Overall Rating: 4.5/5
|Commissions & Fees||3/5|
|Platform, Tools, and Education||3/5|
|Customer Reviews & Regulations||4/5|
|Offering of Investment||4/5|
HYCM, otherwise known as HY Markets has been in business since 1977, and is regarded as one of the most trusted brokers as time has shown. Regulated by several commissions, HY Markets provides a great service for every type of trader.
Lots of 5-stars are given on their customer support review page. A lot of traders like this broker, but there are a few poor ratings. Some of those bad reviews include accounts not getting set up because of jurisdictions that HY Markets doesn't provide. Usually, you see several reviews on a brokerage site where customers are upset about losing their funds, but not for HY Markets. This broker has been very good at helping traders get back their lost funds and reimbursing them when something goes wrong with the account. A lot of unregulated brokers can cause trouble and keep the funds, so it is important to research your broker and make sure that there is some overhead on the company. A lot of people like customer support for HY Markets.
My rating: 4/5
Commissions and Fees
HYCM has three accounts to choose from: Fixed, Classic and Raw.
With nearly a 2 pip spread on the fixed account and no EA available, it almost seems better to use their raw account. For very accurate trades, raw is the best, but there are commissions. There are no commissions on the fixed and classic accounts, and if you don't care too much about the spread, these accounts look the best. A 1.8 pip spread is not as tight, but it works well for swing trades where entries are not so pivotal.
My rating: 3/5
Platform, Tools & Education
Like most brokerages, HY Markets uses the latest versions of MetaTrader as well as previous versions. Their tools include a pip calculator, currency converter and margin converter where you can calculate profits in pips, money and other ways. They also provide a market outlook where analysts give their opinion, along with news updates and economic calendars to keep their traders up to date on current events. Sections of their education include seminars, webinars and basic forex education. Although they don't provide scanners like other brokers, their education section is very helpful.
My rating: 3/5
They are regulated by several entities including the FCA in the UK, CySEC, and CIMA. They are also considered a safe broker with average risk.
My rating: 4/5
Offer of Investment
When using any one of their accounts, you will have access to stocks, indices, commodities, currencies, CFDs, and ETFs. Some brokers don't provide anything other than pairs and commodities, making HY Markets a great place to trade. They use 5 base currencies to trade with, negative balance protection (very important), and are a tier-1 client fund security, meaning they are great at protecting your funds which is what most people want from a broker behind its regulation.
My rating: 4/5
My Overall Rating
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Please note that this email is my personal opinion only. I am not a licensed financial advisor, and any information shared or discussed is not to be construed as investment advice. Trading and investing involves a degree of risk, and is not suitable to all investors. Please consult with your financial advisor before making any sort of investment decisions.
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