Hymarkerts forex broker review RSS - comments

hymarkets reviewHola mis amigos!

I truly hope you do not suffer from neophobia, because today we're embarking on a journey into the new.

We've seen so many programs that amidst all that reading/writing we might have forgotten that there's a new frontier out there. I mean, it's not new, but new to us and to our service: a Forex broker. All we need to do now is jog our memory on everything we know about Forex since HY Markets is about to combine everything we've learned so far.

HY Markets is actually the trading name of Henyep Capital Markets (UK) Limited. As such, the particular entity of HY Markets is a London-based company (28 Throgmorton Street, London EC2N 2AN, United Kingdom) with international offices in United Arab States and Hong Kong. The Hong Kong part is important, because – as I mentioned before – HY Markets is a division of The Henyep Group which was founded in in 1977 "as a member of the Hong Kong Gold and Silver Exchange Society".

According to its extremely well-organized and exceptionally comprehensive website, available in 4 languages, HY Markets is "authorized and regulated by the Financial Conduct Authority of the United Kingdom" (FCA license number: 186171), is compliant with the Markets in Financial Instruments Directive, is externally audited by Moore Stephens, and, naturally, has been around for more than 30 years. While we cannot completely verify that last piece of information, we do know that the domain was registered in 2003 and expires on March 03, 2016 and the SSL certificate provided by Symantec (Class 3 Secure Server CA - G4) was implemented on August 28, 2015 and shall be valid until August 22, 2017. What else do we know about HY Markets? It's won 8 different broker awards since 2011. It's got an impressive list of associates, including SAP, HSBC bank, Reuters, or VeriSign. And hymarkets.com makes for a great reading material with oodles of articles, useful tips, a blog and a glossary, all of which can be accessed without logging in or depositing money.

HY Markets deals with Forex-only providers and typically Forex products, such as sugar or cocoa, there is gold or oil, as well as indices and stocks, all conveniently divided into the following products: Forex, Oil/Gas, Metals (gold and silver), Commodities (Sugar, Coffee, Cotton and Cocoa), Indices and Stocks (shares of 12 major companies are available, as well as Apple, Dell, Google, Intel and IBM). Deposits start at $20 (Visa, Visa Electron, Mastercard, Visa Mastercard, PayPal, Skrill and WebMoney) or $250 (wire transfers) and are handled within a day, except for wire transfers that may take 1 to 5 business days. The minimum to withdraw is $50, except for wire transfers – $300, and takes 7 to 10 business days – again, except for wire transfers when it's 1 to 5 working days. There are no fees unless you wire less than $300 (then you pay $30). You can cancel your withdrawal within 24 hours.

The broker uses both downloadable and online platforms: HY Webtrader, Metatrader 4, and HY PRO Trader. Webtrader and MT4 are also available on mobile devices (iPhone, iPad, Android). The provider asks you to use IE 7.0 (or above) or Firefox to truly appreciate the options the platform has.

Setting up an account is obviously more complicated than a usual sign up. Make sure you provide HY Markets with your true data (name, surname, address, phone, e-mail) as you'll need to open a confirmatory e-mail and, then, you'll definitely need to send a copy of your passport or ID, a proof of address (bank statement or utility bill will do) within 21 days of your first login. Upon registration you'll be asked to choose one of the platforms and the type of account you want: Standard from $750, Standard Islamic from $750, Mini Account from $50, Mini Islamic Account from $50, Premium Account from $2500, Premium Islamic Account from $2500. Also bear in mind that an account is meant to be used: if you do nothing with HY Markets for 90 consecutive days, you'll need to pay "a non-refundable monthly administration fee of $25.00". And if your wallet is empty, say good-bye to your account.

Obviously, we recommend trying out the demo version first and there is a demo account available with HY Markets: you actually get two different accounts with $50,000 of virtual money on each of them, that you should make use of within 14 days. Out of the platform options offered, you can go with HY Markets Webtrader and the HY Markets MT4 Download as far as the demo accounts go.

HY Markets helps us with our neophobia by providing tools that may ease up the pain of newness: an economic calendar, currency converter, charts, trading signals (powered by Pro-Daily.com) and the news. If you do not know how to overcome your novelty issues, make sure to contact HY Markets. There are so many ways in which you can do that, it seems wasteful not to benefit from such a comprehensive offer: you may call them (+44 208-816-7812, "available from Sunday 23:00 GMT to Friday 21:00 GMT"), chat with them (Monday to Friday, 24h), ask for a call back at a time that is convenient to you, or go with the social way of settling things, meaning visiting their Facebook or Twitter pages.

All there is to say, mis amigos, is ask you how you feel about entering this new frontier?

 

Yours truly,

mm_aficionado

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