» Choice of web-based or downloaded trade platform
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» Excellent customer support, including personal account manager
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» Super mini account is great for beginners to trade with least amount of risk
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» Registration and deposit process are short and simple
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» Spot commodities, trade crude oil and gold
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» Cashback promotions for new clients, get up to $1,000
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» Do not allow scalping trades
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» Vague about withdrawing profits
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» Trading on this platform is not intuitive
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Special for Daily Forex Users
Open an account with Forexyard and get a 100% cashback on your deposits, worth up to $300.
Click Here to register
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, plus stock indices. 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.
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.
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.
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.
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. |
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