RallyTrade is another forex broker that plays fast and loose as regards to the information it provides. In the review below, we take an in-depth look at the features www.rally.trade allegedly offers. This review basically answer the questions: is RallyTrade legit? Is rallytrade reliable? The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about rally trade.
Table of Contents
Rally Trade Trading Platform
This broker claims that it uses the MT4 and Xstation.
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When we tried to open the Xstation, we were provide with an MT4 download link instead. When we tried to use the MT4, we were presented with a MetaQuotes demo Account that one can easily open from the official MT4/5 website.
We Later found the xStation on the top right corner of the home page.
Rally trade Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea as to how a broker might work.
After thoroughly checking we discovered that this broker has three account types.
Rally trade Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us, because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
Depositing methods are Credit and Debit cards, Skrill, Neteller, Bank Transfer, PerfectMoney, and WebMoney.
This broker does not seem to be sure if it charges a withdrawal fee or not as it continues giving contradictory messages.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume in order to be eligible for withdrawal. This is purposefully done in order to stop traders from making a withdrawal.
Is RallyTrade Licensed?
Licensing is another important part, because a regulated broker can be trusted to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it is actually regulated.
This website is operated by FRNG Nigeria, it claims to be located in Lagos. In the past the Nigerian Securities and Exchange Commission (SEC) has issued an official warning that it does not regulate the retail forex market. Just like in the case of SVG, Marshall Islands, it is easy to open a brokerage firm in the country and claim to be regulated.
To cut it short, this broker is not licensed.
Traders should always ascertain if a broker is licensed before investing in them. They should check regulatory bodies such as the FCA in UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy and many others.
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Conclusion
We wouldn’t recommend using this forex brokerage, we are not impressed with the vague information they have provided.
In conclusion, we wouldn’t advise or recommend you to trade with www.rally.trade as they don’t give any information concerning if they are a regulated broker.
www.rally.trade is likely a platform run by scammers, trading with them would likely result in you losing your money. There is a tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading option.