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*** HY Markets has been re-branded as HYCM. See our updated HYCM review.
HY Markets is headquartered in London, UK, and is authorized and regulated by the Financial Conduct Authority (FCA) of the United Kingdom. HY Markets is a trading name of Henyep Capital Markets UK Ltd., a division of the Henyep Group, a global diversified conglomerate with over 30 years of operational history in financial services, spanning 3 continents and 20 countries world-wide. Henyep Group maintains offices in Dubai and Hong Kong.
HY Markets offers 3 types of accounts based on trading experience--Mini, Standard and Premium. Larger accounts qualify for the VIP Personal Dealer Service which provides cutting-edge service and access to all markets.
The Mini account, which is ideal for a trader who is new to the market, requires a minimum deposit of only $50. A deposit of at least $750 opens a Standard account, suitable for traders with a bit of experience and with $2500 or more an experienced trader can open a Premium account. Leverage of 300:1 is available for all three accounts and there is a 1.8 pip spread for each of them.
The fourth account at HY Markets is the HY Pro Trader Account, a VIP account for high rollers with at least $5000 to start. Leverage of up to 200:1 is offered and the spread is 0.5 pips.
Although the benefits for all the accounts are mainly the same, it was nice to see them displayed side by side on an additional comparison accounts chart. This was certainly a nice feature.
A demo account with a generous amount of $50,000 in virtual funds is available for traders who wish to practice their trades before putting any money at risk. There is even a section that explains the different components of a demo account, a feature very rarely found with any other broker.
One of the nicest features at HY Markets is the ‘Quick links’ that are located in a separate column and appear on the right hand side of every page. The links are divided according to products, platforms, accounts and trade tools and just being able to click on them to get to where you want to go makes navigating a real pleasure.
HY Markets offers a large number of trading assets including metals such as gold and silver, energy products such as U.S. oil and natural gas, as well as the all-important commodities such as cotton and sugar, indices, a selection of blue-chip stocks and more. And unlike most Forex only providers, HY Markets enables their clients to trade multiple capital markets in the single integrated account.
HY Markets offers account holders use of its live updated currency converter.
The education section of the HY Markets website offers not only standard videos but also textual lessons on topics geared towards both beginners and advanced traders. Subject include Introduction to the Capital Markets, Tips for Traders, Managing Risk, Trading Tools and more.
Technical and fundamental analysis is gone into in much detail and is highly informative. The section on the history and psychology of the markets is most interesting.
In addition to the above, HY Markets offers daily as well as weekly market commentary on what is happening in the most traded commodities such as oil, gold and silver, indices, and the major currencies. The commentaries are accompanied by clear, colorful graphs.
The standard glossary of terms is also included in the education tab.
I found the FAQ section a big sparse and was surprised to find it under the support tab. But when I opened the tab for trading hours, I was pleased to find two dropdown tabs with links that took me to the listings for the trading hours of the products available for trading. This was an unusual feature and it certainly is a useful one for those who trade in many foreign markets.
HY Markets also has its own blog--blog, hymarkets.com--which features many interesting articles on a variety of topics. They are written by the HY Market staff and posted on a daily basis. Many of these blogs are stock market reports but others offer insights into various financial subjects.
The HY Loyalty Program rewards traders for conducting their regular trading with HY Markets. When doing this HY Markets review, the broker was rewarding loyal clients with rebates of up to $3 for every lot of gold, silver or platinum traded. The trades are executed from any of the accounts and must be traded through the HY Webtrader or HY MT4 platforms. Rebates and lots in the program are accumulative and the money is deposited directly into the trader’s HY Markets trading account monthly.
Deposits are accepted via credit cards, wire transfers, Skrill, PayPal and WebMoney. Withdrawals can be requested by filling out an online form.
Traders can reach customer support 24/5 via email, chat and telephones to London.
HY Markets is one of the most intuitive brokerages I have ever reviewed. Everything seems to flow perfectly from one page to the next and finding the right tab to click is easy. It’s nice to have a choice of accounts and the availability of a demo account is commendable. HY Markets has a long history behind it and the fact that it is regulated puts it one step ahead of many other Forex brokers in the industry.
Review info: HY Markets
Review Date: 2016-09-11
Rating : 3
Reviewed By : Sara Patterson (Google+)