Written by ForexBrokers.com
In this head to head comparison of HYCM (Henyep Capital Markets) vs LegacyFX, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
HYCM (Henyep Capital Markets) and LegacyFX are both online brokers offering trading services, yet their regulatory standings differ significantly. Founded in 1977, HYCM holds two Tier-1 licenses, which enhances its credibility among traders, and has a Trust Score of 86, categorizing it as a trusted broker according to ForexBrokers.com. In contrast, LegacyFX, which began operating in 2012, holds one Tier-1 license with no Tier-2 licenses, resulting in a Trust Score of 67. This positions LegacyFX as a broker with a higher risk profile compared to HYCM.
Neither HYCM nor LegacyFX is publicly traded or operates as a bank. Both brokers serve traders worldwide, but HYCM's longer history and higher regulatory trust levels may appeal more to those prioritizing security and trustworthiness in their trading experience. Choosing between the two, traders should weigh the importance of regulatory oversight and trust ratings in making informed investment decisions.
| Feature |
HYCM (Henyep Capital Markets)
|
LegacyFX
|
|---|---|---|
| Year Founded | 1977 | 2012 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When it comes to commissions and fees, HYCM (Henyep Capital Markets) offers competitive pricing with its Raw account boasting an all-in cost of about 0.6 pips for EUR/USD trades, after commission. This makes it an attractive option for those mindful of trading costs. However, the Classic account is on the pricier side with a variable spread starting from 1.2 pips, while the fixed-spread account offers trades at 1.5 pips. HYCM's effective fee structure has earned it a 4.5-star rating and the 15th rank in the Commissions and Fees category out of 62 brokers reviewed by ForexBrokers.com.
LegacyFX provides a broad spectrum of account types, but its pricing strategy varies significantly depending on whether you choose their EU entity, regulated by CySEC, or their international entity in Vanuatu. European clients can choose from Silver, Gold, and Platinum accounts, with minimum spreads starting at 1.6 pips for the Silver account on EUR/USD trades. International clients are offered seven account types, with trading costs and client support features like mentoring varying by account tier. Unfortunately, the lack of average spread data makes it difficult to accurately assess the overall cost of trading with LegacyFX.
In terms of star ratings, LegacyFX scores 3.5 stars for its commissions and fees. The broker is ranked 56th out of 62 brokers in the ForexBrokers.com Commissions and Fees category, highlighting a need for more transparent and consistent pricing strategies. This comparison shows that HYCM has a more favorable fee structure compared to LegacyFX, making it potentially more beneficial for cost-conscious traders.
| Feature |
HYCM (Henyep Capital Markets)
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $20 | $500 |
| Average Spread EUR/USD - Standard | 1.2 | N/A |
| All-in Cost EUR/USD - Active | 0.6 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When considering the range of investment options available, HYCM (Henyep Capital Markets) stands out with an impressive offering. It provides access to 1,199 tradeable symbols, including 70 forex pairs. Additionally, clients can invest in exchange-traded securities, both on U.S. and international exchanges, something LegacyFX does not offer. While both platforms offer forex trading as CFDs or spot contracts, and allow for cryptocurrency derivatives, HYCM does not support copy trading. Rated 4 stars for its range of investments, HYCM is ranked 33rd out of 62 brokers by ForexBrokers.com in this category.
LegacyFX provides 425 tradeable symbols, including 44 forex pairs. Unlike HYCM, it offers the copy trading feature, enabling clients to mirror the trades of successful investors, a beneficial tool for those new to trading. However, LegacyFX doesn’t offer direct access to exchange-traded securities, limiting its investment options to CFDs. With a 3.5-star rating for its range of investments, LegacyFX is positioned at 48th place out of 62 brokers according to ForexBrokers.com. Ultimately, for investors seeking a broader array of investment types and markets, HYCM may be the more versatile choice, while LegacyFX offers tools that might appeal to beginners.
| Feature |
HYCM (Henyep Capital Markets)
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 1199 | 425 |
| Forex Pairs (Total) | 70 | 44 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When comparing the trading platforms and tools of HYCM (Henyep Capital Markets) and LegacyFX, both brokers provide traders with the opportunity to practice with a free virtual demo account. However, HYCM stands out with its in-house developed proprietary platform, which is not offered by LegacyFX. Both brokers support trading on Windows-based desktop downloads and through web-based platforms. While HYCM includes the popular MetaTrader 4 in its suite, LegacyFX does not; though both do support MetaTrader 5, catering to traders looking for advanced features and functionalities.
While LegacyFX offers copy trading services, HYCM does not, emphasizing a different approach for clients focused on self-directed strategies. In terms of trading tools, both brokers provide an identical number of drawing tools, with the ability to trade directly from a stock chart and watch lists featuring seven columns for easy market analysis. Generally, HYCM receives a slightly higher score for its platforms and tools with a 4-star rating compared to LegacyFX's 3.5 stars. According to ForexBrokers.com rankings, HYCM is positioned at #40 whereas LegacyFX is ranked at #59 out of 62 brokers, indicating HYCM's stronger performance in this area.
| Feature |
HYCM (Henyep Capital Markets)
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 30 | 30 |
| Charting - Drawing Tools (Total) | 15 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When choosing between the mobile trading apps offered by HYCM (Henyep Capital Markets) and LegacyFX, both firms provide functionality for iPhone and Android users, making it easy for traders on the go. With features like stock and forex price alerts and the ability to draw trendlines and view multiple time frames on charts, both apps cater well to the needs of active traders. HYCM and LegacyFX each provide 30 technical studies for charting in their mobile apps, ensuring users have ample tools for technical analysis. Additionally, both apps allow users to create watchlists with real-time quotes, although neither offers watchlist symbol syncing between mobile and online accounts.
