As its name suggest, ForexYard offers currency trading but also allows for commodity and Contracts for Difference (CFD) trading. Users can trade gold, oil, silver or platinum from the same platform as they trader Forex, making it as easy as possible for the trader. CFD trading is available for the above mentioned commodities as well as for a wide range of market indices such as the NASDAQ 100, Dow Jones Industrial, S&P 500 and many more.
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The ForexYard trading platform is user-friendly and intuitive. Traders enjoy working with this platform because they have the option to either download it or use the web based version and it is quite fast at executing trades.
The downloadable version of the software runs on a Java platform, meaning that it can be used on virtually any operating system. Additionally, ForexYard also offers an iPhone application for those who prefer trading on the go.
Users can sign up for various types of accounts, from demo accounts to institutional and automated trading accounts. The minimum deposit is $100 and leverage ranges from 1:25 to 1:200. It should be noted that institutional accounts offer a maximum leverage of 1:30. New accounts that are funded with a minimum of $1,000 will receive a 10% cashback bonus which will be added to the account balance instantly.
ForexYard also offers automated trading accounts such as the FSA account, algorithmic trading and API trading. The FSA account is a completely automated account where traders choose from a variety of trading strategies which will be applied to the account in question. The system will trade on autopilot taking into consideration the trading frequency and risk level you set.
Algorithmic trading offers traders more control in that they can write their own trading algorithm, or EA, and set the account to trade according to that algorithm. The algorithm can be back-tested for improved results.
API trading allows users to connect direct to price feeds so that they can be integrated with existing software systems. It allows for automation of such actions as trade requests, stop-loss, take-profit or entry orders, historical view of transactions, access to historical charts and current market rates and more. The system can be tested with absolutely no risk on a Demo platform. This type of automated trading system is ideal for professional traders who wish to develop their own strategies and models, for institutions and other brokers.
ForexYard offers fixed spreads that aren’t affected by market conditions starting at 3 pips for the leading currency pairs. Gold has a spread of 1 USD, silver 5 cents and oil 6 cents.
ForexYard provides a range of learning tools for both novice and professional traders. From an introduction to trading and technical analysis to an in depth course on Forex trading produced in partnership with the Online Trading Academy. The course is available for free to customers who make a minimum deposit of $5,000 and covers everything from advanced Forex trading techniques and technical analysis to Fibonacci training, risk management and even psychological aspects of trading.
ForexYard also offers account holders in depth market analysis through their blog, basically allowing members to trade in real time with the experts. The blog offers both technical analysis as well as insights into fundamental analysis. Additionally, free trading signals are provided through their analysis software known as the Analyzer. The news center and financial calendar are also critical sources of information for any trader.
ForexYard also provides a newsletter offering the latest market news delivered via email. It includes daily analysis of the Forex and commodity market covering both fundamental and technical analysis. The daily newsletter consists of news, a financial calendar, market trends and much more. Likewise, the weekly indicator report offers an overview of the financial events coming up for the following week as well as predictions and historical data. The newsletter is available in a variety of languages from English to Spanish, French, Turkish and more.
ForexYard offers top notch customer service with support available 24 hours a day throughout the week from Sunday night, when the markets open, to Friday evening. Support is available via phone, email or live chat. Additionally, ForexYard also provides VIP services to larger customers including customized accounts and much more.
Overall, ForexYard is considered one of the best online brokers due to their flexibility and wide range of tools which are all aimed at making trading as easy as possible. From the web based or downloadable software with a user-friendly interface, to the daily Forex analysis reports and great customer service, ForexYard is the ideal choice for any trader.
Another advantage ForexYard has over other brokers is the automated trading account which allows for various ways to automate trading. The FSA account works similarly to MetaTrader 4, one of the most popular trading platforms, allowing for the same degree of flexibility so that traders can create their own Expert Advisors and upload strategies they designed themselves.
Some of the disadvantages mentioned regarding ForexYard is that they only allow a single hedge position per currency pair. Also, for traders who prefer scalping, this may not be the ideal broker as trades have to be held for a minimum of 2 minutes.
Generally speaking, ForexYard is an excellent broker that provides a top notch platform with outstanding trade execution speed, a wide range of analytical tools and excellent flexibility in terms of accounts. It also allows for trading a variety of instruments from Forex and commodities to CFDs, all from the same platform.
Excellent customer service, a very low minimum deposit, fixed spreads and wide range of educational materials are also good reasons to open an account with ForexYard.