ForexYard Review

Review

ForexYard, established in 2005 and located in Nicosia, Cyprus, is a foreign exchange and CFD broker offering Forex, stocks, oil, gold and bitcoin trading. It is regulated by CySEC and MiFID.

Accounts

ForexYard has several different accounts. The Standard account requires a minimum deposit of$100 and leverage of 1:200.

The VIP account can be open with $10,000 and anyone with $25,000 can open a Pro account. These also have leverage of 1:200.

All three accounts allow trades in standard sizes of 1,000 base currency per one lot. The maximum allowed trading volume, however, is $5,000,000. They all allow hedging and can use the MT4, Mirror Trader or FX Trader platforms.

The ForexYard team has developed a new Forex managed account service for investors to securely invest in the world of forex with the fund manager of their choice.

The Forex Managed account is traded and managed by an experienced money manager or a professional Forex trader using up to date trading technology, money managers and professional traders who pool a number of investors’ funds into a managed Forex account. Investors will share in the profits and losses while fund managers have the ability to keep track of an individual’s funds, define risk parameters, and maintain investor confidentiality and security.

Traders can select the degree of leverage they wish Unless the trader specifies otherwise, ForexYard sets the leverage levels to the ForexYard's default margin levels for the deposited amount. The requirements for leverage vary with account size, and may be changed from time to time at the sole discretion of the dealing desk, based on volume traded and market conditions. Leverage maxes out at 1:200.

I was pleased to see that a demo account was offered as well as an Islamic account for those who keep Sharia laws.

Features

Many items are presented in the form of charts rather than a textual explanation. The Analyzer is a chart with technical analysis of all the currency pairs traded as well as oil, gold and silver.

The platforms are offered in English, French, Spanish, German, Russian, Italian, Arabic, Turkish, Portuguese, Polish, Dutch, Swedish, Finnish

Live account holders with ForexYard quality for a free subscription to Autochartist, which is considered the market leader in intraday trading tools. Their proprietary technology allows search engines to monitor thousands of financial instruments 24 hours a day, and automatically identifies trade opportunities in the form of chart patterns, Fibonacci patterns, and Key Levels as they occur. In addition, Autochartist offers PowerStats as a feature which will provides a better assessment of risk and volatility on the instruments that tradedAutochartist can be downloaded to the MetaTrader4 platform.

ForexYard Bonds

ForexYard also offers some other ways to automate trading including Algorithmic Trading and API Trading.

Education

ForexYard offers a host of different educational materials. Guides and instructional tutorials can be viewed on YouTube and there is an extensive section on charts and chart trading. Blogs are posted to the website by expert financial figures and news is sent directly to each account holder by email.

Trading Example

Daily Analysis for USD and other currencies is posted as well as late afternoon news. There are also market reviews although the last one was dated 2013.

Bonuses/Promotions

At the time of this review, the only bonuses offered by ForexYard was the Refer a Friend promotion where traders who tell their friends about ForexYard can earn up to $100 for each one that opens an account.

A 10% cashback is offered for deposits of over $10,000.

Deposits/Withdrawals

Deposits can be made by wire transfers and credit cards. Withdrawals are transacted using the same methods.

Customer Support

Traders can contact a ForexYard representative directly by phone to over 20 different locations. Chat is also available and requesting a call back can be done by filling out an online form. Traders can stay in contact with the broker via Facebook and Twitter.

Trading hours are 24 hours a day from Sunday evening at 5pm EST through Friday afternoon at 4pm EST.

For Crude Oil, Gold, and Silver trading hours are 24 hours a day from Sunday evening at 6 pm EST through Friday afternoon at 4 pm EST.

The Website is available in over 10 different languages.

Conclusion

ForexYard is a well-rounded dealer that offers many markets for traders so they can take advantage of the world’s markets. The broker is well-known and regulated in the EU in several countries, so traders feel confident when dealing with them.

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Features

ForexYard offers traders all the features they need to trade comfortably but they don’t go overboard. There is a choice of three trading accounts but the only feature setting them apart is the amount of the initial deposit. The selection of trading platforms is impressive especially as the MT4 platform is embellished with several additional trading tools to make it easier for traders on all levels to have a pleasant trading experience.

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Platforms

MetaTrader 4

ForexYard offers traders use of the MT4 trading platform which is the one used by industry pros. The MT4 trading terminal allows in investors to trade almost any product on any market with over 70 spot FX pairs, spot precious metals, CFDs including blue chip equities and EU stocks and indices on the major global exchanges, interest rates, energy, and agricultural commodities and

Expert Advisors can us MT4 to back test a Forex trading strategy and then automate it. A managed account and start trading money for can be opened that allows professional traders and money managers to trade using multiple sub-accounts from one screen at the same time. Execute trades, view reports, and implement EAs across multiple accounts all at once.

MetaTrader 4 Platform

The MT4 Connect allows the platform to connect with a 3rd party news feed and the economic calendar to keep Forex traders updated with the latest news and economic events.

Mobile

The MetabTrader 4 platform can be used on androids and iPhones.

FXTrader

The FXTrader platform is available in a downloadable version and can be used by the web only.

Institutional

ForexYard’s institutional trading platform is an ECN-based platform that provides live, streaming, executable bids and offers for instant execution. Traders log into the trading platform and receive prices from the largest liquidity providers in the world. Trade straight through to banks like JP Morgan, Goldman Sachs, and Morgan Stanley, with executable prices which are presented in a 'Best Bid/Best Offer' format and streamed in at real market speeds.

This pricing mechanism allows for tight spreads that can go as low as 0 pips but are generally around 0-1.5 pips. Prices are shown with an additional decimal place, offering traders the opportunity to enjoy fractional pip trading, and take advantage of more accurate execution.

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User Reviews

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