Updated September 29, 2026 · BrokerCue Editorial Team
HYCM vs LMAX Exchange
HYCM vs LMAX Exchange: the differences
| Compare |  HYCM |  LMAX Exchange |
|---|---|---|
| Minimum deposit | $20Lower | $1,000 |
| Markets | Stocks, ETFs, Forex, CFDs, CryptoCovers more | Forex, CFDs, Crypto |
| Regulators | Financial Conduct Authority (FCA) | FCA, CySECCovers more |
| Deposit and withdrawal fees | $0 card deposits | No deposit or withdrawal fees |
| Platforms | MT4, MT5, HYCM Trader | LMAX Global, MetaTrader4 |
| Stock trade fee | $0 | Not confirmed |
| Retail accounts that lose money | Not confirmed | 67.64% |
Same on both: Investor protection (FSCS up to GBP 85,000).
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Key differences
- HYCM scores higher overall: 8.9 vs 8.8.
- Regulators: only LMAX Exchange offers CySEC.
- LMAX Exchange is licensed in 1 more country.
- Minimum deposit is lower at HYCM: $20 vs $1,000.
- Markets: only HYCM offers Stocks, ETFs.
- Platforms: only HYCM offers MT4, MT5, HYCM Trader.
- Platforms: only LMAX Exchange offers LMAX Global, MetaTrader4.
- Support channels: only HYCM offers Help centre.
- Support channels: only LMAX Exchange offers Phone, Chat.
Our verdict on each
HYCM
HYCM suits UK and European retail traders who want forex, CFDs, shares, ETFs and crypto on one account. Commission-free pricing with a stock trade fee of $0 and a minimum deposit of $20 keeps charges easy to read, though help runs thinner than at the alternatives.
LMAX Exchange
LMAX Exchange suits experienced traders who want a regulated exchange rather than a casual platform. Fees on moving money are nil, and FSCS up to GBP 85,000 covers eligible claims, but the $1,000 entry requirement is high for a first account.
Score breakdown
| Area | HYCM | LMAX Exchange |
|---|---|---|
| Cost | 9.1HigherCost side is simple: a commission-free model and card deposits at $0 card deposits. | 8.2Minimum deposit of $1,000 sits well above the $0 entry point, though No deposit or withdrawal fees adds nothing on funding. |
| Offer | 9.0Higher | 8.9 |
| Trust | 8.6 | 9.2Higher |
A third option
ActivTrades has minimum deposit at $0, against $20 for HYCM and $1,000 for LMAX Exchange.
ActivTrades reviewWhat we checked
HYCM
- hycm.com: 11 facts, checked September 26, 2026
LMAX Exchange
- wikifx.com: 7 facts, checked September 26, 2026
- lmax.com: 4 facts, checked September 26, 2026
How they place
| Ranking | HYCM | LMAX Exchange |
|---|---|---|
| Forex brokers | 70 of 147 | 77 of 147 |
| Low-spread forex brokers | 68 of 145 | 75 of 145 |
| CFD brokers | 59 of 122 | 65 of 122 |
Every fact side by side
| Fact | HYCM | LMAX Exchange |
|---|---|---|
| Features | Mobile app, Crypto | Not confirmed |
| Pricing model | Commission free | Not confirmed |
| Audience | Not confirmed | Experienced |
| Legal entity | HYCM Capital Markets (UK) Limited | Not confirmed |
| Headquarters | Not confirmed | United Kingdom |
| Founded | Not confirmed | 2010 |
| Support channels | Help centre | Phone, Chat |
Where each stands against the rest
| Fact | HYCM | LMAX Exchange | Median |
|---|---|---|---|
| Minimum deposit | $20below the median | $1,000highest quarter | $25 |
| Stock trade fee | $0at the median | Not confirmed | $0 |
| Retail accounts that lose money | Not confirmed | 67.64%below the median | 72.05% |
Median across 134 listed brokers.
Pros and cons
HYCM
Pros
- Commission-free dealing with a stock trade fee of $0
- Entry of $20, below the site median of €4.64
- Card deposits at $0 card deposits
Cons
- Support runs on help centre only
- No bonds, funds or futures in the stocks, etfs and forex list
- Entry of $20 sits above the $0 minimum at CFI
LMAX Exchange
Pros
- No deposit or withdrawal fees, so funding an account costs nothing to arrange
- Regulated by the FCA in GB and CySEC in Cyprus, with FSCS up to GBP 85,000 behind eligible claims
- Trades on forex, cfds and crypto through the LMAX Global platform or MetaTrader4
Cons
- The $1,000 minimum is well above the $0 entry point
- forex, cfds and crypto covers forex, cfds and crypto only, so it suits active traders rather than investors
- Support runs on phone and chat only
Who each suits
HYCM
Who it suits
- Retail traders in the UK and Europe who want forex and CFDs beside shares and crypto in one account
- Beginners who prefer commission-free dealing to a tiered commission schedule
- Anyone who values a low entry point of $20 and a mobile app
Who should look elsewhere
- eToro, if you need futures as well as the stocks, etfs and forex it lists
- CFI, if you would rather start at $0
- Vantage, whose $5 entry sets a different bar
LMAX Exchange
Who it suits
- Experienced traders who already know the markets listed
- Anyone who values a regulated exchange structure over a low starting deposit
- Traders who want phone and chat access for account questions
Who should look elsewhere
- First time traders, who face a high entry point compared with CFI at $0
- Share buyers, since forex, cfds and crypto does not include stocks and eToro covers stocks, etfs and forex
- Traders wanting crypto only, because Vantage opens at $5
Questions about each
HYCM
What does it cost to buy shares with HYCM?+
HYCM trades commission-free, and the stock trade fee on the account types is $0. Deals are not split into tiers, so the headline dealing charge is easy to read. Costs still show up in the spread and in overnight charges if you hold leveraged positions open.
How much do I need to deposit to open an account?+
The minimum deposit is $20, which sits below the site median of €4.64. On entry size HYCM ranks 118 of 213 brands, so the opening balance is modest. Stock dealing itself adds a stock trade fee of $0.
LMAX Exchange
What is the minimum deposit at LMAX Exchange?+
The minimum deposit is $1,000. That sits far above the $0 entry point at CFI, so traders building a first balance should check the amount they can commit before opening.
Are there fees for depositing or withdrawing?+
No. No deposit or withdrawal fees means funding and pulling money out does not cost an extra charge. That keeps the cost of running an account to the trading side rather than the cash movements.