ForexYard.com offers something that relatively few online forex brokers do: cash back on your trades. If you have a live account of at least $1,000, you can become eligible for this cash back of up to 10 percent. But you don’t need that much to open an account; you can open a Forex Yard account with as little as $100. Known as a SuperMini account, if you have a deposit of less than $1,000 you are required to pay fees for your account. A Standard account of $1,000 or more is fee free. All accounts are commission free. You can fund accounts via wire transfer or credit card.
As far as leverage goes, the maximum available to SuperMini and Standard accounts is a ratio of 200 to 1. With your $100 deposit then, you can trade up to $20,000 worth of currencies on a single trade. Remember though, margin accounts can go both ways; if you are on the losing end of a trade with leverage, you are responsible for repaying the broker the amount borrowed. In order to avoid such a problem, you can practice on Forex Yard with a demo account. Here you are given a large amount of play money with which to conduct practice trades. Paper trading is an important part of your education as a trader. It will allow you to not only learn how to best trade currencies, it will give you an introduction to the site’s software and prepare you for making live trades more efficiently.
If you wish to trade other products, you can also trade select commodities and precious metals with Forex Yard. Separate accounts are necessary for trading these products.