HY Markets Forex Broker Review 2012 - Ratings, Likes, Dislikes, Comparison, Demo, Open Account
Find latest review of HY Markets Forex broker - Henyep Group. Read their advantages/ disadvantages, compare it with others or share your experience.
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Last review date: 1/6/2012 |
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Recommendation is based purely on our own opinion, but we try to be objective as possible!
| Commission Type: | Spread |
| Forex Trades Fee: | 38.00 USD |
Displayed 'Forex Trade Fee' is spread based. Commission for Forex trades is an estimation of fees charged per round turn of $100,000 major pair units. The cost of no-commission brokers is calculated as average spread markup on majors. |
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| Execution Type: |
DD
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DD - Dealing Desk, STP(MM) - Straight Through Processing/Instant Execution, STP(DMA) - Straight Through Processing/Direct Market Access, ECN - Electronic Clearing Network |
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| Minimum Deposit: | 50 USD |
| Minimal Contract Size: | 2,000 |
| Maximal Leverage: | 1:300 |
| Account Base Currencies: | USD |
| Spread Type: |
Fixed
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| EUR/USD: | 4.0 |
| GBP/USD: | 5.0 |
| USD/JPY: | 5.0 |
| USD/CHF: | 5.0 |
| AUD/USD: | 5.0 |
| USD/CAD: | 5.0 |
Listed srpeads are valid for Mini account. Standard and Premium accounts have lower spreads.
| Islamic (Swap-Free) Acc.: | |
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| U.S. Citizens Allowed: | |
| Account Opening Type: | Online |
| Time To Open Account: | 5 minutes |
| Paper-Work Required: | |
| Notarization Required: | |
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| Deposit Currencies: | USD |
| Withdrawal Fee: | 30.00 USD |
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| Wire Transfer: | |
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| PayPal: | |
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For withdrawals less than $300.00 client will pay $30.00, while above $300 company will pay for the charge, so it is free for client.
| Prize Contest: | |
| 1st Deposit Bonus: | |
Bonuses are not automatic. It is up to your account manager to decide, but it usually range from 5 to 15% on your first deposit! |
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| Refer a Friend Bonus: | |
Referrer reward depends on initial deposit of new client and ranges from $50 to $250. |
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| WEB App: | |
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| MetaTrader4 (MT4): | |
| VikingTrader (Currenex): | |
| PowerTrader (Currenex): | |
| MirrorTrader (Tradency): | |
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| Oil & Gas: | |
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| No. of Currency Pairs: | 22 |
Apple, CT/USD (Cotton), DAX Index, DJI 30 Index, Exxon Mobil, FTSE Index, GM, Google, Hang Seng Index, HG/USD (HG Copper), HO/USD (Heating Oil), IBM, Juniper Networks, KC/USD (KC Coffee), NASDAQ Index, NG/USD (Natural Gas), Nikkei Index, OIL/USD (Crude Oil), RB/USD (RBOB Gasolin, S/USD (Soybeans), SB/USD (Sugar), SP500 Index, Sun Microsystems, Time Warner, USDX (USD Index), XAG/USD (Silver), XAU/USD (Gold), Yahoo.
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| If-Then (Conditional): | |
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MT4 is client based application in respect to trailing orders.
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| One-Click Orders: | |
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Trading features are related to platform selection.
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| Phone Dealing: | |
| 24/7 Support: | |
| Henyep Capital Markets (UK) Limited, 3rd Floor 28 Throgmorton Street, London EC2N 2AN, United Kingdom | |
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| International Phone: | +44-207-330-9021 |
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Stocks-For-Beginners.com is HYmarkets's affiliate and is being compensated for every new opened client's account. |
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HY Markets Forex Broker Review
We believe HY Markets is a solid Forex broker with a complete product offering: Forex, metals, oil/gas, commodities, indices and stocks, suitable mostly for averagely active traders, who prefer holding all positions in one account.
Very Positive - The most positive service of HYM is definitely their wider range of investments offered and also trading platforms, which allow you to trade anytime anywhere.
Could do Better - Website is sometimes down or very slow, education section especially the glossary could be expanded.
Introduction
HY Markets Forex broker is a division of the Henyep Group, a global financial conglomerate present on three continents and over 20 countries, including London, UAE, and Hong Kong, since 1977, making it one of the FX brokers with longest tradition.
You can expect full transparency and security when trading with HYM, a FSA regulated Forex broker. It only takes a few minutes to complete registration process, a credit card and few bucks deposit to start trading on live account. Trading can be performed via various trading platforms: web based, stand along or mobile version. Besides currencies you can also trade oil/gas, precious metals, other commodities, indices, and stocks by utilizing leverage up to 400. If you will ever find yourself in trouble, get in touch with personalized customer support, which is available to you 24 hours a day via phone, email and live chat.
Account Types
There are three types of trading accounts you can choose from when opening account with HY Markets: Mini, Standard and Premium account.
Regular account is named Premium Account and offers you access to precision dealing execution with lowest possible spreads of only 2 pips and up to 300:1 leverage while trading standard contract sizes. Minimum deposit requirement for this type of account is $2,500.
