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Broker Score | Risk Statement | Min. Deposit | Regulation | Trading Desk Type | Trading Instruments | Forex Pairs | Crypto Pairs | Pros | Cons | Regulation | Trading Conditions | Trading Platforms | Deposit & Withdrawal | Education & Research | Assets Available | Customer Service | % Lose with this broker | Leverage | Spread | Hedging | Scalping | Account Types | Islamic Account | Trading Platforms | Funding Methods | Trading Commission | ||
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76% of retail CFD accounts lose money | AUD 5 | Market Maker | Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices | 350 | 12 |
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| Read Review | 76% | 30:1 | 0.70 pips | Yes | Yes | CFD Account, FX Active | No | MT4, CMCmarkets | Bank Transfer, POLi, Visa, Maestro, Mastercard, Paypal | 0.005% | ||||||||||
74% of retail CFD accounts lose money | USD 100 | Market Maker | Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices | 70 | 30 |
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| Read Review | 74% | 500:1 | 0.20 pips | Yes | No | Classic, Fixed, Islamic Fixed, Raw | Yes | MT4, MT5 | Bank Transfer, Mastercard, Visa, WebMoney, Neteller, Skrill, Bitcoin | 8 USD / lot - Raw Account |
The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.
At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.
To compare CMC Markets and HYCM, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.
Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.
In our comparison, we found that CMC Markets holds three Tier 1 and two Tier 2 licences, and HYCM holds three Tier 1 and two Tier 2 licences.
Based on these findings, CMC Markets earned a higher trust rating than HYCM.
Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged.
Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that CMC Markets has overall lower trading costs than HYCM.
Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms.
In this case, 0 offers support for and 0 offers support for .
Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both CMC Markets and HYCM offer copy trading.
A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that CMC Markets offers a greater range and depth of instruments to trade than HYCM. CMC Markets offers 350 Forex pairs to trade and HYCM offers 70 Forex pairs to trade.
In this case, HYCM offers 30 cryptocurrencies while CMC Markets offers 12 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with HYCM.
Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals.
We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that neither CMC Markets nor HYCM charges a withdrawal fee. Overall, 0 has better deposit and withdrawal processes than 0.
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
CMC Markets has better educational support than HYCM. Both CMC Markets and HYCM offer educational support for more experienced traders.
To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field.
We found that 0 offers better research analysis than 0 and that both CMC Markets and HYCM offer frequent webinars.
Founded in 1989, CMC Markets is a well-known Forex and CFD broker with a high trust rating and a strong presence in Australia. It has local ASIC regulation, and a local Australian office and offers accounts denominated in AUD.
CMC Markets offers two live accounts with no minimum deposit requirements - a low-cost commission-free account with spreads starting at 0.7 pips on the EUR/USD and a commission-based account with spreads of 0.1 pip and commissions of 0.005% (which amounts to 50 USD per lot traded), which is extremely high.
Trading is offered on both MT4 and its powerful, innovative proprietary platform that features numerous technical and fundamental analysis tools. CMC Markets also offers excellent education and market analysis materials to get new traders started, and although customer service is offered 24/5, it does not provide a live chat feature, which is a serious oversight by this broker.
A market maker broker, HYCM is a subsidiary of the Henyep Group, which has been involved in asset trading for over 40 years, giving potential clients an additional level of confidence in using this broker. Its various companies are regulated by the FCA in the United Kingdom, CySEC in Europe, and the DFSA in Dubai. HYCM offers trading on more than 300 instruments, including Forex, commodities, stocks, ETFs, indices, and over 21 cryptocurrencies, a broader range than is typically seen at other brokers.
HYCM offers three live accounts which are suitable for beginners and more experienced traders. The commission-free Fixed and Classic accounts have a low minimum deposit requirement of only 100 USD, but spreads that start at 1.8 pips and 1.2 pips (EUR/USD) respectively, which is wider than other brokers. However, most traders will be interested in HYCM’s low cost Raw Account, with spreads starting at 0.2 pips on the EUR/USD in exchange for a commission of only 4 USD (round turn) and a reasonable deposit requirement of 200 USD.
Support is offered for both MT4 and MT5 alongside a comprehensive market education suite that is beneficial for traders of all experience levels. However, HYCM’s analysis materials are limited, forcing traders to seek market news elsewhere.
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