ForexYard Review – Unbiased Pros & Cons Revealed

WHO IS FOREXYARD?      

According to research in South Africa ForexYard is an English company founded in 2005 with headquarters in Nicosia, Cyprus.

ForexYard is a foreign exchange and CFD broker. Since 2011, ForexYard, is the trading name of Safecap Investments Limited becoming one of the fastest-growing online foreign exchange and spread betting markets out of Europe.

The company is a No Dealing Desk (NDD) broker and regulated by top authorities.

SAFE OR SCAM

ForexYard is highly reliable as it is regulated in several countries in the EU by authorities like CySEC and MiFID. It has catered to the needs of countless traders and has come to be known as a reliable and trusted dealer.

PRO AND CONS

LEVERAGE

Leverage enables a trader to get a much larger exposure to the market the person is trading than the amount deposited to open the trade. Leveraged products, such as forex trading, magnify a trader’s potential profit – but also increase the potential loss.

Leverage is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that you have $1 000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate 500:1.

Margin is the collateral to cover any credit risks that may arise during trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you need to have enough funds in your trading account to ensure sufficient margin.

For example, on a 1% margin a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise your trading account will be fully hedged.

At ForexYard the maximum leverage is 1:200.

ACCOUNTS   

ForexYard offers the following types of accounts:

• Standard Account
• VIP Account
• Pro Account
• Managed Account
• Islamic Account
• Demo accounts

The managed account service has been developed by ForexYard for investors to securely invest in forex with a fund manager of their choice.  It is managed by an experienced money manager or a professional Forex trader.

MARKET INSTRUMENTS

The most popular market instruments available from most brokers for trading include:

Forex

Forex trading describes the currency exchange market which refers to the global, decentralised marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.

Commodities

Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.

Indices

Equity, or stock indices, are actual stock market indexes which measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.

Precious metals

The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.

Energy

The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.

ForexYard offers the following trading instruments:

• Forex
• Metals
• Gold
• Oils
• Indices
• Commodities
• CFDs
• Stocks

FEES

Cost and fees depend on different factors, like spread and margins, and ForexYard clients may also experience different fee structures according to their country or place of residence.

The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move.

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.

All the accounts are set on a fixed to medium spread. Floating but extremely tight spreads are offered for CFD and commodities trading.

Fixed spreads start at three percentages in pips in EUR or USD. Dollars and three to five pips in other currencies are guaranteed.

DEPOSIT AND WITHDRAWAL

Accounts usually requires a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done with the same ways, but sometimes differ.

In the case of ForexYard, the following methods and minimum deposits are required:

• Standard Account – minimum deposit of $100
• VIP Account – minimum deposit of $10 000
• Pro Account – minimum deposit of $25 000

The following methods can be used to fund accounts and to execute withdrawals:

• Credit cards
• Debit cards
• Wire Transfer
• WebMoney
• CashU

TRADING PLATFORMS

The forex trading platform provided by ForexYard to its clients is the software to carry out their trades. Some brokers provide only one, others quite a few platforms.

A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.

ForexYard provides four trading platforms they are:

• MetaTrader4
• Mirror Trade
• FX WebTrader
• Mobile Trading.

The platforms are offered in English, French, Spanish, German, Russian, Italian, Arabic, Turkish, Portuguese, Polish, Dutch, Swedish and Finnish.

ForexYard also offers some other ways to automate trading like Algorithmic Trading and API Trading. EAs can use MT4 to back test a Forex trading strategy and then automate it.

The MetaTrader4 platform can be used on androids and iPhones. The FX WebTrader platform can be downloaded but can only be used by the web.

Live account holders also quality for a free subscription to Autochartist. This technology allows search engines to monitor thousands of financial instruments 24 hours a day, and automatically identifies trade opportunities.

Autochartist also offers PowerStats as a feature which will provides a better assessment of risk and volatility on the instruments that is traded.

HOW TO OPEN AN ACCOUNT

Similarly to a bank, to register a forex trading account with ForexYard for the first time, you will be required to go through a basic “know your customer” process, which will allow ForexYard to ascertain that your submitted details and ensure the safety of your funds and account details.

Traders who open an account is offered a 10% cashback bonus for deposits over $10 000. It also offers a Refer a Friend promotion where clients can earn up to $100 for each referred friend that opens an account.

CUSTOMER SUPPORT

Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.

In the case of ForexYard customers can reach the support team in real time by phone, live chat, e-mail and request a return call. Traders can also stay in contact with the broker via Twitter and Facebook.

Trading hours are 24 hours a day from Sunday evening 5 PM EST to Friday afternoon 4 PM EST.

Customer support is available in English, French, Spanish, German, Russian, Italian, Arabic, Turkish, Portuguese, Polish, Dutch, Swedish and Finnish.

EDUCATION       

Before starting to trade, potential clients of ForexYard should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.

ForexYard offers educational material which includes guides and instructional tutorials that can be viewed on YouTube and an extensive section on charts and chart trading.

RESEARCH         

To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible.

With ForexYard customers are presented with research information 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.

Daily Analysis for USD and other currencies is posted as well as late afternoon news. There is also an economic calendar and Forex traders are updated with the latest news and economic events.

Blogs are posted to the website by expert financial figures and news is sent directly to each account holder by email.

AWARDS

There is no indication on the internet whether ForexYard has received any awards since its inception.

CONCLUSION  

ForexYard is a broker that offers many markets for traders to trade in. It is well-known and regulated in the EU in several countries, so traders can feel confident and secure when dealing with them.

There is a choice of three trading accounts and a selection of trading platforms. ForexYard is a good choice for beginner and advanced traders.

The automated Forex trading system is a plus and can even be used when you open a free demo account.

DISCLAIMER

Traders must keep in mind that trading Forex or CFD means that your capital is at risk. Please make sure to fully understand the risks involved.

75% of retail investor accounts lose money when trading CFDs, according to research in South Africa.

Frequently Asked Questions

Is ForexYard regulated?

Yes, ForexYard is regulated by CySEC and MiFID

How many instruments can I trade with ForexYard?

You can trade several different instruments with ForexYard, which include the following:

• Forex
• Metals
• Gold
• Oils
• Indices
• Commodities
• CFDs
• Stocks

Which platforms are supported by ForexYard?

ForexYard provides the following popular trading platforms:

• MetaTrader4
• Mirror Trade
• FX WebTrader
• Mobile Trading.

Does ForexYard offer leverage?

Yes, ForexYard offers a maximum leverage of 1:200

What is the overall rating out of 10 for ForexYard?

7/10