Editor’s Verdict
Overview
Review
Headquarters | Cyprus |
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Year Established | 2004 |
ForexYard has recently joined the auto traders arena with their new Forex Strategy Automator (FSA). This is of course a positive development to all those beginner traders who want to depend on others’ Forex expertise, rather than spending countless weeks or months learning it themselves. Alternatively, traders who are more experienced but do not have the time or desire to actively trade and would rather have their account on “Cruise Control” can also benefit from Forex auto traders.
The first thing I noticed about ForexYard and their new FSA is that it is hard to find on the ForexYard website. You would think they would publicize it more, as it is their newest feature and it can give them an edge. Just an interesting observation, not sure it means anything about the FSA, but if I had a new service I was proud of, it would probably be the most noticeable thing on my site.
As for the FSA itself, there is a demo and a live account. The minimum deposit for the live is $2,000 and it is leveraged up to 200:1. They offer a very wide variety of systems to choose from and enable you to manually trade or put your account on auto pilot. It is all implemented in a pleasant-on-the-eyes Web based environment.
Their interface is ultra user-friendly and no matter what you are doing, whether it is choosing a system, opening a trade, viewing your history, or managing your account, everything is easily accessible and provides a seamless experience.
Just like other auto traders, the ForexYard FSA is based on different systems that can be filtered by many characteristics. You can filter all the systems by max drawdown, number of pips, percentage of winning trades, and much more. You can perform this filter within the interface, which I found to be the easiest option, or you can export all the data to Excel and enjoy the familiarity of the Microsoft UI.
When first signing up to the demo account, I was unable to log in. I contacted support by email like the error message told me to. At the same time I was chatting with their live support representative, who provided a solution within seconds. When clicking on the link you receive in the registration email, the Web form defaults to the live account option. If you are logging in to the demo, you need to choose DEMO in the dropdown list in order to log in. Once I did that, I was in and happy with what I saw.
The live chat was a great addition, as the representative I spoke with was patient, professional, and helpful, and when they could not answer one of my questions, they forwarded me to someone who could, without having to close my chat window.
Within minutes of sending the email to support, I got a call back asking me if I still needed help. I told the representative on the phone I had figured it out but I would like to ask him some more questions if he did not mind. He was extremely courteous and professional. He answered all my questions immediately with what seemed to me to be a real expertise in the Forex market.
ForexYard also provides a user guide as part of their FSA offering. You can learn about every option in the FSA before beginning to trade, a very helpful tool. In addition, the FSA live account offers commission free trading of Forex, gold, silver, and oil, making it up to par with the most advanced Forex brokers available.
The FSA is a recommended option for anyone who is interested in testing out auto traders, the newest and hottest thing in the Forex market. From our experience at DailyForex, once you filter out the spam robots, and find yourself a serious Forex auto trader, like ForexYard’s FSA, there is a lot of money to be made, even if you know close to nothing about the Forex market. If you are a Forex expert and want to trade using reliable trading systems and signals, ForexYard’s FSA can provide a serious option for you too.