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ForexYard Review

Status: Not Recommended
Due to CySEC and UK NFA warning against Forexyard, FX Build no longer recommend this forex broker.

CySEC (Cyprus Securities and Exchange Commission): Warning for Forexyard Ltd 04-20-2010

UK FSA (Financial Services Authority): Alert about Forexyard 10-05-2009

Check our top recommended forex broker at Best Forex Broker.

Click Here To Visit ForexYard

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; 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.

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.

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.

8. Demo Account; demo account available.

9. 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.

10. Currency Pairs; 34 currency pairs, gold, silver, and oil.

Final Notice
As stated above, it is better for you and your money to avoid this forex broker, check our top recommended forex broker at best forex broker.