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HY Markets3 min read
Broker Review
HY Markets (HYCM) company provides a variety of financial services in more than 140 countries. HY Markets brokerage company headquarters are located in London, Hong Kong and Cyprus. HY Markets is regulated by the British Economic Control Authority, Cyprus Securities and Exchange Commission, Cayman Islands Financial Authority, Dubai Financial Regulatory Authority, and Supervisory and Regulatory Authority of Saint Vincent and Grenadines business companies.
Platforms
75
Usability
65
Assets
87
Users rating24 Votes
77
Pros Broker
40 years of experience
Excellent trading platform
Highly secure & reputable
Favorable terms of trade
Cons Broker
Scalping is not allowed
No copy or social trading platform
Limited Info on website
Slow work of support
76
Overall Broker Rating
Visit Broker

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.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.