ForexYard: A Review of Forex Broker ForexYard

Simit Patel · 11-13-2009, 04:25 PM

Below is a review of ForexYard, a forex/commodities broker I recently approved as a sponsor of InformedTrades. Below is my review of the company.

1. Trade Currencies and Monetary Commodities. One of my favorite aspects of ForexYard is that while they focus on the forex market, they also offer trading in gold, silver, and oil (with platinum on the way). Gold, silver, and oil are "monetary commodities" -- meaning they are inflation-sensitive and often quite correlated to the behavior of currencies, more so than other assets. So, as a person who is focused exclusively on currencies, I really appreciate this aspect of ForexYard, as I think monetary commodities are part of the currency world.

1. They're based in Cyprus. Some folks find this to be a cause for concern -- I don't. To be honest I kinda like it, as they are going to have to hustle a bit more if they want to succeed. In my phone conversations with ForexYard I found them to be the hustling type, which I think is a positive. But if you're not located in Cyprus (and you're probably not

), and you want to find a domestic forex broker, ForexYard is probably not for you.

2. They have a staff knowledgeable about the markets. Like many if not most forex brokers, ForexYard understands that customers not having the knowledge needed to successfully trade is a big obstacle. Accordingly, they focus on having a staff that is knowledgeable, and in creating educational resources for customers. While I don't think their educational offerings are any match for InformedTrades

, I was pleased to find that they have taken the time to have a knowledgeable staff on board. Their analysts can talk support and resistance and will even make market calls that are rooted in sound fundamental or technical logic. We import their market commentary videos here at InformedTrades; below are some examples:

Oil Prices Climbing on Weak USD
US Unemployment Claims Vital Today
USD Building Towards Volatility
USD Reversal in the Making?
Safe-Havens Gain on Market Turmoil
Will the Oil Prices Breach the $90 Level?

3. FSA, not NFA. ForexYard is in the process of obtaining FSA approval, the forex regulatory body out in the UK. I'm not a fan of regulatory bodies, especially self-regulatory organizations like the NFA, but in any event it is important to note that their lack of participation with the NFA opens up some opportunities for the InformedTrades community that otherwise would not be attainable -- such as cashing in your InformedPoints for funded trading accounts. More on that soon.

4. Mobile and web-based platforms. ForexYard offers mobile platforms for many of the major mobile phones: iPhone, HTC Hero, Nokia N85, Blackberry Curve, Palm Pre, Samsung Omnia, Nokia N97, Blackberry Storm, and Samsung Tocco. The company also has a web-based platform -- no download of software required. The web-based platform is very bare bones; just your trading information is basically all you get. I like that, although if you're looking for something a bit more robust with lots of add-ons, this may not be for you.

5. Trading by Phone. If you have a Standard account (not a micro), you can trade by phone. The company has a live dealing desk open 24 hours a day capable of executing trades in Mandarin (Chinese), Spanish, Arabic, and English.

6. Customer Service by the Means of Your Choice. You can interact with ForexYard via phone, email, or live chat, 24 hours a day, 5 days a week (they are closed on the weekend when the market is closed). I've communicated using all three means, and have not had any problems. The one gripe is that they seem to be busy at times, and so I did have one phone call in which I was on hold for longer than I'd like to be. In fact the experiences I've had reminded me a bit of the days back when I worked at FXCM in the first half of this decade -- FXCM was a small but growing company back then, filled with lots of energy. I get a similar impression from ForexYard.

7. Strategy Automator. ForexYard has their own strategy automator, which includes pre-packaged strategies their clients can try at no additional cost. I've spoken to representatives there who say that they can convert MT4 EA scripts can be converted to their system. I'm always skeptical of these types of free automated systems, doubly so when they are offered by forex brokers, but I'm going to test this out and will report back with results in the coming weeks and months. ForexYard claims their automator makes MT 4 "obsolete." Big words -- I'll find out if they're true or not.

Based on these factors, I felt comfortable opening an account with ForexYard. So far I've only placed a couple trades with them, but the live account process was smooth, and so far everything is working without any problems. As such, I've decided to allow them to serve as a sponsor here at InformedTrades. I'm working with them to get one of their representatives on board to participate in our community as well.

If you're interested in trying a demo or live account with ForexYard, click on the button below.

