RallyTrade Review

RallyTrade

$20

Min Deposit

0.0

Min Spread

2021

Foundation

+2

Broker Trusted Points

RallyTrade was established in the year 2016. Though working for more than four years, various factors compel us to think that firm is a scam. The unrealistic leverage of about 1:1000 gives us an alarm. Apart, from the leverage, the services it provides undertaking a high minimum deposit are not up to the market. Broker brags about high leverage but is unable to offer even MT5 trading platform for its clients. 

Moreover, the website’s information that the broker has more than 10000 clients and 30000 plus withdrawals seem to be a fabricated number as there are no facts to back this information. We will discuss each point in detail later in this review.

Is RallyTrade scam or safe?

The broker’s website raises traders’ enthusiasm by saying that it is the best neophyte firm in the trading world, but this excitement goes into vain when looking for the firm’s licence. Some random Financial Commission (of Hong Kong) regulates the firm. We cannot trust this authority and its guidelines. It is not authorised under any central financial authorities such as FCA, CySEC, ASIC etc. like other brokerage firms. Thus, the lack of a proper license indicates that the firm might fall into a scam. It is risky to invest with such a firm. 

Leverage

Another “warning sign” related to Rally trade is the broker’s high leverage on trade. The broker provides the leverage of 1:1000 on trade. If we see other renowned and advanced brokerage firms, we will find that the maximum leverage goes up by 1:500. Thus, the unrealistic promise seems to be a clear signal for fraudulent activities and scam in the trading world. 

If we consider that the broker is trying something new in the financial world by providing high trade leverage. But, how can one forget the fact that leverage is a double-ended sword? It magnifies your profit, but at the same time, it magnifies your loss also. It is better to play safe than trying something new, which is extra risky. 

Minimum deposit

It is mentioned that the minimum deposit of the broker is $100. But, if we look deep, you will find that the minimum deposit varies with different accounts. For a basic account the fee starts from $100, for a Standard account, it is $500, and for a pro account, it is $1000. This fee is very high compared to other brokerage firms such as ROinvesting and 101investing. Also, the features it provides does not do justice with their high charges. 

Trading platforms

All brokerage firms have moved towards advanced Meta Trader 5 and Rally trade is still providing service though old and outdated MetaTrader 4. It is another big disadvantage of the firm after regulation issues. Thus, there are zero chances of upgrading your strategies and trading standards with the broker. 

Market and products

The broker disappoints in this area also. It offers limited options for trading. The more shocking thing other than this asset selection is lack of stock market trading and cryptocurrency trading. Cryptocurrency is an effective method for profit generations. Also, the stock market is commonly traded market in the world. Still, the broker does not allow trading on these popular markets. 

Spreads

Lower the spread and commission on trade better is the broker for you. Spreads of Rally are also disappointing. For basic accounts, they are as high as 1.6, and for a standard account, it is 1.2. 

Types of account

The broker offers three types of accounts. The information related to precious metal accounts such as gold account, silver account and the platinum account is not provided on the broker’s website. Let’s look at each account in detail. 

1) Basic account

  • A high minimum deposit of $100
  • Unrealistic leverage up to 1:1000
  • Fixed spread 1.6 (high)
  • Trading on outdated MetaTrader 4
  • Limited tradable instruments 

2) Standard account

  • A high minimum deposit of $500
  • Unrealistic leverage up to 1:1000
  • Fixed spread 1.2 (high)
  • Trading on outdated MetaTrader 4 
  • Limited tradable instruments 

3) Pro account 

  • A high minimum deposit of $1000
  • Unrealistic leverage up to 1:1000
  • Trading on outdated MetaTrader 4 
  • Limited tradable instruments 

Educational hub

The broker offers sparse educational material, including articles and tutorials, but these are not up to the mark than other brokerage firms. Also, they do not cover all concepts of the financial market. Choosing Rally trade because of their educational courses is not worthy. 

Research tools

As per the website of the broker, they do not offer any research tools. Research tools affect your decision, profit size and trade to a larger extent. They have great importance as far as trading is concerned. Unfortunately, you will find nothing such as the latest news, fundamental indicators, technical indicators and economic session calendar with Rally trade. If you are looking for the broker offering these tools, you can opt for T1markets and  TradeATF

Account opening

The account opening process of the firm is not clear. It has not mentioned steps for opening an account on its sign up or home page. Along with this, the process of verification of documents is also tiresome and time-consuming. 

Customer support service

The customer support service of the brokerage firm is poor. You can ask a query through phone, email and live chat option. The trader has to wait for a long to get a response to his/her query. 

Cons of  trading with RallyTrade 

Here are some cons and pros related to the brokerage firm

Cons 

1) Stock trading and cryptocurrency trading not available

2) Limited tradable assets

3) Lack of research tools

4) Educational courses are not up to the market

5) No proper regulation

6) Unrealistic leverage of 1:1000

7) High minimum deposit $100 

8) Poor customer support service 

9) Outdated customer support service 

10) High spreads 

The Bottom Line 

In short, we can say that RallyTrade is a relatively new firm to trust and also does not have the essential credentials to act as a reputable and professional brokerage. The broker has praised itself a lot on its official website, but in reality, we go deep into its features, tools and charges, and it gives us a warning sign. The unrealistic leverage on trading adds another red flag and provides a clear indication of a scam. No central financial authority such as FCA, CySEC and ASIC regulates the broker. So, we will advise you to go through every point before investing in this firm as your decisions will impact your hard-earned money to a larger extent. 

You can check out other reputed and better brokers like Brokereo, HFTrading, ETFinance and 101investing for trading. These brokers seem to offer varied trading instruments with lesser minimum deposits.

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 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: 

1) Lack of research tools

2) Educational courses are not up to the market

3) No proper regulation

4) Unrealistic leverage of 1:1000

5) High minimum deposit $100 

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