HY Markets Review

A low minimum deposit and a comfortable beginners’ trading platform makes HY Markets a valid option for new traders or those who are looking to test the water before investing substantial sums. On the other hand, HY Markets offers significantly better trading conditions for its premium traders, so if you do choose to continue trading with this broker, you may find yourself thoroughly enjoying the benefits. Read more in our HY Markets review to determine if this broker is right for you.

General Information

Founded in: 2006
Headquarters: London, United Kingdom
Maximum leverage: 200:1
Minimum deposit: $50
Minimum deal size: 2,000
Languages available: English, Arabic, Chinese and more*
*Traders who download the MT4 platform can choose from 28 languages
Regulation: FSA


HY Markets Regulation (Click image to enlarge)

Trading Platform

Both web-based and downloadable platforms are available for traders wishing to trade with HY Markets. There’s no question that the web-based version is designed for new traders, as this is the only platform that supports the company’s mini Forex account. The platform also includes basic charting and analytical tools and a simple, straightforward interface.

HY Markets Webtrader (Click image to enlarge)

One very interesting thing that we noticed in the Webtrader is that you can browse the news with a search feature, to pinpoint the items that you’re interested in. Overall, we found the Webtrader to be relatively straightforward, and it is a reasonable place for new traders to start their Forex journey.

In contrast, the company’s downloadable software called HY Trader, is the company’s version of MetaTrader 4, complete with all of the technical analyses and charting tools that are typically included in this popular platform.

HY Trader Downloadable Platform(Click image to enlarge)

Traders who desire the ability to trade on the go can also take advantage of HY Trader Mobile, which is compatible with both Windows-based cell phones and as a standard PDA application. Although we didn’t test this mobile trading platform personally, we have every reason to believe that it is just as functional as the company’s primary trading platforms.

Features

HY Markets offers several features that can make all types of traders feel comfortable before and during their trade executions. During the scope of our HY Markets review were especially pleased to see that the company takes care to explain even the most rudimentary Forex terms in articles that supplement their glossary, and to explain the abbreviations of the most common currency pairs – simple explanations that most brokers either bury deep in their educational pages or overlook entirely.

Another feature that was especially useful is that both the HY Web Trader and the MT4 platforms offer trading of 21 currency pairs, whereas some other brokers, such as Forex Club, offer fewer pairs on their beginner platforms.

And, of course, we always appreciate the customization features available in most MetaTrader 4 platforms which allow traders to easily track their own favorite indicators, hide charts that they don’t need and set up their trading platform exactly how they desire.

Customer Service

HY Markets’ customer support team is available to answer all questions 24 hours a day on Monday through Friday, across all time zones. There are four ways to contact HY Markets; phone, email, online chat and request a callback. Traders located in the United Kingdom can choose to call the company’s London-based phone number. International traders can request a callback during their preferred time of day.
During the course of our HY Markets review we had the occasion to chat with their live support staff on numerous occasions, and we were impressed by the speedy responses and useful information that we received. Most impressively, we coincidentally chatted with the same representative several times, and he remembered us between chats, independently following up and making sure that we received all the answers that we needed. In fact, this highly personal level of chat support is something we haven’t encountered with any of the other Forex brokers we’ve tested.

Chat with HY Markets (Click image to enlarge)

Traders who prefer to email in their questions can direct their inquiries to specific departments as listed on the company’s ‘contact us’ page, so that each query will arrive in the right place. Unfortunately, it took HY Markets nearly 20 hours to respond to our email, but we were willing to overlook this delay because the company’s chat support is available to answer all questions promptly.

Email from HY Markets (Click image to enlarge)

Ease of Use

Registering as an HY Markets user is among the quickest processes of any broker registration that we tested. Users need not provide any of the personal information requested by other brokers such as FXCM or Forex.com. Traders are asked for their name and phone number, but need not supply a physical address. After a 1-page registration, users can visit the HY Trader or fund their account via Mastercard, Visa, PayPal, bank transfer or IPS. Traders who have little or no trading experience will receive an extra disclaimer during the registration process (appropriately called the Insufficient Experience and Knowledge Warning), cautioning that they may not have the skills necessary to trade successfully.

The company’s trading platforms lack the automatic welcome tutorials offered by many other Forex brokers, but the straightforward design of the Webtrader should be understandable for anyone who has traded Forex (or seen a trading platform) in the past. Likewise, the MT4 platform is entirely straightforward, so traders who have used MT4 should have no trouble using this platform. Traders who are truly new to Forex may need to poke around a bit before fully understanding how either platform works.