CFD Review: ForexYard

Important Facts 
  • Regulatory Authority: ForexYard is a trading name of Safecap Investments Ltd. who hold a Cysec licence and also operate Markets.com 
  • Instruments: Forex, Oil, Indices and Metals. 
  • Features: Demo accounts and social trading facilities through Mirror Trader. 
  • Leverage: Up to 100:1 though leverage varies depending on the particular instrument being traded. 
  • Minimum Deposit: $100 
The Platform 
Being a Safecap Investments Ltd. brand means that the range of platforms offered by ForexYard is very similar to those offered by its sister site Markets.com. The main platform offered however is the well known MetaTrader 4 and functions just as you would expect it too. Their is also the option to downloading another trading application which itself is perfectly functional though it’s not as sophisticated as MetaTrader, though it does allow you to open and close positions with ease. Their is also a web based trading application which again while not hugely sophisticated is perfectly functional. Their is also the option to use the ForexYard mirror trader which is pretty much a standard social trading application, though I’m sure this option may appeal to some individuals. Thankfully ForexYard supports a number of different mobile trading applications and can support trading on the majority of Smartphone operating systems, which allows an individual to be able to trade on the move. 

Special Features 
There’s nothing particularly special about the ForexYard offering with the offering seeming to be lacking some of the polish of the other Safecap Investment brands. However their is still the option to open a demo account. But apart from this I can’t really see anything unique about the ForexYard CFD offering. Though I’m sure many people may find the Mirror Trading application appealing.  

Spreads  
As ForexYard is part of the Safecap group the spreads offered at ForexYard are the same as the spreads offered by the companies in the group. The spreads at ForexYard are very attractive in comparison with some of the other well known Contract for difference providers. While the spread on offer at ForexYard aren’t as good as the spreads at the most competitive brokers there still pretty reasonable and would still give a trader the chance to make some quite decent profits. All in all the spread offering from ForexYard is pretty competitive if it’s not the best value provider in the marketplace.  

Customer Service 
Back when ForexYard wasn’t part of the Safecap Investments group, the company didn’t have the best reputation for providing quality customer service. It appears now that ForexYard shares its customer services facilities with the other Safecap group companies so of which have a quite decent reputation when it comes to providing customer service. There is certainly a wide variety of ways to get into contact with customer service including a number of toll free numbers and numerous email addresses. There is also the option of talking to a live chat operator which has become a standard of Contract for difference customer service provision. Customer service is available 24/5. 

Regulation 
ForexYard was an unregulated Israeli brokership until in 2011 Safecap Investments took over the company and brought it under it’s regulatory umbrella. Until this time ForexYard had a slightly dubious reputation in many people’s eyes, however it has to be said it still had quite a strong client base. One which many broker’s wouldn’t mind having. Since 2011 ForexYard has been regulated by Cysec of Cyprus. Cysec is a well known regulator in the industry due to the fact that a large number of contract for difference providers are regulated in Cyprus. While it is generally held that Cysec regulation isn’t the toughest the fact that it is part of MiFID means it has to obey certain minimum standards allowing ForexYard to operate throughout the European Union. And it has to be said that Safecap Investments Ltd. currently has a spotless regulatory record and hasn’t been fined or penalized by Cysec.

Overall, the Contract for difference offering from ForexYard is pretty reasonable however it is not going to set the world alight either.

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