General Information
RallyTrade is a brokerage firm headquartered in Nigeria. It is important to highlight that RallyTrade is currently not regulated, which raises concerns about investor protection. Regulation plays a crucial role in ensuring fair trading practices, transparency, and the security of client funds. However, RallyTrade operates without valid regulatory information, and traders should be aware of the potential risks involved.
Despite the lack of regulation, RallyTrade offers trading services in various financial markets. Traders can engage in forex trading, where they can trade different currency pairs. The broker also provides trading opportunities in commodities such as aluminum, cocoa, gold, oil, silver, and more. Additionally, RallyTrade allows trading on a selection of indices and options.
The broker offers different account types to cater to the needs of traders. The Basic Account requires a minimum deposit of $100 (or its equivalent in Naira) and is designed for those who prefer a lower initial investment and basic trading features. The Standard Account is suitable for medium-to-large-sized businesses, requiring a minimum deposit of $500 (or its equivalent in Naira). It offers additional features compared to the Basic Account, including floating spreads. The Pro Account, tailored for experienced traders, requires a minimum deposit of $1000 (or its equivalent in Naira) and provides advanced features with the lowest commissions among the 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 provides superior execution speeds and a user-friendly interface. MT4 is known for its simplicity and offers various analytical tools.
The broker provides educational resources, including basic, intermediate, and advanced reading materials, webinars, seminars, and market news. Traders can access trading signals and an economic calendar to stay informed about important market events. However, it is worth noting that the trading insights provided by RallyTrade have not been updated since June 2019, which may limit their relevance.
While RallyTrade offers a 100% bonus for the first deposit, specific terms and conditions of this bonus are not readily available, which raises concerns about transparency. Customer support is available through various communication channels, including phone and email, and RallyTrade has multiple office locations in Nigeria for in-person assistance.
In conclusion, RallyTrade is an unregulated broker based in Nigeria, offering trading services in various markets. While it provides a range of account types, trading platforms, and educational resources, the lack of regulation poses potential risks for investors. Traders should exercise 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. Additionally, RallyTrade provides educational resources, trading signals, and an economic calendar to assist traders in making informed decisions. However, it is important to note that RallyTrade is currently not regulated, which raises concerns about the lack of oversight and investor protection. The fees and commissions charged by RallyTrade, including deposit and withdrawal fees, may also be a drawback for some traders.
Is RallyTrade Legit？
RallyTrade is a broker that is currently not regulated. Regulation is an essential aspect of the financial industry as it provides oversight and protection for investors. Regulated brokers are required to adhere to certain rules and regulations set by the regulatory authorities, which are in place to ensure fair trading practices, transparency, and the safety of client funds.
RallyTrade offers a range of market instruments for trading, including:
Forex: Traders can participate in forex trading, which involves trading currency pairs.
Commodities: RallyTrade provides trading opportunities in various commodities such as aluminum, Bund10Y, cocoa, coffee, copper, corn, cotton, Emiss, gold, natural gas, nickel, oil, WTI oil, platinum, Schatz2Y, silver, soybean, sugar, TNote, wheat, and zinc.
Indices and Options: The broker allows trading on a selection of indices and options.
Additionally, RallyTrade offers equities from multiple countries, including the US, UK, Portugal, Spain, Germany, France, and Italy.
Account Types
BASIC ACCOUNT:
The Basic Account offered by RallyTrade requires a minimum deposit of $100 (or its equivalent in Naira). This account provides traders with a Withdrawable Welcome Bonus, a Personal Account Manager, and a Free Education Package. The account features a Fixed Spread of 1.6 on the EUR/USD pair, and traders can access leverage up to 1:1000 (or 1:500 on Meta). 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 sized businesses, RallyTrade offers the 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 provides traders with a Withdrawable Welcome Bonus, a Personal Account Manager, and a Free Education Package. However, the account features Floating Spreads, with an average spread of 1.2 on the EUR/USD pair. Traders can also access leverage up to 1:1000 (or 1:500 on Meta).
PRO ACCOUNT:
The Pro Account is tailored for large corporate websites and requires a minimum deposit of $1000 (or its equivalent in Naira). This account offers the lowest commissions among the account types and provides traders with a Personal Account Manager. Additionally, Pro Account holders can have a private session with the Chief Financial Adviser and Analyst. Unlike the previous account types, the Pro Account features spreads that start from 0. Traders can access leverage up to 1:1000 (or 1:500 on Meta). It is important to note that the Pro Account is designed for experienced traders who require advanced features and have a higher risk tolerance.
How to Open an Account？
To open an account with RallyTrade, you can follow these steps:
1. Visit the RallyTrade website and locate the registration section. This can usually be found by clicking on options like '100% Bonus' or 'Register Now'.
2. Click on the 'Register Now' button to begin the account opening process.
3. Fill in the required personal information. Start by entering your first name 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 appears 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. Once you have filled in all the necessary information, click on the 'Open Account' button or any equivalent option to proceed.
