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Which broker asks for one thousand dollars as a minimum balance? A scam broker, of course. The broker RallyTrade is one such broker. Not only this, the broker does not provide any trading material to its traders. One account mentions a free education material, meaning that for the other two, there is a fee that is charged.
None of the links of the education material is not working. The website shows a PHP error whenever a trader wants to access the trading material, which is obviously not available. Let us talk about the scam broker more in detail.
RallyTrade: Account types
The scam broker supposedly offers three main trading accounts. One out of which asks for one thousand dollars in the name of minimum balance.
The broker also mentions that the trader has to deposit the equivalent of one thousand dollars in the Nigerian currency. Now that is more than three hundred thousand units of the currency.
Any trader would aim to make so much money via trading, and the broker straight-up asks for such amount, as a minimum balance. We cannot stress this enough that such an amount is not a viable option for a minimum balance whatsoever.
The leverage offered by the scam broker heavily exceeds the limits of the EU, which is 1:3. Rally trade offers leverage of 1:1000 or 1:500. First asking the trader to deposit a minimum amount and then exposing them to such deadly leverage is the same approach, and the broker should not be entertained any further.
Also, the scam broker exempts its basic account users from a personal accounts manager. The truth is that these people are the ones that need an accounts manager the most.
Tradable assets:
There is not much to offer by the scam broker regarding the so-called range of markets it offers. There are only three markets that are offered.
The broker completely omits the presence of the crypto markets and also, does not mention the asset sub-class for each asset.
All the website tells, is that these are the tradable assets that a trader can trade on and nothing else. Not even a word on how things get better when trading can be done on different sub-assets. This is more than a scam practice that the broker is doing.
No information is given about the tradable currency pairs, how they are racing to the market, and a lot of other information is hidden.
Rather than looking like an informative page, the broker makes it look like an advertising page. The base currency is restricted to USD/NGN. This is literally ensuring that goliath battles a gnat.
RallyTrade: Trading platforms
Although the broker does not talk about what kind of trading platforms it offers but by the look of it, it sounds like the only trading platform is MT4. That is for sure, an older version of a platform and is successfully replaced by MT5.
New platforms are in the market because the older ones could not compete and integrate with the forever changing market. When forcing the use of an older platform to its users, the broker ensures that the traders are limited to limited signals and are susceptible to wrong trades.
When the broker restricts the users to a certain space, then the probability of it being a scam grows exponentially. It’s like the government restricting the people’s legislative reach to just one police station.
We cannot stress this enough, the broker is a scam broker and has been making snake moves everywhere we began looking for the legitimate cause of saying that it is not a scam.
Education and research material:
The broker mentions but does not provide anything that can even slightly resemble something that can be used. RallyTrade skillfully tells that it has a lot of information, but the fact is, that it can only provide a word for the trading material and It spells n-o-t-h-i-n-g.
There has to be something that the trader can use from the broker, which can help him or her become a better trader. The legitimate brokers provide a very good quality of educational material, and it took us very long to find the same for this scam broker.
Every provided information was a redirected link to the broker’s home page. Based in a place like Nigeria and still not providing any information to the traders on how the market moves and how people can earn from it, is more than a scam. Literally.
Regulations:
The broker does talk about some type of regulation but does not mention that it is regulated at all. There is a fancy PDF document that talks a lot about the broker and brilliantly stalls the novice from the regulations part. We found no registration number, no license number or any document for that fact that could even project a way where regulations were apart.
Everything that the scam broker has done, and we have talked about can be ignored but not this. The broker can not just skip the part where the user feels safe with the presence of a regulatory authority.
It is now crystal clear that the broker is a scam broker, and getting financially involved with such a body would be a very bad idea.
Scam or safe:
By the look of it, the broker is a complete scam, and there are multiple reasons to ABC this claim, unlike the broker. IT hides crucial information from the traders and does not provide an adequate trading environment.
It asks for more than enough amount for a minimum deposit and also does not talk about the deposit and withdrawal options. The scam broker does not provide trading in cryptocurrencies, thus clearly depicting that it is not interstate in integrating with the market at all. And does not want the trader to build itself as well.
Conclusion:
RallyTrade possesses all the characteristics of a scam broker, and we strictly advise our traders to stay from such a firm as much as possible.
A broker with the claims of being that old nature has to have a lot of experience with the market plus, the acute lack of Cryptos as a tradable asset clearly shows that the broker has not at all evolved.
A serious and potential trader should definitely look out at a better class of more responsible brokers like T1Markets, GlobalTradeATF also, HFTrading. These brokers have been in the market for a very long time and have been giving their services to the traders. Most importantly, all of the above-mentioned brokers are regulated.
Frequently asked questions:
Is there a chance that I will lose my money with RallyTrade?
Yes, absolutely. Infant chances are what can happen. The loss of money with this broker is a situation that almost all the traders will have to go through, without any given thought.
What other than a scam broker should I be looking out for?
Always know your market, go with the latest platforms and most importantly, know the math.
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