HY Markets Review

Trading Platform:

HY Markets offers various desktop and web-based trading platforms. These are described below,

HY Webtrader:
This is a web-based trading platform where traders can trade instantly from anywhere without downloading any trading platform. This platform has a user-friendly interface with real time price streaming, integrated charting, calendar and news. Account information, account history and account summary also available on this platform.

HY MT4 Downloadable:
This is popular Meta Trader 4 trading platform for desktop computers. Traders have to download the trading platform before trading. Meta Trader 4 trading platform is very popular, stable and reliable trading platform in the forex trading world. Expert Advisors, Custom Indicators and advanced charting options have made this trading platform very renowned and popular in the forex world. Advanced trading tools and account summary are also available on this trading platform. Here is a snapshot of this trading platform.

HY MT4 Webtrader:
This is a web-based Meta Trader 4 trading platform. Traders can trade in Meta Trader 4 using any web browser. All the features of Meta Trader 4 are available in this web based trading platform. Traders can trade on this platform without downloading.

HY Markets MT4 Mobile:
This trading platform integrates with Meta Trader 4 trading platform. This is actually Meta Trader 4 trading platform for mobile phones. Online account information is also available on this trading platform.

HY Pro:
This platform is suitable for traders who trade in large volume. This advanced institutional grade trading platform is powered by Currenex. This is a no-dealing desk platform with straight through processing (STP). This trading platform is filled with advanced features such as multiple order types, algorithmic models, real-time news, chart trading and technical analysis tools. This platform is also available for iPhone.

Main Features:

HY Markets comes with various attractive features for traders. These features have gained trust and comfort of forex traders. They provide top class brokerage service with their over 30 years of experience in the forex market.
They require only $50 initial deposit to trade with their outstanding features. They provide leverage up to 1:300 with a tight fixed spread offer. They are very reliable as they are regulated by FCA (UK) and some other reputed regulatory bodies.

They allow trading in 22 different currency pairs, Precious Metals (gold and silver), Oil, Stocks, Indices and CFDs. Additional trading features such as scalping, hedging, trailing stops etc are also allowed by HY Markets. Traders can also practice trading with them by opening a demo account.

Types of Trading Accounts:

HY Markets offers four different types of trading accounts. These are as follows,

Mini Account:
This type of trading account is suitable for beginner forex traders with a small initial deposit. The minimum deposit is $50 with up to 1:300 leverage ratio. Typical spread is 1.8 for this type of trading account.

Standard Account:
This type of trading account is suitable for advanced and experienced forex traders. Minimum deposit for this type of account is $750 which is pretty high and might not suit beginner forex traders. Traders can use leverage up to 1:300. Typical spread for this type of account is 1.8 pips.

Premium Account:
The minimum deposit is $2500 which is pretty high for beginner forex traders. This type of trading account is suitable for experienced and advanced forex traders. Up to 1:300 leverage is allowed and typical spread is 1.8 pips for this type of trading account.

HY Pro Trader Account:
This type of trading account is suitable for expert forex traders who trade in large volume. Minimum deposit for this type of account is $10,000. The maximum leverage ratio for this type of account is 1:100. Typical spread is 0.5 pips which is very low and attractive for big traders.

Commissions and Spreads:

HY Markets do not charge any commission for forex trading as they earn from the spread of a currency pair. They offer tight and fixed spread for traders. Spread for EUR/USD is 1.8 pips which is lower than most of the forex brokers.

Customer Service:

Customer service section of HY Markets is active 24 hours a day and 5 days a week. They provide customer service through phone, email, live chat and call back request. Local UK traders can contact them through local phone numbers, given at the website of the company.

What We Liked:

Personalized Customer Support: Besides various customer support methods, this broker provides some personalized customer support. They provide free education and one to one customer support. They also provide personal VIP services for their experienced traders.

Wide range of Trading Instruments: HY Markets really has a long list of trading instruments besides currencies. They allow trading in forex, oil/gas, metals, commodities, indices and stocks from a single integrated trading account. Traders who trade with this broker have many opportunities to diversify their investments.

Online Account Status: Traders can check their account summary through an online account statement. HY Markets allow their traders to check the online account status whether they are using MT 4 or HY Web-trader platform.

What We Disliked:

No Bonus on Deposit: Currently HY Markets is not offering any bonus on first deposit. This is a major limitation for beginner forex traders.

No Trading Platform for Windows Mobile Phones: HY Markets do not have any trading platform compatible with windows operating system based mobile phones. Traders can not trade with their windows based mobile phones or smart phones.

The Bottom Line:

HY Markets is an exceptionally well reputed and regulated broker. Traders feel much secured while trading with them. This broker offers many attractive and friendly offers for traders. As a trader, I liked their tight fixed spread offers with superb leverage ratio to trade with. They have some minor limitations, and they should improve in some sections. They certainly should offer bonus on first deposit; otherwise new comers might lose interest to trade with them.