7. After submitting your registration, you may receive a confirmation email or be directed to the next steps, depending on the broker's process.
Leverage
RallyTrade offers leverage options to its clients. 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 an unregulated broker, carries significant risks and may not be advisable. Clients can select their desired leverage when opening an account, and if they wish to change it, they need to contact the customer service team for assistance.
Spreads & Commissions
The spreads offered by RallyTrade vary depending on the type of account you have. For AUDCAD, the Basic account has fixed spreads starting from 1.3 pips, while the Standard account has spreads starting from 4.5 pips. The Pro account offers market spreads.
Fixed spreads mean that they remain the same regardless of market conditions, while variable spreads can fluctuate, especially during times of increased volatility. It's important to note that different instruments may have different starting or average spreads. For example, while the Standard account's AUDCAD spread is 4.5 pips, the EURGBP spread is currently at 2.1 pips.
Fees & Commissions
RallyTrade charges various commissions and fees based on the different types of accounts and trading instruments. Here is a breakdown of the fees without using positive terms:
Basic & Standard Account:
- No commissions for forex or commodity trading.
- Equities trading incurs an additional commission of 0.08% or a minimum of 8 USD.
Pro Account:
- Opening a trade for Forex, Indices, and Commodities incurs a commission of 0.003%.
- Closing a trade for Forex, Indices, and Commodities incurs a commission of 0.003%.
- Equities trading incurs an additional commission of 0.08% or a minimum of 8 USD.
Swap charges, which are fees for holding trades overnight, apply. However, if you have a swap-free account, an additional commission is added to the account:
- Opening trade incurs a fee of $/4 €/ for each 1 Lot.
- Holding trade incurs a fee of $/4 €/ for each 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 provides advanced features and customization options. It offers a user-friendly interface, allowing traders of all levels to access a wide range of tools and features. With MT5, traders can choose from various order types and execute trades quickly. It also provides advanced technical analysis tools, a strategy tester, and the ability to automate trading strategies using Expert Advisors. MT5 is available on desktop and mobile devices.
Rally xTrader
Rally xTrader is an award-winning platform designed to deliver results. It offers superior execution speeds 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 closing, live audio feed for market news, and a heatmap and top movers tab to track market movements. Rally xTrader is available on desktop and mobile devices, providing traders with access to their accounts and market analysis on the go.
MetaTrader 4 (MT4)
Additionally, RallyTrade also offers MetaTrader 4 (MT4), which is one of the most popular trading platforms in the industry. MT4 is known for its simplicity and offers a variety of inbuilt analytical tools. Traders can add indicators, oscillators, and automatic strategies to enhance their trading experience. MT4 also provides a pattern recognition tool, a strategy tester, and the ability to use Expert Advisors for automated trading. MT4 is available on desktop and mobile devices.
Deposit& Withdrawal
Depositing funds with RallyTrade is a straightforward process, and you have various options to choose from. You can fund your live account using your credit card or alternative payment methods. Additionally, you can deposit funds directly from your current USD or Naira account.
Each deposit method has its own associated fees, which are outlined below:
- Bank wire: Commission charged by the bank-sender, 0% from RallyTrade's side.
- Mastercard & Visa cards (Naira): 0.75% for local Nigeria cards.
- Visa cards (USD): 2.25%.
- Mastercard & Verve cards (USD): 0.75-1.25% (depends on the payment provider involved).
- Skrill: 1.95% + 0.37 USD.
- Neteller: 1.95% + 0.15 USD (minimum 1 USD).
- Perfect Money: 0%.
- Webmoney: 0% (commission is paid by the sender).
For withdrawals, RallyTrade offers several methods, and there may be additional fees associated with each:
- Bank wire: 50 USD.
- Perfect Money: 0.25%.
- Skrill: 0.5%.
- Neteller: 1%.
- Webmoney: 0.004% (maximum 25 USD).
Unfortunately, it is disappointing to see fees applied to both deposits and withdrawals, as many brokers are striving to eliminate these charges. It would be beneficial if RallyTrade could follow suit and remove these fees as well.
Regarding the processing and wait time for withdrawals, specific information was not provided. However, based on industry standards, it is reasonable to expect that a withdrawal request will be fully processed within 1 to 5 working days, depending on the withdrawal method used.
When making a deposit, it is important to note that the currency of the deposit amount should match the currency of your Real Account. Moving funds between Real Accounts in different currencies is not possible.
Withdrawal instructions can be issued through the Client Office account. The funds requested for withdrawal can be paid back to the bank account declared during the opening of the real account or to an alternative payment account preferred by the client, as per the Terms and Conditions. It is essential that the currency of the withdrawal amount matches the currency of the Real Account, as exchanges of funds between different currencies within Real Accounts are not allowed.
