HY Markets Review

Details

Broker	HY Markets
Website URL	www.hymarkets.com
Founded	1977
Headquarters	London, England
Support Number	44 - 208 - 816 - 7812, fax: 44 - 207 - 990 - 9499
Support Types	phone, fax, live chat, callback feature, email: [email protected]
Languages	English, Russian, Arabic, Chinese, Hindi, Urdu
Trading Platform	HY Webtrader, HY MT4 Download, HY4 Webtrader, HY MT Mobile, Currenex
Minimum 1st Deposit	$50
Minimum Account Size	$50
Minimum Trade Amount	$1
Maximum Trade Amount	$50k
Bonus	10% cash or 25% trading credits bonus
Payout	within 3 business days
Leverage	100:1 to 300:1
Spread	0.5 - 1.8 pips
Free Demo Account	Open Demo
Regulated
Regulation	Regulated by SFC , MiFID , FCA and DFSA
Commissions
Commission Info	No hidden fees or commissions
Account Types	Mini Account, VIP Account, Segregated Account, Islamic Account (Swap Free), Demo Account, Institutional Account
Deposit Methods	Webmoney , PayPal , Bank Wire Transfer , Credit Card , Skrill
Withdrawal Methods	Webmoney , PayPal , Bank Wire Transfer , Credit Card , Skrill
Trading Methods	scalping, hedging, guaranteed limit orders, one-click execution
Number of Assets	1000+
Types of Assets	stock, commodities, precious metals, indices, CFDs. ETFs, forex
Trading Currency	All major and minor forex pairs including exotic pairs like USD/ZAR and USD/RUB
Account Currency	You can fund your account with any major currency
US Traders Allowed
Mobile Trading
Tablet Trading
Overall Score	7

Full Review

HY Markets is managed by Henyep Capital Markets UK Ltd, a subsidiary of the Henyep group. The Henyep group is a multinational in finance, education and property. Traders can trade forex, commodities, precious metals, stocks, indices and ETF’s with the HY Markets trading platform.

HY Markets trading platforms

HY Markets is one of the oldest brokerage firms on choosebroker.com and is like IG Markets already over 30 years in business. This long experience in the financial markt has given the HY Markets team insight in what their clients need: an easy to understand, user friendly direct market access trading platform. At the moment there are four types of trading platforms on HY Markets:

– HY Webtrader
– HY MT4 Download
– HY4 Webtrader
– HY MT Mobile

The HY Markets is an easy-to-use trading platform that allows traders to trade all financial markets from a single interface on any pc with an internet connection, no download required. The HY MT4 Download is trading platform which uses MetaTrader 4 to execute trades and requires a download. Using MT4 traders do have access to inter banking liquidity, though and is favorable by professional and experienced traders. The HY MT4 webtrader looks the same as the regular MT4 trading platform but the difference is that it is web based and no download of any kind is required. HY Markets tries to make beginning traders switch to the MT4 trading platform as soon as possible to get them familiar with the most used trading software. With HY MT Mobile traders can trade the financial markets anytime , anywhere using any Android or iOS smartphone or tablet.

HY Markets account types

There are 4 types of trading accounts available at HY Markets, ranging from Mini Trading Account to HY Pro Trader Account. Minimum deposit on the Mini Trading Account is just $50. Spreads are low and competitive from 0.5 pips on the HY Pro Trader Account to 1.8 pips on the Mini Trading Account. Leverage ranges from 100:1 to 300:1.

HY Markets loyalty program

HY markets has a loyalty program for loyal customers where every 61th day traders get cashback based on the amount of lots traded during the 60 day period before.

HY Markets customer support

The HY Markets customer support is 24/5 available by phone, email and live chat. Via the website there is also the possibility to request a callback.

HY Markets reliability

HY Markets is a multinational of about the size as IG Markets. The company does it very best to ensure traders a safe trading environment and secure banking options, keeping hackers at bay using several safety measurements. At first the input of personal data, opening and closing trades and the deposit/withdraw system are all 128 bit SSL secured as you can see from the green padlock in the addressbar. This means no third party software or persons can read out the data inputs. Funds can be safely deposited and withdrawn using credit card, Paypal, WebMoney and wire transfer. HY Markets is regulated by the FCA which means trader’s funds are protected and covered under the Financial Services Compensation Scheme (FSCS). All client funds are hold on segregated accounts and not on the same company balance where HY Markets keeps its costs and profits. HY Markets holds these segregated accounts on top tier banks to ensure safety of funds to its clients.

HY Markets review conclusion

HY Markets is one of the best forex brokers available for beginning traders because of it’s low minimum deposit of just $50. Also their low spread of 0.5 pips to 1.8 pips is very competitive. Every new trader gets a personal account manager appointed who evaluates your trades and money management, which is a great feature offered by not many forex and CFD brokers. It’s also a good thing that HY Markets has several account types available for traders of all sizes. With leverage up to 300:1 the broker also has medium-high maximum leverage compared to other brokers. The availability to trade with the easy to understand WebTrader and MetaTrader 4 combined is ideal for people new to stock market trading as they immediately learn how to use MetaTrader, the most popular trading software. I rate HY Markets a 7/10 which could have been higher if they included a bit more features and where available in a few more languages.

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Pros

• Regulated and reliable broker
• Comprehensive Educational Package for new traders
• Low initial deposit of just $50 required
• Many assets available like forex, stocks, commodities, indices and ETFs
• Low spreads of 1.8 pips and maximum leverage 300:1

Reviews

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