RallyTrade offers several account types, depending on the initial amount deposited. All account types offer high leverage levels and variable spreads on two great platforms – MetaTarder 4 and xStation. Two of the accounts are commission-free (Basic & Standard) and offer micro tradeable lots, while the Pro one involves a commission as it provides tight interbank spreads.
As RallyTrade is a Nigerian broker, there are special Naira trading accounts.
The Company. Security of Funds
Established in 2016, RallyTrade is a broker based in Nigeria that offers trading in wide range of financial instruments – numerous currency pairs, various CFDs, precious metals, ETFs, as well as binary options.
The brand is operated by Infinity FRNG Limited. Since currently there are aren’t any rules governing online foreign exchange trading in Nigeria and no regulatory authority, the company is regulated by the Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization.
The FinaCom is an EDR organization which acts as a neutral third party in disputes in the forex and binary options markets between its members and their clients. Its compensation fund covers judgments up to $5,000 or $20,000 per client, depending on the regulated company’s type of license.
RallyTrade holds a B-Category license and any client of such company can be eligible for a compensation of up to $5000.
Minimum Initial Deposit
In order to open an account with RallyTrade, traders have to invest a minimum of $100, which is a relatively low minimum initial amount. Still, many brokers require less – Grand Capital for example, another FinaCom-licensed broker, requires just $10 from traders as a start.
Spreads & Commissions
As is often the case with forex brokers, spreads on the account with the lowest initial deposit required, are pretty wide – averaged 2 pips on the EUR/USD pair. The ones on the other two accounts, however, are pretty good, amounting to around 1.2 pips.
For more information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage level offered by RallyTrade is very high, reaching 1:1000. Nonetheless, there are many brokers offering leverage equal to or exceeding 1:500. Grand Capital, for instance, offers leverage up to 1:2000 – one of the highest in the industry.
Keep in mind, however, that the higher the leverage, the greater the risk. You may even lose more money than you have deposited.
RallyTrade supports the good old MetaTrader 4 (MT4), as well as xStation.
xStation is user-friendly, fully-customizable platform developed by XOpen Hub, which is equipped with useful technical analysis tools, built- in economic calendar and live market news among other advanced features. Traders will probably appreciate even more the other two features of the platform: one-click dealing, the ability to deal straight from the charts and Double up position or reverse direction with a simple click of a button. The platform is also equipped with social trading (xSocial) solutions and a xOptions – a fully integrated, web-based binary options trading platform.
As most FX brokers, RallyTrade also supports the standard MT4, which is highly regarded by the online trading community mostly because it allows users to fully automate their trades by choosing from a wide range of EAs. What is more, it offers a number of technical indicators, extensive back-testing environment and advanced charting package.
Welcome bonus from 20% up to 100%
RallyTrade is a young Nigerian Forex and CFD broker, regulated by the Hong Kong Financial Commission.
RallyTrade Review Conclusion
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