FXYard Review
FXYard claims to be “committed to delivering the very best Online FOREX Trading experience”.
While starting up an account and beginning trade on their platform is far from being the best experience in the FOREX market, the overall package they offer makes the experience a lot better.
FOREX Yard offers 2 platforms, a download windows-based client version and a Java version.
The registration process, as well as the deposit process, for both platforms are short and simple, and are done on the web.
However, logging into both platforms takes time. The client version takes about 10 minutes to download, and it takes over a minute to access the Java version. When entering, there is a slight feeling of overwhelming due to all the functions available. The system is not intuitive at all, as it is difficult to understand how to even place your first position.
Manuals for both platforms are available online, and they will walk you through operating all the features available in each. Once some experience is gained, both in the FOREX market and using FXYard platform, the trader will find the advantage in the fully customizable desktop, which can be set to provide the exact tools, charts and views needed to best perform his deals.
The trading platform provides the standard tools of the trade as well as more sophisticated tools such as order entry and tracking of market orders, entry orders, stop/limit entry orders, stop-loss orders and trailing-stops orders.
The skilled trader will also gain from the ability to operate a few sub accounts simultaneously, so that basically he is able to go “short” and “long” on the same currency at the same time.
FXYard offers demo accounts to get to know the trade, and also offers real money accounts for 2 levels of traders. The Super-Mini account is more for beginners. The minimum deposit is $100 and the minimum trade size is 1,000 units of the base currency.
The Standard account requires a Minimum trade size of 10,000 units of the base currency and allows deals of up to $5,000,000.
Offering 26 trading pairs, the spreads vary between the 2 types of accounts. For the Standard account they are 3-5 pips for the major pairs, and 7-13 for the exotic pairs. For the Super-mini accounts they are 7-10 pips for the major pairs, and up to 20 for exotic.
Scope of deals is limited the first week of trading due to security measures. Such limitations will be removed at the end of the week and after talking on the phone with a representative.
FXYard download version is available in 16 languages (English, Arabic, Chinese (simplified & Traditional), Finnish, French, German, Hebrew, Hungarian, Japanese, Korean, Portuguese, Russian, Slovak, Spanish, Turkish). The site is available in 7 languages: English, Spanish, French, German, Arabic, Chinese and Hebrew.
While trying to start up on your own can be complicated, FXYard provides extensive support to make the process easier. A representative will call you even upon opening a demo account to walk you through the system. Their representatives are nice and eager to help. More importantly they are knowledgeable in the trade, so that their support is not just technical but they can also help you with getting acquainted with the FOREX market, and the rules of thumb to work within the trade. They are willing to provide their services not just via the phone but also meet face to face. VIPs are also provided with financial consulting services.
The site offers a great overview for beginners under the “FOREX Training” tab. It will walk you through the basics of trading in FOREX market as well as the basic elements of reading charts and analytical tools. FXYard is partnered with the “Online Trading Academy” and offers a free online full trading course.
When dealing on FXYard platforms you get the feeling that they are a large and established company that are in the industry for the money, but they want you to be in for it too. They provide excellent support and training, while still pointing out the risks that are involved in FOREX trading. They encourage you to learn more about the market and plan your strategies so that you come out with the upper hand.