Hyro Trader Review – Partner Exchange Makes Any Prop Trading Dubious

Good profit share for crypto asset trading is certainly one of the strong points of this exchange. There are, however, numerous cons, the largest of which is the exchange on which the funded trading takes place.

See our Hyro Trader review where we evaluate all the potential risks of partnering with this crypto prop trading firm.

Company Legal Background

In many parts of the world, the business of proprietary training is yet to become heavily regulated.

The parent company of the Hyro Trader prop firm, Hyro Finance, j. s. a. is a Slovak firm incorporated in Bratislava. More information is available in the ORSR database.

It is always prudent to exercise caution when dealing with companies that are not subject to direct regulatory oversight, however. More often than not they are involved with less desirable companies like SecuX.

Trading on a Problematic Exchange

The exchange paired with this prop firm is ByBit. It is known for being placed on numerous regulatory blacklists due to shady corporate practices that are often against the law.

The regulators that have issued a public warning about ByBit so far are BVI FSC, AFM, IOSCO, FCA, OSC, CNMV, FI, A-TVP, BaFIN, CVM and FSA Japan.

How the Platform Attracts Traders

Since we live in the age of social networks, these platforms offer some of the best advertising revenue out there.

This firm can be found on Facebook, Instagram, X and TikTok, as well CrunchBase and LinkedIn. It is also present on the YouTube streaming service and Reddit forum, and operates a Hyro Trader Discord as well.

Customers’ Opinions

According to the Hyro Trader reviews, the firm enjoys a rating of 4.5 stars out of more than 50 TrustPilot testimonials. The clients who are critical of the company make serious accusations, though.

These include breach of security on their crypto wallet, the company denying payout on legitimate profits, or having their accounts locked with no apparent reason.

How it Works

As already pointed out, this crypto prop trading firm only focuses on crypto traders and wishes to gather the most talented of them to fund. However, just signing up and getting cash for trading is not how the system works. 

First all, you will have to pick an account with desired capital available and then pay a fee. After that, you can enter the test phase. Before we clarify how the evaluation process works, we have to pay attention to the packages, price tags and available funds.

Account Sizes and Their Prices

After signing up and choosing which funded package you’d like to apply for, you are obligated to pay an entrance fee. These differ from one funded plan to another and their prices gradually increase with the cash pool expanding. 

Here are the options:

• Starter – 89 $ for funded sum of 5.000 USDT
• Standard – 159 $ for funded sum of 10.000 USDT
• Professional – 299 $ for funded sum of 25.000 USDT
• Ultimate – 399 $ for funded sum of 50.000 USDT
• The Trader – 599 $ for funded sum of 100.000 USDT

Scaling Plan

The scaling plan is revised every 4 months of successful trading. To become eligible to apply for capital increase, clients need to achieve at least 20% profit in a period of those 4 months. 

That boils down to roughly 5% monthly during those 4 months. Additional condition refers to traders having processed 2 payouts in the meantime to unlock the +25% scaling plan.

Evaluation

The evaluation process consists of a total of 2 phases, which traders have to pass in order for their funded account to be approved. That means that a total of 15% has to be achieved. The assessment process consists of the testing and verification stage. 

During both of these, traders follow certain rules and try to accumulate the profit required to pass.

Trading Rules

Every step of the evaluation procedure imposes a set of rules. These should be followed if a trader wishes to pass and unlock the promised benefits.

• Step 1:  During an unlimited period with a minimum of 10 trading days, traders have to reach a profit target of 10% while the maximum loss allowed is 10% as well.
• Step 2: The conditions are somewhat more relaxed, as a minimum of 5 trading days is needed for the profit target of 5%. Other terms remain the same as during the first round.
• Step 3: Unlimited time for the Hyro Trader funded account trading operations with 10% maximum loss and entry fees being refunded.

Trading Platform

The entirety of the Demo testing, with Live trading included, is conducted on the ByBit platform. Despite legal issues and just like The Algorithmic Trader, this platform is known for its robust set of handy tools and features to use for the most accurate decision making. 

Its comprehensiveness and the fact that it’s easy to navigate makes it user friendly and compatible with the skills and knowledge of beginners, too.

Instruments to Trade

ByBit is one of the most active and busy exchanges in the crypto world currently. Their diverse offer of assets allows traders to choose among hundreds of available coins. 

Out of these, we’d like to mention some of the more popular ones enabled for Hyro Trader crypto trading: BTC, ETH, USDT, DOT, DOGE, ADA, NEO, ZEC, XRP and others. 

Payouts and Profit Split

Digital currencies are the only method of paying the application fees. Some of the major coins like BTC, and ETH are accepted. Withdrawals can be requested every two weeks (biweekly). 

However, traders always have the option to request their payout a minimum of 30 days after the first trade. Typical processing time is estimated to last between 1 and 2 business days. The Hyro Trader profit split goes up to 90%.

Conclusion

If you’re a prospective trader with an impressive portfolio and track record, you’re probably looking into funded trading opportunities. While this sort of financial backup can be useful to all that lack the beginning capital, it always has its risks. 

Don’t want to stress about your prop firm and what brokers they partner up with? Try our offer for proprietary trading! Book a free zoom consultation at your convenience and find out how to get funded with up to $180.000!

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