ForexYard Review
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Regulation: CySEC
Broker Type: Market Maker, ECN on Institutional Account
Headquarter: Nicosia, Cyprus
Established: 2004
Notes: FXYard Ltd. has been acquired by Safecap Investments Limited, a licensed member of CySEC.
Forex broker reviewed: ForexYard
ForexYard has been doing business for some time and after acquired by Safecap Investment, they’re regulated by CySEC. This shows that the company keep trying to provide better service and that is a good sign.
Pros and Cons
Pros
1. Have their own automated trading system
2. Fast execution
3. Negative balance protection
Cons
Customer support could be better
ForexYard Review: Features
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. The leverage isn’t written on stone, so you could negotiate with them to get higher leverage.
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 fixed spread for mini and standard account where the lowest spread is 3 pips for EUR/USD; pretty much the standard in the industry. For Institutional platform – which technically is ECN – the spreads are between 0-2 pips.
Note: fixed spreads are doubled between 22:00 GMT till 04:00 (AM) GMT
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
- FX – Automate
ForexYard have their own service for automated trading. In FX-Automate account, you are given a selection of trading systems 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: ACT and MT4, mobile trading and web (JAVA) + Institutional account which is ENC based.
8. Demo Account; demo account available.
9. Strategies (EA, hedging, scalping, swap-free Islamic Account)
Aside from their own automated trading system, traders are allowed to have their own MT4-based EA. Hedging and scalping is also allowed, but they stated that “scalping is allowed but not advised”. Swap-free Islamic account is available for those with religious or other reasons.
10. Currency Pairs
34 currency pairs, gold, silver, and CFDs.
11. Execution: Instant execution
12. Citizenship
Accept most citizens around the world except US and Israel.
13. Execution Type: instant execution
ForexYard Review – Conclusion
Ever since ForexYard is acquired by Safecap, they keep improving their services; for example, they used to forbid EA, now they allowed it. They also regulated by CySEC now; I’d say this broker will keep getting better in the future and you’ll get better service as their client. Overall, a decent broker to help you in forex trading.
