ForexYard is a retail forex broker that was established
in 2004 and based in Cyprus. They offer a dealing desk
brokerage, meaning they take the other side of your trades.
Twenty-seven different currency pairs are offered as well
as 3 commodities: gold, silver, and oil. ForexYard offers
very competitive fixed spreads. With the option of a web-based
or downloaded trade platform, good customer service, flexible
margin trading, and some additional features not offered
at other retail brokers, this broker is recommended for
experienced and especially beginning traders in the forex
markets.
> ForexYard,
start a $10K practice account!
Forex Yard Review
The ForexYard website is easy to understand and navigate
and opening a demo or live account is fairly quick and
easy. They accept major credit cards or bank wire transfers
for depositing
into live accounts, as well as Western Union Money Transfers.
Credit card deposits are immediate to start trading live,
while wire transfers can take up to 3 days to process.
They also offer a free trading course upon registration
that is actually pretty good and goes over the basics
of trading the forex market. Beyond the free course ForexYard
also features several well-written tutorials for their
trading platform and also for explaining several commonly
used technical indicators.
Select right account
Live accounts with ForexYard can be as small as $100.
They feature either a super mini account (for accounts
smaller than $1000) or standard account. The ability to
trade the commodities (gold, oil, silver) can only be
permitted with standard size accounts. The super mini
account is ideal for a beginning trader to put the minimum
amount of risk on but still get the feel and practice
of trading a live account. Also, with standard size accounts
there are no fees associated, but with the smaller trade
account there is a $25 fee for all withdrawals. Withdrawals
require a form to be filled out and faxed along with proof
of account holder and address. Withdrawals can be processed
by sending to your credit card that was used to fund the
account, or by wire transfer to your bank. Process time
is questionable: the website states that “withdrawal process
time will take no less than 3 days” but does not state
a maximum time for processing. Also, ForexYard is very
strict about now allowing scalping trades.
Trade Platform
The ForexYard trade platform is easy to use and somewhat
customizable. The tutorials offered on their website along
with the help section on the platform itself is very helpful
for quickly getting started trading. They do not offer
any feed for Metatrader4 or eSignal charts. But trading
with their proprietary platform and charts is fine for
intraday or swing trading. They offer all the usual order
types including trailing stops.
Support
ForexYard customer service is pretty good. They can be
contacted via telephone, email, or live chat on the website.
The live chat responded immediately, while email response
took 1 day. The only aspects to this broker that are questionable
are that the terms and conditions are vague about profit
withdrawal and about their ability to withhold your profits.
The bank guaranteeing their accounts was not disclosed
during this review process. ForexYard is not regulated
by the NFA or other organization.
**Currently ForexYard is offering to credit
$300 to a live trade account for super mini accounts,
or $1000 for standard accounts as long as a minimum of
$1000 is deposited.