So called Mini Account is the one with lowest possible risk, recommended for traders who are new to Forex markets and have completed virtual trading successfully. All you need is to fund the account with $50 to start trading. Margin will be as high as 300, you will trade 1/50 of regular contract sizes with 4 pips spread.
Beside already mentioned two types of account there is a third option, Standard Account, where you can trade with 3 pips spread and 1/10 of regular contract sizes at 300:1 leverage. You will have to deposit at least $750 to open this type of account, which is representing a good balance between costs and risk.
Believe it or not, there is also a fourth option of account types - customized accounts (like for example Islamic Account). For customers with special needs tailor made accounts can be created. You will have to contact HYM customer support to agree such account.
Account Funding and Withdrawals
There are several options available for funding the account. For fast funding in less than 5 minutes you can use credit/debit cards (MasterCard, VISA, Visa Electron), PayPal, IPS, and for larger amounts you should use a more secure method, classic Wire Transfer, processed via HSBC Bank. When it comes to withdrawing your money, original source will be used whenever possible, otherwise to your identified bank account. While deposits are very fast, it takes between 7 to 10 working days to process withdrawals.
Investments Offered
Unlike Forex only providers, HY Markets if offering you to trade a wide variety of investment classes: oil/gas, precious metals, other commodities, socks and stock indices.
Forex is the most active and liquid financial market, operating 24 hours a day, with HYM home town London as one of the trading centers. Deep liquidity and frequent volatility allow you to profit from all market movements.
Oil and gas products represent a fast growing market, and crude oil and natural gas futures are the most popular way to get involved in trading. HYM oil and gas futures are based on NYMEX - New York Mercantile Exchange.
Among metals clients are able to trade gold, silver and cooper, which are all very liquid and highly traded metals. HYM metals prices are based on NYMEX - COMEX exchange, with only 5 pip spreads.
Other tradable commodities with HYM are coffee, sugar, cocoa and some other soft commodities. These products are based on price benchmarks on ICE and CBOT exchanges. You can go long or short and take advantage of any market movements.
You also have the chance to trade global stock indices like Dow, Nasdaq, Nikke, Hang Seng, FTSE, DAX and others. This way you can get exposed to American, European and Asian markets with little capital.
If stocks are your passion, there is something for you as well. Blue-chip stocks out of Dow and Nasdaq indices are there for you. Execution is instant, you can sell short or buy long and you even retain some crucial benefits of regular shareholders, such as dividend payout, bonus share issues and stock splits.
Trading Symbols: Apple, AUD/JPY, AUD/USD, CT/USD (Cotton), DAX Index, DJI 30 Index, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, Exxon Mobil, FTSE Index, GBP/CAD, GBP/CHF, GBP/JPY, GBP/USD, GM, Google, Hang Seng Index, HG/USD (HG Copper), HO/USD (Heating Oil), IBM, Juniper Networks, KC/USD (KC Coffee), NASDAQ Index, NG/USD (Natural Gas), Nikkei Index, OIL/USD (Crude Oil), RB/USD (RBOB Gasolin, S/USD (Soybeans), SB/USD (Sugar), SP500 Index, Sun Microsystems, Time Warner, USD/CAD, USD/CHF, USD/HKD, USD/JPY, USDX (USD Index), XAG/USD (Silver), XAU/USD (Gold), Yahoo.
Trading Platforms
There are 3 different platforms ready for trading via HYM. First one is HY Webtrader, which requires no download, has a revolutionary easy to use interface, and allows you to trade from any computer with internet connection. You will see live tradable prices in the app and execution is direct, meaning there is no need for quote requests and no slippage. HYW has some neat features integrated, such as a freeze rate function, basic charting and analysis tools, real-time news and portfolio information is there. App is operating under the highest level of internet security.
HY Trader (HYT) is a standalone trading application, which you have to download to your personal computer once, and then you can enjoy all the benefits of this state-of-the-art software. Response times are on a professional level here, charting and technical analysis are brought on the advanced levels.
For those of you, who spend a lot of the time on the go, get yourself a HY Mobile app, which has integrated all trading capabilities, charting, news, calendar, live tradable prices and portfolio information, and is integrated with MetaTrader 4. Mobile app is ready for iPhone, iPad, BlackBerry, and Android.
Education
Education is very important part of becoming profitable trader or investor. HYM is offering some basic education in trading basics, where you can learn about tradable products, available order types, margin trading is explained, etc. Next they provide some education in technical analysis, where you will get familiar with basic chart types, indicators, patterns and trend analysis. To be prepared for the future market movement you will also have to learn some basics of fundamental analysis, such as economic data understanding, announcements, news, macroeconomic factors, and more. There is also a free market commentary subscription available to you for receiving updates on major capital markets, which will help you in taking smart investing decisions.
Client Money Protection
When opening account with HY Markets you are actually opening account with Henyep Capital Markets (UK) Limited and your funds and investments are protected both by Financial Services Compensation Scheme (FSCS, max. 85,000 GBP), and FSA's Client Money rules against the default of the Company - your funds and other assets will be segregated from Henyep Capital Markets (UK) Limited's own money and will not be available to us for use in the course of our business.
Customer Support
HY Markets customer support is there for you 24 hours a day, 5 days a week. You can contact them by phone, email, live chat or you can request a call-back.
The information and opinions in this review are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency and/or opening of an account with HYmarkets.
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