Rally trade established in the year 2016. It is commonly considered that “Experienced the broker, better are its services” but Rally trade completely stands against this fact. Though working in the market for more than four years, it has failed to offer quality services and better platforms. The unrealistic leverage of 1:1000 gives us the warning sign.
Apart from this, the high minimum deposit charged does not do justice to the meager services and outdated platforms it offers. The broker’s website is playing with traders’ sentiments by providing information that the firm has crossed 30000 plus withdrawals and has more than 10000 customers worldwide. It is just a fabricated number as there are no facts to back this data.
Is Rally trade a scam or safe?
Rally trade’s official website has portrayed the firm as one of the best brokerage firms, a safe and secure trading platform. But, all this information seems to be fake and misleading when we look at its trading license. The firm is regulated by some random and local authority rather than by authentic central financial bodies. Your money and identity are at grave peril. Do not let the scum trader play with your funds. Once you lose your money, there’s no way back to retrieve it.
Thus, we do not have any reason to trust the firm. It is a scam broker, and investing your money might be risky.
Leverage offered
The broker’s unrealistic leverage on each trade gives us a clear alarm that working with the firm can be risky. The broker offers 1:1000 leverage which is beyond the limit permitted by financial bodies. The European Union has fixed this limit to 1:30. The brokerage firms which fail to meet this limit are considered as unsafe and untrustworthy. It’s a deceitful act.
Minimum deposit
The broker is just trying to attract traders by providing incomplete data on its home page. An example of this is the minimum deposit. The home page reflects that the broker accepts a minimum deposit of $100. But, when you will look into the account types, you will find that this amount ranges between $100 and $1000.
This amount is extremely high compared to other renowned and advanced firms. It seems like the broker is just thinking about its profit maximisation and trying to trap traders by providing incomplete information on its home page.
Trading platforms
The trading world has shifted to MetaTrader 5, but the broker is still standing in the market with its outdated MetaTrader 4. If you are selecting Rally trade to enhance the trading standard, we must tell you that it has blocked such a chance.
Tradable products and markets
Rally trade disappoints in this arena also. It allows the trader to speculate on restricted markets and products. Also, it does not provide trading on the world-famous stock market and cryptocurrency trading. Both these markets are popular for harvesting massive profits.
Spreads
Unfortunately, spreads of a broker are also disappointing. For standard accounts it is as high as 1.2 and so is the case with a basic account, where the spreads are 1.6.
Rally Trade: Types of account
All advanced brokerage firms have mentioned the features and charges related to silver, gold, and platinum accounts. But, we did not find such information on the website of the broker. The three accounts offered are:
1) Basic account
- Fixed and high spreads 1.6
- Unrealistic leverage up to 1:1000
- High minimum deposit $100
- Limited trading assets
- Outdated platforms
- Lacks stocks and cryptocurrency trading
2) Standard account
- Fixed and high spreads 1.2
- Unrealistic leverage up to 1:1000
- High minimum deposit $500
- Limited trading assets
- Outdated platforms
- Lacks stocks and cryptocurrency trading
3) Pro account
- Unrealistic leverage up to 1:1000
- High minimum deposit $1000
- Limited trading assets
- Outdated platforms
Educational hub
Rally Trades’ educational courses are not worthy as their educational hub is not up to the market. It also lacks some vital concepts. Hence, your information regarding the market will remain poor, and the broker does not intend to improve on that aspect. Several people have filed a complaint against such a problem, but the step remains due for initiation. Hence, if you wish to remain
Research tools
You must be aware that research tools play a vital role in your decision-making and profit size. Unfortunately, the broker does not provide any research tool. The broker seems like a trap. It is demanding high charges and still fails to offer educational and research tools which are essential.
Account opening
The process of opening an online trading account with a broker is complex and time-consuming. It takes several days for document verification. Plus, the broker does not offer any assistance to traders trying to enter the market. The trust issues further deepen here. The ulterior motive is getting exposed to such irritating behavior.
Customer support service
Rally trade has an inefficient customer support team that fails in providing a quick response. The telephone’s response time is greater than one minute, and sometimes they do not pick up the call. And the multiple attempts do not help either. The company does not pay heed to your troubles. Instead, even if you quit it, they would let you leave. It shows the broker will never improve on its customer care game and traders who stick with it will continue to suffer in one way or the other.
Disadvantages of Rally trade
1) Complex user interface
2) Limited tradable assets
3) Research tools not available
4) Lacks stock trading and cryptocurrency trading
5) Not regulated
6) High minimum deposit ranges between $100 and $1000
7) Unrealistic leverage of 1:1000
8) Inefficient customer support team
9) Outdated trading platforms
10) Extremely high and variable spreads
Bottom Line
Rally trade does not meet the essential credential to act as a trusted and reputable brokerage firm. Some local and random authority regulates it. Thus, it is equivalent to a scam, and your money can be at risk. Several points such as unrealistic leverage, lack of MetaTrader4, high minimum deposit, lack of research tools, and lack of stock, and cryptocurrency trading compel us to think that the firm is the worst as far as services are concerned.
It is better to go with other reputed firms such as Modmount, EllandRoad Capital, Capitalix, and Phoenix.
