Pros & cons of RallyTrade

RallyTrade Fact sheet

The broker is not regulated by any financial institution around the world. This makes RallyTrade riskier than regulated brokers. We usually caution our readers to exercise caution when dealing with unregulated brokers. 

Policies that RallyTrade follows

The broker offers negative balance protection for the Basic Accounts in the form of Stop-loss protection. We can not confirm if the firm keeps user funds in segregated bank accounts or whether it is part of a compensation fund. Since the broker is unregulated there is no overseeing entity that can confirm if the broker truly adheres to these policies. 

Forex trading on RallyTrade 

Depending on the trader’s strategy and trading style, the broker offers flexible currency trading. The spreads can be fixed, floating, and raw. This is very advantageous for traders as they can trade with 1.6 pips fixed spreads no matter the market volatility, 1.2 pips floating spreads without commissions, or from 0 pips for 6 USD per lot round turn commission. Around 50 currency pairs including major pairs, minors, and exotics are available on the MT4, MT5, and RallyTrade xTrader 5 platforms. 

CFDs trading on RallyTrade

All trading assets are offered in the form of CFDS or contracts for the difference. All CFDs have commissions for trading, except FX pairs on Basic and bear trading commissions of 0.003% of the amount traded. For stocks, the trading commissions are 0.08%. 

The trading instruments are not many but still decent, summed at 120+ in total. 

There are three account types offered by RallyTrade at the moment, Basic Account, Standard Account, and Pro Account. 

Basic Account offers overall balanced trading conditions and starts with a minimum deposit of 100 USD. The benefits upon opening this account are a withdrawal welcome bonus, a personal account manager, and a free educational package. Spreads are fixed at 1.6 pips on EURUSD, the maximum leverage is capped at 1:1000 or 1:500 if meta. The balance can be deposited using Naira and should be equivalent to 100 USD. 

Standard Account comes with a 500 USD or equivalent in Naira minimum deposit, withdrawable bonus, personal account manager, free educational package, and floating spreads from 1.2 pips on EURUSD. The maximum leverage is capped at 1:1000, allowing traders to control 1000 times the trading position of their account balance. 

Pro account comes with spreads from 0 pips on EURUSD and Forex pairs and has a trading commission. These commissions are not disclosed on the website, but we can find them in the special table of commissions. For Forex, indices, and commodities there are commissions of 3 USD per side per lot. All spreads are market spreads, meaning whatever the liquidity providers offer, traders will get the same spreads. Together with free educational resources, there is also a private session with the chief financial advisor and analyst. The personal account manager is also available for the pro accounts. The minimum deposit starts from 1000 USD or equivalent in Naira and maximum leverage is also 1:1000 or 1:500 if meta. 

Pros & cons of RallyTrade account types

RallyTrade Demo Account

The broker offers a demo account for beginners who want to develop and test trading strategies, and for experienced traders to check the spreads and commissions. The demo account is the free and zero-cost solution for getting a glimpse of real spreads, commissions, and price data quality details of RallyTrade. 

Getting started on RallyTrade – Main steps

If, after reading our review, anyone decides to open a demo or a live account with RallyTrade we will explain the main steps from registering to trading. The broker has a well-developed website and offers signing-up options on several page sections. 

Step 1: Open an account

To sign up with the broker, traders will need first to scroll down to the registration section below on the main page. There are basic details to be filled including first name, last name, country of origin, mobile number, email, and state of residence in the country selected. After this step, just select the base currency, agree with the broker’s terms and conditions, and click Open Account.

Step 2: Time to verify your account

The verification process is simple and easy on the RallyTrade platform, as it will require traders to upload their documents. There are two types of documents required, proof of identity and proof of residence. Identity verification involves documents that are active and issued by the government. Proof of residence will require a bank statement or utility bill where the trader’s name, surname, and address are clearly visible. It usually takes under 24 hours for the user accounts to get verified and ready for withdrawals. 

