Forexyard

Company overview

Forexyard is very welcoming for the beginning trader, offering a free Forex course when you open a free demo account. It was established in 2004, and underwent a complete overhaul in 2009, putting to rest some user complaints that the trading platform was getting outdated.

Available Platforms

Forexyard’s main platform is based on the Act Trader software, which is widely adopted and has a user friendly interface. There is a Java based platform available which means you can trade without having to download software from any computer connected to the Internet.

The third platform is called Forexyard Mobile Trader, and runs on an iPhone. It’s available in sixteen languages, and automatically synchronizes with the desktop application.

Account Types

You can open an account at Forexyard with as little as $100. This account is called the Supermini, and has a deposit limit of $1000. Lot size is just 1000, and 200 to 1 leverage is available.

The Standard account requires a minimum initial deposit of $1000, and also allows you to trade gold, silver and oil on the same platform. This would be the choice for regular traders.

There is a larger Institutional account, with a minimum account size of $50,000 and leverage of 30 to 1. This is for the hard-core trader and it incorporates an ECN-platform, giving you direct quotes from the market, rather than from a broker’s dealing desk. This usually results in the best tight spreads.

Finally, another different account type, the “FSA”, can be opened with a minimum $2000 deposit. FSA stands for Forexyard Strategy Automator, and the claim is that it makes MetaTrader with its well-known Expert Advisor system obsolete. FSA gives you an automated system, where all you need to do is select the strategies you want to run and allow the FSA to trade for you. You can of course intervene manually, and the system has the advantage that you do not need to leave your computer running during trading, as the Forexyard servers will continue applying your chosen strategies.

There is a promotion currently where Forexyard will give you a 10% bonus on any funds deposited – this works on existing accounts, as well as new ones. You need to fulfil a certain amount of trading to be able to qualify to receive the money, and this is typical with most brokers’ bonus offers.

Support

Forexyard gives 24 hour support, with a Trader Support Center available to give help and market advice during the trading week. You can contact them by live chat, phone, or e-mail if you don’t need an instant answer.

Summary

• √ Choice of web-based or downloaded platform.
• √ No commissions.
• √ Supermini Account for the novice trader.
• √ Excellent customer service.
• √ Great educational resources.