HY Markets Review – Forex

HY Markets have been in the retail Forex business since 1978, and have been online since 2007. They offer Forex trading on both web based, and downloadable software with a wide range of currency pairs. Metatrader 4 the industry standard trading platform is downloadable, and is infinitely preferable to the online platform, which is unfortunately not available for Mac users.

Metatrader 4 Forex software includes the full range of risk management options, which are absent on the online version. In fact while the online version may be okay for beginners, it will be a short time before they find they need to move on to something better. Metatrader 4 is very customisable, the only problem for new users will be that the site is almost too comprehensive – a bit much much at first, however, everything is there for a reason. We would advise doing your homework and make your way through all the functions, although the purpose of many of them won’t be clear until you have a bit more trading experience.

To take advantage of HY Markets lower spreads you will need to have a reasonably sized account. Although the mini account can be opened for as little as $50, the spreads are quite high percentage wise – although in reality we are talking small amounts of money. If you fancy a pop at the commodities, you can trade on spot gold or spot silver within the same windows, although make sure you understand the commodities lot size system, it’s quite straightforward, but essential learning, as the point movements are entirely different.

One great advantage of trading Forex with HY markets is that leverage is not fixed. They are not the only brokers to offer this, Etoro being another example, but there are a considerable amount of brokers who don’t. The value of setting your leverage cannot be stressed enough, and its what may keep your trades open during volatile trading periods. There’s nothing worse than losing your stake to a brief swing, and then watching it fly back in the right direction. Control your leverage, and you are more likely to avoid such pain.

With lot of brokers offering basically the same service, and similar software, it is things like leverage control that do make a difference, and is one reason for recommending HY Markets, but remember, if you are a PC owner, don’t bother with the online trader, use their downloadable platform.

Sign Up at HY Markets here

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