Home Brokers comparison Saxo Bank vs. HYCM

Saxo Bank vs. HYCM

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Saxo Bank and Henyep Markets (HYCM) are top online brokers. Saxo Bank offers premium services, trading platforms, and research tools. It has a transparent fee structure and top-tier tools. Saxo Bank has licenses from the ASIC, SFC, MAS, FSA, FCA, and FINMA. It is an excellent choice for active traders of all levels of experience. 

Broker NameSaxo Bank HYCM
Year Founded19921997
RegulationFCA (UK), FINMA (Switzerland), ASIC and FSC (Australia), and JFSA (Japan)CySEC, FCA, CIMA, DFSA
Tradable Assets40,000 instruments, forex, spot FX, FX options, NDFs) CFDs, stocks, stock options, ETFs, ETNs, futures, and 33,000 bonds (available only via phone)Forex, CFD, Cryptocurrency
Min Deposit$10,000 (£500) for ‘Classic’ Account, Higher entry ‘Platinum’ ($200K) and ‘VIP’ ($1M) accounts$100
Min Trade$0$0
PlatformsSaxoTraderGOMT4, MT5
DepositFree of charge$100
WithdrawalsFree of chargeFree of charge

HYCM is a top MetaTrader broker with an expensive fee structure. We do not recommend this broker for active traders. It offers limited research and education tools. HYCM is a top choice for beginner traders, as it offers beginner trading videos and webinars. 

Both online brokers have advantages and disadvantages. This article discusses the differences between Saxo Bank and HYCM. 

Top findings from the Saxo Bank vs. HYCM review:  

  1. Saxo Bank has premium trading services with impressive platforms, tools, and social trading features. 
  1. HYCM is a premium broker with access to the full MetaTrader suite. 
  1. Both brokers offer premium services and an active trader discount. 

Saxo Bank is an excellent choice for experienced traders, as it has premium social trading tools and services. HYCM is a top choice for traders of all levels of experience because of its educational tools and tutorials. 

Overall Rating

FeatureSaxo BankHYCM
Overall53.5
Commissions & Fees53.5
Offering of Investments53
Platforms & Tools53.5
Mobile Trading53.5
Research53.5
Education43.5
Trust Score9984
WinnerYES
66% of retail CFD accounts lose money71% of retail CFD accounts lose money

Level of experience  

Professional traders choose Saxo Bank as it has premium tools and trading platforms. It offers advanced trading videos and many research tools. Saxo Bank provides some educational tools, including forex education and training videos. 

Beginner traders opt for HYCM’s services. It offers user-friendly educational and research materials. These include beginner trading videos, investor dictionaries, and webinars. HYCM has professional trading tools and provides access to MT4 and MT5 features. 

Fees  

Saxo Bank has a high minimum deposit fee of US$10,000, while HYCM has an initial deposit of US$100. The average EUR/USD spread at Saxo Bank is 0.8, while at HYCM is 2. Both brokers offer an active trader discount. 

Assets  

Saxo Bank has an impressive portfolio with stocks, bonds, options, futures, CFDs, and 170 forex pairs. Saxo Bank is also a registered bank and provides robust banking services to its clients. HYCM offers cryptocurrencies, CFDs, and 69 forex pairs. HYCM does not offer banking services. 

Trading platform  

Saxo Bank has a reliable portfolio with premium desktop, web, and mobile platforms. It provides a demo account, reliable research, and educational tools. Saxo Bank is a top choice because of its social trading services. We recommend it for active traders of all levels of experience. 

HYCM is a MetaTrader-only broker with a separate platform for its China and Hong Kong securities offering. It has a virtual trading account and social trading services. HYCM has an education section on its website with videos and trading courses. 

Banking services  

Banking services are important for a smooth online trading experience. Saxo Bank offers full banking services to its clients while HYCM does not. Saxo Bank provides bank transfers and credit/debit card funding options for your trading account. HYCM has credit/debit, bank transfer, and Skrill funding options. 

Final verdict  

Saxo Bank and HYCM are top online brokers with excellent social trading features. Both have advantages and disadvantages depending on your needs and trading experience. Saxo Bank is a top choice for active traders searching for premium trading solutions. HYCM is a better choice for new traders, as it has a dedicated learning center. 


Methodology 

The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.

Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.

Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website. Click below to find out more about our review process and methodology.

Disclosure

All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

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Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.

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