2Bull Forex Blog

ForexYard is a retail forex broker that was established in 2004 and based in Cyprus. They offer a dealing desk brokerage, meaning they take the other side of your trades. Twenty-seven different currency pairs are offered as well as 3 commodities: gold, silver, and oil. ForexYard offers very competitive fixed spreads. With the option of a web-based or downloaded trade platform, good customer service, flexible margin trading, and some additional features not offered at other retail brokers, this broker is recommended for experienced and especially beginning traders in the forex markets.

The ForexYard website is easy to understand and navigate and opening a demo or live account is fairly quick and easy. They accept major credit cards or bank wire transfers for depositing into live accounts, as well as Western Union Money Transfers. Credit card deposits are immediate to start trading live, while wire transfers can take up to 3 days to process. They also offer a free trading course upon registration that is actually pretty good and goes over the basics of trading the forex market. Beyond the free course ForexYard also features several well-written tutorials for their trading platform and also for explaining several commonly used technical indicators.

Live accounts with ForexYard can be as small as $100. They feature either a super mini account (for accounts smaller than $1000) or standard account. The ability to trade the commodities (gold, oil, silver) can only be permitted with standard size accounts. The super mini account is ideal for a beginning trader to put the minimum amount of risk on but still get the feel and practice of trading a live account. Also, with standard size accounts there are no fees associated, but with the smaller trade account there is a $25 fee for all withdrawals. Withdrawals require a form to be filled out and faxed along with proof of account holder and address. Withdrawals can be processed by sending to your credit card that was used to fund the account, or by wire transfer to your bank. Process time is questionable: the website states that “withdrawal process time will take no less than 3 days” but does not state a maximum time for processing. Also, ForexYard is very strict about now allowing scalping trades.

The ForexYard trade platform is easy to use and somewhat customizable. The tutorials offered on their website along with the help section on the platform itself is very helpful for quickly getting started trading. They do not offer any feed for Metatrader4 or eSignal charts. But trading with their proprietary platform and charts is fine for intraday or swing trading. They offer all the usual order types including trailing stops.

ForexYard customer service is pretty good. They can be contacted via telephone, email, or live chat on the website. The live chat responded immediately, while email response took 1 day. The only aspects to this broker that are questionable are that the terms and conditions are vague about profit withdrawal and about their ability to withhold your profits. The bank guaranteeing their accounts was not disclosed during this review process. ForexYard is not regulated by the NFA or other organization.

**Currently ForexYard is offering to credit $300 to a live trade account for super mini accounts, or $1000 for standard accounts as long as a minimum of $1000 is deposited.

iForex is EFix’s internet arm, which was founded in 1996 by a group of ex-bankers. With their experience in the foreign exchange market the company operates dealing rooms around the world, enabling clients with various portfolios to trade directly with them. iForex was founded in 2004 thus adding the option of trading via the internet to that of trading over the phone.

iForex offers two trading platforms, both developed in-house, one which requires downloading to the users computer and the second is web-based. The downloadable client version takes a few minutes to download, and it requires a .Net environment installed as well. The download version offers both demo and real money accounts, while the web based version offers real money accounts only.
The download version is meant for more advanced users as it enables viewing and operating several deals all at the same time. The advantage of the web-based version is that it may be accessed from anywhere anytime and it overcomes security systems which don’t allow downloading desktop applications.
Both versions may be accessed using the same login information (demo account for the client version requires separate login), and the account data is updated in real time on both.
The web-based version is available in 13 languages: English, Spanish, French, Italian, Dutch, Portuguese, Romanian, Turkish, Russian, Arabic Japanese, Chinese and Hebrew. The download version is available in English and Hebrew only.

Registration to the iForex platform requires filling in minimal details and agreeing to the Terms and Conditions.
A minimum of $100 is required for the first deposit. This can be done easily by submitting credit card details or in a more complicated procedure by wiring funds from a bank account. The latter requires going offline to deal with the bank and then faxing confirmation to EFix. Withdrawal of funds back to same credit card is as easy as the deposit, while any excess funds must be deposited back into a bank account to prevent money laundering risks.

