Losses can exceed deposits

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HY Markets Review

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HY Markets is a forex and CFD trading broker. They give traders access to major markets like currencies, indices, commodities and shares. For traders interested in cryptocurrencies like Bitcoin, HY Markets is one of the few brokers that also offer cryptocurrency CFDs.

Pros

  • Segregates client funds
  • Established in 1977
  • Regulated by Financial Conduct Authority
  • Min. deposit from $1

Cons

To open a live account, you’ll need a minimum deposit of at least $1. Alternatively, HY Markets offers a demo account that you can use to practice and familiarise yourself with their platform.

Regulated by the Financial Conduct Authority, UK (FRN: 186171). HY Markets puts all client funds in a segregated bank account and uses tier-1 banks for this. HY Markets has been established since 1977, and have a head office in UK.

Before we dive into some of the more detailed aspects of HY Markets ’s spreads, fees, platforms and trading features, you may want to open HY Markets ’s website in a new tab by clicking the button below in order to see the latest information directly from HY Markets.

Visit HY Markets

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

HY Markets screenshot Open a demo account

Losses can exceed deposits

What are HY Markets's spreads & fees?

Like most brokers, HY Markets takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

The spreads displayed below are based on the minimum spreads listed on HY Markets’s website. The colour bars show how competitive HY Markets' spreads are in comparison to other popular brokers featured on BrokerNotes.

HY Markets
EUR/USD (Average: 0.7 pips) 2.0 pips 0.7 pips 0.1 pips
GBP/USD (Average: 1.1 pips) 2.7 pips 1.7 pips 0.1 pips
USD/JPY (Average: 1.1 pips) 2.5 pips 0.6 pips 0.1 pips
AUD/USD (Average: 0.8 pips) 2.7 pips 0.6 pips 0.2 pips
USD/CHF (Average: 2.3 pips) 3.0 pips 2.3 pips 0.2 pips
USD/CAD (Average: 2.9 pips) 3.0 pips 0.5 pips 0.3 pips
NZD/USD (Average: 3.6 pips) 3.9 pips 2.8 pips 0.3 pips
EUR/GBP (Average: 2.4 pips) 4.2 pips 0.5 pips 0.1 pips

Spreads are dynamic and are for informational purposes only.

As you can see, HY Markets’s minimum spread for trading EUR/USD is 2.0 pips - which is relatively high compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with HY Markets vs. similar brokers.

See all Spreads

How much does HY Markets charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with HY Markets at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $9.94. Here’s a rough breakdown of the fees and how this compares against AvaTrade & IG .

XTB AvaTrade IG
Spread from: $ 2.00 $ 7.00 $ 6.00
Commission: $0.00 $0.00 $0.00
Total cost of a 100k trade: $ 2.00 $ 7.00 $ 6.00
$5 more $4 more
Visit XTB Visit AvaTrade Visit IG

All fees/prices are for informational purposes and are subject to change.

General Fees

  • HY Markets does charge inactivity fees
  • HY Markets withdrawal fees varies on payment method

Commissions

  • HY Markets doesn’t charge commission on CFD shares

What can you trade with HY Markets?

HY Markets offers over 1,500 different instruments to trade, including over 48 currency pairs. We’ve summarised all of the different types of instruments offered by HY Markets below, along with the instruments offered by AvaTrade and IG for comparison.

FX / Currencies XTB AvaTrade IG
# of forex pairs offered 48 59 90
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes Yes
Exotic forex pairs Yes Yes Yes
Cryptocurrencies Yes Yes Yes
Commodity CFDs XTB AvaTrade IG
# of commodities offered 21 16 34
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural Yes Yes Yes
Index & Stock CFDs XTB AvaTrade IG
# of Stocks offered 1606 99 8000
UK Shares Yes Yes Yes
US Shares Yes Yes Yes
German Shares Yes Yes Yes
Japanese Shares Yes Yes Yes
See XTB's InstrumentsSee AvaTrade's InstrumentsSee IG's Instruments

What’s the HY Markets trading experience like?

1) Platforms and apps

HY Markets offers the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. HY Markets also offer their custom HYCM platform.

HY Markets Screenshot

HY Markets also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

See HY Markets 's platforms

Trading Features:

  • Allows scalping
  • Allows hedging
  • Low min deposit

Accounts offered:

  • Micro account
  • Mini account
  • Standard account
  • Islamic account

Still not sure?

Open a practice account & learn to trade

2) Executing Trades

With HY Markets, the minimum and maximum trade requirements vary depending on the trader and the instrument.

As a market maker, HY Markets may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

Finally, we’ve listed some of the popular funding methods that HY Markets offers its traders on the right.

Funding methods:

  • Credit cards
  • Bank Transfer
  • PayPal
  • Payoneer

3) Client support

HY Markets support a wide range of languages including English, Chinese, Arabic, and Russian.

HY Markets has a BrokerNotes triple AAA support rating because they offer a wide range of languages and support options.

4) What you’ll need to open an account with HY Markets

As HY Markets is regulated by Financial Conduct Authority , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore HY Markets’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with HY Markets you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from http://www.hymarkets.com/ on 01/10/2019.