What Account Types and Fees Does RallyTrade Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Basic Account |
Beginners and new traders |
Low minimum deposit, fixed spreads starting from 1.6 pips, leverage up to 1:1000 |
Requires a minimum deposit of $100 or equivalent in Naira |
| Standard Account |
Intermediate traders |
Floating spreads starting from 1.2 pips, similar features to Basic Account |
Requires a minimum deposit of $500 |
| Pro Account |
Experienced traders and corporate clients |
Lowest commissions, market spreads starting from 0 pips, private analysis sessions |
Requires a minimum deposit of $1000 |
| Demo Account |
All traders for practice |
Risk-free trading practice environment, access to all trading features |
Free of charge, no minimum deposit required |
Account Opening Process
To open an account with RallyTrade, prospective traders can follow a straightforward process:
1. Registration: Visit the RallyTrade website and click on the ‘Open Account’ button. Fill out personal information including name, email, and phone number.
2. Information Submission: Provide employment and financial information as required by the platform.
3. Identity Verification: Upload documents for identity verification, such as a government-issued ID and proof of address (like a utility bill).
4. Account Flexibility: Traders have the option to upgrade from a Basic or Standard Account to a Pro Account in the future as their trading needs evolve.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (EUR/USD) |
1.6 (Basic), 1.2 (Standard), 0 (Pro) |
$0 (Basic & Standard), $3 per lot (Pro) |
Competitive spreads for all account types |
| CFDs (Indices) |
0.003% |
$0 (Basic & Standard), $3 per lot (Pro) |
Fees apply to specific instruments |
| Commodities |
0.003% |
$0 (Basic & Standard), $3 per lot (Pro) |
The spread may vary based on market conditions |
| Cryptos (BTC/USD) |
N/A |
N/A |
No cryptocurrency trading available |
Other Fees
In addition to trading fees, RallyTrade has several other costs to consider:
– Deposit Fees: Generally, no fees for bank transfers; credit card fees apply (0.75% for local Naira cards, up to 2.25% for USD cards).
– Withdrawal Fees: Charges vary by method, e.g., $50 for bank wire transfers.
– Inactivity Fees: $10 per month after six months of inactivity.
– Platform Usage Fees: Typically none, but check for specific payment methods.
– Overnight Interest (Swap Rates): Applicable on positions held overnight unless in a swap-free account.
– Currency Conversion Fees: May apply if deposits are made in a non-supported currency.
