WikiFX report: Rally Trade alleges lack of rules for online forex trading

An international online broker, Rally Trade, has said there is no regulation for online Foreign Exchange (Forex) trading in Nigeria, hence online brokers have resorted to regulations outside the country to give clients security and confidence.

Speaking at the launch of the firm‘s “New Partner Program” and website, in Lagos, last weekend, the Chief Executive Officer of Rally Trade, Luca Constantinescu, said there’s a need for proper orientation and regulatory processes.

The Nigerian government doesnt have regulatory requirements for us. They do not know if we fall under the Aboki business, which of course, we do not, or whether we trade under the Nigerian Stock Exchange. But we are registered with the Corporate Affairs Commission.

“There is no regulation for forex trading in Nigeria today, so we have sought regulation outside the country to give clients some level of security,” he said.

Speaking on the companys partner program, he said it is aimed at empowering the proficient clients to share their new-found skills with others while representing the values that Rally Trade stands for.

Constantinescu revealed that his company has done 7.2 million closed trades and the first broker to offer the Naira-based online forex trading platform.

Also, the General Manager, Rally Trade, Michael Akinwale, noted that the company is an advocate of multiple streams of income, adding that one of the streams available in trading is its partnership Programme. Akinwale said partners will be able to generate an additional revenue that rewards and supports their efforts, hence inviting anyone with social and teaching skills to register for the programme either as an Introducing Broker or an Affiliate, “access our database of promotional and educational materials, and start collecting the rebates rewarded for their referrals.”

He said Rally Trades brand-new Partner Programme is based on a Multi-Tier structure that enables its partners to earn on introduced sub-partners as well up to three Tiers. According to him, the brokerage is also pleased to announce an increased percentage split of Net Spreads, which starts ‪from August 1, 2019‬.“We understand that we are dealing in a fast-paced environment. Since we are focusing on the trading environment, we want to show what can be done digitally,” he added.