Setting up a deal requires a simple 3 step process: determining the currency pair involved, setting the amount of the deal, minimum $5,000 worth, and determining whether to buy or sell the base currency. There is no need to pre-set the margin of the deal. Margin is determined by the free-balance in the account. Setting stop-loss or take-profit rates are optional. Should you choose to set limits you may do so by setting a total amount of either the base or the quote currency to risk, by setting the exchange rate or by setting a percentage of the deal. Edition of these rates is possible once the deal is set up.

Full tracking of activities in the account are available in the system, with a complete activity log, including logins to the system, deposits and all trading actions executed. The online application offers a dashboard which lists a summary of open deals, their statuses and funding of the account. This tool is accessible from any of the screens throughout system.

iForex does offer many analytical tools necessary for trading, however no online training is provided. Upon sign-up a representative calls to assist in setting initial trades. You may also request that a representative call you, and live chat is available on-line as well. In certain locations you may request a meeting with an iForex representative either at their offices or at a location of your choice. The site does not publish differential account statuses or VIP customer service. The only instances in which differential terms are mentioned are when discussing internet trading as opposed to phone trading.

In sum, iForex offers comprehensive trading platforms. Although the site is equipped with lots of trading resources there is no easy step-by-step training to get to know the Forex market in general or iForex tools specifically. Therefore an understanding of the market, as well as opening a demo account in order to get to know their system is highly recommended prior to trading with this broker.

The very first thing that comes into ones mind when introduced to AVAFX is how easy and friendly their interface is. This is apparent surfing through their website, where all needed information for someone new to this firm is accessible and clear, and is even more so with their Forex trading platform – Ava Trader, where all features are no more than a click away.

Registration process is easy and hassle free, for the Demo account as well as for the Real Money account. AVAFX allows traders 21 days to try out their $100,000 practice account on their advanced trading tools with dozens of currency pairs and Metals. Real Accounts can be funded via paypal, webmoney, or Western Union, while Credit Card funding is instant and customers can immediately access their account with full Forex trading advantages.

Live Trading Accounts on AVAFX can be categorized under Silver account with a min. deposit of $100, Gold with a min deposit of $1,000, and Platinum with a min. deposit of $10,000. They also flag an Islamic Account. AVAFX offers bonuses and special offers for new traders, such as reduced minimum deposit rates, special bonuses using specified payment methods or cash added to your account upon first deposit.

Trades are executed with single-click market executions, or with double-click market trading, while Ava’s professional easy to use charts, updates instantly with ability to save multiple charts on separate worksheets. Meanwhile traders can stay ahead with Updated Economic Calendar Analysis as they use Ava’s daily commentary an analysis.

AVAFX uses a downloadable Forex trading platform called the Ava Trader that gives users the opportunity to trade in FX quickly. They also flag a web based trading window called the Ava Java. The Practice or Demo account has all the live features available on its robust full featured trading platform – with all the same features you would find on Ava’s live platform. AVAFX offers Full Streaming Rates, Up to the second flowing executable exchange rates 24-hours a day, wide range of currency crosses, alongside No Commissions or Fees (this policy includes no deposit fees, no trading fees, no rollover fees, no margin call fees, and in general no fees whatsoever.

The platform basically pops up as Ava Trader 3.1.9.9 with its default settings primarily having 6 windows, 3 on the left half (Dealing Rates, Orders, and Open Positions) and 3 on the right half (Instruments, Account Information, and Summary). These windows are primarily default as Ava Trader has 15 Sub windows, which could be customized onto the main window based on trader’s preference. Ava Trader also enables you to build your own workspaces according to your convenience and needs, and then jump between them using tabs.

