General Information
RallyTrade is a unregulated brokerage firm headquartered in Nigeria. 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.
The broker offers different account types. 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.
RallyTrade supports popular trading platforms, including MetaTrader 5 (MT5), Rally xTrader, and MetaTrader 4 (MT4).
While RallyTrade offers a 100% bonus for the first deposit, specific terms and conditions of this bonus are not readily available.
Pros and Cons
Is RallyTrade Legit?
RallyTrade is a broker that is currently not regulated.
Market Instruments
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).
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).
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.
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.
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.
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.
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).
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.
Bonuses & Promotions
RallyTrade offers a 100% bonus for the first deposit made by clients.
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.
FAQs
What are the different account types available at RallyTrade?
RallyTrade offers three account types: Basic Account, Standard Account, and Pro Account. Each account type has different features, minimum deposit requirements, and trading conditions.
How can I deposit and withdraw funds with RallyTrade?
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.
What trading platforms are available at RallyTrade?
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.
2024-05-19 18:33
