Rally Trade Review

Category: Reviews | Author: Trading Brokers | Date: October 24, 2023

The choice of a broker can significantly influence a trader’s success when it comes to Forex Trading. Among the myriad of options available, Rally Trade has emerged as a platform that has piqued the interest of many. This article aims to provide an in-depth review of Rally Trade, exploring its regulatory framework, trading platforms, educational resources, market offerings, account types, and funding options. Rally Trade, like any other trading platform, has its strengths and weaknesses. It offers a range of features that cater to both novice and experienced traders. However, it’s essential to understand that every trading platform comes with its own set of challenges and potential pitfalls. This review will strive to present a balanced view, highlighting both the upsides and downsides of using Rally Trade as your go-to trading platform. So, let’s delve into the details and uncover what Rally Trade has to offer.

Pros & Cons

  • Wide range of tradable assets, including Forex, commodities, indices, options, and equities.
  • Offers multiple account types and funding methods to cater to different trading needs and preferences
  • Competitive Spreads and High Leverage
  • Offers a variety of trading platforms, including MetaTrader 4, MetaTrader 5, and Rally xTrader
  • RallyTrade offers copy trading, allowing less experienced traders to copy the trades of successful traders
  • No Fees on Deposits or Withdrawals
  • Lack of Additional Trading Tools
  • Regulatory Status Unclear
  • RallyTrade offers a high leverage of up to 1:1000, which can be risky for traders as it can lead to significant losses
  • Some traders have reported withdrawal delays with this broker

Summary

RallyTrade Review

RallyTrade

Rally Trade is a trading platform that offers a variety of features and tools to cater to the diverse needs of traders. Traders have access to multiple trading platforms, including MetaTrader 4, MetaTrader 5, and Rally xTrader. These platforms are known for their advanced trading features and user-friendly interfaces, making them popular choices among traders worldwide.

Rally Trade is committed to providing educational resources to help traders enhance their trading skills and knowledge. They offer an educational center that provides technical analysis, webinars, seminars, books, tutorials, and market news. The platform offers a wide range of tradable assets, including Forex, commodities, indices, options, and equities. This extensive selection allows traders to diversify their portfolios and explore different markets.

Rally Trade provides three types of accounts to cater to the varying needs and preferences of its traders. Each account type comes with its own set of features and benefits, such as different minimum deposit requirements, leverage options, and spread types. Funding options for Rally Trade accounts include bank wire, credit cards, Skrill, Neteller, Perfect Money, and Webmoney. This variety of payment methods provides flexibility for users when it comes to managing their funds. The platform’s regulatory oversight, variety of trading platforms, educational resources, market offerings, account types, and funding options make it an attractive choice for traders looking to navigate the world of Forex trading.

AvaTrade Logo

Our #1 Broker 2023

AvaTrade is an award-winning and multi-regulated broker offering a great selection of trading instruments including Forex, Cryptos, Stocks and Commodities. You can trade on all of your devices via user-friendly platforms with excellent trading conditions and no commission fees.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Regulation

RallyTrade is an international online broker that operates in a regulatory environment that is somewhat complex due to the lack of specific rules for online Foreign Exchange (Forex) trading in Nigeria, where it is based. The company has stated that there is no regulation for online Forex trading in Nigeria, and as a result, online brokers have resorted to regulations outside the country to provide clients with security and confidence.

The Chief Executive Officer of Rally Trade, Luca Constantinescu, has expressed the need for proper orientation and regulatory processes in Nigeria. He stated that the Nigerian government does not have regulatory requirements for online Forex trading, which has led the company to seek regulation outside the country.

Despite the lack of specific regulations in Nigeria, RallyTrade is registered with the Corporate Affairs Commission in the country. The company has also implemented a “Chinese walls” principle, which involves separating different functions within the organization to avoid potential conflicts of interest.