Simit Patel · 12-16-2009, 06:38 PM

I just wanted to add an update I received from one of the marketing staff over at ForexYard:

We have just added a brand new mobile platform that has 4 versions. BlackBerry (Storm and RIM), Symbian, ann the only platform available for the iPhone.

The app for the iPhone can be found on the app store under the search term FOREX. I believe it is the 5th or 6th result.

The rest of the platforms can now be found on forexyard.com

These platforms are now very robust. You should check it our, we are seeing real interest in them.

Click here to visit ForexYard.

Of course, like I tell other brokers that want to reach out to the InformedTrades community, once we've come to business terms, it's best to show your face in the InformedTrades community. Of course, that is if you're brave enough to stand behind your product/service in our community, like Jason Rogers and Craig Ross are.

Fortunately, ForexYard is up to the challenge -- a representative of theirs will be joining us shortly, to help you with mobile platform issues or any other issues related to your forex trading.

Tekmnd · 12-16-2009, 07:55 PM

Quote:

Fortunately, ForexYard is up to the challenge -- a representative of theirs will be joining us shortly, to help you with mobile platform issues or any other issues related to your forex trading.

That's great

Looking forward to it.

Cheers
Tek

uahmed · 12-16-2009, 10:04 PM

I am happy we are going to have a representative join the community, always makes me feel more comfortable with the product being marketed!

Simit Patel · 12-17-2009, 05:49 AM

yup, me too

daniel@forexyard · 12-22-2009, 04:20 AM

Hi everybody.

just a small correction on the link to the mobile trader

it can be found at Welcome to FXYard Mobile Trader

The software is continually being upgraded for all of the platforms, so any feedback you may have will be much appreciated.

Happy Holidays everyone.

11-13-2009, 04:25 PM	#1 (permalink)
Simit Patel InformedTrades Founder Badges About Assets Total Awards: 6 Join Date: Mar 2008 Posts: 1,602 InformedPoints: 56,292.41 Funds	ForexYard: A Review of Forex Broker ForexYard Below is a review of ForexYard, a forex/commodities broker I recently approved as a sponsor of InformedTrades. Below is my review of the company. 1. Trade Currencies and Monetary Commodities. One of my favorite aspects of ForexYard is that while they focus on the forex market, they also offer trading in gold, silver, and oil (with platinum on the way). Gold, silver, and oil are "monetary commodities" -- meaning they are inflation-sensitive and often quite correlated to the behavior of currencies, more so than other assets. So, as a person who is focused exclusively on currencies, I really appreciate this aspect of ForexYard, as I think monetary commodities are part of the currency world. 1. They're based in Cyprus. Some folks find this to be a cause for concern -- I don't. To be honest I kinda like it, as they are going to have to hustle a bit more if they want to succeed. In my phone conversations with ForexYard I found them to be the hustling type, which I think is a positive. But if you're not located in Cyprus (and you're probably not ), and you want to find a domestic forex broker, ForexYard is probably not for you. 2. They have a staff knowledgeable about the markets. Like many if not most forex brokers, ForexYard understands that customers not having the knowledge needed to successfully trade is a big obstacle. Accordingly, they focus on having a staff that is knowledgeable, and in creating educational resources for customers. While I don't think their educational offerings are any match for InformedTrades , I was pleased to find that they have taken the time to have a knowledgeable staff on board. Their analysts can talk support and resistance and will even make market calls that are rooted in sound fundamental or technical logic. We import their market commentary videos here at InformedTrades; below are some examples: Oil Prices Climbing on Weak USD US Unemployment Claims Vital Today USD Building Towards Volatility USD Reversal in the Making? Safe-Havens Gain on Market Turmoil Will the Oil Prices Breach the $90 Level? 3. FSA, not NFA. ForexYard is in the process of obtaining FSA approval, the forex regulatory body out in the UK. I'm not a fan of regulatory bodies, especially self-regulatory organizations like the NFA, but in any event it is important to note that their lack of participation with the NFA opens up some opportunities for the InformedTrades community that otherwise would not be attainable -- such as cashing in your InformedPoints for funded trading accounts. More on that soon. 4. Mobile and web-based platforms. ForexYard offers mobile platforms for many of the major mobile phones: iPhone, HTC Hero, Nokia N85, Blackberry Curve, Palm Pre, Samsung Omnia, Nokia N97, Blackberry Storm, and Samsung Tocco. The company also has a web-based platform -- no download of software required. The web-based platform is very bare bones; just your trading information is basically all you get. I like that, although if you're looking for something a bit more robust with lots of add-ons, this may not be for you. 5. Trading by Phone. If you have a Standard account (not a micro), you can trade by phone. The company has a live dealing desk open 24 hours a day capable of executing trades in Mandarin (Chinese), Spanish, Arabic, and English. 6. Customer Service by the Means of Your Choice. You can interact with ForexYard via phone, email, or live chat, 24 hours a day, 5 days a week (they are closed on the weekend when the market is closed). I've communicated using all three means, and have not had any problems. The one gripe is that they seem to be busy at times, and so I did have one phone call in which I was on hold for longer than I'd like to be. In fact the experiences I've had reminded me a bit of the days back when I worked at FXCM in the first half of this decade -- FXCM was a small but growing company back then, filled with lots of energy. I get a similar impression from ForexYard. 7. Strategy Automator. ForexYard has their own strategy automator, which includes pre-packaged strategies their clients can try at no additional cost. I've spoken to representatives there who say that they can convert MT4 EA scripts can be converted to their system. I'm always skeptical of these types of free automated systems, doubly so when they are offered by forex brokers, but I'm going to test this out and will report back with results in the coming weeks and months. ForexYard claims their automator makes MT 4 "obsolete." Big words -- I'll find out if they're true or not. Based on these factors, I felt comfortable opening an account with ForexYard. So far I've only placed a couple trades with them, but the live account process was smooth, and so far everything is working without any problems. As such, I've decided to allow them to serve as a sponsor here at InformedTrades. I'm working with them to get one of their representatives on board to participate in our community as well. If you're interested in trying a demo or live account with ForexYard, click on the button below. Share This \| __________________ My Links: Proud to be a Permabear, Crisis Investing Video Series, Investing in a Centrally Planned Economy, The Investor 2.0 Quest Last edited by Simit Patel; 11-13-2009 at 04:28 PM.

