HY Options (Inactive) Review
| Broker | HY Options (Inactive) |
|---|---|
| US Traders Accepted | |
| Company Name | HYCM (Europe) Ltd. |
| Headquarters | Limassol, Cyprus |
| Regulation | CySEC (license #259/14) |
| Bonus Type | Match bonus |
| Bonus Size | $10,000 |
| Max Payout | 82% |
| Out-of-Money Reward | 0% |
| Trading Platform | SpotOption |
| Early Closure | |
| Deposit Options | Credit/debit cards, paysafecard |
| Deposit Currencies | US dollar |
| Minimum Deposit | $50 |
| Minimum Trade | $10 |
| Maximum Trade | $1,500 |
| Online Since | 2015 |
| Trading Instruments | Stocks, currencies, commodities, indices |
| Number of Trading Instruments | 169 |
| Binary Option Types | High/Low, Pairs, Long Term, Sixty Seconds, One Touch, Ladder |
| Customer Support Types | Email, telephone, live chat, paper mail |
| Education Offered | Training, how-to articles, FAQ, eBooks, videos |
| Tools Offered | Double up, rollover, early close, account manager, trading reports and signals, economic calendar |
| Commission | $30 fee for wire transfer withdrawals of $300 or less |
| Languages | English, Russian, Italian, French, Spanish, German, Chinese, Arabic |
| Demo Account | No |
HY Options ceased operating as a binary option broker as of September 28, 2016. It is out of business now. The review presented here is no longer applicable.
If you are looking for an above-par site to trade on, one CySEC regulated binary options broker you may want to look into is HY Options. HY Options is for the most part a pretty typical white label SpotOption broker, but they seem to have it together better than most. Their site is easy to navigate and contains a lot of information and resources, and you can trade a huge array of assets (169 in total counting the pairs). They also seem to be quite fair and friendly when it comes to fees.
Opening an Account on HY Options
It takes only a couple of minutes to register for free on HY Options. Note that if you are in the USA, you cannot trade on HY Options. This is because HY Options is regulated by CySEC under license #259/14. CySEC brokers are not permitted to accept USA customers.
After you have opened your account, you can make your first deposit. You need to use credit or debit card or paysafecard to do this, and you can only open an account in US Dollar right now. The minimum deposit is just $50, but you probably want to deposit at least enough for a Silver account.
There are three tiers in all:
- Silver: $100 minimum deposit
- Gold: $2,500 minimum deposit
- VIP: $10,000 minimum deposit
At the Silver level, you get an account manager and introductory training. There are no details mentioned regarding what the training is, but I assume that it is one-on-one. There are a number of eBooks and video tutorials available on the website, and they seem to be accessible at all account levels.
If you open a Gold account, you get a “professional” account manager, so presumably someone with more experience in trading. You also get “advanced” training as well as trading reports and signals. At the VIP level, you get a “specialist” account manager and “professional” training. The signals and reports are included at this level as well.
These promises seem a bit nebulous to me, so the main advantage of opening a Gold or VIP account beside the trading signals is probably the bonus. You can get a 100% bonus, so at the top level, that is $10,000.
Wondering about withdrawals? The only fee mentioned is a $30 processing fee for wire transfer withdrawals of $300 and under. No other fees were mentioned for withdrawals via credit or debit card or e-wallets, so that’s great news. I also found no mention of a minimum withdrawal threshold.
Trading on HY Options
HY Options uses SpotOption, as mentioned earlier. This is the most popular binary options trading software, and chances are good if you have traded elsewhere in the past you have used it. It is very easy to learn the ropes if you are new. You can trade on HY Options on your laptop or desktop or on your iOS or Android mobile device.
The minimum trade size for most types of options on HY Options is just $10, which is awesome. Many brokers force you to start out at $25. The maximum trade size is $1,500, which is pretty standard. There are a ton of different assets you can trade: 169 in all, including currencies, stocks, indices, commodities, and pairs.
What types of trades are there? There is a reasonable variety, including High/Low, Long Term, Sixty Seconds, One Touch, Ladder, and Pairs. These have all become standards you should more or less expect from a SpotOption broker. It’s a shame that there is no Range trading, but that is one trade type that I do not see very often. Everything else in here is great, and should provide you with ample opportunities to make money. You can manage your trades with double up, rollover, or early close.
Customer Service and Conclusion
One thing that I always do when evaluating any binary options broker is check in with the customer service team. The “Contact Us” page lists a number of email addresses and telephone numbers along with a paper mail address. There is also a live chat feature, but on a weekday during standard market hours, nobody was there, and I was simply given a web form to fill out. This is a serious disappointment, but run-of-the-mill with binary options brokers. I would make sure to at least get a hold of someone via some channel before you commit.
All in all, in terms of features and layout, there is not a whole lot that really jumps out at me about this site. They are missing a demo account, and they could use some more concrete advantages for their higher account tiers. They should staff their live chat desk. Their website is nice and easy to navigate, but it doesn’t have anything remarkable going on in terms of design.
Aside from the absentee customer service and lack of a demo account, however, I do not see much to complain about. And there are some great things about HY Options. They are regulated by CySEC, so you can feel secure dealing with them. They have a nice wide range of assets and trade types, and the $10 minimum makes this a friendly site even for investors with very small accounts. Resources are plentiful, and trade signals available for customers at the two upper tiers is another nice offering. The fact that there are almost no fees to speak of is also fantastic.
So on the whole, would I recommend HY Options? They are not the most innovative or groundbreaking binary options broker around, but they do have a few things going for them. In many ways, they are a typical SpotOption white label broker, and almost could blend in with the masses. They stand out with their friendly fee-free structure, their huge catalog of assets, and their $10 minimum investment size and $50 minimum deposit amount. If you are trading with a similar white label broker right now that is not living up to your expectations, moving over to HY Options would make for an easy transition to something better.