Rating: 72% open account -> https://my.hyrotrade.com/register Do you want to trade cryptocurrencies with high leverage? Are you interested in the Hyrotrade platform, but don’t want to send money to an unknown company? Then you’ve come to the right place! In this review, we will show you, among other things, how trading at Hyrotrade is done […]
Rating: 72% open account -> https://my.hyrotrade.com/register
Do you want to trade cryptocurrencies with high leverage? Are you interested in the Hyrotrade platform, but don’t want to send money to an unknown company? Then you’ve come to the right place! In this review, we will show you, among other things, how trading at Hyrotrade is done or what fees the operator charges for its services.
Content of the review
- Hyrotrade review at a glance
- Basic information about Hyrotrade
- What does Hyrotrade offer?
- Fees at Hyrotrade
- Registration, deposits and withdrawals
- Who is behind Hyrotrade
- Final summary
Hyrotrade review at a glance
Hyrotrade is a cryptocurrency trading platform that specializes in the margin trading of cryptocurrency pairs. The word margin is really important here because the trades take place with a fairly high financial leverage of 1:100.
Traders can speculate on the rise or fall of dozens of cryptocurrencies, usually paired with USDT or BTC. All deposits and withdrawals take place in cryptocurrencies, as traditional fiat currencies are not supported by Hyrotrade.
Hyrotrade has its platform. It contains classic trading instructions (Limit, Stop, Stop Limit, Stop Loss , Take Profit) and several extra-standard functions. For example, social trading .
trading at Hyrotrade is slightly risky, for two reasons. The first reason is the relatively high financial leverage, which can be devastating especially for beginners and inexperienced traders. The second reason is the minimum amount of information about the operating company.
- Custom Platform
- Social trading
- Low fees
- Little information about the operator
- It does not support stocks
- Terms and conditions in English only
Basic information about Hyrotrade
- Name: Hyrotrade
- Operator: Greenstar fox alfa LLC (Saint Vincent & Grenadines)
- Services provided: Cryptocurrency trading with leverage
- Sirix Platform: (proprietary)
- Supported cryptocurrencies: BTC, BCH, ETH, DASH, LTC, NEO, ADA, DOGE, USDT, EOS, TRX
- Trading Fees: Yes – commission fee for each open trade, otherwise free
- Inactivity fee: Yes
- Withdrawal/deposit fees: No
- Payment methods: Cryptocurrencies
- Demo account: Yes
- Min. withdrawal / deposit: 0.0015 BTC
- Minimum order: 0.01 BTC
- Financial leverage: 1:100
- Social trading: Yes → https://hyrotrade.com/social-trading/
- Hedging: Yes
What can Hyrotrade do?
Hyrotrade is a multi-functional cryptocurrency platform that allows you to trade cryptocurrencies with high leverage. The platform does not support the trading of cryptocurrencies without leverage or the purchase and sale of cryptocurrencies for classic fiat currencies.
Active traders and speculators with cryptocurrency trading experience will appreciate the platform.
How does Hyrotrade work?
- First you must register, at the same time as you register, a real trading account will be automatically created for you, to which you can easily send cryptocurrencies. If you don’t have them, just exchange them at any exchange office.
- Once the cryptocurrencies arrive in your account, you can start trading. The platform supports 4 types of orders (Market, Limit, Stop, Stop Limit), while you can speculate on price growth (Buy) and price decline ( Sell ). But be careful, all trades take place with a leverage of 1:100!
- You can find the list of open trades, including interim results, below the chart in the Position window. You can end trades by clicking on the cross symbol or using the function to automatically end the position at a certain loss (Stop Loss ) or profit ( Take Profit).
- You can select cryptocurrencies using the “select funds” link. The platform may ask you to enter your ID instead of sending your profits , but this is a standard procedure. The whole process takes no more than 48 hours.
Trading with leverage
Hyrotrade boasts of providing a high leverage of 1:100. But the question remains whether high leverage is more harmful.
A leverage of 1:100 means that your orders will be 100x larger than the invested amount (margin). Profits and losses from such transactions will be 100x greater than they would be without leverage. Even a small price movement can cause a big profit or a big loss.
First of all, we must realize that cryptocurrencies are extremely volatile and their prices routinely fluctuate by units of percent per day. With every trade, you must expect that you will (perhaps only temporarily) lose money due to market fluctuations. The problem is that with financial leverage, your losses increase dramatically during adverse market developments. And they can liquidate your entire trading account.
Trading with high leverage requires strict money management, otherwise it simply cannot work. Traders should have most of their money freely available, otherwise even a small fluctuation in the market will reset their account.
At competitor Binance, the margin trading platform is inaccessible to novice traders. The operators of this popular exchange are aware of the difficulty of trading with high leverage and therefore offer this service only to users who successfully complete a knowledge quiz and thus demonstrate sufficient competence. At Hyrotrade , margin trading is available to everyone.
Fees at Hyrotrade
You can find the fee schedule on the main page at the bottom of the terms and conditions.
- Spread : The purchase price (Buy) is always slightly higher than the selling price ( Sell ). Their difference, or spread, is basically the fee you pay for each trade. However, it is not increased in any way with the Hyrotrade platform , as is the case with other brokers.
- Swap : You pay a swap fee for each position you hold after the market closes. The market always closes 5 seconds before midnight and opens at 00:00:00. The swap fee rate varies, however in our testing the annual rate for all currency pairs was 0.00%. The fee is charged daily according to the formula [annual rate] x [ trade volume] /365. It is clear from this that even swaps are not paid at Hyrotrade .
- Commission Fee : The commission fee is the only fee you will pay on the platform. Its amount is 0.05% of each trade
- Administrative fees : Registration and account management is free. Hyrotrade doesn’t even charge fees for deposits or withdrawals, but you have to account for miners’ fees.
But what the broker won’t forgive you are inactivity fees. You pay these if you do not make any trade within 90 days. The fee is $10 per month and is deducted from all inactive accounts that have a positive balance.
Registration, deposits and withdrawals
Creating an account is quick and easy. Just fill out the registration form, agree to the terms and conditions, and you’re done. Hyrotrade does not require identity verification, but the terms and conditions state that when withdrawing money, the company may (but may not) require verification.
Both deposits and withdrawals are made using cryptocurrencies, as fiat currencies (EUR, USD) is not supported by the platform.
You can open an account here.
In final summary
Hyrotrade ‘s main advantage over its competitors is its high financial leverage. But as we already mentioned, it can be rather harmful. We also consider “zero spread” and no swap to be a big advantage.
The operation of the platform, which is also available in multiple languages, is simple and intuitive, so anyone can learn to use it.