Should You Trade with HYMarkets? Read This Broker Review First?
HYMarkets is a broker with an established reputation and offers traditional trading products along with mobile features. It is based in London and is regulated by the FCA.
HY Markets has a license from the FCA, which is a top-tier broker. It is based in London and therefore, has the appropriate license, since any financial service located in the UK must have an FCA license. This regulator is selective about who it licenses and regularly inspects licensees to ensure they are providing customers with reliable trading.
HYMarkets provide a selection of accounts including:
- mini–$50 deposit
- Premium $2,500
- HyProTrader $5,000
The spread is 1.8 pips for the EUR/USD pair, which is somewhat higher than average. The Premium account offers 0.5 pips. Leverage is 1:300, which provides more safety than many other brokers.
Accounts can be funded with bank transfer, credit cards, Paypal and online payment platforms.
Platforms and Trading Products
HYMarkets offers trading of stocks, indices, commodities, forex, oil, cotton, sugar, silver, gold, NASDAQ, Dow Jones and the major currency pairs.
HYMarkets offers the MetaTrader 4 platform, but not MetaTrader 5 and its proprietary platform HY WebTrader and HYWebTrader Pro. Clients can take advantage of VIP service, account managers, charts and research tools.
Education and Research
HYMarket provides some education and research tools, such as charts, an economic calendar, webinars, and live events.
Pros and Cons of FXCM
- FCA license
- Has been around for decades
- Safe leverage
- Generous bonuses for premium traders
- Spreads slightly higher than average
- Research tools just okay
- No MetaTrader 5
Should You Trade with HYMarkets?
If you are looking for a steady broker that has a solid reputation and a first-tier license, HYMarkets may be the right choice. Although it is not the most cutting-edge broker and its offerings are traditional, the broker does reward clients with loyalty programs and perks for those who open large accounts.
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