HY Markets Review – FXBuild.com
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Broker Type: STP
Regulation: FSA
Established: 1977
Headquarter: London, UK
Broker Reviewed: hymarkets.com
Every FX trader demands a registered broker, quality services and minimum commission. It’s hard to find a forex broker having all the mandatory features, nevertheless, as a forex trader you can keep on looking for broker reviews. HY Markets is one of the oldest forex brokers in the UK which is a registered as well as regulated forex broker. HY Markets is in the business from last 30 years; if you are interested in getting services from this particular broker, stick around for a detailed HY Markets review.
Pros and cons
Pros
1. Easy account opening process.
2. 24 hours customer support (email, phone and live chat)
3. Live news updates
4. Availability of commodities, gas, oil, metals and stock trading as well.
5. Freeze rate facility
6. Availability of Web trading and MT 4.
7. Flexible and wide range of deposit and withdrawal options.
Cons
1. Demo accounts not available.
2. US citizens not accepted.
3. High forex spreads
HY Markets Review – Salient Features
Spread
They offer a fixed spread ranging from 3 pip to 7 pip. Mini account holders receive a spread of 7 pips, standard account holders get a fix spread of 5 pips and premium account holders receive 3 pips. However, spread on EUR/USD is a bit different, 4 pip for mini account, 3 pip for standard account and 4 pip for premium accounts.
Leverage
Highest leverage offered is 1:300. Same leverage is offered to all the account holders.
Commission
HY Markets don’t charge any sort of commission, which is a healthy sign. However, this could be due to the fact that they offer fixed spreads, which isn’t liked by most of the experience forex traders.
Minimum deposit requirement
Minimum required deposit for mini account is $50. Deposit required for standard account is $750 and for premium account, it is $2500. However, if you choose to open a mini account with $50 deposit, you will only trade 2000 units, which is a very low trading margin.
Strategies (Hedging, Scalping, Forex robot, swap-free Islamic Account)
HY Markets doesn’t support any kind of forex robots, a major setback. The good aspect, they do allow scalping as well as hedging strategies. Furthermore, Islamic accounts are provided as well with a free swap for first 14 days.
Trailing stops
HY Markets offer client side trailing stop orders.
PAMM Accounts
Percentage Allocation Management Module (PAMM) accounts are getting very famous these days. Unfortunately, HY Markets is not currently offering PAMM accounts.
Trading platforms
Broadly speaking, HY Markets has two types of trading platforms. HY Webtrader is their online trading platform which is very good and easy to use. You don’t have to download their web trading platform, it can be used online. It is extremely user friendly and you will be provided with constant news update. Other features of the HY Webtrader include: direct execution – no delays, technical analysis, availability of charts, can be used from any computer any time, freeze rate function and dedicated account managers. Find out more about their unique trading platform here.
HY Trader is the second trading platform which is integrated with MT4. It can be downloaded from their website.
There is a third type of trading platform as well, which is MT Mobile (HY Markets). You can download this trading platform on your mobile phone and can remain connected all the times. Mobile trading platform would be configured with MT4.
Citizenship
US citizens are not accepted, a major setback for US forex traders, as they cannot join the HY Markets forex network. Besides, there are no banned countries.
Instruments
HY Markets provide a wide range of instruments for its customers. Besides forex, you can trade commodities, stocks, indices, metals, oil and gas. This is one of the best features of HY Markets, as not all the brokers provide such a wide range of instruments.
Execution
They offer instant execution meaning that traders wouldn’t have to face any sort of delays and requotes.
Support
24 hours support is provided via email, phone and chat.
Regulation
HY Markets is a registered broker regulated by FSA under the license number 186171.
