- About the Company: ForexYard is one of the trading names of SafeCap Investments Ltd. The company runs a number of other retail Foreign exchange trading brokerages including Markets.com, ECMarkets and Finexo.
- Founded: 2005, the company was purchased by SafeCap Investments Ltd. in 2011.
- Payment Options: Credit and Debit Cards, WebMoney and Wire Transfer.
- Platforms: MetaTrader 4, Tradency’s Mirror Trader and various mobile platforms.
- Accounts available in: EUR, USD and GBP.
- Minimum Deposit: $100.
- Regulation: SafeCap Investments Ltd. is regulated in Cyprus by CySEC.
- Social Trading: Through Mirror Trader.
- Support Options: Live Chat, Callback, Phone and Email.
At the center of the ForexYard offering is the MetaTrader 4 platform. Since it’s launch in 2005, MetaTrader 4 (MT4) has established itself as one of the most popular trading platforms. In part due to the support that the platform offers for automatic trading through Expert Advisor’s (EA’s). ForexYard’s version of the MetaTrader 4 platform provides full support for those wishing to use Expert Advisor’s and also offer discounted VPS hosting for those who want to run their EA’s 24/5. In addition to the MetaTrader platform, the brokerage offers it’s clients the FxTrader platform. While I don’t rate the FxTrader platform as highly as MetaTrader 4, it is nice for traders to have a range of platforms to choose from. The brokerage also offers Web based versions of the MetaTrader and FxTrader platforms meaning that client’s can trade the market from any internet enabled computer. ForexYard have also ensured that those who want to trade on the move can do so, with the brokerage offering MT4 mobile for both Android and Iphone devices. A smart move considering the recent growth of mobile trading.
- Leverage: Up to 200:1 on Forex and leverage up to 100:1 on other instruments.
- Scalping: Allowed.
- Expert Advisors: Allowed.
- Hedging: Allowed.
- Trailing Stops: Yes.
- Spreads: Fixed, 3 pips on EUR/USD.
The trading conditions on offer at ForexYard are reasonable but not exceptional. The brokerage allows for traders to use Expert Advisors, with only limited restrictions. Traders are also allowed to engage scalping and hedging, allowing traders to engage in a range of different trading strategies. The main drawback being the relatively poor spreads offered on the major Foreign exchange pairs. You will find a number of other brokerages offering tighter fixed or variable spreads. When picking a brokerage, spreads are a very important consideration and the relatively wide spreads at ForexYard will likely put many traders off.
- Number of Currency Pairings: 51 (including various exotic currency pairings).
- Other Instruments: Stocks, Commodities, Indices and Bonds.
The range of currency pairings on offer is impressive. The vast majority of traders will be able to trade every pairing they desire, with the list on offer at ForexYard being pretty comprehensive. Where ForexYard really excels is in the huge range of other financial instruments they have on offer. This makes a brokerage appealing to those who want to trade a wide range of different instruments in one place. While the range of Stocks, Indices and Commodities on offer isn’t totally comprehensive, traders will be able to trade a decent selection of instruments in each asset class. The spreads on these other instruments aren’t too bad, but traders should be aware that they will be charged 0.1% of share trades. As with the other SafeCap Investment platforms, ForexYard offer a pretty decent range of trading instruments.
- Contact Methods: Phone, Call back, Email and Live Chat.
- Telephone Numbers: A range of international phone numbers.
- Support Languages: Arabic, Dutch, English, Finnish, French, German, Russian and Spanish.
Customer support at ForexYard is generally considered to be pretty decent, though I have seen a few people grumbling regarding rather slow withdrawals. But it is easy to get into contact with the brokerage and the staff generally do their best to help out those who have been experiencing problems. Customers can contact the brokerage through a range of different telephone numbers, which should help keep traders phone bills down. Support is available in a number of different languages, meaning the brokerage can deal with clients who don’t speak English as their first language.
- Regulated: By CySEC Cyproit’s financial regulator.
- MiFID Regulated: Yes, the brokerage can accept clients from throughout the European Union.
- Accepts US Traders: No, the brokerage can’t accept US traders.
- Regulatory Record: SafeCap Investments Ltd. have never be fined or disciplined by CySEC.
SafeCap Investments Ltd. were established back in 2008 and at the time of writing had never been on the receiving end of disciplinary action from CySEC. Considering the company operate a number of brokerages and deals with a large customer base, this should be taken as nothing but a positive sign. With Cyprus being a member of the European Union and thus signed up to MiFID, clients are ensured a minimum standard of regulatory oversight and protection. The country’s investor compensation scheme protects retail deposits up to the amount of 20,000 Euros should the brokerage collapse, providing additional reassurance to those considering depositing with the firm. From a regulatory standpoint, it is hard to see anything amiss.
ForexYard offers an impressive range of financial instruments, as well as supporting a number of popular trading platforms. The major drawback as I see it, is the relatively poor spreads offered on the major currency pairings. This means many Forex focused traders would be better served by looking into alternative brokers who offer tighter spreads. On the whole my general impression of ForexYard is pretty favorable and may be a decent option for some traders.
What did you think of our ForexYard review? Have any experiences with the brokerage, please feel free to share in the comments.