Step 3: Make your deposit and start trading

For trading, traders will need to deposit funds in USD and Naira (NGN) and download and install any of the three platforms. Payment methods for both deposits and withdrawals include Visa, MasterCard, VoguePay, GTBank, ZENITH, eTransact, Interswitch, and WEMA BANK. 

Comparing RallyTrade fees with other brokers

Below are the fees for RallyTrade compared to popular brokers. 

RallyTrade fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

RallyTrade fees compared to CM Trading fees

RallyTrade fees compared to plus500 fees

RallyTrade fees compared to XM fees

RallyTrade fees compared to AvaTrade fees

RallyTrade fees compared to Capital.com fees

RallyTrade supports three main trading platforms including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and xTrader 5. 

MetaTrader 5 is offered for all devices, including mobile and desktop. It comes with a multitude of inbuilt technical tools and indicators and is by far one of the most advanced platforms. Its popularity is only eclipsed by the MT4, as it is older and better adopted by traders. The broker allows hedging, and it is possible to hold both buy and sell trades simultaneously on both MT4 and MT5. MT4 and MT5 support strategy testers and EAs or Expert Advisors, which are automated trading robots. RallyTrade offers a download button for MT5 without opening an account. MT4 and xTrader 5 come with similar features and are also available on all devices. 

All trading platforms can be downloaded in their mobile versions for both Android and iOS, and the broker offers download links. MT5 was redesigned recently for mobile trading and is very useful for trading on the go. xStation can also be downloaded for mobile devices and offers on-the-go trading and chart analysis tools. It also has a trading statistics tool to help traders analyze their performance. It has an option to see the news from the firm which is very useful allowing traders to monitor everything from their smartphones. All platforms have a feature to close all open trading positions, including filtering which trades to leave open. 

The educational resources are abundant on the RallyTrade website. There is a dedicated section for news, insights, and educational resources, together with the traders' glossary. 

Market news consists of periodical articles where experts analyze current trends and market sentiment and evaluate risks and potential rewards. This section is helpful for beginners to make sense of fundamentals in FX trading. This analysis is conducted every 2–3 days and provides insights into potential future movements in the financial markets. 

Trading basics is another section where important Forex and financial markets concepts are explained including CFDs, spreads, symbols, bid, ask, and so on. With this section, beginners can start understanding what financial markets are and understand their main terms. 

There are also intermediate and advanced educational sections, but there are no articles or any other resources as of now. It seems the firm is adding educational content regularly and there are no articles in these sections yet. 

Trading insights is a section that explains how to become a successful trader and how to develop trading strategies. It's more like tips to become a successful trader and acts as bonus materials for motivated traders. 

For slang and trading terms, there is a trader glossary where all specific terms are explained about Forex and other financial markets trading.

Although the firm emphasizes offering top-notch customer services, the support takes forever on the live chat to answer your questions. All the hours we were researching the firm, the live chat never answered us, meaning it was almost useless. The firm probably is short of support personnel, as there is no other explanation. At all rates, the support team should be more responsive, as the main advantage of the live chat is quick answers to your questions. 

From other forms of support, both email and hot-line are provided for all offices of the broker in Nigeria. The website and support is available in English. Phone support should be available in several local popular languages such as Hausa, Yoruba, and so on. 

RallyTrade is an international Forex and CFDs broker based in Nigeria, offering USD and NGN trading accounts. The broker provides access to popular markets such as Forex pairs, shares, indices, and commodities on MT4, MT5, and xTrader 5 platforms. Trading platforms are available for all devices, including desktop and mobile devices.

The broker is not regulated by any authorities and the minimum deposit requirement is 100 USD. RallyTrade charges an inactivity fee of 10 USD per month after 6 months of dormancy and does not offer swap-free accounts for Islamic traders. The support is provided through multiple popular channels but is extremely slow in responding. Educational resources are numerous, and the broker adds market insights regularly. 

Overall, it is crucial to exercise extra caution when dealing with this broker, as it is not regulated and has several other drawbacks as well.