It’s important to note that while RallyTrade operates in a regulatory environment that is not as clearly defined as in some other countries, it has taken steps to ensure the security of its clients and the integrity of its operations. However, potential clients should be aware of this situation and consider it when deciding whether to engage with RallyTrade’s services. For those seeking alternative options, please see a list of regulated brokers

Platforms & Tools

RallyTrade offers a variety of trading platforms to cater to the diverse needs of its traders. These platforms are designed to provide traders with the tools and features they need to effectively navigate the Forex market.

  • MetaTrader 4 (MT4): MetaTrader 4 is one of the most popular trading platforms in the Forex industry. It offers a user-friendly interface and a wide range of tools for technical analysis.
    MT4 Platform

    MT4 Platform

    Traders can choose from a variety of order types, including market, pending, and stop orders. MT4 is available in both PC and mobile versions, allowing traders to manage their trades wherever they are.

  • MetaTrader 5 (MT5): MetaTrader 5 is the next-generation trading platform from MetaQuotes, the company behind MT4.
    MT5 Trading Platform

    MT5 Trading Platform

    It offers advanced features such as more timeframes, additional technical indicators, and a built-in economic calendar. Like MT4, MT5 also supports a variety of order types and offers fast execution speeds. It also offers hedging, which allows traders to open multiple positions of the same financial instrument, of the same or opposite direction.

  • Rally xTrader: Rally xTrader is RallyTrade’s proprietary trading platform. It offers a unique trading experience with a high degree of customization and advanced trading tools. Rally xTrader is designed to provide traders with a seamless and efficient trading experience.

In addition to these platforms, RallyTrade also offers a range of trading tools. These include:

  • Technical Analysis Tools: These tools help traders analyze market trends and make informed trading decisions. They include various technical indicators and charting tools.
  • Economic Calendar: This tool provides traders with information about upcoming economic events that could impact the Forex market. It helps traders plan their trades and manage their risk.
  • Order Types: RallyTrade supports a variety of order types, including market, pending, and stop orders. These allow traders to execute trades at specific prices or when certain conditions are met.
  • Mobile Trading: RallyTrade offers mobile trading platforms for both MT4 and MT5. This allows traders to manage their trades on the go, providing flexibility and convenience.

Education

RallyTrade places a strong emphasis on education, providing a wealth of resources to help traders enhance their trading skills and knowledge. These educational resources are designed to cater to traders of all experience levels, from beginners to seasoned professionals.

  • Educational Center: The Educational Center is a comprehensive resource hub that provides a wealth of information on various trading topics. It includes a variety of materials such as articles, guides, and tutorials that cover everything from the basics of Forex trading to advanced trading strategies.
  • Technical Analysis: RallyTrade provides technical analysis resources to help traders analyze market trends and make informed trading decisions. These resources include various technical indicators and charting tools that can be used to identify patterns and predict future price movements.
  • Webinars: RallyTrade offers webinars that provide traders with the opportunity to learn from industry experts. These webinars cover a wide range of topics and provide in-depth insights into the Forex market.
  • Seminars: In addition to webinars, RallyTrade also hosts seminars that provide traders with the opportunity to learn in a more interactive setting. These seminars often feature guest speakers from the industry and provide traders with the opportunity to ask questions and engage in discussions.
  • Books: RallyTrade provides a selection of books that cover a wide range of trading topics. These books provide in-depth knowledge and insights into the Forex market and can be a valuable resource for traders looking to deepen their understanding of the market.
  • Tutorials: RallyTrade offers tutorials that provide step-by-step guides on various trading topics. These tutorials are designed to help traders understand the various aspects of trading and how to use the trading platforms effectively.
  • Market News: Staying updated with the latest market news is crucial for successful trading. RallyTrade provides regular market news updates to keep traders informed about the latest market developments and how they could impact the Forex market.

