The other type of account available on Forexyard is Standard Account which is actually a Mini Account in common sense. Minimum deposit required for this account type is US$1,000. Well, there is no open statement about this on Forexyard site, I got this information from Forexyard representative. As this is a Mini Account, the minimum trade size available is 0,1 lot (equal to 10,000 contract size).

For both account-types Forexyard offers 3 choices of leverage: “25:1″, “100:1″ and “200:1″. As common, you chose the leverage within the registration process.

I like what this forex broker says about trading with micro account;

The SuperMini account is ideal for Accounts under $1,000

FOREXYARD recommends that all traders with account balances less than $1,000 trade a SuperMini account. This gives you more staying power in the market, and the ability to take advantage of multiple opportunities without over-leveraging your account. If you over-leverage your account you will not give yourself room for error. Even if you are correct on the direction of the market, minor fluctuations can generate a margin call and liquidate a good position.

This forex broker doesn’t provide Metatrader as a choice of trading software. Instead, Forexyard provides their own trading platform; one is Windows platform and the other is Java platform. You can use both of them. Below is captured image from Forexyard windows trading platform:

As of April 2008 Forexyard promote their “100% Cashback” program. Forexyard give new clients additional deposit in a sum equal to their initial deposits. If your initial deposit is USD100, Forexyard will add USD100 into your balance. That’s it, your money doubled. You can get this special promo by registering here.

Forexyard Headquarters

FxYard Limited
Diagorou, 4
Kermia Building, 1st floor, Flat Office 103
P.C. 1097, Nicosia
Cyprus

I have no personal experience with Forexyard. If you have any experience with this fx broker, please kindly share and discuss Forexyard here.

• FXCM
• Forex Pip Value
• InterbankFX
• Northfinance
• Real Trade

The automated trading platform (or they named it Forex System Selector platform) allow you to build an automated trading based on some backtested trading systems. Some of the backtested trading system have been very popular around such as Pip Boxer and Team-Aphid-Daily. I believe this feature attracts more client to FXCM.

FXCM said that they would start offering metatrader as an alternative of their FXCM Trading Station II in early 2008. I have no idea whether this fx broker has done it yet or not. However, the plan shows that this forex broker is quite responsive to markets (I mean their target customer) demands.

Forex Capital Markets, LLC (FXCM) was founded on 1999. They offer leverage up to 200 : 1. Minimum spreads offered is as low as 1 pip spreads, however they also state that their frequent spreads for Eur/Usd is 2 pips and for Gbp/Usd is 3 pips.

FXCM offer both standard and mini account. The minimum deposit for Standard account is US$ 2,000 and for Mini account is US$ 300. I don’t know what the leverage for the mini account is. Obviously, trading US$ 300 with 200:1 leverage is really too tight and irrational.

FXCM Postal Address

Headquarters
Financial Square 32 Old Slip
New York, NY 10005.
United States
Phone: +1.212.897.7660
Fax: +1.212.897.7669
E-mail: info@fxcm.com
Free Phone: 888-503-6739

I don’t have personal experience with this forex broker. If you have any experience with this fx broker, please kindly share and discuss FXCM here.

• Forexyard
• Northfinance
• MB Trading
• InterbankFX
• Dukascopy

The trading platform they use is Metatrader3 (Mt3) and Metatrader4 (Mt4). Using Mt4 give you several useful functions such as hedging and trailing stops. As far as I know, InterbankFX allow scalping. Off course you can also use any Expert Advisors on their metatrader platform.

Their default spreads on Eur/Usd is 2 pip, while on GBP/USD is 4 pip (what a large spreads for this pair). It is often reported that their spreads is going widen during major news release.

No Dealing Desk, I’ve never understood why most forex brokers often state something ridiculous like this. We know that InterbankFX is not ECN type broker. This mean they should have their Dealing Desk. I don’t know what other thought, but as I know only ECN broker use no Dealing Desk. Well, you might want to ask Jude about it. He is one of Interbank Fx admirer

If you are an account manager, they have interesting product named as PAMM (Percent and lot Allocation Money Manager) software. Using this software,you can maintain several account easily. Unfortunately, it is only usable with Mt3 and not with Mt4.

Below is their postal address:

Interbank FX

3165 Millrock Drive

STE 200
Salt Lake City, UT 84121-4732

Toll Free US: 866.468.3739
International: +1.801.930.6800
Fax: 212.884.0609

Any experience with interbankfx? Give your comment and let’s discuss. Your opinion is counted and I believe is valuable for other trader.

• FXCM
• Northfinance
• Forexyard
• Real Trade
• How to set up an order

Their minimum deposit is USD 50,000 and payment could be handled via Money Transfer, Bank Guarantee, Standby letter of Credit or Segregated Accounts with Swiss Private Banks. No online payment method – such as Paypal or Google Checkout- are accepted. They even don’t accept credit card.

Their trading platform (SWFX – Swiss Forex Marketplace: Terminal Level II, SWFX 3.0i) is available in Java platform and Web based. So, you should ensure that you have a stable and approriate internet connection speed when trading with them.

Since I don’t have any personal experience with them, I could not give any review on their the technical aspect of trading with Dukascopy. If you have any, please kindly share some words about them here.

Below are information I obtained from their website:

Website : www.dukascopy.com
Trading Platform: SWFX Terminal Level II

Market Presence since 1998.

