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Hello everyone, welcome to my FXRally review. I’m Jaroslav Melon, and this is my opinion (and experience) about the FXRally. The reason I decided to write a review in the first place is that it’s been a while since they have launched their new site and added some great features. So, in case you are considering joining them, but still wondering ‘is it worth it – here are my 2 cents about them.
Before we formally start this FXRally review, let me give you a little background information.
I’ve been trading for years now, and I would say that it was really hard at the beginning. Not because of all those technical indicators I had to learn, but simply because this is not a very straightforward business. Had it been so, then everyone could have done it…but there are certain ‘secrets’ to success in Forex trading. These are the things you need to know in order to make at least 200-300 pips per month (which is considered a ‘good’ result).
Forex trading is all about probabilities, but only if you know what to do. So I myself spent years searching for the truth in this business. Reading Forex books, watching videos and seminars, visiting different forums etc., but it was not until recently that I found my way. And I’m happy to say that FXRally helped me find it (it’s like they were waiting for me).
So, if you’re just starting out or even an advanced trader that wants to check out what I think about this particular Forex Broker – keep reading. First, make sure that you keep a few things listed below in this FXRally review under consideration before picking any broker – even FXRally.
- You need to be sure that you will trust your money with them. After all, it’s not a game where you play for fun, but the money behind it is real, and if something goes wrong – you can end up losing everything. So always check out what other people say about the broker before joining them.
– - And don’t forget about all those different Forex Bonus deals. There are so many of them nowadays that it’s almost impossible to keep track of them all. However, I would recommend you stay away from brokers offering ‘Welcome bonuses’ because most likely, they will never let you withdraw the winnings (and even if they do – this is just a trap).
– - This one’s important too and I will mention it here in this FXRally review. Make sure that the broker is regulated by FCA, CySec or any other regulating authority. It doesn’t matter whether you’ve decided to go for a high-risk Forex broker, but it’s still imperative that they are regulated and monitored closely.
– - Is the broker beginner friendly? If you’ve just started out, then I would definitely recommend you to go for a Forex broker that is friendly towards beginners. Unfortunately, there are so many brokers out there that aren’t, so make sure they will help you in case something goes wrong.
– - I will also mention here in my FXRally review that it’s very important to figure out what you’re doing in Forex trading. Do you want to trade for a living? Then make sure the broker offers MT4/MT5 with lots of different indicators and charting tools.
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My brief introduction
First thing first, I’ll introduce myself briefly. My name is Jaroslav Melon, and I’ve been a forex trader for about ten years now. The reason why I was looking for a new broker was that I realised that it’s much better to use direct market access and low commissions/trading fees. So, I decided to look for a new broker – after all, brokers are not created equal.
So, basically, I wanted to switch from my old broker (which is great too btw.), but now forex trading is like an addiction for me – if I don’t have a new platform to try out, I go crazy. There are about 15 brokers that currently offer DMA access and from those FXRally sounds like one of the best. So, I decided to give them a shot.
Because it’s been a while since they launched their new site and added all the great features (like mobile trading and such), some of those will be already obsolete but still worth checking out. So, let us proceed with my FXRally review.
Some positives
When you open an account at FXRally, they make it quite easy. You can open an account by phone (which is good if you don’t like registering online) or just go to their site, fill in the form and you are done. The thing I love about them is that they answer super fast (sometimes within minutes). So far, so good.
Once you are in, it’s time to check the platform. They use ‘Metatrader 4’, which is good and bad at the same time. I love this platform for a forex broker, but I prefer some other platforms on CFDs. Otherwise – it’s cool and super easy to use. The charts have all those bells and whistles (that I don’t need), but you can easily customise everything. You will see what I mean if you try it out.
I would like to tell you in my FXRally review that their platform is great and comprehensive, but I use ThinkorSwim and this kind of beats it (on the platforms chart). Still, we had to switch some things around on my charts; otherwise, they were too big.
For forex trading, the spreads are around 1.2 pips on EURUSD, and if you trade less than 10k lots, there is no swap at all (it’s 0 pips). So, the spreads are pretty good for me. Of course, there are some brokers that offer the same or even better spreads (ECN IG), but if you don’t trade high volumes – this might be a great choice. There’s also an option to use scalping with 0 spread and/or no swap at all. However, I prefer brokers that offer the spread only (limits my losses). And, on some other brokers, I can do scalping without any problems too.
Another great thing about the company that I should mention in this FXRally review is that their withdrawal is pretty fast. They use wire transfer, and it took me just over 24 hours to receive the funds into my account. Once again, I think this is pretty cool if you need to withdraw some money as soon as possible. Withdrawals should be free (of course), and wire transfer should be much faster (if not, why would you even bother).
The trading platform that they use for forex is ‘Metatrader 4’, and while I’m not a big fan of it (like most traders) – it’s easy to learn and super easy to use. It’s quite simple and it’s really easy to use. No more having to sit near the computer waiting for alerts or anything like this! You can trade almost everywhere – I love it! One of my seniors told me that there are also Forex trading signals for their customers. I don’t know anything about it yet, but I will definitely check it out.
Like I have mentioned in my FXRally review above, their customer support is great! They usually reply within minutes, sometimes even less. Also, unlike other brokers I tried out – they weren’t pushy at all when it came to depositing more money or anything like this. Once I was new, and I asked a few questions about different things – they answered all of them! They also offer live chat. So, I guess you won’t miss anything if you don’t like emails for whatever reason.
Some negatives
Now the cons… Well, unfortunately, there are some of them too. The biggest problem for me is that they don’t have the option for automated trading (robots). I haven’t found any until now, and it would be really great if they had that. Otherwise, for me, it’s like a big step in my workflow when I want to trade (however, there might be some other great brokers out there with MT4 too.
Because the site is still new (or ‘relatively’), the selection of tradable assets is quite limited too. While it’s still quite wide, and you can find most of the majors there – some other currencies might be missing as well as some commodities. If you want to short anything, they only offer to trade on indices and stocks, and that’s all I think. You can’t short any forex pair or anything like this. It might be a problem for some traders so I wanted to write it in my FXRally review, but it’s not something that bothers me.
Also, they do not offer an app for Android yet. While I can deal with that, I know some other people who prefer trading only on the go – so it might be a problem for them. The other thing that bothers me is that their spreads are one pip (or around) only on EURUSD. However, this isn’t something too bad if you trade smaller lots (I always do). There are some other brokers that offer 0 pip spread, but they also have worse spreads on most of the other currencies.
Disclaimer: This review is written from the authors own experience and their own self-knowledge only and this is not a recommendation.
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