Rally trade is a Nigerian foreign exchange broking company that was founded in 2016. With Rally Trade, you can trade on different financial instruments including binary options, CFDs, ETFs, etc. The company is being run by Infinity FRNG Limited and regulated by FinaCom – Financial Commission. In this article, we shall be reviewing their services for the interest of those who are interested in investing with the company.
Rally Trade Trading Accounts
There are different types of trading accounts available on rally trade and your initial deposit determines the account type you fall into. Trading is done on the MetaTrader 4 and xStation trading platforms and there are different spreads and high leverages on all account types. The three main account types are;
The Basic and Standard accounts feature micro trading and there is no commission while the Pro account features interbank spreads and there is a commission. There are also Naira trading accounts.
How secure is Rally Trade?
Before making use of any Forex trading platform, one needs to be sure that it is very secure to avoid loss of funds. Being regulated by FinaCom makes the Rally trade platform a very secure one as each member of the platform is covered by compensation that is worth up to $5,000. As a Rally trade client, you are automatically eligible for this compensation.
Rally Trade Trading Conditions
Minimum Initial Deposit
As you create a Forex trading account with Rally Trade, you have to make an initial deposit to kick start your investment. The minimum amount of money you can deposit is $100 which is on the high side when compared to that of other forex brokers.
Spreads & Commissions
On Rally trade, the basic trading account has a relatively widespread which is about 2 pips on various Forex pairs; this is because it is the account with the lowest initial deposit. The Standard and Pro accounts feature a spread of about 1.2 pips which are better.
Rally trade offers a high leverage level on maximum, it peaks at 1:1000. Though this may not be the highest in the industry, it is still very much interesting. However, such high leverage results in high risk as well.
Registering with Rally Trade
The process of registering with Rally trade is straight forward, all you need to do is to visit their website www.rally.trade and click on open an account from the homepage. On the next page, fill in the registration form by entering all requested details and continue. You will need to verify your account via the link sent to your email and you are done. Log into your account with your details and make a deposit to activate your account. You get a welcome bonus of up to 100% after registering.
Methods of Payment
There are different ways via which payments – deposit and withdrawals – can be made on the Rally Trade Forex Platform. You can find all of these from your account dashboard and select which is the most convenient for you. Charges do apply depending on your chosen payment method on both deposit and withdrawal.