ForexYard offers a single account type with leverage up to 1:200 and both fixed and variable spreads on the industry`s standard MetaTrader 4.
Micro lots are available for trade for those unwilling to risk a lot of money, and also there are free practice demo accounts.
The Company. Security of Funds
This broker offers trading in a wide range of financial instruments on MT4: a number of currency pairs, Contracts for Difference (CFDs) on indices, commodities and precious metals.
Originally an Israeli broker, ForexYard is a brand currently owned by Lead Capital Markets Limited, a Cypriot Investment company licensed and monitored by the Cyprus Securities Exchange Commission (CySEC). The company operates several online trading brands, such as Trade.com, optionsclick.com, Excellence Option, and Prestigeoption.com.
Previously forexyard.com was operated by Safecap Investments Ltd., doing business as Markets.com.
Financial regulation by CySEC is among the most popular and reputable ones in the EU. The Cypriot financial watchdog requires forex brokers to hold at least €730 000 in order to operate legitimately. This minimum capital requirement serves as a proof of good financial standing.
Furthermore, all CySEC-regulated companies are members of the Investor Compensation Fund, which serves to protect and secure the claims of covered clients and provide them with compensation of up to 20,000 EUR per person, where broker is at default. Similar compensation schemes apply in other jurisdictions – for example, FCA-regulated brokers in UK fall under the Financial Services Compensation Scheme, where the maximum compensation cover is £50,000 per person. Such compensation schemes serve as additional guarantee to clients’ funds.
Moreover, each CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU under the MiFID Passporting Regime.
Minimum initial deposit
In order to open an account with ForexYard, one has to deposit at least $100, which is an average minimum initial requirement. Yet, many popular Cyprus-based brokers require less: easyMarkets – $25 and XM – just $5.
Average spreads & Commissions
ForexYard offers both fixed and variable spreads. Unfortunately, we find both values a bit too high: 3 pips fixed and 2.2 pips variable spreads for the EUR/USD pair. As you probably know, most FX brokers offering fixed spreads, provide such around 2 pips and average value of floating spreads on the forex market ranges from 1 pip to 1.5 pips for this pair.
For purposes of comparison, XM offers variable spreads from 1 pips on majors and charges no commission fees; Exness` fixed spreads amount to 1,7 pips or 2 pips on EUR/USD, depending on the account type.
Leverage levels offered by ForexYard are average amounting to 1:200. Most brokers provide higher ratios, for instance, Cyprus based easyMarkets offers leverage up to 1:400, and XM – up to 1:888; You may look up a list of forex brokers offering leverage equal to or exceeding 1:500 here.
We advise traders to be mindful of higher leverage, for it may both multiply their profits, and lead to heavy losses.
ForexYard offers its services on the most popular platform among traders – MetaTrader 4, which is available as desktop, mobile and web-based versions.
MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: a number of technical indicators, advanced charting packageр a wide range of Expert Advisors (EAs) and extensive back-testing environment. Traders can download ready-made or create their own EAs and let the software do all the work. More brokers using the MT4 can be viewed here.
Thе WebTrader powered by Sirix offers access to the MT4 and works on most browsers.
Methods of Payment
The broker accepts customer deposits and allows withdrawals via Wire Transfer, Credit card and Skrill.
ForexYard is a regulated Cypriot broker, offering its clients trading in a wide range of financial instruments on the ever popular MT4 platform. Although it charges no commission, we find the spreads way too high and we suspect it to be a Market Maker.
ForexYard Review Conclusion
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