TeraFX vs HYCM

TeraFX or HYCM – which is better for UK traders 2024? Compare TeraFX and HYCM in this detailed breakdown of their platforms, features and fees.

TeraFX vs HYCM Comparison Table 2024
TeraFX HYCM
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2.6
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3.8
TeraFX is ranked #91 among CFD brokers. HYCM is ranked #72 among CFD brokers.
Review
Review
TeraFX is a London-based forex and CFD broker regulated by the FCA. The broker offers NDD market execution on a small range of instruments across currencies, indices and commodities. TeraFX prides itself on its multilingual 24/5 customer service, with client security in mind. Traders can access a range of account types, suitable for novices and pros alike. HYCM is an online broker with authorization from four international bodies including the FCA and CySEC. The broker offers short-term CFD trading on forex, shares, commodities, indices, ETFs and Bitcoin, and supports the MT4 and MT5 platforms, as well as Trading Central analysis.
Pros
  • Top-tier regulation by the UK's FCA, boosting the firm's trust and security score
  • Spread betting opportunities on 29 instruments with zero commissions and competitive minimum bets from £0.50
  • A good range of free deposit methods, including credit cards, bank transfers and e-wallets, plus 4 accepted currencies
  • VPS service available, providing lower latency and faster processing for algo traders
  • The low $20 minimum deposit is suitable for beginners, as well as the Fixed spread account with no commissions
  • The broker is overseen by trusted regulators, including the FCA
  • MT4 and MT5 integration ensures that active traders can access a vast selection of technical charting tools
  • There's a good range of free analytical tools, particularly Seasonax for pattern analysis
  • Spreads are competitive in the Raw account, starting from 0.1 pips for EUR/USD
  • Traders can access fee-free payments with rapid processing
Cons
  • $100 minimum withdrawal
  • MT5 only available to spread betting clients
  • Narrow range of instruments compared to other brands, and no stocks
  • Very limited educational resources, with only webinars available
  • Limited spread transparency
  • Not the best overall range of assets, with just 200+ stocks
  • Market coverage varies quite significantly between account types and platforms
  • There's a high commission of $4 each way on the Raw account
Awards
  • Best Forex Broker 2021-2022 - Spain, Middle East, Asia, Germany
  • Best Trading Platform App 2021 - Forex Expo
  • Best Mobile Trading App 2020 - World of Finance Forex Award
FCA Regulated
Yes Yes
Instruments
Forex, CFDs, indices, commodities, cryptocurrencies CFDs, Forex, Stocks, Indices, Commodities, ETFs
Demo Account
Yes Yes
Minimum Deposit
$100 $20
Payment Methods
Minimum Trade
0.01 Lots 0.01 Lots
Regulator
FCA FCA, DFSA, CIMA, CySEC
Mobile Apps
Yes iOS & Android
iOS App Rating
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3
Android App Rating
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3.6
Margin Trading
No Yes
Margin Rate
Variable upon regulation and jurisdiction
MetaTrader 4
Yes Yes
MetaTrader 5
No Yes
cTrader
No No
AlgoTrader
No No
OmniTrader
No No
TradingView
No No
Autochartist
No No
eSignal
No No
Trading Central
No Yes
STP Account
No No
ECN Account
Yes Yes
DMA Account
No No
MAM Account
No No
PAMM Account
No No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No No
Robo Advisor
No No
Negative Balance Protection
No Yes
Market Maker
No No
P2P Trading
No No
Spot Trading
No Yes
Auto Trading
Yes Expert Advisors (EAs) on MetaTrader
Copy Trading
No No
Social Trading
No No
VPS Hosting
No No
Tournaments
No No
Demo Competitions
No No
Ethical Investing
No No
Custodial Account
No No
Guaranteed Stop Loss
No No
Inactivity Fee
$10
Islamic Account
Yes Yes
Account Currencies
  • USD
  • EUR
  • GBP
  • RUB
  • AED
Commodities
  • Gold
  • Silver
  • Gold
  • Silver
  • Coffee
  • Oil
  • Cotton
  • Copper
  • Palladium
  • Platinum
  • Sugar
CFD
Access a range of CFDs across commodities and indices, though with a $7 commission, this is not the most competitive rate compared to alternatives. On the positive side, the broker does offer appropriate and regulated leverage up to 1:30. HYCM traders can access CFDs on a range of stocks, indices, commodities and ETFs with floating spreads and maximum leverage varying by instrument. Clients also have a choice between two industry-leading platforms.
Leverage
1:30 (Retail), 1:200 (Pro) 1:301:500
FTSE Spread
Floating 1.5
GBPUSD Spread<
Floating 0.1
Oil Spread
Floating 2.0
Stocks Spread
N/A 2.2%
Forex
Trade 60+ currency pairs on the MT4 platform with low margin requirements. Traders can access the forex market from Sunday through to Friday with 24/5 broker support. HYCM offers 40+ forex pairs, with most available to trade on either the MT4 or MT5 platform. The maximum leverage on offer is 1:30 in accordance with regulations, and tight spreads start from 0.2 on the Raw account and from 1.2 on the commission-free Classic account.
Assets
59 40+
GBPUSD Spread
Floating 0.4
EURUSD Spread
Floating 0.1
EURGBP Spread
Floating 0.4
TeraFX HYCM
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