FOREXYARD
is an online brokerage which offers a secure trading platform to trade gold, silver, foreign exchange currency pairs and oil. There are four types of
FOREXYARD account.
To trade gold and silver you will require the “Standard” account, for which the minimum initial deposit is USD1,000.
Current Offers
FOREXYARD currently have an initiative in which you receive 10% cashback for any funds deposited into your account, worth up to $1,000. So if you open an account and deposit $1000 you get $100 cashback, deposit $10,000 and get the maximum $1,000 cashback, and every variable in between.
It is possible to fund your account by credit card, allowing you to start trading immediately. Account opening takes only a few minutes.
Note to UK Citizens: it is not currently possible to use the services of FOREXYARD. Please click here for an alternative...
Gold & Silver at FOREXYARD
With
FOREXYARD you never physically buy or sell an instrument (i.e. gold or silver bullion), you simply bet on the direction in which you think that these precious metals will move. This means that you 'buy' if you think the price of, say gold, is set to rise and 'sell' if you think the price will drop. The degree to which you are correct dictates how much you win or lose.
The price of gold and silver are quoted per ounce and the dealing spreads are low: Gold $1 and silver 6 cents or so. There are no extra fees or commissions paid to trade gold or silver.
Gold & Silver Contract Sizes
On the
FOREXYARD platform gold is traded in lots of 100 ounces, silver in lots of 1000 ounces. This means that at the time of writing, when the gold price is around $1,050/oz and silver $17/oz, gold is traded in lots of around $105,000 (100oz x $1,050) and silver around $17,000 (1000oz x $17).
The trading platform provides sophisticated order entry and tracking of market orders, entry orders, stop/limit entry orders, stop-loss orders and trailing-stops orders. All of the above orders are Good Until Cancelled (GTC), which is valid until the order is executed or cancelled.
Gold & Silver Position Sizes
The minimum position size for both gold and silver is 2.5% of the contract amount, meaning that for gold the minimum amount you must invest is currently $2,625 (2.5% x $105,000 per above), and silver is currently $425 (2.5% x $17,000 per above). Of course, these amounts will fluctuate daily with market prices.
This effectively gives you the ability to leverage your positions by a magnitude of 40:1. Since today’s financial markets carry a high level of volatility WhichWayGold never recommends the use of leverage for unsophisticated investors as it is very easy to get whipsawed out of positions following small movements in the price of precious metals.
FOREXYARD enables every trader to specify the degree of leverage or gearing that the he or she wishes to employ when trading – so don’t leverage up!
There is also an important safety feature embedded in this system that prevents clients from losing more money than they have in the account. Should the account equity - meaning the total floating value of the account - fall below the margin requirement of approximately 20% of the used margin, the dealing desk will close all positions. This protects the trader from losing more than the funds deposited into the trading account.
Free Market Analysis
The
FOREXYARD team of analysts provides you with research and analysis, updated on a daily basis and which you receive via e-mail every morning on market days.
24-hour Trader Support
The services offered by
FOREXYARD include a dedicated, 24-hour Trader Support Center, where you can receive technical help and market advice throughout the trading week (Mon-Fri).
Click here to go to the FOREXYARD website >
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