Owned and managed by HYCM (Europe) Ltd, Cyprus, HY Options is one of the latest binary options trading ventures to operate out of Cyprus. The trading platform is regulated by the Cyprus Securities Exchange Commission (CYSEC) under the license #259/14. As one of the first few companies that were issued their CIF licenses under a recently revamped CYSEC, HY Options was subjected to a more stringent oversight by the CYSEC and had to comply with the newly enhanced sets of rules. In a sense, the operating standard of HY Options is higher than that which the previous binary brokers were operating by. So although HY Options is a newcomer to the industry, traders can expect a higher standard from them than from many of the previously established brokers.
HY Options’ trading performance is guaranteed with the use of the SpotOption Gen 2 trading platform. With scores of binary options brokers using the same binary trading platform, this is testament to the efficiency and reliability of this platform. In development since 2008, the Gen 2 platform was specifically designed to be easy to use with an attractive interface. For traders who are familiar with this platform, they will know that this platform incorporates some of the best risk management tools around for binary options trading hence giving traders the additional flexibility to adjust their trades according to the dynamic situation in the market.
Trade Types
With HY Options, traders have a choice of 6 different types of trading contracts namely:
- 60 Seconds
- Day Options (High/Low)
- Ladder Options
- Long Term
- One touch
- Pair Options
Gone is the “OptionBuilder” contract which is replaced by “Ladder options” which offers traders more flexibility when it comes to hedging. Overall, HY Options is still able to offer a good range of trading contracts to cater for the various trading styles among binary options traders.
Unique Features
One of the unique features which users will find is that the platform also incorporates a “Popular” tab which is located on the menu bar of the trading platform. With this tab, traders can directly access a selection of assets which are most frequently traded.
As mentioned earlier, HY Options also have a list of well known arsenal of risk management tools. These include:
- Double Up
- Roll Over
- Settle Now
Trading Accounts
As for trading accounts, HY Options boast of having 3 different types of trading accounts. The various trading accounts and their features consist of:
Silver Account
– Minimum deposit of $100
– Include an Account manager and Introductory Training
Gold Account
– Require a minimum deposit of $2500
– 1 professional account manager assigned to the account
– Include Advanced Training, market reviews and trading signals
VIP Account
– Require a minimum deposit of $25,000 to open
– 1 specialist account manager assigned to the account
– Include Professional Training, market reviews, trading signals and deposit bonus of 50%
Payout Ratios
The maximum return that traders can expect from their investments at HY Option is 82% on the standard options. As for out-the-money trades, no rebate is available.
Asset Index
At HY Options, traders can trade in Forex, Commodities, Precious Metals, Stocks and Indices. There are 27 Currency Pairs, 3 precious types of Metals (Gold, Silver and Platinum), 5 types of commodities (crude oil, coffee, sugar, wheat and corn), 40 different market indices and 84 types of stocks for them to select from.
Customer Support
In terms of customer support, HY Options’ website is available in Arabic and English. Access to the customer support team can be done through email, live chat, telephone or phone call back request. With all these options, there should be no problem for traders to get in touch with the support team. Although HY Options claim to have 24/7 support, their live support is only from Monday – Friday, 7:00am GMT – 4:00pm GMT and not every day.
Pros
- Advanced Trading Platform
- Bilingual Customer Support Team
- Comprehensive Educational Package
- Managed by Professionals and Experts in the financial industry
- Mobile Trading Supported
- Regulated by CYSEC
- Segregated Accounts
- Wide range of underlying assets
Cons
- No Rebates for Failed Trades
- Returns are only average
- U.S Traders not Accepted
Conclusion
Although many might think that HY Options is just one of the new binary brokers, it should be noted that they are actually part of the HY Group with decades of experiences in the financial trading industry behind them. Hence, traders can rest assured that they guys are committed to maintaining a high standard in the quality of their services.