ForexYard Review

ForexYard

* Ranked #29 of 316 in DailyForex's top broker list

Info

Name : ForexYard
Website : forexyard.com
Established : 2005
Country : Cyprus
U.S. Clients Allowed : No?
Due to strict US regulation many brokers aren't able to accept traders with US citizenship.
See our list of recommended brokers that do accept US traders.

Advantages

  • Highly Regulated
  • Demo and Islamic Accounts Available

Disadvantages

  • No Bonuses

ForexYard Review

ForexYard 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 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
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.

Advantages

  • Highly Regulated
  • Demo and Islamic Accounts Available

Disadvantages

  • No Bonuses
Review info :
Broker reviewed : ForexYard Rating : 8 out of 10
Reviewed By : Review Date :