General Information
RallyTrade Is A Nigeria-based Brokerage Firm. It Is Important To Highlight That RallyTrade Is Currently Unregulated, Which Raises Concerns About Investor Protection. Regulation Plays A Crucial Role In Ensuring Arm's Length Transaction Practices, Transparency And The Safety Of Client Funds. However, RallyTrade Operates Without Effective Regulatory Information And Traders Should Be Aware Of The Latent Risks Involved.
Despite The Lack Of Regulation, RallyTrade Offers Trading Services For Various Financial Marekts. Traders Can Engage In Forex Trading, Where They Can Trade Different Currency Pairs. The Broker Also Offers Trading Opportunities On Commodities Such As Aluminium, Cocoa, Gold, Oil, Silver, Etc. In Addition, RallyTrade Allows Trading On A Range Of Indices And Options.
The Broker Offers Different Account Types To Suit The Needs Of Traders. The Basic Account Requires A Minimum Deposit Of $100 (or Equivalent In Naira) And Is Designed For Those Who Prefer A Lower Initial Investment And Basic Trading Features. The Standard Account Is Available For Medium To Large Businesses With A Minimum Deposit Of $500 (or Equivalent In Naira). It Offers Additional Features Compared To The Basic Account, Including Floating Spreads. Tailored For Experienced Traders, Pro Account Has A Minimum Deposit Of $1,000 (or Naira Equivalent) And Offers Advanced Features With The Lowest Commissions Among Various Account Types.
RallyTrade Supports Popular Trading Platforms, Including Metatrader 5 (mt5), Rally Xtrader, And Metatrader 4 (mt4). Mt5 Offers Advanced Features And Customization Options, While Rally Xtrader Offers Superior Execution Speed And A User-friendly Interface. Mt4 Is Known For Its Simplicity And Offers A Variety Of Analytical Tools.
This Broker Offers Educational Resources, Including Basic, Intermediate, And Advanced Reading Materials, Webinars, Seminars, And Market News. Traders Can Access Trading Signals And Economic Calendars To Stay Informed Of Important Market Events. However, It Is Worth Noting That By RallyTrade Has Not Been Updated Since June 2019, Which May Limit Its Relevance.
Although RallyTrade Offers A 100% Bonus For First Deposits, The Specific Terms And Conditions Of This Bonus Are Not Readily Available, Raising Concerns About Transparency. Customer Support Is Available Through Various Communication Channels, Including Phone And Email, And RallyTrade Has Multiple Office Locations In Nigeria Where On-site Assistance Is Available.
To Sum Up, RallyTrade Is An Unregulated Broker Based In Nigeria That Provides Trading Services In Various Markets. While It Offers A Range Of Account Types, Trading Platforms And Educational Resources, The Lack Of Regulation Creates Latent Risks For Investors. Traders Should Proceed With Caution And Consider Alternative Regulated Brokers That Offer Stronger Investor Protection.
Pros And Cons
Trading Platforms Such As Metatrader 4 And Metatrader 5, As Well As Their Proprietary Rally Xtrader. In Addition, RallyTrade Offers Educational Resources, Trading Signals And An Economic Calendar To Help Traders Make Informed Decisions. However, It Is Important To Note That RallyTrade Is Currently Unregulated, Which Raises Concerns About The Lack Of Supervision And Investor Protection. Fees And Commissions Charged By RallyTrade, Including Deposit And Withdrawal Fees, May Also Be A Drawback For Some Traders.
Regulation Information
RallyTrade Is A Broker That Is Currently Unregulated. Regulation Is An Important Aspect Of The Financial Industry As It Provides Oversight And Protection To Investors. Regulated Brokers Must Comply With Certain Rules And Regulations Set By The Regulator, Which Are In Place To Ensure Fair Trading Practices, Transparency And The Safety Of Client Funds.
Trading Tools
RallyTrade Offers A Range Of Market Trading Tools, Including:
Forex: Traders Can Participate In Forex Trading, Which Involves Trading Currency Pairs.
