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Full Review
FOREXYARD, whose motto is “Take the market by the horns,” label themselves as one of the premier online brokerages. They have achieved this by harnessing the experience of professional forex traders and linking it with the expertise of internet and financial specialists. FOREXYARD deal with a wide range of traders from all parts of the globe, treating novice traders with the same professional respect as they do experienced ones. Crucial to their relationship with customers, the company’s ethos is to build a strong relationship with clients and to appreciate their requirements. FOREXYARD also keep traders up-to-date with financial information, and employ experienced analysts to enable them to do this. Market reports are also emailed to clients daily.
At first view the landing page for the FOREXYARD website – Forexyard.com – looks quite minimalist. However, on closer view it is packed with information. Central to the page is a selection of icons which clicked on allows the site to show information about the services on offer. On the left of the page is a tab which allows live trading or as a demo. On the right of the page are tabs for Platform Choices, Account Choices and an Account Demo. Elsewhere on the page are further tabs, enabling both live and demo trading and a guided tour of the website. For those seeking help there is a live chat mode, one for accessing the FOREXYARD newsletter, a blog and “The Analyzer” which displays free trading signals. There is also a tab for clients to access their accounts and lodge funds. This all goes towards making the Forexyard.com landing page an extremely user friendly, and enticing enough to encourage visitors to explore the rest of the site.
FOREXYARD give clients the option of downloading a free trading platform for Windows and an online user manual is also available. The company also offer a variety of ways to enable automatic trading. With the Forexyard Strategy Automator account clients have access to an automated trading mechanism. Labelled as “cruise control” there is a wide choice of systems and strategies where positions are opened, bought, sold and closed automatically. The minimum deposit for the FSA is $2,000 with no maximum. The program deals with Forex, gold and oil trading. For the more advanced trader, FOREXYARD’s “cruise control” also provides algorithmic trading. Traders can write their own algorithm and then back test them. Another option is API trading where clients can use FOREXYARD’s API libraries to build automated trading into their software systems. This system works by directly linking a API library to the trader’s computers which communicate with the FOREXYARD servers. In order to utilise the API system clients need a minimum of $1,000 in their accounts. It should be noted that video-tours are available on Forexyard.com for each of these accounts.
The FOREXYARD platform also includes commodity trading. The company claim they offer clients “highly competitive” spreads and margins. Trading is carried out within the gold, mini gold, oil, mini oil, silver and platinum commodity markets. No extra software has to be downloaded as everything is included in the existing FOREXYARD platform. The platform is also available for CFD trading. FOREXYARD offer competitive spreads and low margin requirements, and 24 hour dealing desk assistance is also available. Market indices trading is also available on the FOREXYARD platform. Indices can be bought and sold such as the Dow Jones Industrial, NASDAQ 100, S&P 500, the Nikkei 225, DAX 30, NSE Nifty Index as well as other major markets worldwide. FOREXYARD also provide a facility for currency trading, offering a wide variety of currency pairs. The company pride themselves in their ability to offer what they claim is a “secure trader-friendly platform for immediate online forex trading, without the need to download software.” The platform provides ready advice and help to first time investors with the provision of real-time charts, live quotes, analysis and news. Technical and market advice can be sourced through a 24-hour support service. In order to assist clients with their trading FOREXYARD also provide several trading tools online. These include a Forex News Centre with links to USD Daily News, EUR Daily News, JPY Daily News and Commodity Daily News. Also linked is a guide to Forex Trading, a video section, a Forex calendar and a list of opening hours.
Forexyard.com offers a variety of accounts for clients and traders. The account choices are Open Standard, Open SuperMini, Open Institutional and Open FSA. These can be accessed by clicking on the Forex Trading tab on top of the page. By clicking on each account type visitors are switched through to a Live Forex Account page where they can register their interest.
There are several other benefits for clients trading with FOREXYARD. The facility is available to open trading with a credit card. This ensures that trading is able to commence as quickly as possible. Tight measures are also in place to enforce credit card security. The JAVA based trading platform means that no software has to be downloaded. Bids are continually posted, ensuring clients can trade during major marketing news breaks, something other brokers may not permit.
FOREXYARD have also introduced trading via the client’s mobile phone. Mobile trading enables clients to carry out forex and commodity trading anywhere in the world, 24-hours a day. FOREXYARD mobile trading allows clients to view live dealing rates and open positions, and to place, modify and remove orders. The software for mobile trading, and iphone trading can be downloaded from the Forexyard.com website. As well for iPhone, the software downloads cover Blackberry, Symbian OS, i-mode doja devices, Android cell phones and Windows Mobile devices.
Educational and instructional features should play an important part on any financial trading website. Forexyard.com is not lacking in this respect. Listed in the top tool bar on the landing page is “Forex Education.” The click down tab has further sections on the blog, a guided and virtual tour, chart manual, forex tutorial, a glossary, technical analysis, a “Forex vs Equities” section and software download. Forexyard.com also allows the uninitiated to practice with a demo account. This facility can be accessed on the home page. Immediately below the demo account is a tab which allows clients to commence live trading. Opening a demo account is simple and is done online. Each trading section also includes information about what is involved, plus an advisory note to contact the dealing desk if more information is needed.
The unique selling point of Forexyard.com is the variety of markets on offer. Clients can commence trading with three commodities and 20 currency pairs. Traders benefit from FOREXYARD’s user friendly programs and round the clock support. FOREXYARD provide the facility for clients to trade in currencies, commodities, CFD and market indices, allowing them to attract a wide a range of investors possible. Typical spreads for commodities are gold $1, mini gold $1.2, oil $0.06, mini oil $0.08, silver $0.06, platinum $5. CFD trading with FOREXYARD offers the following advantages: trading is carried out instantaneously, trades can be carried out with up to 200:1 leverage, stop limits exist similar to Forex trading. For currency trading FOREXYARD offer guaranteed fixed spreads. These include a fixed dealing spread of three pips on EUR/USD, while other major currencies are three to five pips. These spreads also apply during major economic major news releases. FOREXYARD insist that other brokers may increase that spread up to 10 pips at such times.
Despite its minimalist look at first sight, Forexyard.com is packed with a treasure house of information. Indeed, one criticism could be that the amount of information on offer is daunting and threatens to overwhelm the first time visitor. However, the very nature of the business means that a large amount of information is needed for both existing and potential clients, so time should be taken to surf the website and carefully read what is on offer. The educational and instructional elements on Forexyard.com are excellent, both the written word and video. Helpfully, a “Forex Education” tab is displayed on the toolbar at the top of the page. However, there is more instructional material to be found when surfing the site. The daily news emails and blogs also serve to keep clients up-to-date.
A very positive feature of the Forexyard.com website is the live updates, essential to all traders. The site contains free trading signals and alerts, rolling market news from Reuters, current commodity and currency quotes, up to the minute trading charts as well as details of monthly promotions – all essential information for traders. This all fits in FOREXYARD’s commitment to providing their clients with a first class service. Such a plethora of information and the wide choice of markets and their relationship with clients make trading with FOREXYARD a very attractive prospect.