We do not often have an opportunity to present a broker company coming from Africa, but the growing popularity of forex trading in the entire world means that the Black Continent is also active when it comes to financial transactions. However, brokers from Africa are still relatively young, and they lack integrity or experience to make a significant impact on the global market, and our Rally trade review will explore the essential features of this broker company coming from Nigeria.
Leverage: 1:200 Licences: MiFID
Min. Deposit: 100 USD Bonus: N/A
Spreads: from 2 pips US Clients: No
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Rally trade – general overview
Traders who are willing to invest their funds in the Forex trading should always perform extensive research about their new broker before putting their name on the line and sealing the deal. That is why we provide our readers with an in-depth study of the company in question, and we put a lot of effort into discovering a potential Rally trade scam.
For example, we learned that this broker was established in November 2016, and it is under the ownership of “FRNG Nigeria.” Rally trade has offices in London as well, and allegedly – they are licensed and regulated under the number RC 1288748. However, their website does not mention which regulatory body performed the inspection, and this is a definite cause for concern for anyone who considers investing their hard-earned funds with this unreliable broker.
Other important features of the Rally trade Forex broker
Even though some Rally trade reviews refer to this broker as the “best newcomer in the region,” we do not share their enthusiasm with this trading enterprise. First of all, the lack of license is a serious issue, and the license from some Financial Commission in Hong Kong is not a strong guarantee that you will ever get your money back once you invest it in Rally trade. Also, the African financial market still lacks a coherent legal framework when it comes to financial activities and operations, and that is why we urge our readers to pick a broker that complies with the regulations stated by MiFID, or some other similar legal authority.
How to start trading with Rally trade broker
Another “warning sign” when it comes to trading with Rally trade broker is evident from the fact that they offer extremely high leverage, up to 1:1000. However, unrealistic promises are the most common signal for scams and fraudulent activities in the trading world, and that is why we recommend to our readers that they look for a more reliable broker elsewhere.
Rally trade still lacks verification, and it will take some time before we can be certain about their intentions and credibility. But, you could always use the demo account on their platform, and this feature will allow you to get a glimpse of what awaits you once the “real” money is deposited.
Rally trade trading accounts review
As we already said, we attempted to base our Rally trade opinion on relevant facts, and that is why we explored every little detail of this company. For instance, we noticed that they offer three types of accounts and that these accounts are differentiated by the minimum deposit that you are required to make before opening one of them. The Basic account starts with $100, Standard at $500, and you will need to deposit $1.000 for opening the top-level Pro account.
Rally trade review: trading software
To further substantiate our Rally trade opinions with facts, we took a look at their trading terminal as well. This broker uses a well-known MetaTrader4 software, but they also offer the X-Station and X-Social features. Social trading is growing in popularity, but once again – prospective investors should be cautious and careful when following other traders. The platform also incorporates the X-Options feature, which adds binary options to the overall offer, but this abundance of choices can be confusing and overwhelming for new clients and novice traders.
Payment options and customer support
As we already said, Rally trade Forex broker is sometimes “too good to be true,” and this can also be a potential red flag in the world of financial trading. For example, they charge no fee for deposits and withdrawals, and this is pretty unusual practice in the forex market. Clients can use various banking methods to transfer their funds, and this includes VISA, MasterCard, Neteller, and so on. When it comes to customer support, customers can report their problems via phone and email, or they can fill out the contact form on the website.
Rally trade review conclusion
At the end of our Rally trade FX broker review, we can only say that this new company still does not have the necessary credentials to act as a professional and reputable broker, and it remains to be seen if this organization provides legitimate services after all.