its trades. The average spread for EUR/USD is 1.1 pips and the commission is $4 per lot. HYCM charges fixed spreads and no commissions on its trades. The average spread for EUR/USD is 1.8 pips.
SimpleFX vs HYCM Account Types Comparison
SimpleFX offers one account type for all traders, with a minimum deposit of $1 and a maximum leverage of 1:500. HYCM offers three account types: Fixed, Classic, and Raw. The minimum deposit for Fixed and Classic accounts is $100 and the maximum leverage is 1:200. The minimum deposit for Raw accounts is $200 and the maximum leverage is 1:500.
SimpleFX vs HYCM Deposit Options Comparison
SimpleFX supports various payment methods, including Skrill, Neteller, FasaPay, credit/debit cards, wire transfer, and cryptocurrencies. HYCM supports WebMoney, Skrill, Neteller, Perfect Money, credit/debit cards, wire transfer, and cryptocurrencies.
SimpleFX vs HYCM Trading Platforms Comparison
SimpleFX provides trading platforms such as MetaTrader 4 (MT4), WebTrader, and mobile apps for Android and iOS devices. HYCM provides trading platforms such as MT4, MetaTrader 5 (MT5), and mobile apps for Android and iOS devices.
SimpleFX vs HYCM Analytical Tools Comparison
SimpleFX offers analytical tools such as economic calendar, market news, trading signals, and social trading. HYCM offers analytical tools such as economic calendar, market news, trading signals, webinars, ebooks, videos, and articles.
SimpleFX vs HYCM. Which forex broker is better? Which forex broker should you choose?
Choosing a forex broker is a personal decision that depends on your trading style, preferences, and goals. There is no definitive answer to which broker is better, as each one has its own advantages and disadvantages.
SimpleFX is a broker that offers a simple and user-friendly web platform, a wide range of deposit and withdrawal options, and a high leverage of 1:500. However, SimpleFX is not regulated by any authority, which means that your funds are not protected in case of insolvency or fraud. SimpleFX also charges a variable spread and a commission, which can increase your trading costs.
HYCM is a broker that offers the popular MetaTrader platforms, multiple regulations from reputable authorities, and various trading instruments. However, HYCM has a higher minimum deposit of $100 or $200, depending on the account type. HYCM also charges a fixed spread, which can be higher than the market average.
Ultimately, the choice between SimpleFX and HYCM depends on your risk appetite, budget, and trading needs. You should consider the pros and cons of each broker carefully before opening an account. You should also do your own research and read the full reviews of each broker to get more insights.
