HY Markets may have been founded in 2006, but the company is a part of Henyep Group, which has over 30 years of experience in trading and capital markets. They serve both institutional and retail investors, making HY Markets one of the best forex brokers in the market. The platform is easy to use and is packed with news, charting tools, and information. Tight spreads, a low minimum deposit, and personalized customer service can also help you get started and turn a profit quicker and easier than you thought possible.
The only large downside to using HY Markets is that the web-based platform they offer can tend to run slow at times, especially during periods of market volatility. For this reason, day traders or volatility traders should look elsewhere for their broker.
With HY Markets, the news and information that you need to make profitable trades is never far from your fingertips. The platform offers Dow Jones news and market commentary from in house analysts. You can also get access to advanced charting systems that you have to pay for with some other brokers. These tools will give both technical and fundamental traders an edge over their peers.
HY Markets also offers an education section the covers all the basics to get started trading quickly and easily. It is open to all traders and not only contains educational materials, but also commentary on current market conditions.
With HY Markets you can choose from two different platforms, the HY Webtrader and HY Trader. Both are based on the MetaTrader 4 platform, so they should look familiar to experienced traders. They both also integrate live pricing, real-time news and commentary, and account information into one interface. The main difference is the depth of tools that you have access to.
The HY Webtrader is designed to be intuitive and easy to use. You get basic charting and analysis tools and real time news and information in an easy to use interface that you can access anywhere. There is also a no slippage guarantee.
If you are a more advanced trader however, you will want to use the downloadable HY Markets platform. The HY Trader platform comes with advanced charting and analysis tools on top of all the other features of the web based platform.
If you aren't sure if the platforms are for you, HY Markets also offers a forex trading demo account where you can test drive them without having to risk any of the money in your bankroll.
HY Markets also offers a mobile trading platform that you can access via your smart phone. With the mobile platform you'll get access to live streaming prices and be able to open and close orders and manage your positions and exposure. You'll also get access to charts, news and other features that are available in the full downloadable platform. Currently, the trading platform is available for iPhone, iPad, Blackberry, and Android phones.
HY Markets offers three different account types depending on the amount of money that you deposit. The three account types and their benefits are:
The spreads on currencies at HY Markets will depend on the amount of money that you deposit. Spreads on major currencies run between four and two pips depending on your account type. Spreads on mid-major currencies are between three and seven pips. More exotic currencies have high spreads.
HY Markets charges no commissions on your account ever.
Deposits are handled by MasterCard, Visa, PayPal, IPS, and wire transfer. Withdrawals take 3-4 days and are credited back to the same method you deposited with. It is one of the only brokers in our forex broker reviews that accepts PayPal as a payment method.
Customer support is available through phone, live chat, and email. Support time is quick, but many times you will not be connected to a native English speaker, which may or may not be a hassle.
HY Markets is a great full service broker that is fit for nearly all traders, with the exception of volatility traders, which may have a hard time using their downloadable platform because of slow response times.