Binary options trading is a relatively new way for you to invest your money and see quick returns. As the industry has grown in popularity, there have been a growing number of brokers tossing their hat into the ring. How can you know which ones are trustworthy? To help you with this, I have used several of them. Here, I review the best. Below, we take a close look at HYOptions.com.
Operating out of Limassol, Cyprus, HY Options is one of the latest binary options trading ventures managed and owned by Financial Trading Solutions Ltd. (FTSL). Under license #259/14, they are regulated by the Cyprus Securities Exchange Commission (CySEC).
HY Options was under a more stringent oversight by CySEC since they were one of the first few companies that were issued their CIF licenses under the recently revamped CySEC. They have to comply with a newly enhanced set of rules. This is good news for you the consumer since you can be sure that your money is secure.
Essentially, compared to previously-established binary brokers, the operating standard of HY Options is much higher. Traders can expect better standards from this trading platform than from those before them even though HY Options is a newcomer to the industry.
HY Options is focused on providing excellent customer support. They offer cutting edge trading functionality through their platform with more than 200 assets to trade, such as stocks, forex, indices, commodities, and metals. Their experts are trained to put forth transparent and accurate communications with all customers.
The strong focus of HY Options to serve the needs of individual investors is what sets them apart. Traders enjoy transparent pricing with no hidden fees or commissions. The withdrawal and deposit policies are also easy to understand.
Though HY Options itself is new to the industry, the platform is backed by a professional management team with plenty of industry experience. They strive to make sure their customer support maintains a top level of professionalism, performance, and ethical performance while they supply an excellent trading experience.
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Top Features of HYOptions.com
When considering any binary options site, it is important to look at the assets offered and the trading platform since this is the core of what the broker has to offer. The variety of assets is quite diverse. As mentioned above, there are more than 200 assets to choose from in a range of different categories.
The HY Options Trader trading platform guarantees the trading performance on HY Options. A testament to the reliability and efficiency of this platform is the fact that dozens of binary options brokers are using this same binary trading platform. This platform has been in development for several years and was specifically designed to be simple to understand with an attractive interface.
If you are familiar with the platform, you already know that this platform incorporates some of the best risk management tools in the industry. This gives traders the extra flexibility to change their trades based on the dynamics of the market.
Some of the advantages of the HY Options Trader include:
- 24-Hour Support and Security – HY Options offers 24-hour dealing support and customer service to complement their trading platform. You can communicate with the team via email, chat, or phone.
- Multiple Products and Markets – This includes indices, forex, stocks, commodities, and metals.
- Advanced Trading Platform – The HY Options Trader allows you to easily and quickly trade binary options, like 60-second, pairs, and up/down (more on those later).
- Trade with a Top Multinational Institution – With HY Options, you are trading with the comfort and security of a global institution.
- Innovative Technical Analysis and Charting Tools – With their award-winning tools, you can perform detailed analyses.
- Start Trading with $100 – You can start trading in under five minutes with the fast account opening abilities.
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There are several different ways to trade with the HY Options Trader. With Roll Over, you can delay the expiration time of the position to one of the next alternatives. If you do not feel that your original prediction is correct, you might choose this feature. Or, if a trade of the same direction and size is open for the next period and your trade is approaching expiry is closed. This prolongs exposure to a market.
Roll Overs come with certain conditions on HY Options: the client cannot roll over to the final expiry time of the day, an extra 30 percent will be automatically added to the initial investment, you can only roll over once, and you have to be on a losing position to use the roll over.
You can sell your binary option up to one hour prior to the option’s expiry time with the Settle Now function. This feature not only helps the trader reduce and limit their loss and allows them to secure their profits early, but it also adds a dynamic edge to the trading platform. You can tell if Settle Now is available when the background of the HY Options Trader graph is blue.
During the option term, you can increase your initial investment at any time using the Double Up feature. At any time, the trader can double up his investment amount. This will be for the same direction and product, but it will be relevant to the current rate, not the rate you had when you executed the original trade.
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At HY Options, there are three accounts to pick from. A minimum deposit of $100 is required for the Silver account. You must fund your Gold account with at least $2,500. And, you can achieve VIP status when you open an account with $10,000. All three accounts receive some personal instruction, can be accessed either on the mobile or web platforms, and you receive an account manager.
If you start off with the Gold account, you benefit from advanced training, a professional account manager, and trading signals and reports.
The benefits are really apparent with the VIP account. For instance, you can trade through and access the VIP team. VIP account holders receive access to HY Options financial analysts, one-on-one training on market analysis with an account manager, and access to leading market analysis tools through Trading Central.
In addition, VIP traders get access to their state of the art Pro-Daily website, live market information, a one-on-one education program on technical and fundamental strategies, and leading account and market updates through a variety of different options.
The minimum investment amount is $10 for long-term, pairs, and up-down trading. It is $5 for 60 seconds trading.
There are also several enticing bonuses for account holders. For instance, when you make an initial deposit of $250 to $999 you get a 35 percent bonus. For $1,000 to $2,499, there is a 50 percent bonus. And, there is a 75 percent bonus for $2,500 to $4,999. And, 100 percent for anything more than that.
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Criticism of HYOptions.com
There were a few issues I had with HYOptions.com. First, they do not accept traders in the United States. This is because it is illegal to trade in the U.S., and if you do find a broker that does trade in the U.S., you should avoid them at all costs. That said, there are ways around this. You might try using a VPN, though I, of course, do not condone this behavior.
Another negative is that they do not offer a demo account. This is found with other brokers but not HY Options. This should not be a problem for the more experienced traders, but newcomers will want to thoroughly read all of the educational materials HY Options provides.
To find out what others were saying about HY Options, I combed the binary options trading discussion forums. For the most part, people have enjoyed their experiences with this broker. The biggest complaints had to do with them not offering rebates for failed trades, and some people felt that the returns were just average.
HYOptions.com is available in both English and Arabic. There are numerous ways to access the customer service team, including telephone, email, phone call back request, and live chat. There should be no issue with traders getting in touch with the support team with all of these alternatives.
HY Options claims to have support available 24 hours a day, seven days a week. In a way, this is true with their comprehensive FAQ section covering topics like the platform, trading, and opening an account. And, they do have extensive binary education materials, including videos and ebooks.
However, if you are thinking that you can get someone on the phone 24/7, this simply is not true with HY Options. Their live support is generally only available from 7 am to 4 pm GMT Monday through Friday.
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When it comes to full-service binary option brokers, HY Options is one of the tops out there. It provides you with all of the right features and solutions, including various different binary options, several trading platforms, and many different account types. I would recommend HYOptions.com to binary options traders who are just starting out as well as those with more experience.