RallyTrade is a global online broker offering highly competitive brokerage services to emerging economies. The USA and EU are outside the purview of the broker, which concentrates on providing cutting edge trading technology to regions that are in need of exposure to the best in online forex trading. It has especially a strong foothold in Africa, recent recipient of the ‘Best Newcomer in the Region – Africa’ award.
Is RallyTrade a scam or not?
FRNG – RallyTrade – has its registered address at Fanis House, the registration number is RC 1288748. The issuer of the registration, however, is unclear from the broker website..
The Financial Commission ,an independent external dispute resolution organisation, has included RallyTrade among its members. The implication is that traders who are clients of RallyTrade are entitled to assistance from the organisation in case they are in disagreement with RallyTrade. Therefore, the Financial Commission assures traders of fair practices from its member brokerage RallyTrade. Such practices will be floured on pain of punishment visited upon the broker RallyTrade.
That being said, this is a far cry from actual regulatory authority supervision from the likes of FCA,CySEC, and the like.
RallyTrade review: advantages & disadvantages
- · No fees on deposits or withdrawals
- · the lowest spreads & commission fees
- · Variety of deposit & withdrawal methods supported
- · Range of educational materials
- · Copy trading
- Regulatory status not clear
- Lack of additional trading tools
- No MetaTrader 5
- No daily market analysis
- Limited trading instruments relative to some other brokers
- No clients from the USA allowed
RallyTrade review: trading account types
RallyTrade offers diverse types of accounts built to fit several trading styles. For example, the broker offers a Basic account, a Standard account, and a Pro account. When using the Basic account, clients are charged commissions per transaction to the tune of $10 per lot. Lower commission rates advantage the VIP accounts. Conversely, on the Standard account, clients will be charged on the spread. RallyTrade states that they do not differentiate between Micro or Mini accounts. Rather, they permit their clients to trade all their available pairs sans restrictions. RallyTrade has no strict minimum deposit for accounts to be opened, but they do counsel starting with around $100.
It implies that all accounts get treated the same. The minimum deposit for RallyTrade is $100, which is quite low.
RallyTrade review: account opening
You can open a live trading account at RallyTrade with three simple steps:
- Fill in the online registration form.
- by responding to a link in the FX broker’ email, verify your account with them.
- Load your trading account, start trading.
Traders may open accounts as individuals/companies.
You may be required to submit documents like a passport and proof of address as part of KYC procedures. Once the accounts team has verified your account, you will make deposits and start trading online.
RallyTrade review: trading instruments
Clients using an ECN account will be charged $10 per lot. This broker states that VIP accounts have lower commission fees, but it does not specify the exact amount. The spread that RallyTrade broker to their clients even on the most basic currency pairs is a little higher than the industry average. Truth to tell, large spreads are leading people to conduct trades that are a tad bit more profitable just to keep themselves afloat.
RallyTrade offers STP/ECN accounts from $100 with flexible leverage ranging from 1:1 – to 1:1000. The STP execution account has costs included in the spread only, whilst the Basic account has a raw spread with an extra commission charge of $10. Beginning from around two pips on the EURUSD, the STP spreads are higher than many other brokerages. There are also accounts for copy trading as a copy trader (investor) or copy master. Demo accounts are available.
RallyTrade Spreads are variable, based on market conditions, quite competitive spreads within the market offering. On average, EUR/USD is about 1.2 pips for the Standard account.
RallyTrade review: commissions & spreads
Per the commission’s table on the website – presented in the segment ‘Trading Conditions’ – the broker levies no commission or deposits. When we look at commissions charged on withdrawal, the maximum commission charged is with Neteller (1%).
There are practically no commissions at all on CFD trading across accounts.
Commissions on equity CFDs do not exceed 0.08% of the transaction value.
RallyTrade review: leverage
1:1000 is the highest leverage clients can use with RallyTrade.
RallyTrade review: deposit & withdrawal
You can start trading with RallyTrade with an initial deposit of $100.
Payment options with RallyTrade include Bank transfer, Visa debit and Mastercard debit.
With RallyTrade, users may deposit and withdraw funds via bank transfer, Visa debit and Mastercard debit. Deposits and withdrawals may be done straight from the RallyTrade Secure Client Area.
Withdrawing funds from RallyTrade can be processed on the same day on the condition that withdrawals be made before 21:00 GMT. However, monies have to be returned to a bank account in the same name as the client’s RallyTrade trading account.
Withdrawals through bank wire transfer may take between 3 – 5 trading days to reach a client’s account .any International Telegraphic Transfer (TT) fees charged by RallyTrade’s banking institution will be passed on to the client. Most International TTs are nearly USD 20.
RallyTrade review: trading platforms
RallyTrade makes use of MetaTrader4 as its trading platform, proffering it to traders in PC and application (Android & iOS) formats. MetaTrader 4 is ne plus ultra among forex trading platforms. It has been the standard-bearer for the industry for many years. Its large scale effectiveness and immense range of trading opportunities, in addition to its intuitive interface make this platform well-suited to traders of all skill levels. MetaTrader 4 does have a great number of tools and trade opportunities. Not only this – MT4 also provides varied functions and tools employable for marketplace analysis. The system moreover supports trading robots (EAs), such as tools for development and testing. MT4’s popularity is due to its infrastructure, which proved to be peerless.
RallyTrade’s trader is a streamlined trading platform that is available as a download/web-based interface, easy to access from any browser (Chrome, Safari, Firefox, or Internet Explorer). This platform gives one-click trading, an updated look and feel, and full integration across desktop and mobile platforms.
