Forex Fx Trading

Forex Broker Software Review - HY Markets

HY Markets has been established since 1978 and since then has won awards for it's trading platform. The online side of its trading was launched in 2007, which makes them a relative newcomer. Trading is delivered both online, and via a downloadable trading platform, which is only available on windows format, so, no Mac or Linux.

Their online trading platform might be deemed suitable for beginners before they move on to the downloadable platform, however, there are certain drawbacks to the online version. The stop loss is automatically set at 100% of margin, and cannot be altered, which means that use of high leverage can get you wiped out very quickly if you are not watching your screen. It also means that unless you have a very big account, to ensure that you don't fall prey to the high leverage traps, you will only be able to keep a couple of trades open at any given time.

Once you have an account, you do then have access not only to Forex trading, but also commodities trading and spread betting on an enormous array of products, although with 300% IMR on the FTSE 100, you'll need a lot of cash laid down up front even to trade at a dollar a point. And again, as with Forex, the stop loss is set at an unalterable 100% of margin, which means that generally you're not going to be a able to have a 'loo' break while you have a trade open. Although the odd trader gets by without setting stop losses, it's not the norm, and for a beginner, and more experienced traders, the proposition is a rather scary one.

Pip spread decreases with account size, so if you want to trade with a 3 pip spread, you will need to deposit at least $2.5K, and these spreads are not fixed, but static during the rather interpretive "normal market conditions".

Leverage defaults on the standard account of 10,000 units are between 33:1, and 200:1, and although the interface is a bit 'clunky', its good to have the opportunity to choose your leverage, a feature which is sadly missing from quite a few online Forex trading platforms. The online interface expresses trades in dollars as opposed to point prices, this is good for money management, but not so great for risk management options.

Their downloadable HY trader is of the standard first generation trading software, which is a good thing, as the software is customisable and robust, and unlike more recent software. It is more focused on functionality than looks - a victory of content over style.

Other than the fact that HY are shooting themselves in the foot by precluding Mac users from their downloadable software, HY markets do offer a wide variety of currencies, and the sign up to trading is literally a five minute process, less of a faff than with some other brokers.

Sign Up at HY Markets here

HY Markets - The Facts
Min Deposit $50 mini account Min Trade $10
Demo Yes Platform Download - Windows
Support Live Chat 24/7, Telephone UK / Dubai
Money Transfer Bank wire, Credit card, PayPal
Tutorials Online tutorials - platform
Promotions
A 10% Deposit bonus is currently on offer. More Info.

Sign Up at HY Markets here

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