ForexYard Review

MIN. DEPOSIT $100
Up to 20:1
Up to 25% BONUS
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ForexYard
Up to 25%
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Overview

Company Information Forexyard is one of the many Cyprus-based forexes trading online brokers based in Nicosia. The company started its operation in 2004. Later, in March 2011, it was acquired… more

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Details

BrokerForexYard
Website URLhttp://www.forexyard.eu.com/
HeadquartersNicosia, Cyprus
Support Number+44-203-807-193-5
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish, Arabic, Czech, Polish
Minimum 1st Deposit$100
BonusUp to 25%
PayoutUp to 20:1
Free Demo AccountYes
Regulated Yes
RegulationCyprus Securities Exchange Commission (CySEC)
Account TypesStandard, Practice
Deposit MethodsVisa, MasterCard, Skrill, Neteller, Wire Transfer, FasaPay
Withdrawal MethodsVisa, MasterCard, Skrill, Neteller, Wire Transfer, FasaPay
Types of AssetsForex, Shares, Indices, CFDs, Commodities
Account CurrencyUSD, EUR, GBP, CAD, JPY, AUD, PLN
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

Forexyard is one of the many Cyprus-based forexes trading online brokers based in Nicosia. The company started its operation in 2004. Later, in March 2011, it was acquired by Safecap Investments LTD. The company has been licensed by CySeC and operates under the jurisdiction of most European Union countries. As most of the online broker based in Europe, this one also forbids the registration of US customers. Islamic accounts are also not available. This online broker offers the unique opportunity to trade seamlessly with forex, gold, commodities, oil and silver. It offers a remarkable amount of seventy different currency pairs and stock indices. It has earned its place amongst some of the biggest names in the industry with providing excellent features and superb trading tools. With a lot of experience behind their backs, the people from Forexyard have taken into account all modern trading features and the needs of a nowadays trader. With this been said let’s see what the platform has to offer.

 

Trading Information

It’s all about leverage these days and Foreyard offers the industry’s standard 1:200. The spreads are fixed with EUR/USD being three pips and overall 3-5 pips on most major currency pairs. Hedging is supported, but sadly scalping isn’t. All the great trading features like stop order, limit order, trailing stop order and others are supported.  You have mobile and email alerts which are very nice and already a standard in the industry. The option of a Demo account is available for people who would like to test out the platform first before funding their accounts with real money. As we already mentioned you can trade with Forex, commodities and CFD markets. This wide variety of choices gives the clients the opportunity to trade freely and organize their deals according to the market trends. The broker has made two types of accounts available. The first one is the “Super Mini Account” which gives you all the tools and features needed to trade like an expert except for trading with commodities. The “Standard” account will set you back a minimum of $1000 but will give you the option of trading with commodities and some other small benefits. For example, if you have a “Standard” account you don’t have to pay any withdrawal fees (for the Super Mini Account there is a $25 withdrawal fee for bank wire and the Western Union and $10 for credit and debit cards).

 

Trading Platforms

The trading platforms are the main tools of every trader, and a self-respected broker should offer at least three different ones to suit their needs. Forexyard doesn’t disappoint and has four platforms (seven if you count their mobile version). The very famous Metatrader4 platform is available, which is not a surprise because it’s very stable and easy to use. There is also a web-based version that doesn’t need additional downloads and installs. But the main focus should be on the proprietary FX-trader platform. This platform offers all the features a trader needs and is very easy for beginner traders. You’ll have all the charts and feeds you need (some are missing on the MT4), and your trading experience will be unmatched. FX-trader also has a web-based platform that can be used with every major web browser. Additionally, there’s also an automated version of the FX-Trader where you can setup your orders quickly and not be in front of your desktop computer all the time. All versions of the platform are available for mobile devices so you can keep trading while away from your home or office.

 

Security and Customer Services

As far as safety is concerned there aren’t any major concerns here. The platforms are tested and stable, the transactions are protected, and all of your personal data is safe on their servers. Customer support is top of the industry with all major options of contacting them made available. There is a phone number, email and an online contact form available. In fact, there is a total of 11 phone numbers available for each country. Something that a modern online broker can’t do without is the live chat option. It has been tested, and the customer representatives receive a very high score in this regard. You can reach them 24/5 by Sunday evening

at 5 pm EST through Friday afternoon at 4 pm EST.

 

Deposits and Withdraws

Depositing money into your Forexyard account is made hassle-free, and most major banking methods are supported.  Credit and debit card transfers are immediate, but Bank Wire may take up to 3 days. There are no deposit fees whatsoever (except for the ones that your bank might charge for the transfer). Withdrawals are made through the banking method you have chosen for the deposit. We already mentioned that there might be some fees when you’re withdrawing small sums from a “Super Mini Account” but overall there are no additional charging fees. Processing times are not very quick. In fact, it’s stated that they would take “no less than three days”, and there is no indication of a maximum amount of waiting time. From what users have reported it between 3-5 working days and on rare occasions – 10 days. Safe deposits can be made in banks that are very popular such as Barclays, RBS, and The National Bank of Dubai.

 

Deposit Bonus and Loyalty Programs

Forexyard doesn’t offer a welcome bonus, but they have two promotions described on their “Promotions” page. The first one is called “Pro-Trader VIP Plan” and the second one is the “Trade Like a Pro” option. I can’t say that these can bring you any benefits, but they do mention some 1-on-1 coaching, Forex squawk, and other stuff. You can safely assume that this might just be a commercial for their primary accounts. However, there is a cash referral bonus of $100. It’s given for every person you bring to the site and has no limit. The more people you invite, the bigger the bonus. It’s safe to say that Forexyard is a legitimate online broker that can give you tons of trading opportunities. The trading experience is great, and customer support is flawless. Try it and see if it will suit your needs.

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