HY Markets Review

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Important Facts

  • Company: HY Markets is the trading name Henyep Capital Markets (UK) Limited
  • Founded: HY Markets was founded in 1977, and has been offering online trading services since 1999.
  • Account Types: Mini, Standard & Premium Dealing Desk Accounts or the HY Pro Trader STP account.
  • Payment Options: Credit/Debit Cards, PayPal, Skrill, WebMoney & Wire transfer.
  • Accounts Available In: USD
  • Minimum Deposit: $50 with a Mini Account.
  • Regulation: HY Markets is regulated by the Financial Conduct Authority (FCA) of the United Kingdom.
  • Social Trading: N/A
  • Support Options: Callback, Email, Live Chat & Phone

Platform(s)

HY Markets offers customers of the brokerage the opportunity to choose between a range of trading platforms. The brokerage offers it’s own proprietary web based trading platform, which allows traders to enter into and manage trades wherever they are. This Web based trading platform is available in both mobile and desktop formats, making perfect for traders who want trade the Forex market wherever they are.

Additionally, the brokerage offers the ever popular MetaTrader 4 platform. Since, the platform was launched back in 2005 it has gained tremendous popularity among traders who praise it’s institutional like functionality. It also gives traders the opportunity to automatically trade the financial markets via it’s built in Expert Advisor functionality. Despite the platforms age it is likely to remain popular with retail traders for some time to come.

Those with HY Trader Pro accounts are also able to use the firm’s HY Pro platform, powered by Currenex. This institutional level platform is perfect for serious traders who want to trade larger volumes and take advantage of the depth of liquidity to which HY Markets are able to offer via this platform. The Currenex platform has won numerous awards and will likely appeal to serious traders who want to trade using an institutional environment.

Trading Conditions

  • Leverage: Up to 300:1
  • Scalping: Allowed
  • Expert Advisors: Allowed
  • Hedging: Allowed
  • Trailing Stops: Yes
  • Spreads: Dealing Desk: EUR/USD 1.8 pip fixed spread with Mini, Standard and Premium Accounts. STP: EUR/USD spread from 0.5 pips with HY Pro Trader accounts.
  • Commission: N/A

HY Markets offers both Dealing and Non-Dealing Desk accounts. Traders can open a dealing desk account with the brokerage for as little as $50. HY Markets offers extremely competitive trading conditions for those opting for a Mini, Standard and Premium Account with the brokerage offering traders the ability to trade the EUR/USD with a 1.8 pip fixed spread. While many other brokerages offer clients the ability to open fixed spread accounts, the spreads tend to be wider than those offered by HY Markets. For instance, traders using a fixed spread account with Markets.com will pay 3 pips on the EUR/USD and those with a FXTM fixed spread account will pay 2.1 pips on the EUR/USD. This makes the brokerage a particularly attractive option for those looking to trade using a fixed spread account.

In recent years, No-Dealing Desk Execution has grown massively in popularity with traders believing this execution model reduces any potential conflict of interest between and brokerage and their clientèle. Those who want No-Dealing Execution are also catered for by HY Markets, who offer STP execution to those depositing more than $5,000. Traders can enjoy tight spreads, with the brokerage offering spreads starting at 0.5 pips on major currency pairings. Again, HY Markets are very competitive in terms of spreads with other STP brokerages such as XGlobal Markets offering STP spreads starting at 0.8 pips. The downside to the HY Pro account is the fact that the brokerage requires customers deposit $5,000 in order to enjoy STP execution and tight spreads, with many other STP brokerages operating without such requirements.

Instruments

  • Number of Currency Pairings: 40 Spot FX pairings, including Minor and Exotic Pairings.
  • Other Instruments: Commodities, Indices and US Stocks available via CFD’s.

HY Markets offers a good range of currency pairings, with the brokerage offering a total of 40 pairings including a number of minor and exotic pairings. Traders will likely find the majority of currency pairings they want to trade available at the brokerage. Those with a particular interest in certain exotic pairings may however be disappointed, with some competing brokers offering well excess of 60 currency pairings.

The brokerage however does offer traders the ability to trade a range of other financial instruments. HY Markets offers a range of commodities including Oil, Gas and Precious Metals, which are markets which many FX traders are also keen to trade. There is also the ability to trade a range of Stock Indices and US Stocks, while the selection of Indices and US Stocks is far from comprehensive it does add something additional for those who who want to branch out from simply trading FX pairings.

Customer Service

  • Contact Methods: Callback, Email, Live Chat and Phone.
  • Telephone Numbers: UK Support Numbers.
  • Support Languages: English, Arabic, Chinese and Russian.

HY Markets provide customers with a number of different way for clients to get into contact with the firm. The brokerage also provides customer service in a number of foreign languages, which will be useful for those whose first language is not English. The brokerage generally has a strong reputation in regards to customer service.

Regulation

  • Regulated: By the Financial Conduct Authority (FCA) of the United Kingdom.
  • MiFID Regulated: Yes, HY Markets are able to take on clients from throughout the European Economic Area.
  • US Traders: NO, HY Markets cannot accept US traders.
  • Regulatory Record: No Disciplinary Action has ever been taken against HY Markets.

HY Markets is based and regulated in the United Kingdom, by the Financial Conduct Authority (FCA). The Financial Conduct Authority has a reputation among traders for being one of the stronger European financial regulators, with many traders opting for FCA regulated brokerages over their Cyproit based counterparts. Being regulated in the United Kingdom, also allows HY Markets to accept clients from throughout the European Union and Economic Area, via MiFID outbound passporting. HY Markets has never been on the receiving end of any disciplinary action from the Financial Conduct Authority.

Conclusion

HY Markets regulated by the Financial Conduct Authority in the United Kingdom, offer traders the ability to trade a range of different markets with competitive spreads and trading conditions. The only real downside being that STP accounts are only available for those depositing in excess of $5,000, which many traders are likely to seek an ECN/STP brokerage with lower minimum deposit requirements.

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