Retail Forex broker HYCM sees revenues flat in 2016 at £3.1 million, activates Cyprus office


LeapRate Exclusive… LeapRate has learned via regulatory filings that FCA regulated Retail Forex and CFD brokerage HYCM brought in revenues of £3.1 million in 2016, a figure virtually identical to that of 2015.

Net profit for the year at HYCM of £362,000 was also about the same as last year.

The results include those of HYCM Dubai subsidiary Henyep Capital Markets (DIFC) Limited.

Most of HYCM’s revenues (70%) came from clients in the UK, with the remaining 30% coming from clients in the Rest-of-the-World (see table at right)

HYCM is part of Hong Kong based Henyep Group, a real estate and finance company controlled by Hong Kong based businessman Sheen-Charm Chiu.

While it seems as though not much changed at HYCM over the past year, a lot does seem to be changing within the Henyep Group in how it is organizing its retail forex operations.

Last year, Henyep consolidated its capital markets investment brands under the HYCM.com brand.

And earlier this year, Henyep activated its CySEC-licensed subsidiary in Cyprus called HYCM (Europe) Ltd, which will be headed by longtime Henyep director and former AFX Capital CEO Stavros Lambouris. Henyep acquired a CySEC-licensed company called FTSL Financial Trading Solutions Ltd in 2014, renaming it HYCM (Europe) Limited. While that company has been fairly dormant until now, LeapRate has learned that the company’s offices which were at the time operating out of Dubai are now relocating to Cyprus. The company plans to move into new Limassol offices in May, and begin accepting clients in the Cyprus company.

HYCM’s 2016 income statement follows:

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Retail Forex broker HYCM sees revenues flat in 2016 at £3.1 million, activates Cyprus office

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