Commodities: RallyTrade Offers Trading Opportunities On A Wide Range Of Commodities, Such As Aluminum, Bund10y, Cocoa, Coffee, Copper, Corn, Cotton, Emiss, Gold, Natural Gas, Nickel, Oil, Wti Oil, Platinum, Schatz2y, Silver, Soybeans, Sugar, Tnote, Wheat, And Zinc.
Indices And Options: The Broker Allows Trading On A Range Of Indices And Options.
In Addition, RallyTrade Offers Stocks From Multiple Countries, Including The United States, United Kingdom, Portugal, Spain, Germany, France, And Italy.
Account Type
Basic Account:
The Basic Account Offered By RallyTrade Requires A Minimum Deposit Of $100 (or Its Equivalent In Naira). The Account Offers Traders A Withdrawable Welcome Bonus, A Personal Account Manager, And A Free Education Package. The Account Has A Fixed Spread Of 1.6 On The EUR/USD Currency Pair, And Traders Can Earn Up To 1:1000 (or, 1:500 On The Dollar). It Is Important To Note That The Basic Account Is Designed For Traders Who Prefer A Lower Initial Investment And Basic Trading Features.
Standard Account:
For Medium To Large Businesses, RallyTrade Offers A Standard Account. Traders Interested In This Account Type Need To Deposit A Minimum Of $500 (or Its Equivalent In Naira). Similar To The Basic Account, The Standard Account Offers Traders A Withdrawable Welcome Bonus, A Personal Account Manager, And A Free Education Package. However, The Account Has Floating Spreads With An Average Spread Of 1.2 On The EUR/USD Currency Pair. Traders Can Also Earn Up To 1:1000 (or 1:500 On The Yuan).
Pro Account:
Pro Account Is Tailored For Large Corporate Websites With A Minimum Deposit Of $1000 (or Equivalent In Naira). This Account Offers The Lowest Commission Of All Account Types And Provides Traders With A Personal Account Manager. In Addition, Pro Account Holders Can Have Private Meetings With Chief Financial Advisors And Analysts. Unlike Previous Account Types, Pro Account Has Spreads From 0. Traders Can Earn Up To 1:1000 (or 1:500 On The Yuan). Be Sure To Note That Pro Account Is Designed For Experienced Traders Who Require Advanced Features And Have A High Risk Tolerance.
How Do I Open An Account?
To Open An Account With RallyTrade, You Can Follow These Steps:
1. Visit The RallyTrade Website And Find The Registration Section. This Can Usually Be Found By Clicking On Options Such As "100% Bonus" Or "Register Now".
2. Click On The "Register Now" Button To Start The Account Opening Process.
3. Fill In The Required Personal Information. Start By Entering Your First And Last Name. In This Example, The First Name Is "NIGERIA" And The Last Name Is "ABIA".
4. Provide Your Contact Details, Including Your Phone Number. In This Case, The Phone Number Format Is Displayed As " (00234) 0".
5. Enter Your Email Address. This Is An Essential Step As It Will Be Used For Communication And Account Verification Purposes.
6. After Filling In All The Necessary Information, Click The "Open Account" Button Or Any Equivalent Option To Continue.
7. After Submitting Your Registration, You May Receive A Confirmation Email Or Be Directed To The Next Step, Depending On The Broker's Process.
Leverage
RallyTrade Offers Clients A Choice Of Leverage. When Using The XTrader 5 Platform, The Maximum Leverage Available Is 1:1000. If Using The MetaTrader 4 Platform, The Maximum Leverage Is 1:500. It Is Important To Note That Trading With High Leverage, Especially With Unregulated Brokers, Carries Significant Risks And May Not Be Advisable. Clients Can Choose The Desired Leverage At The Time Of Account Opening. If Changes Are Required, They Need To Contact The Customer Service Team For Assistance.