• 24 hour market
• Minimum Deposit USD 50,000
• 0-1 pip spread (EUR/USD)
• no requoting
• scalping allowed

Postal address:

Dukascopy (Suisse) SA
ICC, Route de Pré-Bois 20
1215 Geneva 15
Switzerland

Any experience with Dukascopy? Give your comment and let’s discuss. Your opinion is counted and I believe is valuable for other trader.

• Real Trade
• MB Trading
• FXCM
• Northfinance

MB Trading don’t use Metatrader, they have their own trading platform named as MBT Navigator. I tried this platform by subscribing to their demo account several month ago. It was completely different with Metatrader. I really took time more then I had expected to learn how to trade with it.

Since MB Trading is ECN broker, they don’t offer you a fix spreads instead they offer you a dynamic spreads which reflect the real market price. Thus, if you are used to Metatrader, you will get confused by MBT Navigator price quote. Beside the very volatile spreads, the price itself often move very fast.

The very negative aspect about MBT Navigator is it is not equipped with Chart. Though I personally can’t imagine -considering their price quote- how would the Chart looks like if any.

If you are still curious how exactly ECN trading environment is, try out MB trading demo. However, if you are thinking to trade with MB Trading, I suggest not to hustle moving to their live account. Don’t worry, MB Trading let you use the demo account for lifetime

Below are some information I’ve found on their website:

Website : www.mbtrading.com
Trading Platform: MBT Navigator

Market Presence since 1999.

• Multiple inter-bank liquidity
• 100:1 margin leverage (1% Margin)
• Over 20 currency pairs
• 24 hour market
• Start trading with only $400
• Mini trading account is available
• 1 pip spread (on normal market condition)
• no requoting
• scalping allowed

Postal address:

1926 East Maple Avenue
El Segundo, CA 90245
United States of America

Any experience with MBTrading? Give your comment and let’s discuss. Your opinion is counted and I believe will be valuable for other traders.

• FXCM
• Northfinance
• Real Trade
• Dukascopy
• US President’s Day 18-02-2008

They have been running their business since 2001. Northfinance doesn’t offer micro account account. Only standard and mini account. The minimum deposit is $100 usd and there is no minimum withdrawal. No fee will be charged for both deposit and withdrawal.

They previously accept e-gold as one of their deposit and withdrawal method. They have stopped using e-gold and currently accepting only Wire Transfer.

They offer 2 pips spreads on Eur/Usd and 3 pips spreads on Gbp/Usd. Of course with the additional note ‘under normal market condition’. I always think that it is normal in Non-ECN forex brokers to have spreads widening during major news release. In fact, I often experience spreads widening with them. News trading with them (and all other non-ECN broker) is not a wise choice.

Metatrader4 (Mt4) is the only trading platform used. Their server seems to bee well maintained. Thing I like most about Northfinance is they give free life time demo account. This is really useful for novice traders. Well, I think this is the marketing key that keep many novice traders choose them, ignoring many warns from more experienced traders.

Customer support is other thing they are good at. Many traders admit it, even those traders who warn about North finance company legal status .

About using a Mt4 EA, you should notice several trouble I got when using expert advisors (EA) with Northfinance. Believe me, it happened many time, even in a normal market circumstances.

Below is Northfinance addresses:

Address:
No. 5 Cork Street, Belize City, Belize
Postal Address:
PO BOX 58362, CY-3733 Limassol, Cyprus
24 hours Client Service:
+357.25.969.000
Fax:
+357.25.969.069

www.northfinance.com

Any experience with Northfinance? Give your comment and let’s discuss. Your opinion is counted and I believe is valuable for other trader.

I have to mention that Northfinance is no longer operating, and has suggested all of their clients to move to FXPro. (14-05-2008, Ganes)

• Real Trade
• MB Trading
• Forexyard
• FXCM
• InterbankFX

I used Real Trade for strategy testing purpose, so I did not put a lot of money there. It was only about USD 50 or so. I made the deposit via e-gold, pretty quick process, almost instantly as I remember.

I don’t remember in details how exactly their service was, but it was horrible. We know most Non ECN (marketmakers) forex brokers widening their spreads during Forex News release (especially major forex news), but Real Trade spreads widening was unbearable. I quitted, no more than 2 weeks after my registration.

I don’t clearly remember how long the withdrawal process took time exactly, but it certainly took more than a day. It pushed me to send withdrawal request email twice. Honestly, I was thinking that they probably would not send me the money. But they did, they sent me my money twice!!

Wasn’t that funny? I withdrawed usd 50, and they sent me twice. That’s mean usd 100 in total. What a nice and easy usd 50 profit

Below are some information from their website:

website: www.realtrade.lv
Trading Platform: Metatrader4 (MT4), MT4 Multiterminal, MT4 mobile

Micro-/Mini-/Forex and CFD accounts
Minimal deposit $ 20
Online account opening
24-hour trading on the FOREX market from Sunday 23:00 GMT to Friday 22:00 GMT
Trading contracts from 0,01 to 100 lots
Fixed spreads from 3 pips

11 currency pairs
No commission
Competitive swaps
Instant execution and position hedging
Instant deposit and withdrawal
Web Money transfers
Trading platform
Real Trader 4
Simultaneous management of accounts via Real Trader 4 Multiterminal

Address:
Drake Chambers, Tortola, British Virgin Islands
Registration number 1025031

Any experience with Real Trade? Give your comment and let’s discuss. Your opinion is counted and I believe is valuable for other trader.

• Northfinance
• Dukascopy
• InterbankFX
• Forexyard
• FXCM