Inside Forex Brokers (IFB)
Review of the company
HY Markets (HYCM) is not an independent enterprise, but a subsidiary brand of the renowned financial group Henyep Capital, created in 1977 and developing in various financial markets and exchanges. This holding is one of the founders of the Hong Kong Stock Exchange and has more than 50 offices around the world. It was at Henyep that they proposed using CFD for raw materials and energy. As for HY Markets itself, the actual start of its activities can be considered 1999, because it was then that Henyep launched a project to develop online trading in retail Forex and OTC markets.
The main reason to consider HY Markets as a potential dealing center for opening a trading account is cooperation with the FCA regulator. The strong business reputation and high requirements of the British Financial Supervision Authority create a certain impression of brokers who report to it. As practice shows, these are really noteworthy companies with high standards of service and extensive capabilities.
On the other hand, the prices of such firms are an order of magnitude higher than those of the offshore dealing portals that are familiar to the domestic market, which makes them inaccessible to a wide range of clients. HY Markets was no exception to this rule – the minimum deposit amount for opening a standard account with the company is 100 dollars, and spreads start at 0.2 pips.
Trading conditions
The official website, owned by HY Markets, gives traders access to several types of accounts:
- Mini: starting capital from $100, the minimum lot is 0.02;
- Standard: deposits from $750, lot from 0.1;
- Premium: deposits from $2500, lots from 1;
- Pro: initial deposit of at least $5000, lots from 0.1.
For mini, standard and premium accounts, it is supposed to work with the MT4, WebTrader or HY WebTraderHY platforms, leverage up to 1:300, as well as support for currency pairs, CFDs, products, indices and stocks. As for the professional account, it is based on the CurreneX platform, characterized by a lower spread (from 0.2 pips) and a smaller leverage – 1:100. For all options, it is possible to use advisers and trading over the phone. The reviews dedicated to HY Markets allow us to judge the high quality of execution and the absence of problems with the withdrawal of funds.
Additional benefits
The company is fully focused on working with traders and, like other European brokers, does not advertise PAMM accounts or trust management. New customers at HY Markets are entitled to a bonus of $100, while for experienced customers a loyalty program with rebates for each lot is provided. This dealing portal also features high-quality information support, taking into account both technical and fundamental analysis.
Analytics
The broker supports up-to-date analytics and the latest news from financial markets. Together with the economic calendar, HY Markets clients receive comprehensive information on fundamental analysis. If you are looking for a reputable and trustworthy broker with whom you can start trading and invest your money, HYCM is a good choice. Since they are fully licensed and regulated, investors are guaranteed the security of their financial and personal data, and the choice of convenient trading platforms makes HYCM a smart choice for both beginners and experienced traders.
Trading Central
As a unique bonus, the HY Markets broker provides free access to technical analysis from the consulting company Trading Central. This is a full technical analysis, which has already been appreciated by many traders. Advisor recommendations can be used both in direct trading of instruments and as an additional filter according to the main strategy.
