FOREXYARD – A Quick Review

FOREXYARD is a broker that facilitates trading in forex as well as silver, gold, and oil commodities. ‘DEMO’ accounts are available for those not confident enough to risk real money yet.

With real accounts, money can be deposited in them by means of a bank transfer or with a credit card. You could even have 10% or a maximum of $1000 added to your account if your deposit is sizable enough. You can trade with a maximum leverage of 1:200, and the interest you pay will be based on your open positions on the overnight rollover to the next trading day. While you will not find much to distinguish this broker from the others, there are a few features and tools for trading that you might not be able to find offered elsewhere.

“Demo Trading” – Yes. Without restrictions. Score: 10

Initial Investment – Minimum deposit of $100 to open a “MINI” account. A “Premium” account is also available. Score: 9.5

Withdrawals and Deposits from your account – All deposits can be made through bank transfer or with credit cards. The process of opening an account is simple and you merely need to fill out several forms – the process is entirely online. Withdrawals: direct to the bank account of your choosing. Score: 8.5

Spread – Main currency pairs – 3 – 4 PIP spread. Spread is fixed regardless of market conditions.

Stop Point – Clarify details with the broker before an account is opened.

Leverage – 1:200. Score: 7.5

Interest – Calculation of interest is based on any open positions held that rollover to the next trading day.

Trading Tools:

Technical and professional support – Comprehensive 24-hour support.

Literature, on-line tools and professional articles –Financial and news articles.

Trading courses – Offers a trading course, which is complimentary when opening an account with a minimum deposit of $5000.

Market surveys and reviews– Daily reports on the financial world.

Trading alerts – None.

Traders help guide – Limited to explanations of trading terminology.

Range of foreign currency pairs that are offered – 14 foreign currency pairs and gold, silver and oil commodities.

Languages – Support for 14 different languages.

Trading room online – None.

Personal coaching – None.

Free gifts, bonuses and other “goodies” – Trade using your mobile phone. 10% bonus up to a maximum of $1000 on your initial deposit.

Downloading trading platform – Yes.

Advantages – Comprehensive round-the-clock support, “DEMO” trading, multiple language support and a complimentary trading course with a minimum deposit of $5000 plus a 10% account bonus.

Disadvantages – Run of the mill broker who doesn’t offer anything special. Limit on leverage may not be high enough for your trading needs.

Brokers score: 8.5

Note: as is the case with any business or commercial enterprise, brokers occasionally do alter current offers, terms and conditions and any bonuses being offered to clients. For this reason, when attempting to choose any broker in particular, it is highly recommended that you verify that current offers are still the same as those mentioned above.