HY Options Review
HY Options is a relatively new Binary Options broker, even though the parent company has more than three decades worth of experience in the financial markets. HY Options is headquartered in Cyprus and is regulated by the CySEC. The CySEC has recently brought out several new regulations to govern the way Binary Options brokers operate, and HY Options is one of the first few companies to be regulated by the new rules and policies. HY Options is an excellent new trading platform owing to their superior services and dedication to customer service, albeit, they do have a few areas of concern which are addressed in this HY Options review.
HY Options Binary Features
- Over 200 Assets
- 82% Return
- VIP Support
The Standard Features Of HY Options Binary Options Broker
HY Options clients can open an account with an initial capital of $100, but the surprising aspect of the broker is that traders can start trading with just a small amount of $5. A small investment amount not only helps traders to control their risk, but it can also help traders to preserve their trading capital and enjoy better returns over the long run. HY Options offers all the standard options associated with Binary Options such as high/low options, range options, touch/no-touch options, ladder options, and even other high-yield options over various timeframes.
Perhaps one of the biggest advantages of trading with HY Options is the exceptional access to over 200 financial assets from the global capital markets. This allows traders to choose from a wide range of financial instruments from several financial markets, including Forex, Commodities, Equities, Indices, Stocks, and other ETFs.
The maximum payout for winning trades is pegged at 82%, which is indeed one of the lowest in the market. HY Options does not provide a cash refund or rebates on losing trades; neither do they allow traders to cut their losses by exiting trades prematurely unless traders use the ‘settle now’ option 1 hour before the expiry. Short term traders using extremely shorter time frames can be at a disadvantage because there aren’t any cashback or rebates offered on losing trades.
However, traders can double up on their investments to extend the expiration time, or use the roll-over option for holding on to trades using the overnight trade option. The concept of doubling up or rolling over trades requires traders to invest more money into their open positions, which can have an adverse impact on their equity. Losing positions can quickly spiral out of control which can quickly diminish the account balance. The only saving grace is available in the form of ‘settle now’ option, where traders can close their long-term trades at least 1 hour prior to the option’s expiration time.
HY Options Trading Platforms & HY Options Mobile
HY Options uses the highly popular SpotOption platform, which is a web browser based interface adopted by a majority of Binary Options brokers. The platform offers complete access to the entire list of financial assets and options, and traders can even perform an extensive analysis of the markets using the wide variety of charting and analytical tools available within the interface.
The broker has also developed the respective HY Options mobile apps for smartphones, especially for the iOS and Android mobile operating systems. These mobile apps enable clients to trade Binary Options using their smartphones or tablets, and HY Options has several built-in security features to offer a safe and convenient mobile trading experience.
Is There An HY Options Demo Account?
Unfortunately, HY Options is one of the numerous brokers in the market that does not offer a demo account. It is hard to imagine depositing money into a broker without testing their platform, and it is indeed a negative aspect that the company hasn’t provided the option of an HY Options demo account for potential customers.
How Are The Deposits & Withdrawal Options At HY Options?
Another problem with HY Options is that all withdrawals less than $300 incur a $30 withdrawal fee, which is a significant amount of money. The fixed fee is applicable for all withdrawals under $300, but all withdrawals of $300 or more are free. Therefore, HY Options clients would be better off if they group their withdrawals together to enjoy the fee concession offered to larger withdrawal amounts.
HY Options Bonus
HY Options seems to have struck the right cord with its customers by providing an attractive HY Options bonus on initial deposits. Clients can enjoy a 100% deposit bonus up to $7000, and the bonus is categorized according to the type of the account and the initial deposit amount. The excellent customer support channel at HY Options matches up clients with the maximum bonus offered by the company, but traders must be careful before accepting the bonus. All bonuses come with several trading conditions and withdrawal restrictions. Therefore, you may not be able to withdraw your investment capital until the terms and conditions are satisfied.
Is HY Options A Credible Broker?
HY Options is indeed a credible and reliable broker that has quickly managed to grab the interest of several accomplished Binary Options traders in the industry. HY Markets is relatively new to the market but have been proactive in their efforts by ensuring that all of their customers are protected against conflicts of interests, which is considered to be the major downfall of untrustworthy brokers. HY Options is certainly a good Binary Options trading platform that allows traders to exercise complete freedom over their trades to earn healthy profits through Binary trading.