Update February 2017 – This broker has closed its doors.
HYOptions is the binary arm of HYMarkets, a well known forex brand, and built on the popular SpotOption platform. It is CySEC regulated and owned by Financial Trading Solutions LTD, license #259/14. Their offices are located at 15 Spyrou Kyprianas Avenue, Matrix Tower II, Mesa Getonia, Limassol, Cyprus.
Full Review Of HYOptions
HYOptions is another SpotOption broker. They are a good one but nothing more than you can find in others of the same variety. They are CySEC regulated and operating out of Cyprus so there is that going for them. One notable thing this broker does not have is iFollow copy trading but that isn’t a feature everybody is looking for. Although fairly new they have already begun to establish themselves as a trustworthy broker for trading binary options so long as you are familiar with the terms and conditions of trading.
The SpotOption platform has a lot of features and HYOptions uses almost all of them. There are standard high/low options as well as the more exotic One Touch and Ladder Options. High/Low options have expiry ranging from short term to long term, short term in a range of 30-200 seconds, long term includes intra-day, end of day, end of week and on out to 6 months on some assets. Two other things that are missing here that you can find on other SpotOption powered brokers is CFD and FX trading. Not too surprising as this is the binary offshoot of a current FX brand.
The asset list is pretty full. All four classes are present; forex, stocks, indices and commodities. Payout is in the range of 75%-85% which is one of the reasons why I like the Ladder Options. These use set strike prices and intraday expiry with the strikes further out of the money paying bigger returns, as much as 1000% or more in some cases. Execution is pretty fast, I didn’t experience significant lags but I don’t trade shorter than 5 minutes so that isn’t so much of a problem for me.
Banking With HYOptions
Banking is pretty standard for a CySEC regulated firm. Minimum deposit is $100 EUR, USD or GBP. VIP account are available for desposits of $2,500 or $10,000. Deposits can be made by credit card or wire transfer but no eWallets are supported. Multiple accounts are allowed so you can spread profits into a second account to maintain a low profile. Minimum withdrawal is $300 which I think is a little high. They are free though, unless you use wire and then it cost $30. And, of course, you must provide ID documentation in order to make withdrawals.
Bonuses are available up to $7,000 and have a 40X bonus turnover minimum. This is also high but you can withdraw your profits before you hit the minimum. You can not withdraw the deposit money before the 40X is hit but if you are showing profits you can withdraw that amount once you hit 20X. Premature withdrawal of the deposit is permited but you will forfeit the bonus. The minimum trade size is only $5 for short term and $10 for all other options, I definitely like that. This means that you can always use money management to protect your account, no matter the size of your deposit.
Social Trading HYOption
HYOption does not have any dedicated social or copy trading features but it is still an acceptable broker for these purposes. The expiry and asset list make it perfect for copying or following traders and signals from just about any source. Other tools of interest are Double Up, Rollover and Settle Now which allow you to take advantage of opportune market movements and cut losses when necessary.