50 Words on – Why you can go broke with ForexYard?

Do you know how you can drive a woman crazy? Give her all the money in the world and close down all shops. Do you know how you can drive a Forex Trader crazy? Keep everything open but don’t give him his money. On FPA.com, Forexyard has only two stars, however for Forexiswhyisbroke.com standards it seems to be too high. It seems that not only the clients have problems to withdraw their money, but even their partners, such as affiliate rebate companies.

 

How can you avoid going broke with ForexYard:

15 Hours of research, and 16 minutes to be accurate. That’s how long it took me to write about 1300 words on a broker I never really knew before. Is that too much, or too little? I don’t really know. All I know is that complaints are very easy to find when it comes to ForexYard, and those don’t only come from traders, or should I call them clients. I had to dig deeper into their terms and conditions just to be sure my eyes are not getting blinded from the long hours staring at small letters, sometimes CAPS or angry marks of user’s feedback. Those last 16 minutes by the way, were the easiest; this is how you can avoid going broke with ForexYard.

• Try not to use any of their bonuses so you will not be bonded to any requirements in order to make withdrawals.
• Make small, weekly withdrawals rather than waiting to accumulate bigger profits.
• If your withdrawal was not processed within 3-5 days since you requested it, be sure to add the regulator email address in the CC when you email them the second time for the same issue.
• Make sure that you close all your positions before asking for a withdrawal. On their website (Click Here) is stated that “we will not comply with the request until you have closed sufficient positions to allow you to make the withdrawal.” In my opinion, “all your positions closed” is better than “sufficient positions”.
• In order to see your withdrawal request processed, please ensure that the funds remaining on your account following your withdrawal is at least twice of the margin needed to open your regular positions size.
• Make sure that the credit/debit card you used to make the deposit is not expired or close to expiring date when you make the withdrawal request. (this is valid for all brokers)

 

The Good, the Bad and the Ugly on ForexYard

The Money: Easy In…Never Out

After reading many comments about Forexyard, I imagine their clients (and partners) in the Tom Cruise’s role in “Jerry Maguire”: staying in the front of their computers, with the phone at their ear yelling, “SHOW ME THE MONEYYY.” Do you remember the scene? Seems like Forexyard has a hard time to process the withdrawal requests or even to pay their partners. Phillip[1] from Singapore or Thomas Ewing[2] – a private affiliate – are only two of many traders who had problems to withdraw the money from Forexyard. While on forexpeacearmy.com, the clients are complaining about not being able to withdraw, on some other websites – like Babypips.com – the Forexyard thought to test the administrator’s intelligence by signing in as a normal trader who wants to tell the world how great the Forexyard is. The only user I found speaking about Forexyard, was a user named fxyard1 who has been banned. This user appears to be Forexyard itself when considering the location that has been listed – an address in Nicosia, Cyprus. Anyway, this user has had 314 posts [3] on the forum, Now he is banned.

However, some good comments I did found on the internet but after the Babypips.com experience, I am asking myself if Simon Wood or Talco12 from London are real. Anyway, here is what Talco12 has to say about Forexyard[4]. Not even Simon Wood from UK seems very convincing [5].

While the negative comments have details and specific information, the positive ones are more general and rare J I was also surprised to see that Forexyard offered something for free (see the Talco12’s comment where he says he got 2 hours of coaching for free) while they are not paying not even their partners. I am sure those 2 hours had no cost for Forexyard, but “free” and “offer” next to “forexyard” seem to be utopic.

 

Dealing Desk Taking the Clients by the Horns

The first thing I noted as soon as I opened their website was the motto: “take the market by the horns”. On the same website, is stated that the dealing desk is open 24 hours a day from Sunday to Friday so they are not hiding the fact the trades are placed through a dealing desk. Personally, I have nothing against brokers using dealing desks if they know how to do their job but this does not seem to be the case of Forexyard as I noticed many traders’ complaints saying too many re-quotes and trades going on false positions. Trading through a dealing desk, makes it pretty difficult to get the most competitive bid and ask prices and if the liquidity provider is not a big bank, the re-quotes are as normal as the coffee in the morning.

While they are bragging all over the internet with their fix spreads, I found that the spreads are doubled between 22:00 GMT till 04:00 (AM) GMT. This remembered me a funny commercial made for an investment company that went in bankruptcy. The slogan was something like this: “while you are sleeping, we take care of your money.” But the picture was a thief all dressed in black who was rubbing the safe-deposit box.(:

Before I forget about it, here is the place where you can find the information about the doubled spread [6].

 

Guaranteed Fixed Spreads and Squawk Service

Although the fixed spreads are not the lowest in this industry, the traders could be happy with Forexyard, as they offer a fixed dealing spread of 3 pips on EUR/USD and 3-5 pips on other major currency pairs. The variable spreads start from 1.2 pips for Pro accounts (minimum 25 000$ deposit) but there are additional commission charged. For a standard account (minimum 100$ deposit) the variable spreads start from 2.2 pips, which is not bad, in my opinion. Be aware that the fixed spreads are available exclusively during the London and US trading sessions.

Very unusual for this industry, the Forexyard Squawk is a streaming audio news service, bringing to traders breaking market news. The audio broadcasts are detailed and wide-ranging, covering Forex, stocks, commodities, bonds, and market indices. This tool can be very helpful for news traders as for the traders using a single monitor in their trading activity. Instead switching from a page to another and then to their trading platform to place a trade, they can win valuable time, concentrating on their charts while they are listening the news.

 

 

Editor’s Note – Is ForexYard a scam?

Although there are so many complaints regarding withdrawal issues, I have no prove that ForexYard is a scammer and I think that at least one of the nine European regulators or the FSB from South Africa would have withdrawn ForexYard’s license, if they would have any evidence that this brokerage is a scam. My conclusion is that I don’t know if Forexyard is a scam but I am inclined to believe that they are not.

 

Bottom Line – Would I Trade with Forexyard? Probably Not.

I do not have words to describe my happiness when my first child was born. But I do have words to describe you my sleep in the last 6 months and believe me when I tell you that “sleeping like a baby” is not what you think it is. My newborn wakes up every two hours to cry and lately, so do I.(: If you are asking what Forexyard has to do with this, let me just tell you that I am not quite satisfied with what I’ve read about them on the Internet and so I wouldn’t open a live account with Forexyard. I do not want to sleep like my baby, more than necessary.

 

References

1. FPA review page for ForexYard
2. FPA review page for ForexYard
3. Search User on (Registered Users Only) http://forums.babypips.com/
4. Trustpilot review page for ForexYard
5. Fxempire review page for ForexYard
6. hForexYard Pro Dealing Details