Broker Review – Forexyard
Forexyard offer Gold, Silver and Oil in their commodities package, and their spreads are fixed, so their prices don’t ‘conveniently fluctuate’ around the time of important announcements unlike some less scrupulous brokers.
They do let themselves down on the newbie front though. Their Currency account is low enough for beginners to grab a foothold in the game, but with a minimum $1,000 margin for gold they will be very lucky to get any beginners signing up – any newbies are going to go to end up on Etoro’s doorstep to trade commodities. So, being as spreads are fixed, and entry level is quite high, this is the place for more experienced traders who know how and when to ‘play the game’.
If you are new to the trading game, then the good news is that support at Forexyard is consistently prompt. Emails are answered generally within the working day, and there always appears to be someone manning the live chat assistance. If you need general trading info, and an opportunity to discuss anything in the trading world, then you could also sign up at the Trading Game Forum.
The Forexyard site itself is easily navigable, and there is a wealth of resources available to support new and experienced traders. They do run a free and comprehensive trading course, and, they usually have a pretty good promotion running – see our Trading Offers. Another sore point, is that commodities trading is not available with their demo account. Whilst their live account might be highly popular, any beginner is likely to look to another broker with a commodities demo account, and presuming nothing goes wrong, they’ll stay with that broker when the move from virtual to live account occurs. Having said that, as mentioned above, Forexyard do have promotions which are tempting enough to bring a newbie trader back to their platform once they’ve learned the rudiments of commodities trading on someone else’s demo account.
As you can see from the screenshot below, their platform software at first appears to be not too much more than a step-up from an MS-DOS interface. But, the beauty of it is that it leaves you in control of the software. No flashy gimmickry here, or patronizing modes, this is the real thing. Perhaps it is more of an experienced trader’s choice, a newbie may have difficulty getting to grips with trading strategy and software use all at once. However, once you know what you are doing, then being able to ‘recreate’ your own interface to meet your needs is something of a rarity, and an added bonus.
Whilst Forexyard’s minimum deposit and trades for commodities are a bit pricey, their overall good service, customizable interface, and excellent promotions are some of the reasons that they continue to be so popular .
Forexyard Commodities Trading Platform
The Facts
How To Open An account
Minimum Deposit
- $1000
Minimum Trade
- $1000
Promotions
- $100 cash-back on deposits over $1000, and, 100% cash-match up to $300 for SuperMini accounts
Deposit / Withdrawal
- VISA, MasterCard, Maestro or Diner’s Club and Bank Wire Transfer
Trading Platform Logon
Tutorials
- Comprehensive Manual (HTML)
Support
- Email, chat, telephone
Operating system requirements
- Windows or Java for Macs
Commission charged
- No
Demo Account
- Not for commodities
