HY Markets Review – A Broker For The Masses
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The Henyep Group of Companies has an enormous presence in different financial centers across the world, including London, Hong Kong, and Dubai. The group has been dealing in the financial markets for well over three decades, and the knowledge and expertise of the company in the financial markets are quite evident at the outset. HY Markets is a subsidiary of the Henyep Group that is located in London and offers brokerage services for a wide variety of capital markets that include Forex, Commodities, Stocks, Indices, Precious Metals, and the Energy sector. HY Markets is regulated by the FCA in the UK, which is one of the most trusted regulatory agencies in the world. In this HY Markets review, we aim to find out more about the company’s offerings and how it compares to the other brokers in the industry.
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Regulation, Company Information & Safety Of Funds
HY Markets is regulated by the FCA and comes under the regulatory framework of the MiFID. Therefore, HY Markets is required by EU laws to adhere to several regulatory guidelines that focus on improving the trading environment for all clients opening an account with HY Markets. HY Markets clients are covered by the compensation fund which is reserved for customers in the event of a company insolvency or terminal litigation. The compensation fund is mandatory for all brokers operating under an FCA license.
HY Markets was formed during 2007, and ever since, the company has had a shaky start in the market. But the broker is slowly en-route to becoming one of the largest Forex brokers in the industry. HY Markets is supported by several other components of the Henyep Group that are regulated in Hong Kong, Dubai, and other parts of Europe and Asia. The only seeming problem with HY Markets is their lack of regulation by the CFTC or NFA, which prevents them from accepting clients from the US.
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The broker keeps all of their clients’ funds in segregated bank accounts at some of the top financial institutions across Europe. Therefore, customers can be guaranteed of the safety and security of their funds, and can access it anytime they need it. Stringent FCA and EU regulations also require the broker to perform routine independent audits and keep track of all trades, transactions, and other financials that the company indulges in from time to time.
HY Forex Accounts & Deposit/Withdrawal Options
HY Markets offers three different types of HY Forex accounts according to the minimum deposit size. The minimum deposit amount for HY Markets is $50, which qualifies for the Mini account. A higher $750 initial deposit can get a Standard account while deposits more than $2500 receives a premium badge. All aspects of trading are quite similar for all types of accounts, the only difference being the difference in minimum trade size, which is lower for the Mini account and higher for the Premium account.
HY Markets offer a maximum of 1:300 leverage, which is less than what most brokers offer. On the plus side, 1:300 leverage helps users to preserve more capital than an account with 1:500 or 1:1000 leverage. However, leverage should not be the only factor in choosing a broker, as a trader has full control over the leverage that he uses. Traders should also expect to pay an average of 2 to 4 pips spread on all majors, and HY Markets is known to increase the spreads during major events and even during regular trading hours. HY Markets is slightly more expensive in the long run, mainly due to the large spreads that the broker charges on each trade. Fortunately, there is no commission on trades.
HY Markets offer several payment options, and traders can deposit or withdraw funds using credit cards, online payment processors, or through bank transfers. Regarding HY Markets bonus, traders can either choose a 10% cash bonus on the initial deposit or opt for 25% trading credits. Availing a bonus will attach several trading conditions to the account and traders should always read through the terms and conditions before opting for a bonus of any kind.
Efficiency Of HY Markets Trading Platforms
|Operator:||Henyep Capital Markets (UK) Limited|
|Address:||3rd Floor, 28 Throgmorton Street, London EC2N 2AN,United Kingdom|
HY Markets uses the reliable MT4 platform for both desktop as well as mobile trading. Desktop trading platforms are available as an installable platform as well as a web trader platform, and traders can perform a wide variety of market analysis using the tried and tested platform. As far as the HY Markets mobile platform is concerned, traders can either opt for the MT4 mobile interface or a new proprietary HY Markets mobile app that is designed exclusively for the mobile trader. The new mobile app has been developed from the ground up by HY Markets according to their clients’ requirements. While HY Markets has a great trading platform in Meta Trader, lower latency and connectivity problems are prominent among existing traders. The platform is prone to multiple requotes, which should act as a deterrent for traders that use scalping strategies.
Customer Service & Final Verdict
The company is committed to top-quality customer service and is concerned about maintaining a good reputation among clients. HY Markets offers an excellent array of services that can help both amateurs as well as seasoned traders to take advantage of the markets. On the downside, traders should be careful of the slightly troublesome platform and make sure that they don’t lose their capital by using high leverage.