Despite these similarities, HYCM emerges as a more favorable option for mobile traders, receiving higher ratings in user reviews. HYCM's mobile app holds a 4-star rating compared to LegacyFX's 3.5 stars. In rankings by ForexBrokers.com, HYCM is positioned at #37 out of 62 brokers for mobile trading apps, significantly higher than LegacyFX's ranking at #60. Thus, while both platforms offer a suite of comparable features, HYCM appears to provide a slightly more refined experience for those prioritizing mobile trading capabilities.
| Feature |
HYCM (Henyep Capital Markets)
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of online brokers HYCM and LegacyFX, both provide daily market commentary and forex news sourced from leading outlets such as Bloomberg, Reuters, and Dow Jones. These features ensure that traders have access to crucial market updates. However, differences emerge in the types of analytical tools they offer. HYCM provides tools from Trading Central, which are popular for their technical insights, while LegacyFX stands out with Autochartist tools, known for their technical and fundamental analysis capabilities. Neither broker offers sentiment-based trading tools or market research from TipRanks or Acuity Trading.
Moreover, both HYCM and LegacyFX offer economic calendars, helping traders keep track of significant global news events. Despite offering these valuable features, both brokers share a 3.5-star rating for research, indicating a similar level of user satisfaction in this category. Among 62 brokers, HYCM is ranked #35, showing a slight edge over LegacyFX, which is ranked #45 according to ForexBrokers.com. Thus, while their overall research offerings are comparable, each broker has unique strengths that cater to specific trader preferences.
| Feature |
HYCM (Henyep Capital Markets)
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | No | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to education for newcomers in the world of trading, both HYCM (Henyep Capital Markets) and LegacyFX provide a solid range of educational materials, each offering at least 10 pieces focusing on forex or CFDs. This includes articles, videos, and archived webinars, ensuring that beginners have access to valuable learning resources. Both brokers also present searchable archives of previously recorded webinars, which can be an excellent tool for learning at one’s own pace. While both HYCM and LegacyFX receive a 3.5-star rating for their educational offerings, they differ slightly in their standings, with HYCM ranked 32nd and LegacyFX coming in 35th according to ForexBrokers.com.
LegacyFX stands out by offering monthly live webinars, providing interactive learning opportunities that allow beginners to ask questions in real-time. In contrast, HYCM does not offer this feature. However, HYCM matches up well with LegacyFX in terms of beginner-friendly videos, offering at least 10 in-depth educational clips tailored to new traders. For advanced traders, LegacyFX has a clear edge with a selection of advanced video content that HYCM lacks. Both brokers supply investors with a dictionary that includes definitions of over 50 investing terms, which can serve as a handy guide for noting down key concepts.
| Feature |
HYCM (Henyep Capital Markets)
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | No | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that HYCM (Henyep Capital Markets) is better than LegacyFX. HYCM (Henyep Capital Markets) finished with an overall rank of #29, while LegacyFX finished with an overall rank of #62.
HYCM is a trusted brand that offers a straightforward MetaTrader platform experience. Its Raw account delivers competitive pricing, and traders gain access to third-party modules from Trading Central as well as exchange-traded securities (available through a separate platform). That said, HYCM offers a narrow range of symbols to forex and CFD traders.
| Feature |
HYCM (Henyep Capital Markets)
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 67 |
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Both HYCM (Henyep Capital Markets) and LegacyFX do not offer the ability to buy actual, delivered cryptocurrency, but they do provide options to trade cryptocurrency derivatives.
HYCM (Henyep Capital Markets) and LegacyFX both provide options for fund transactions through Skrill, Visa or Mastercard, and bank wires, while neither supports ACH, SEPA, or PayPal for deposits or withdrawals.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | HYCM (Henyep Capital Markets) | LegacyFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | HYCM (Henyep Capital Markets) Review | LegacyFX Review |
| Broker Screenshots | HYCM (Henyep Capital Markets) | LegacyFX | |
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| Regulation | HYCM (Henyep Capital Markets) | LegacyFX | |
|---|---|---|---|
| Trust Score | 86 | 67 | |
| Year Founded | 1977 | 2012 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | HYCM (Henyep Capital Markets) | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | HYCM (Henyep Capital Markets) | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | HYCM (Henyep Capital Markets) | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 1199 | 425 | |
| Forex Pairs (Total) | 70 | 44 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | HYCM (Henyep Capital Markets) | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.2 | N/A | |
| All-in Cost EUR/USD - Active | 0.6 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | HYCM (Henyep Capital Markets) | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $20 | $500 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | HYCM (Henyep Capital Markets) | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | HYCM (Henyep Capital Markets) | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 30 | 30 | |
| Charting - Drawing Tools (Total) | 15 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | HYCM (Henyep Capital Markets) | LegacyFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | HYCM (Henyep Capital Markets) | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | HYCM (Henyep Capital Markets) | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | HYCM (Henyep Capital Markets) | LegacyFX | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | HYCM (Henyep Capital Markets) Review | LegacyFX Review |
| Overall | HYCM (Henyep Capital Markets) | LegacyFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | HYCM (Henyep Capital Markets) Review | LegacyFX Review |
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