12-16-2009, 06:38 PM	#2 (permalink)
Simit Patel InformedTrades Founder Badges About Assets Total Awards: 6 Join Date: Mar 2008 Posts: 1,602 InformedPoints: 56,292.41 Funds	I just wanted to add an update I received from one of the marketing staff over at ForexYard: We have just added a brand new mobile platform that has 4 versions. BlackBerry (Storm and RIM), Symbian, ann the only platform available for the iPhone. The app for the iPhone can be found on the app store under the search term FOREX. I believe it is the 5th or 6th result. The rest of the platforms can now be found on forexyard.com These platforms are now very robust. You should check it our, we are seeing real interest in them. Click here to visit ForexYard. Of course, like I tell other brokers that want to reach out to the InformedTrades community, once we've come to business terms, it's best to show your face in the InformedTrades community. Of course, that is if you're brave enough to stand behind your product/service in our community, like Jason Rogers and Craig Ross are. Fortunately, ForexYard is up to the challenge -- a representative of theirs will be joining us shortly, to help you with mobile platform issues or any other issues related to your forex trading. __________________ My Links: Proud to be a Permabear, Crisis Investing Video Series, Investing in a Centrally Planned Economy, The Investor 2.0 Quest

12-17-2009, 05:49 AM	#5 (permalink)
Simit Patel InformedTrades Founder Badges About Assets Total Awards: 6 Join Date: Mar 2008 Posts: 1,602 InformedPoints: 56,292.41 Funds	yup, me too __________________ My Links: Proud to be a Permabear, Crisis Investing Video Series, Investing in a Centrally Planned Economy, The Investor 2.0 Quest

12-22-2009, 04:20 AM	#6 (permalink)
daniel@forexyard Badges About Assets Total Awards: 1 Join Date: Dec 2009 Location: Cyprus Posts: 3 InformedPoints: 0	Mobile Forex Hi everybody. just a small correction on the link to the mobile trader it can be found at Welcome to FXYard Mobile Trader The software is continually being upgraded for all of the platforms, so any feedback you may have will be much appreciated. Happy Holidays everyone.

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12-16-2009, 10:04 PM	#4 (permalink)
uahmed Badges About Assets Join Date: Jul 2008 Location: Chicago, IL Posts: 284 InformedPoints: 50.03	I am happy we are going to have a representative join the community, always makes me feel more comfortable with the product being marketed!