Forexyard is an online forex broker that has a number of useful features for online currency traders. It is a flexible broker that supports three different trading platforms, offering support for daytraders and online currency traders looking to trade foreign exchange via their PC or mobile.
Min deposit: $100
Max leverage: 1:200
Pip spread: 3-6 pips for common pairs
Forexyard offers a downloadable online forex trading platform for Windows; a java-based trading platform which can be used on most computers – including ones running Windows, Linux, and Mac OS; and a mobile trading platform that offers the key feature needed for those looking to trade currency online while on the move. The mobile trading platform runs on iPhones and Blackberry devices and allows you to open trades, create orders, modify stop losses and take profits, and get an overview of what is going on in the market from wherever you are.
Forexyard.com offers a demo account so that would-be traders can sample the software and get used to the feel of the site.
In terms of information and tools, Forexyard is quite competitive. It offers extensive trading hours – 24 hours a day from Sunday Evening (starting at 5PM EST) through to Friday at 4PM EST. The market opening hours for each trading zone are clearly displayed on the site, and there are dedicated sections for news relating to the USD, EUR, and JPY as well as commodities. These pages won’t replace the RSS reader of a forex fundamentals expert, but are a good starting point for people who just want to keep an eye on what’s going on.
Beginners will appreciate the site’s Forex Education section, which has guided tours, a small forex tutorial, and an overview of the basics of Forex fundamental analysis and technical analysis. These pages aren’t fully fledged schools, but they will benefit those who want to know how to get started.
In addition to forex trading, the site offers the ability to trade gold and oil as well. There are a number of nice value-added features, such as a 24 hour dealing desk, easy-to-access support, daily fundamental and technical analysis reports, and a personal account manager. It’s the depth and breadth of these extra features that makes ForexYard popular with traders at all levels of expertise.
The site also offers a tools section with a calendar, market news tables, and forex and commodities news for key market areas such as the USA, Europe, and Japan. These news sections are updated daily.
Daily updates may not be enough for more active, experienced traders, but this is a good start for beginners that may be following a daily trading method such as the fozzy system. I would expect that most traders would rely on a more frequently updated source for their forex related news, however.
One interesting recent addition to the site is Forexyard’s Squawk – a live streaming audio news service that offers up-to-the minute information and analysis that will be of interest to forex and commodities traders. This service is not free, but VIP account holders can get a substantial discount on the subscription fee.
Forexyard offers accounts ranging from a $100 SuperMini accounts to $50,000 Institutional accounts. The SuperMini account allows a leverage of 200:1 and there are trading fees on the account but no commission. The Institutional account has lower leverage, but instead of fees a commission of $4/lot is charged. Lot sizes vary from 1,000 on a SuperMini account to 100,000 on an institutional account.
Forexyard accepts several different payment methods, including credit cards, bank transfer, Western Union, and Moneybookers. The selection of payment methods and cash outs is fairly standard for most online forex brokers. SuperMini accounts are limited to deposits of $1,000 maximum, but standard and FSA accounts do not have a limit on them.
Users are encouraged to try the trading platform with a demo account before attempting to daytrade or trade online currency with one of the live accounts. This should be enough to get some practice with forex or commodity trading, but if you do run into any problems then the site offers several support options, including live chat and call backs.
The one problem that I saw with the site is that it relies heavily on animations, and this can slow down some browsers – especially on older computers, or less powerful machines such as netbooks. When trading on the move I like to have a sleek, fast website. Fortunately the trading platform itself does not appear to suffer from any slowness issues, and runs well on any computer I’ve tried it on.
The website has a lot of information on it, and it can be easy for new users to get a little confused. This may deter signups from all but the most dedicated and enthused of customers. It would be nice to see a softer, less cluttered landing page for use with referral links, but that’s not something that most people would be concerned about. The big question is how the trading works – and, since Meta Trader 4 is an option, it’s safe to say that the trading works well for most people.
Forexyard is based in Cyprus. If offers automated trading options as well as manually managed trading in forex and in commodities. They offer a range of bonuses and incentives for new members, and are well regarded in the online forex and currency trading communities as being a reliable, prompt-paying online forex broker.
The resources section of the broker leaves something to be desired, but in terms of their charges, account options, and support they do well. The broker does lack a true micro account, however the leverage offered on the mini account makes it attractive for those that can afford to use it.
When looking to choose an online forex broker, it is important that you compare several brokers carefully. If you are interested in daytrading then the spreads and commission structures of each broker will matter a lot. Rather than rely on a review for charging information, it is advisable that you look at the broker’s website. Also, check popular online currency trading websites to see if the broker has been mentioned recently – are people happy with it? Has anyone had problems recently? A little due diligence will save you a lot of hassle and stress in the long term.
Areas of Activity
Forexyard is a pleasurable name for Safecap Investments Ltd. The same is based in Cyprus and regulated by Cyprus Securities Service Commission. It comes under the regulative awning of Markets in Financial Instruments Directive. It is fully shaded and covered in Europe through specific regulations. For instance, in UK, the auxiliary regulating body is Financial Service Authority. Netherlands is covered by Netherlands Authorities in Financial Markets. South African players too breathe easy through coverage by Financial Services Board. With unique trading platforms and compliant regulation, ForexYard plays it safely through Europe.