The Dealing Rates Sub Window has currency pairs with Sell and Buy buttons encrypted on them. Clicking on either of these buttons for any particular currency pair would mean you either buying or selling one of that currency pair for the other. You then are prompted to enter your trading volume, lot, or quantity called Amount on Ava, Predefined Stop or Stop Loss, Predefined Trailing Stop, and Predefined Limit or Take Profit are also features of this Order Pop-up. All trades entered can be viewed on the Orders Sub Window, while all Open Positions can be seen outlaid on the Open Position Sub Window just below the Orders windows on default setting.

Good, easy to use, Charting Tools are available on Ava FX. Right Clicking on a preferred pair one is prompted with options that includes the “Open Chart” once clicked you can proceed with the pair of your choice and time frame as well. The chart opens with all available tools in it. Some of the features of Ava’s Charting Tool are Trend Lines, Fibo Retracement, Horizontal Lines, and Vertical Lines etc. I must pause here to say that Ava is not one of those crazy places for Technical Indicator freaks as they only flag 20 Technical Indicator Tools. Therefore it becomes imperative for a Support/Backup Charting Tool when on Ava for Advanced Traders.

Ava FX’s site hosts an Online Support Center consisting of a knowledge base of the most common questions related to Forex trading in general, trading with Ava and solving technical problems that may arise using their platforms. Ava FX also offers 24hr Multi-Lingual Support via Chat or Phone (with a US Toll Free Number). The representatives are very responsive and informed, awarding Ava’s support services with a 3 Star Ava FX is a brokerage company that is BVI registered with pending membership status on the NFA. It has the backing of a Large Financial Conglomerate that has over $16 Billion in assets. Ava FX is strengthened by the fact that it is audited by Ernst & Young, the fourth largest auditing firm in the world and banks with Commerz Bank in Frankfurt, Germany.

I am convinced that though they have been online only since 2006, with these financial structures in place, and with their easy to use tools, they have come to stay and impact the market a long way.

The best Forex robots claim they can double your income every month with low risk and best of al you make no effort as the sophisticated algorithms work while you go about your daily business is this myth or reality? Let’s find out…

I have been a trader for over 4 years and have never seen any system or trader double their money regularly, this includes even the world’s top traders on millions a year in salaries and bonuses. Of course if it were true, no one would work – banks and investment houses would sack there dealing teams and use a $100 Forex robot of course, this has not happened.

If it looks to good to be true it is and this is the case with Forex automated trading systems.

You can win at Forex trading and make a lot of money but let’s look at why the facts don’t add up in relation to the robots first.

Where are the Real Audited Track Records?

Try and find one and your in for a long search!

You get mostly back tests ( done knowing the closing prices) which is easy, or track records from the vendor themselves Its up to you if you believe them – but lets look at a fact of Forex trading which shows you why you cannot guarantee regular profits.

Fact: Forex markets cannot be predicted and do not move to mathematical formulas so if they don’t what use is a complex mathematical algorithm? None!

It’s a known fact that simple systems work best, as in Forex your trading only the odds, not certainties. In an odds based market, a simple system is more robust, with fewer elements to break than a complex one. Its obvious Forex markets don’t move to mathematics as if they did, we would all know the price in advance and there would be no market!

So can you make money trading Forex?

Of course you can but its not as easy as spending a $100 or so and making money with no effort that’s not life and certainly not Forex trading.

The way to win is to get yourself a simple Forex trading system and get the right Forex education, get confidence and trade with discipline. If you do this, the rewards can be life changing but you have to make an effort.

If you are serious about making money at Forex trading, don’t think you can simply do it with no effort.

We marvel at how technology changes our lives for the better and many think it can help in Forex but the fact below will dispel this myth.

Fact: In the last 30 years, we have seen huge advances in technology in trading yet, the ratio of winners to losers remains the same – 95%. So technology, robots etc haven’t helped.

If you want to win in Forex trading get the right education and don’t believe in the automatic income, with no effort myth. If however you do take Forex trading seriously and make an effort, huge rewards await you.