Markets

RallyTrade offers a diverse range of markets for traders to explore. These markets encompass a variety of asset classes, providing traders with numerous opportunities to diversify their trading portfolios. The tradable assets offered by RallyTrade include:

  • Forex: Forex, or foreign exchange, is the market where currencies are traded. It is the most liquid and largest financial market in the world. RallyTrade offers a wide range of currency pairs for trading, including major, minor, and exotic pairs.
  • Commodities: Commodities are basic goods that can be interchanged with goods of the same type. RallyTrade offers a variety of commodities for trading, including precious metals like gold and silver, energy commodities like oil and gas, and agricultural commodities like wheat and corn.
  • Indices: Indices are a measure of the price performance of a group of shares from a particular market. RallyTrade offers a variety of global indices for trading, allowing traders to speculate on the performance of entire sectors or economies.
  • Options: Options are financial derivatives that give the buyer the right, but not the obligation, to buy or sell an asset at a predetermined price within a specific time period. RallyTrade offers options trading, providing traders with the opportunity to profit from price movements without owning the underlying asset.
  • Equities: Equities, or stocks, represent ownership in a company. RallyTrade offers a range of global equities for trading, allowing traders to speculate on the price movements of individual companies.

Accounts

RallyTrade offers three types of accounts to cater to the varying needs and preferences of its traders. Each account type comes with its own set of features and benefits, providing flexibility and options for traders of all experience levels.

  • Basic Account: The Basic Account is designed for traders who are new to the Forex market or those who prefer to trade with a fixed spread. The minimum deposit for this account is $100 (or its equivalent in Naira). It offers a fixed spread of 1.6 on EUR/USD and a maximum leverage of up to 1:1000 (1:500 if using MetaTrader).
  • Standard Account: The Standard Account is suitable for traders who have some experience in the Forex market and prefer to trade with floating spreads. The minimum deposit for this account is $500 (or its equivalent in Naira). It offers an average floating spread of 1.2 on EUR/USD and a maximum leverage of up to 1:1000 (1:500 if using MetaTrader).
  • Pro Account: The Pro Account is tailored for experienced traders who require advanced features and tools. The minimum deposit for this account is $1000 (or its equivalent in Naira). It offers low spreads starting from 0 and a maximum leverage of up to 1:1000 (1:500 if using MetaTrader).

Funding

RallyTrade offers a variety of funding methods to make it easy and convenient for traders to deposit and withdraw funds from their trading accounts. These methods are designed to provide traders with flexibility and ease of use. The funding methods offered by RallyTrade include:

  • Bank Wire: This is a secure method of transferring funds directly from a trader’s bank account to their RallyTrade account. It is a reliable method but may take a few days to process.
  • Credit Cards: RallyTrade accepts major credit cards for funding. This is a quick and convenient method of depositing funds, but traders should be aware of potential fees charged by their card issuer.
  • Skrill: Skrill is a popular online payment service that allows traders to transfer funds to their RallyTrade account instantly. It is easy to use and offers a high level of security.
  • Neteller: Neteller is another widely used online payment service. It offers quick and secure transfers, making it a popular choice among traders.
  • Perfect Money: Perfect Money is an online payment service that allows traders to make instant deposits and withdrawals. It offers a high level of security and is easy to use.
  • Webmoney: Webmoney is a global settlement system that allows traders to make secure and instant transfers. It is widely used and offers a high level of security.

Conclusion

RallyTrade is a comprehensive trading platform that offers a variety of features and tools to cater to traders with different needs and preferences. With its regulatory oversight by the Financial Commission, diverse trading platforms, extensive educational resources, and a wide range of tradable markets, RallyTrade provides a well-rounded trading experience. The flexibility in account types and funding methods further enhances its appeal to traders. However, it’s worth noting that while RallyTrade offers strong features, there are other brokers with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading broker reviews. As with any trading platform, potential users are advised to conduct thorough research and consider their trading goals and risk tolerance before starting to trade.

RallyTrade logo

$100

RallyTrade is an international online broker that provides competitive brokerage services to emerging financial economies. Despite the lack of regulation, RallyTrade offers trading services in various financial markets including forex, commodities, indices, options, and equities

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.


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