Bonuses & Promotions
RallyTrade offers a 100% bonus for the first deposit made by clients. The specific terms and conditions of this bonus are not readily available, which could be a concern. It is important to note that there is information available about past bonuses, which may raise some questions regarding the transparency and clarity of the bonus program. It is mentioned that the bonus funds will be automatically credited to the client's account after the first deposit, suggesting that it might be a mandatory bonus, although there could potentially be an option to opt-out.
Customer Support
RallyTrade offers customer support through various communication channels. To get in touch with them, you can fill out the contact form on their website, and they will aim to respond to your query promptly. Additionally, if you are located nearby, you have the option to personally visit one of RallyTrade's office locations for assistance.
For English support, you can contact RallyTrade at +234 1 440 8191. If you prefer email communication, you can reach out to them at backoffice@rally.trade.
RallyTrade has multiple office locations in Nigeria to cater to their clients' needs. Their Lagos office is situated at Fanis House, 21 Adeniyi Jones Avenue, Ikeja, Lagos State. You can contact them at +234 1 440 8191 or +234 1 700 8170. They also provide a mobile number for text and WhatsApp communication: 09014572926.
In Port Harcourt, you can find RallyTrade at the 2nd Floor, City View Plaza, No 26a Aba Road, Beside Market Junction. To reach them, you can call +234 802 822 3337 or email backoffice@rally.trade.
RallyTrade's Ibadan office is located at the 2nd Floor, Owoade House, Al Akinyemi Way, Ring Road, Ibadan, Oyo State. You can contact them at +234 802 722 2332 or reach out via email at backoffice@rally.trade.
For those in Abuja, RallyTrade has an office on the 3rd Floor of Lifestyle House, No.3 Mike Akhigbe way, Jabi Abuja. You can contact them at +234 902 772 2222 or email backoffice@rally.trade.
Conclusion
In conclusion, RallyTrade is an unregulated broker based in Nigeria that offers a range of market instruments for trading, including forex, commodities, indices, options, and equities. While the broker provides multiple account types with varying features, such as leverage and spreads, and offers popular trading platforms like MetaTrader 4 and 5, it faces several disadvantages. The lack of regulation raises concerns about investor protection, and the broker's low scores in regulatory and risk management indices further highlight the potential risks involved. Additionally, fees and commissions are applied to both deposits and withdrawals, which may be considered a disadvantage compared to brokers that strive to eliminate such charges. Traders should carefully evaluate the potential risks and drawbacks associated with an unregulated broker before considering RallyTrade as a trading option.
FAQs
Q: Is RallyTrade regulated？
A: No, RallyTrade is currently not regulated. This means that there is no oversight or protection provided by a regulatory authority.
Q: What are the market instruments offered by RallyTrade？
A: RallyTrade offers a range of market instruments for trading, including forex, commodities, indices, options, and equities from multiple countries.
Q: What are the different account types available at RallyTrade？
A: RallyTrade offers three account types: Basic Account, Standard Account, and Pro Account. Each account type has different features, minimum deposit requirements, and trading conditions.
Q: How can I open an account with RallyTrade？
A: To open an account with RallyTrade, follow these steps:
1. Visit the RallyTrade website and click on the 'Register Now' button or a similar option.
2. Fill in your personal information, including your name, contact details, and email address.
3. Submit your registration and await confirmation or further instructions from the broker.
Q: What leverage options does RallyTrade offer？
A: RallyTrade offers leverage options up to 1:1000 on the MetaTrader 5 platform and up to 1:500 on the MetaTrader 4 platform. However, trading with high leverage carries significant risks.
Q: What are the fees and commissions charged by RallyTrade？
A: RallyTrade charges various commissions and fees based on the account type and trading instruments. There are no commissions for forex or commodity trading in Basic and Standard Accounts, but equities trading incurs an additional commission. The Pro Account has commissions for opening and closing trades in forex, indices, and commodities, as well as an additional commission for equities trading.
Q: How can I deposit and withdraw funds with RallyTrade？
A: RallyTrade offers several deposit and withdrawal methods, including bank wire, credit cards, e-wallets (such as Skrill and Neteller), Perfect Money, and Webmoney. Each method may have associated fees, and the withdrawal processing time is typically 1 to 5 working days.
Q: What trading platforms are available at RallyTrade？
A: RallyTrade offers MetaTrader 5 (MT5), Rally xTrader, and MetaTrader 4 (MT4) as its trading platforms. These platforms provide various features, tools, and customization options for traders.
Q: Does RallyTrade provide educational resources？
A: Yes, RallyTrade offers an educational center with resources for traders at different skill levels. The center includes reading materials, webinars, seminars, tutorials, market news, and trading signals.
Q: Are there any bonuses or promotions available at RallyTrade？
A: RallyTrade offers a 100% bonus for the first deposit made by clients. However, specific terms and conditions of the bonus are not readily available.
Q: How can I contact RallyTrade's customer support？
A: You can contact RallyTrade's customer support through various channels, including filling out the contact form on their website, visiting their office locations in Nigeria, or reaching out via phone or email. English support can be contacted at +234 1 440 8191 or backoffice@rally.trade.
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