RallyTrade ‘s xtrader has an intuitive interface where traders can analyse charts, set up watchlists, place and monitor trades, have access to an instrument’s “depth-of-market,” and keep up with upcoming events with the aid of the market calendar. The technical analysis charts can be magnified to full screen and come with more than 70 technical indicators that you may apply over diverse time frames, from tick charts to monthly charts.
The Autochartist program yields trade ideas on the basis of technical analysis patterns. Besides, the platform provides traders with the option of “copy” or “social” trading. The latter can be accessed through the desktop trading platform. The traders may also automate their own strategies.
RallyTrade’s xTrader has four primary order types with the option of attaching take profit and/or stop-loss orders to them. Not only that, the trader may make the stop loss a trailing stop loss( in the absence of the option for a guaranteed stop-loss). Moreover, if the trader wants the stop-loss order to be executed at the bid/ask rate, there is a choice as to if the trader wants the stop-loss order.
Market – The most basic order where a trader signals that their trade request is executed at the prevailing market rate.
Limit -A pending order where the entry is at a predetermined point below or above the prevailing market rate on the basis of if it’s a buy or sells. The trader also has the option of choosing the expiration time of this or order.
Stop – A pending order where the entry is at a predetermined point above or below the prevailing market rate on the basis of if it’s a buy or sells. The trader also has the choice of selecting the expiration time of this order.
Stop order – A pending order where the entry is at a predetermined point above or below the prevailing market rate on the basis of if it’s a buy or sells, but where the trader can select the execution tolerance range. For instance, if the market gaps over the selected rate and the tolerance interval, then this order is swiftly cancelled. The trader also has the option of selecting this order expiration time.
Useful mobile options include MT4/5 and xTrader for iOS and Android. xTrader Web and the MT4 WebTrader provide tablet and iPad access. However, there’s no MT5 web version. All mobile versions are functional but restricted in terms of functionality.
RallyTrade has also partnered with Equinix to give low-latency access to the global interbank system, located at the Equinix Financial Exchange in New York. High-end clients are looking for breakneck execution speeds, and minimised pricing lag can opt from a wide range of VPS options via this facility.
The broker offers more than 50 currency pairs, more than 15 commodities, more than 20 indices.
FRNG Ltd – RallyTrade – has its registered address at Fanis House, 21 Adeniyi Jones Avenue, Ikeja, Lagos, Nigeria.
PHONE: +44 203 519 1290
Email: [email protected]
RallyTrade review: mobile app
The RallyTrade app gives you complete control over your trading account. The app enables fast withdrawals, instant deposits, transfer funds between accounts, and new trading accounts.
The client may receive instant deposits through the brokers’ payment gateways, such as instant deposits from Absa, Capitec, FNB, Investec, Standard Bank, Visa, Nedbank, Mastercard and Skrill.
The trading app gives you complete account management even as you are on the go from within the palms of your hands.
Rallytrade review: educational & research support
RallyTrade’s website contains wide-ranging educational resources. There’s a dedicated section that includes “Learn To Trade Forex” tutorials, numerous archived and live webinars, and a useful list of trading guides. Commodity trading is also covered in-depth, along with discussions on slippage, hedging, and margin. Furthermore, RallyTrade uses this section to emphasise support options that include platform guides, platform comparisons, and deposit/withdrawal procedures. The site also features a market glossary and technical analysis tutorials.
RallyTrade’s market analysis and insights are on a level with industry standards, connecting traders to the market and supplementing its educational resources. Besides a “market calendar,” there are sections for “market analysis” and “market news,” giving useful information and actionable analysis that lend value to one’s trading. Daily pre-market “forex reports” are emailed to the client before the start of each trading session.
The analysis section covers a wide range of impactful topics, while a section called the “Daily Fix” gives an analysis of market-moving events. The broker’s Twitter account also appears to be quite active. MT4/5 and xTrader provide few research features. However, the Smart Tools add-on for MT4 remedies this deficit in part. Further research with “more insights and analysis” is available for active traders and high-volume traders.
Rallytrade review: customer support
Besides email support, the broker presents 24/5 chat/phone support as well as social media portals. Additionally, there’s an online contact form. Furthermore, clients are provided with an account manager to help them with pertinent account-related matters. Considering that the company advertises not having a dealing desk, clients would not be able to contact the dealing desk in case of a trading emergency. Local clients can walk into the main Lagos, Nigeria office. Nonetheless, online support options are likely to produce much better results. An adequate FAQ addresses most inquiries, and its organisation and content have much scope for improvement.
RallyTrade does give the impression of being focussed solely on the emerging economies. All its offices as per the website are listed as being in Nigerian locations. The fact that the broker is not under the aegis of a well-known regulator, gives us cause for caution.
RallyTrade offers a range of services that fare well in comparison with many competitors. Swift execution systems, competitive pricing, diverse account types, and unparalleled trading platforms appeal to a growing number of appreciative client traders worldwide. It would have helped if the much-vaunted negative balance protection were matched by an equal offering of guaranteed stop losses. The absence of the latter is chink in the broker’s armour that calls for rectification. Low spreads for the largest segment of traders, as well as interface functionality that makes for accessibility, makes RallyTrade a very popular Forex broker still.
Frequently asked questions
Does RallyTrade provide educational material?
Yes, the broker provides educational material, but it is not up to the mark.
What is the minimum deposit for RallyTrade?
The broker’s minimum deposit is as high as $100 on a basic account, $500 on a standard account and $10000 for a pro account with additional commission charges that vary with account types.
What are the cons of RallyTrade?
The broker has the following cons:
- Lack of research tools
- Educational courses are not up to the market
- No proper regulation
- Unrealistic leverage of 1:1000
- High minimum deposit $100
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