ForexYard Review
Reviewer: Matthew Johnson
Rating:
Website Reviewed: ForexYard
ForexYard is not a new player in the industry. Established in 2004 at Cyprus, the company has gain trust from its clients over the years.
ForexYard Review: Features Summary
1. Leverage; ForexYard offer 200:1 leverage for mini and standard account type. For mini account, 1 lot equal to 1,000 units of base currency while for standard account 1 lot equal to 10,000 units of base currency.
2. Commission; ForexYard does not charge commissions for mini and standard account type. However, there is USD 4 commission per lot for Institutional platform where the spread is very low (0-1.5 pips).
3. Support; the dealing desk is open 24-hours a day from Sunday 5:00 PM New York time until Friday 2:00 PM New York time. The website can be viewed in 15 different languages to support those who don’t speak English as their first language.
4. Deposit and Withdrawal; easy deposit and withdrawal via Credit Cards (VISA, MasterCard, Maestro, Diner’s Club), bank wire transfer, or Western Union Money Transfer. The minimum deposit is USD 100.
5. Spread; apply low fixed spread for mini and standard account where the lowest spread is 3 pips for EUR/USD, the most popular currency pair between forex traders. For Institutional platform, the spreads are between 0-2 pips.
6. Account Type; ForexYard offers various selections of account types:
- Mini
Minimum and Maximum Deposit: USD 100 and USD 1,000
Leverage: 200:1
Commission: No
Lot Size: 1,000
- Standard
Minimum Deposit: USD 1,000
Leverage: 200:1
Commission: No
Lot Size: 10,000
- Institutional
An exclusive account with access to ECN based platform where you can trades straight through banks like JP Morgan, Goldman Sachs, and Morgan Stanley.
In this account, you can have executable prices which are presented in a ‘Best Bid/Best Offer’ format and streamed in at real market speeds; of course, your order will be instantly executed.
Minimum Deposit: USD 50,000
Leverage: 30:1
Commission: USD 4 per lot
Lot Size: 100,000
Spread: 0-2 pips
- FSA (Forex Strategy Automator)
ForexYard doesn’t allow forex robot or MetaTrader, but they have their own service for automated trading. In FSA account, you are given a selection of trading strategies to choose and have one or some of it runs in your account automatically. I suggest you really know what you doing if you plan to use this service; select the wrong strategies can give you a headache at the end of the day.
Minimum Deposit: USD 2,000
Leverage: 200:1
Commission: No
Lot Size: 10,000
7. Trading Platform; ForexYard offer large flexibility by provide three types of trading platforms: web based (Java), downloadable trading station for Windows, and mobile trading via your mobile phones: Iphone, HTC, Nokia, Blackberry, Samsung, etc.
8. Demo Account; demo account available.
9. Security; client’s funds are stored at Commerzbank AG, Frankfurt. Also, ForexYard maintain physical, electronic and procedural safeguards, which comply with all applicable laws, in order to safeguarding your non-public personal information.
10. Forex Robot; like stated above, ForexYard forbid other forex robot. If you are into automated trading, you have to use their exclusive automated trading system: the FSA.
11. Currency Pairs; 34 currency pairs, gold, silver, and oil.
Conclusion
ForexYard is especially great choice for you who have large capital to invest. Using the Institutional account, you can get best prices, instant execution, and very low spread, which can boost your chances to gain profits. Their multiple trading platforms allow you to access your account from anywhere. Overall, it is a great choice for any manual trader.
For more information aside from the one in this ForexYard Review, click the link below: