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Regulated: Regulated by the FCA
Min Deposit: $50
Min Trade Amount: 0.02 Lots
US Clients:
Bonus: 35% First Deposit Bonus!
Leverage: 300:1
Free Demo Account:
Trading Platform: MT4, HY Markets Webtrader, HY Markets Mobile, Currenex
Payment METHOD NAME Charge Time

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Full Review

About HY Markets

HY Markets is a trading name of Henyep Capital Markets UK Ltd., a division of the Henyep Group. HY Markets is headquartered in London and is authorized and regulated by the Financial Conduct Authority of the United Kingdom. The company also operates regional offices in UAE and Hong Kong.

 

Special Offers and Bonuses

Traders who use HY Markets can expect to receive several bonuses and participate in promotions on HY Markets. These are:

a)    A general deposit bonus of up to 35% of the account deposit. This goes out to new traders.

b)    Special bonuses which are applied to the various account types as follows:

–       The “Profit Ladder” bonus program. Bonuses are differentiated based on trading volume.

–       The “Golden Ladder” bonus program. Here, the size of the bonus is tied to the price of gold, and the size of the bonus increases with increasing trading volume on a trading account. Put another way, the more actively a client trades, the greater the bonus amount.

c)     For Classic account holders, the bonus reward comes in the form of a percentage of the deposit amount. Deposits are increased by 10%.

Trading contests are also available on HY Markets. These are as follows:

–       The Traders Community Battle: Open to Mini account holders, this contest pays out between $800 and $2,400 to the top 5 traders. This is a monthly contest.

–       Strategy for Success 35, also open to Mini Account holders and shares out 500 USD (250 USD cash + 250 USD bonus) to the top trader, 300 USD bonus to the 2nd placed trader, 200 USD bonus to the 3rd placed trader and 100 USD bonus to the 4th and 5th placed traders.

 

Types of Trading Accounts

What account types are available on HY Markets? Account types can be broadly classified into four types:

a)    Mini: This account type comes with a minimum deposit of $50 and a maximum of $749 Maximum trade size is 0.02 lots and maximum leverage is set at 300:1.

b)    Standard: Minimum deposit is $750 and maximum deposit is $2499. Leverage is set at $300 Minimum trade size is set at 0.1 lots.

c)     Premium: The premium account is for those who can deposit above $2,500, but below $5,000. The minimum trade size is 1 standard lot. Leverage is also set at 300:1.

d)    The Pro Account: The Pro account has a minimum deposit of $5,000, with a minimum lot size of 0.1 lots. Leverage is set at 200:1. This is an ECN account which attracts commissions. The exact commission payable is only revealed to active traders by their account officers.

For all account types, the use of hedging and scalping strategies is allowed. EAs can also be used.

 

Trading Platform Features

HY Markets traders can choose to trade on any of these platforms:

a)    MetaTrader4: HY Markets offers its clients the chance to trade forex on the enhanced MetaTrader 4 terminal. This platform is used by the Micro, Standard and Classic account holders. There is a web-based version of this software which is also available to account holders.

b)    HY Markets Webtrader: This is the in-house web-based proprietary platform, created by HY Markets to provide its traders access to forex trading from any computer that has an internet connection. There is also a smartphone version of this software.

c)     Mobile Platforms: Trading can also be done on the various mobile devices using the MT4 platform. The platforms used are the HY Markets Trader for the iPhone/iPad and the HY Markets Trader for Android devices.

d)    Currenex: This is the ECN platform that is specifically built for Pro Account users. It is a purely  downloadable platform.

Commissions and Spreads

The commissions and spreads that are obtainable on HY Markets are spelt out below in this snapshot. We can see that the information differs from one account type to another.


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Charting Packages

Charts on HY Markets are available on the respective platforms.

 

Education and Demo Accounts

HY Markets has a number of educational and trading materials on their site. These are:

a)    A section on forex basics.

b)    Online lessons and periodic webinars.

c)     Technical and fundamental analysis.

d)    A comprehensive forex glossary.

 

Customer Service

HY Markets customer support is available using the following means of communication:

  • Customer Service Tel: + 44 – 208 – 816 – 7812
  • Live chat online
  • Physical Address: 3rd Floor, 28 Throgmorton Street, London EC2N 2AN, United Kingdom, London.

 

Deposits and Withdrawals

Deposits can be made on HY Markets as follows:

a)    Skrill (Moneybookers) and WebMoney are the e-payment methods.

b)    Bank Cards: PRC Cards, VISA and MasterCard are methods of conducting credit/debit transactions.

c)     Bank wires are also used for depositing and withdrawing funds.

d)    PayPal

 

Deposit Limits

The minimum deposit requirement differs from one method of transaction to another, and from one type of account to another. The minimum deposit amount for each transaction type is as follows:

a)    Bank transfers: $250. Transactions are processed within 1-5 days.

b)    All e-payment methods and credit cards: $20. Deposits are processed within one day.

There are generally no maximum deposit limits except for card methods which have a specified deposit limit that is given to traders when they open accounts.

 

Withdrawal Limits

The minimum withdrawal limits also depend on the account type:

a)    Bank wires: $300: Using this method will also attract $30 in fees.

b)    E-payment methods and credit cards: $50. No fees are charged.

Users of PRC cards cannot make withdrawals with this card type.

There are no maximum withdrawal limits. Card transactions and e-payment withdrawals take 7-10 working days while bank transfers take 1-5 working days.

 

Conclusion

HY Markets caters for all types of traders with their multiple account types, trading platforms and trade conditions. The company has to be lauded for taking time to make sure that as many traders cut across different demographics as possible, are covered with the forex product offering.