HY Options Review
We have found out that HY Options has shut down their operations.
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There is a newer binary options broker called HY Options that is getting people’s attention. It got ours too and that is why we decided to feature them here. They have a smooth trading platform that is user friendly and offers their traders some very nice risk management tools too. They are also a broker that is registered so that gives us a lot of confidence in them.
Online since: 2015
Max Returns: 82%
Minimum Deposit: $100
Minimum Investment: $5
Maximum Investment: $1500
Currencies: USD, EUR, GBP
Countries: All But US, Iran, Iraq
– It is a site with a very user friendly platform
– It has a large amount of binary option choices
– Large amount of assets to choose from
– Fast withdrawal processing times
– Low minimum withdrawal amounts
– Only simple loyalty bonuses given
7 Binary Options Rating:
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. People sometimes do not recognize how important it is for binary options brokers to be regulated these days (Binary Option Robot, Banc de Binary, 24option, IQ option); regulating bodies have strict rules about how those sites that are registered under them protect their clients deposits and funds. This should give any customer peace of mind that this web broker is not a scam.
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.
- HY Options Gold Account
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.
- HY Options VIP
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.
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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.
Our Final Thoughts
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.
Customer Service: Live Chat, [email protected]
Languages: English, French, Russian, Arabic, Chinese
Trading Options: High / Low, One Touch, 60seconds, Long Term, Option Builder, Pair Options, Ladder Options
Assets: Currencies, Stocks, Indices, Commodities
Early close: Yes
Expiry Times: 60 sec, 2min, 15 min, 24h, 24 hr+, End of Day
Deposits and Withdrawals: Visa, Mastercard, Bank Wire
Withdrawal Time: 2-3 days
Demo account: No
References and Further Reading:
- Fair Net Trades (David Schmeidler and Karl Vind-1972)
- Divergence of Opinion, Uncertainty, and the Quality of Initial Public Offerings (Houge, Todd and Loughran, Tim and Yan, Xuemin Sterling and Suchanek, Gerry, Divergence of Opinion,-2001)
- Coordinated multilateral trades for electric power networks: theory and implementation (Felix F. Wu, Pravin Varaiya-1999)
- Risk Management Tools (Mark Walker andThomas Busmann-2013)
- Quantitative Risk Management: Concepts, Techniques and Tools (Alexander J. McNeil, Rüdiger Frey, Paul Embrechts-2015)
- Selection and application of risk management tools and techniques for build‐operate‐transfer projects ( Prasanta K. Dey, Stephen O. Ogunlana-2004)
- Use and benefits of tools for project risk management (T. Raz, E. Michael-2001)
- Multiple criteria decision making and risk analysis as risk management tools for power systems planning (P. Linares-2002)
- Techniques for Verifying the Accuracy of Risk Measurement Models (Paul H. Kupiec-1995)
- TQM as a management system consisting of values, techniques and tools ( Ulrika Hellsten, Bengt Klefsjö, -2000)
- Software risk management: principles and practices (B.W. Boehm-2002)
- GLOBAL SUPPLY CHAIN RISK MANAGEMENT (Ila Manuj Ph.D., John T. Mentzer Ph.D.-2008)
- How Basic Are Behavioral Biases? Evidence from Capuchin Monkey Trading Behavior (M. Keith Chen, Venkat Lakshminarayanan and Laurie R. Santos-2006)
- The Basic Economics of an Export Bonus Scheme (James P. Houck-1986)
- THE END-OF-THE-YEAR BONUS: HOW TO OPTIMALLY REWARD A TRADER? (H. AHN et al-2002)
- Let’s Not Oversimplify Legal Language (Ray J.Aiken-1960)
- Unsafe at Any Price: A Reply to Manne, Insider Trading and the Stock Market (Roy A. Schotland-1967)
- Insider Trading and the Problem of Corporate Agency (Thomas H. Noe-1997)
- SIMPLE – a multi-agent system for simultaneous and related auctions (R.L. Milidiu ; T. Melcop ; F.D.S. Liporace ; C.J. Pereira ; J. de Lucena-2003)
- CEO Bonus Plans: And How to Fix Them (Kevin J. Murphy, C. Jensen-2011)
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