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Who are they?
HY Markets are a well established broker facilitating trading in a broad range of currency pairs, commodities, bullion, oil, indices and stocks. It’s a division of the Henyep Group, a large conglomerate whose activities span education, property and charity work. The group’s activities are spread over three continents and twenty countries.
HY Markets is based in London but has offices in the United Arab Emirates and Hong Kong where they were initially set up. HY Markets are regulated by the FCA in London, and has been operational for three decades.
HY Markets prides itself on the use of cutting edge technology and excellent customer service to attract and retain clients. However, we agree with the first one only.
Review Overview
Compliance to Different Authoroties
Speed and Ease of Procedures
Platform Execution
Technology and Facilities
Customer Support and Offers
Acceptable!
How do they help me learn?
HY Markets offers basically a poor range of tools to help the novice and the experienced one. There are no training videos on the company’s website, only a video which shows the development of the company and the services it offers. The company doesn’t offer seminars or webinars, stating that its one to one help for novice traders is a better way to educate them, but unfortunately, the free consultation HY Markets offer before you open an account is just a sales call, performed by unqualified individuals sometimes.
- Demo Account – As with all brokers, you can have access to a demo account for up to 15 days. This is unfortunately not so useful since beginners need more than just 2 weeks to get familiar with the platform or the market, not to mention of course that the Demo trading account environment is totally different than the Live one.
- Forex Articles – HY Markets offers a good range of easy to understand articles on the basics of Forex as well as trading other products they offer. They’re a good start for the beginner.
- Trading Central – Through an external provider, HY Markets give access to Trading Central, a known online provider of trading signals to traders. The company says that it has proved to be an effective tool to help traders enter a trade at the best time and has won awards.
- SMS Alerts – HY Markets offer the facility to receive alerts regarding potential trades sent to you by text messages.
- Daily Reports and News – HY Markets offer regular news updates to help traders stay updated with the recent economic and political news.
- Account Managers and Personal Dealers – One to one training is available for new clients, or that’s what they call it. The service covers the basics of trading and then moves on to how to use the HY platforms. Now logically, a beginner can’t just move from receiving information regarding “the basics of trading” and then moves on to subjects addressing “Meta Traders 4 orders and other applications“. HY Markets claims that their Pro account have the benefit of account managers to help clients manage their trades. However, we are certain that what they mean is simply is “to help beginner placing pending orders”, nothing else
- Blog – HY Markets also have a blog which is a variant of their news forum but in a more relaxed style. You can subscribe to the blog to be made aware of when a new post is made. In our point of view, if it was any good, it will be open to subscribers to comment and publish their work, not just to their news analyst. It’s basically just another face of themselves
How is the clients support service in general?
Client support is available by phone, by email, by live chat or by ring back. Email requests were dealt with within an hour with only one reply within ten minutes. Phone support was clear and helpful and offered different languages if needed. Live Chat is not intrusive as with other brokers and you are generally connected to a representative within a minute.
What does the industry say?
Comments from traders proves the frequent glitches spoiling the trading experience offered by HY Markets. Some traders reported their preference to the HYPro platform to MT4.
There is only fleeting mention of industry awards on their website and then only from obscure organizations, which was surprising given a broker their age.
There is only fleeting mention of industry awards on their website and then only from obscure organizations, which was surprising given a broker their age.
How safe is my money?
Although HY Markets have a presence in many countries they rely on their FCA registration in the UK for their regulation – not a bad thing though. Through their group links they promise liquidity and have committed to keep clients’ funds separate from those of the business. Finally, the strength and reputation of the group that owns them gives some satisfaction too.
What platforms does HY Markets offers?
HY Markets offers a wide range of trading platforms either web based or downloadable. Most of their platforms are based on the MT4 chassis but their HY Pro platform was developed in house and has received positive comments from traders. The web based platform is also available in mobile format allowing you to access your positions to modify orders you place from anywhere in the world.
What about their trading conditions?
Margins range from 1/50 of a contract size to ½. Leverage is available again from 1:300 on the mini and standard account to 1:100 on the HY Pro account, which is way too low in comparison with other brokers.
Islamic Sharia compliant accounts are offered by HY Markets because of their Middle Eastern clientele but the no fee swaps only last for 14 days, which invalidate the ” Islamic Shari’a” compliant prickle.
The platforms offered by HY Markets have good graphing overlays and the facilities of the HY Pro platform have been praised for how well it was designed and engineered.
Expert advisors are available on their MT4 platforms. Scalping is not allowed nor are American clients able to open accounts. The company guarantees stop orders and promises to minimize the risk of re-quotes and slippage, which is where their problem is. First, these two statements contradict each other. If they can guarantee orders there should be no slippage what-so-ever, not just a promise of minimum slippage. Second, A promise of minimum Slippage and re-quotes is not enough, they should specify clearly on which occasions issues such as slippage may occur, especially when HY Markets had its share of bad publicity
Islamic Sharia compliant accounts are offered by HY Markets because of their Middle Eastern clientele but the no fee swaps only last for 14 days, which invalidate the ” Islamic Shari’a” compliant prickle.
The platforms offered by HY Markets have good graphing overlays and the facilities of the HY Pro platform have been praised for how well it was designed and engineered.
Expert advisors are available on their MT4 platforms. Scalping is not allowed nor are American clients able to open accounts. The company guarantees stop orders and promises to minimize the risk of re-quotes and slippage, which is where their problem is. First, these two statements contradict each other. If they can guarantee orders there should be no slippage what-so-ever, not just a promise of minimum slippage. Second, A promise of minimum Slippage and re-quotes is not enough, they should specify clearly on which occasions issues such as slippage may occur, especially when HY Markets had its share of bad publicity
How much will it cost me?
There are no commissions charged by HY Markets, they earn their profits from the spread on trades. On Forex, spreads start from 1.8 on the major pairs and are fixed. Spreads can be lower on the HY Pro account where spreads are from 0.5. Minimum deposit for the mini account is $50 but minimums rise to $10,000 for the HY Pro account.
HY Markets accept funding from a wide variety of sources including bank wires, credit cards and wired cash and are usually credited the same business day. Withdrawals are sent to similar destinations but can take longer to reach you. There can be fees payable for withdrawals, typically where wiring of funds is required.
HY Markets accept funding from a wide variety of sources including bank wires, credit cards and wired cash and are usually credited the same business day. Withdrawals are sent to similar destinations but can take longer to reach you. There can be fees payable for withdrawals, typically where wiring of funds is required.
Any special deals?
HY Markets do offer special deals from time to time but they aren’t spectacular. The broker has come down between those that feel they don’t need to offer deals as their product is good enough and those who use the deals as a promotional tool. At the moment you’ll get up to a maximum of $100 if you deposit $100.
The bottom line
HY Markets is just an OK broker, a little dull as well. They offer a full range of products and services which have received good feedback from those traders that have used them.
HY Markets’ customer service is excellent with queries dealt with quickly and efficiently. The account managers and one to one trainers are professional and knowledgeable and traders have reported feeling comfortable working with them.
For traders who feel they need to be led by the hand in the early stages of their trading career to those who know what they are doing, HY Markets does not provide a reliable and well serviced trading environment, backed up with reliable platforms.
HY Markets’ customer service is excellent with queries dealt with quickly and efficiently. The account managers and one to one trainers are professional and knowledgeable and traders have reported feeling comfortable working with them.
For traders who feel they need to be led by the hand in the early stages of their trading career to those who know what they are doing, HY Markets does not provide a reliable and well serviced trading environment, backed up with reliable platforms.
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