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Merrill Edge vs HYCM : Fees, Safety & Trading Conditions Compared (2026)
Broker Name
Merrill Edge
HYCM
Broker Overview
Broker Type (e.g., Market Maker, ECN/STP)
ECN broker
Market maker
Years of Existence / Established Year
2010
1977
Customer Base / Number of Accounts
3.5+ Million Clients
No information
Regulation & Security
Regulations (governing bodies)
SEC, FINRA
FCA, DFSA, CySEC,CIMA
Awards Won (count for the last 2 years)
Kiplinger 2023 Annual Broker Review, StockBrokers.com 2024 Annual Broker Review
Most Trusted Broker 2023 UAE, Most Transparent Forex Broker 2023
Security Measures
SIPC
Tier-1 Client Fund Security
SSL Encryption / 2FA
Yes
Yes
Segregated Funds
Yes
Yes
Negative Balance Protection
Yes
Yes
Trading Instruments/Products Offered
Assets Types / Trading Instruments (total count and breakdown)
CDs, Fixed income
300+ instruments
Currency Pairs
No
Yes
Commodities
No
Yes
Indices
No
Yes
Cryptocurrencies
No
Yes
CFDs
No
Yes
ETFs
Yes
No
Stocks
Yes
Yes
Options
Yes
No
Futures
No
No
Bonds
Yes
No
Mutual Funds
Yes
No
Fractional Shares
Exchange Traded Notes (ETNs)
No
No
Precious Metals
No
No
Real Estate Investment Trusts (REITs)
No
No
Equities
No
No
Trading Platforms & Technology
Trading Platform Availability
Yes
Yes
MT4
No
Yes
MT5
No
Yes
cTrader
No
No
Social Trading
Yes
Copy Trading
No
Yes
Other Trading Platforms (proprietary, etc.)
Merrill Edge MarketPro (proprietary), Merrill Edge Self-Directed platform (web-based), Mobile app (Merrill Edge)
HYCM Trader, Web trader
Platform Compatibility (Windows, Mac, iOS, Android)
Yes
Yes
Account Types & Conditions
Account Types (Retail, Pro, VIP, etc.)
Individual, Joint, Custodial, Trust, and Retirement (IRA), 529 plans
Fixed, Classic and Raw account, Special account for VIP and corpoarte clients
Demo Account (Yes/No)
Yes
Yes
Islamic Accounts (Yes/No)
No
Yes
Minimum Deposit
$0
$20
Leverage Available
No
1:20- 1:500
Trade Limit (maximum per trade)
Depends on asset class
250 for MT4 Unlimited for HYCM trader and MT5
Commission (per account type)
$0
No commission for fixed and classic accounts, Commissions for raw account: FX $4 per round, Metals $5 per round, Others $0 per round
Best Suited For (e.g., beginners, experienced traders)
Beginners to intermediate traders
Beginners traders
Deposit & Withdrawal Options
Deposit Methods
ACH transfer, wire transfer, check deposit, transfers from Bank of America
Bank Transfer, Visa (credit/debit card), and Crypto wallet (cryptocurrency payments), e-wallets
Withdrawal Methods
ACH transfer, wire transfer, check deposit, transfers from Bank of America
Bank Transfer, Visa (credit/debit card), and Crypto wallet (cryptocurrency payments), e-wallets
Other E-Wallets Supported
No
Neteller, Skrill, PayTrust, Fasapay, WebMoney, AstroPay, ZOTAPAY, and UPI
Tools & Educational Resources
Economic Calendar
Yes
Yes
Tools & Educational Resources (tutorials, webinars, market news, etc.)
Investing Education, Retirement Planning, Market Insights, Webinars and Online Seminars, Investment Guides and Tools
Forex Fundamentals, Trading Tools and Resources, Advanced Trading Concepts, Ethics and Compliance, Technology In Trading, Forex Market History
Fees & Commissions
Trading-Related Fees
Commission- $0 stock and ETFs, broker-assisted trade- $29.95 or $29.95 * + $0.65 per contract
Spread- 0.1 to 1.5 pips, Raw account - FX- $4 per round, Metals - $5 per round
Spread (typical, fixed, variable)
NA
Variable /Fixed
Per Lot Fees
NA
$4 per round
Options Contract Fees
$0.65 per contact
NA
Futures Contract Fees
NA
NA
Markup Fees on Spread
NA
NA
Guaranteed Stop Loss Fees
NA
NA
Maximum Leverage
No
1:500
Non-Trading Fees
Dormant Fees
$0
$10 inactive for 90 days
Subscription Fees (for premium features, data feeds)
NA
NA
Advisory Fees
0.85%
NA
Swap Fees (Overnight Financing)
Yes
Yes
Statement or Document Fee
NA
NA
Account Opening Fee
$0
NA
Account Maintenance Fee
$0
$50
Deposit Fee
$0
$0
Currency Conversion Fee
Varies for ADRs
$10
Withdrawal Fee
Wire transfer fee-$25
e-wallets- 1%, Bank wires- $30, Others-$0
Bonuses, Promotions & Benefits
Bonuses, Promotions, and Referrals
Yes
Yes
Customer Benefits (e.g., Retirement Plan)
Yes
No
Trading Hours
Trading Hours (for each asset class if applicable)
Pre-market trading: 7:00 AM to 9:30 AM ET, Regular trading hours: 9:30 AM to 4:00 PM ET, After-hours trading: 4:01 PM to 8:00 PM ET
23: 01GMT on Sunday night and 21: 00 GMT on Friday night
Customer Support
Support Hours (e.g., 24/7, weekdays only)
24/7
24/5 For complaints 9:00 - 18.00 (GMT +3)
Customer Support Methods (phone, email, live chat)
Phone: 888.637.3343, Schedule an appointment
Phone: +44 - 208 - 816 - 7812, E-mail:[email protected], Live chat
Support Languages
2
15+
Additional Information
Headquarters Location
Charlotte, North Carolina, USA
27-28 Clement's Lane, St Clement's HouseLondon EC4N 7AEUnited Kingdom
Complaints (for crypto brokers)
No
No
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