Binary options are a global industry which has grown a lot over the last few years. Since there is a lot of competition on the market, it’s not easy to become recognized there and have a lot of loyal clients, especially if you are new in the business. But that’s exactly what HY Options has managed to do. They were founded just two years ago, in 2014 in Cyprus, and they already have a great reputation among traders. Because of that and because of their superb safety standards and a wide selection of assets you can trade with, they have plenty of clients who trade regularly on their platform. HY Options is also regulated by CySEC, which makes the company one of the most reliable brokers in the entire industry. Since they are fairly new, but already quite popular, we decided to check up on them and see what they have to offer. Read our in-depth HY Options review and learn about the results of our little investigation
The website itself is a product that is run by a company called FTSL Financial Trading Solutions Ltd. Their practices are overseen by the respected CySEC regulating body and they are registered with license number 259/14.
Here are the account offerings on HY Options:
- HY Options Silver Account
An investor needs to deposit at least $250 in an account in order to obtain this account level on HY Options. They will get introductory training and also be assigned an account manager when placed at this account level.
An investor needs to deposit at least $2500 in an account in order to obtain this account level on HY Options. They will get advanced training, free trading signals, market reviews and also be assigned a professional account manager when placed at this account level.
An investor needs to deposit at least $25,000 in an account in order to obtain this account level on HY Options. They will get advanced training, free trading signals, market reviews, up to a 50% sign up bonus and also be assigned a specialist account manager when placed at this account level.
As you can see HY Options only offers simple bonuses and even those only kick in at the higher account levels. If you enter into an account level that does have a sign up bonus you will probably not be happy with the minimum account turnover required before you can withdraw any bonus money; currently that requirement is trading 40 times the amount of your initial account deposit. That is well above average for the industry. It must be noted that you are not obligated to accept the bonus and we respect any site that gives investors that option.
Trading Platform and Assets on HY Options
HY Options showed good judgement when choosing the popular SpotOptions to be their website’s trading platform software provider. It is software that never fails to deliver both superior performance and an easy to learn and use interface. That gives HY Options the ability to support many different option types and many different strategies to use these option types with. We really enjoyed placing trades with this web broker.
Here is a list of all the popular binary option choices that can be traded on with HY Options:
- 60 Seconds
- Long Term
- One touch
- Option Builder
- Ladder Options
- Pair Options
This will give any investor an opportunity to find an option choice that fits any trading style. Of course we like any website that offers our favorite option choice which is pairs trading. There are even in trade options such as ‘double up’ which can significantly add to a traders return on investment. If you have a trade that ends close to your target price at expiration you can invest an extra 30% and extend the expiration time too. There is even a ‘sell’ feature which allows a trader to get back a portion of their trade if it looks like it will end up out of the money; this can be done up to 1 hour before expiration in most cases.
It will give any trader a lot of peace of mind when they can combine the number of option choices with HY Options excellent risk management tools. You really do get the best of both worlds when using HY Options.
HY Options Support Services
The support services on HY Options are very well organized and very professional. They are also a company that is very transparent with their business practices because they are regulated by the reputable CySEC binary options oversight group as we mentioned before. CySEC has strict guidelines that all its members must abide by or they will lose this prestigious certification.
There are 3 ways in which investors can contact HY Options customer support; they are by phone, email or live chat. They were very responsive when we tried to contact them by each method but the only drawback was their customer support is not available 24/7. Their support hours are from Monday – Friday, 7:00am – 4:00pm GMT. Customer support can also be done in several different languages including English, Russian, Arabic, French and Chinese.
HY Options Banking
There are several methods and investor can make deposits and withdrawals with on HY Options. These include such things as MasterCard, Visa, Skrill, PayPal and Neteller. The site is 100% sure and uses SSL encryption to protect your sensitive data. They also have strict identification requirements to protect you when banking with them also.
Most withdrawals are processed within one day if all the instructions for withdrawing are filled out accordingly. Minimum withdrawal is only a very low $20; however, withdrawals under $300 are subject to a $30 fee so that figure is a little misleading.
Overall we give HY Options passing marks but as you can tell by our pros and cons list there were still a few things we took issue with such as the high bonus turnover requirements and the $30 withdrawal fee for withdrawals that were under the amount of $300. We loved the trading platform and all the variety that it gives any investor the ability to trade the way they like. If you don’t mind the few cons we listed, then we have no problems recommending that you give HY Options a try.
OPEN ACCOUNT WITH HY OPTIONS