Spreads And Commissions
The Spread Offered By RallyTrade Depends On The Type Of Account You Have. For Audcad, The Spread For The Basic Account Is From 1.3 Pips, While For The Standard Account It Is From 4.5 Pips. Market Spreads Are Available For Professional Accounts.
Fixed Spreads Mean That They Remain The Same Regardless Of Market Conditions, While Variable Spreads Can Fluctuate, Especially During Periods Of Heightened Volatility. Be Sure To Note That Different Instruments May Have Different Starting Spreads Or Average Spreads. For Example, While The AUDCAD Spread For The Standard Account Is 4.5 Pips, The T EURGBP Spread Is Currently At 2.1 Pips.
Fees And Commissions
RallyTrade Charges Different Commissions And Fees Depending On The Type Of Account And Trading Instrument. The Following Is A Breakdown Of Fees That Do Not Use The Positive Terms:
Basic And Standard Accounts:
- No Commission On Forex Or Commodities Trades.
- Stock Trades Generate An Additional Commission Of 0.08% Or At Least $8.
Professional Accounts:
- Opening Forex, Indices And Commodities Trades Generates A Commission Of 0.003%.
- Closing Forex, Indices And Commodities Trades Generates A Commission Of 0.003%.
- Stock Trades Generate An Additional Commission Of 0.08% Or At Least $8.
Swap Fees Are Fees For Holding Trades Overnight. However, If You Have An Account With No Overnight Interest, Additional Commissions Are Added To That Account:
- Open Trades Incur A Fee Of $/€4/per 1 Lot.
- Hold Trades Incur A Fee Of $/€4/per 1 Lot Every 7 Days.
Trading Platform Available
RallyTrade Offers Two Main Trading Platforms, MetaTrader 5 (MT5) And Rally XTrader, As Well As MetaTrader 4 (MT4).
MetaTrader 5 (MT5)
MetaTrader 5 (MT5) Is A Powerful And Flexible Trading Platform That Offers Advanced Features And Customization Options. It Offers A User-friendly Interface That Allows Traders Of All Levels To Access A Wide Range Of Tools And Features. With MT5, Traders Can Choose From A Variety Of Order Types And Execute Trades Quickly. It Also Offers Advanced Technical Analysis Tools, A Strategy Tester, And The Ability To Automate The Execution Of Trading Strategies Using An Expert Advisor. MT5 Is Available On Desktop And Mobile Devices.
Rally XTrader
Rally XTrader Is An Award-winning Platform Designed To Deliver Results. It Offers Exceptional Execution Speed And A User-friendly Interface. The Platform Includes Features Such As A Trading Calculator, Advanced Chart Trading, Trader Statistics, Advanced Technical Analysis Tools, Bulk Order Closures, A Real-time Audio Feed Of Market News, And Hot Movers Tabs For Heat Maps And Tracking Market Movements. Rally XTrader Is Available On Desktop And Mobile Devices, Allowing Traders To Access Their Accounts And Conduct Market Analysis Anytime, Anywhere.
Metatrader 4 (MT4)
In Addition, RallyTrade Also Offers Metatrader 4 (mt4), One Of The Most Popular Trading Platforms In The Industry. Mt4 Is Known For Its Simplicity And Offers A Variety Of Built-in Analytical Tools. Traders Can Add Indicators, Oscillators, And Automated Strategies To Enhance Their Trading Experience. Mt4 Also Offers Pattern Recognition Tools, A Strategy Tester, And The Ability To Automate Trading Using Expert Advisors. Mt4 Is Available On Desktop And Mobile Devices.
Customer Support
RallyTrade Provides Customer Support Through Various Communication Channels. To Get In Touch With Them, You Can Fill In The Contact Form On Their Website And They Will Respond To Your Enquiry Promptly. Also, If You Are Nearby, You Can Choose To Visit One Of RallyTrade's Office Locations In Person For Assistance.
For Support In English, You Can Contact RallyTrade On + 234 1 440 8191. If You Prefer Email Correspondence, They Can Be Contacted Via [email protected].
