Nigerian forex binary options broker RallyTrade joins FinaCom

Do not invest more money than you can afford to lose.

The Nigerian forex and binary options broker RallyTrade has become a member of the independent external dispute resolution (EDR) organization Financial Commission (FinaCom) whose members include forex, CFD and binary options brokers.

The status of RallyTrade as a member of the Hong Kong-based EDR took effect earlier in November following an approval of its application from FinaCom’s board. The membership means RallyTrade’s clients could rely on swifter and simpler resolution process than that offered by typical regulatory channels such as arbitration or local court systems.

RallyTrade is an internationally operating broker based in Lagos, Nigeria, and is the first African broker to become a member of FinaCom. It is a subsidiary of Forex Rally Limited, owned and operated by operated by FRNG Nigeria, but it is not clear whether either of the companies is regulated.

RallyTrade offers trading in forex and CFDs on commodities, indicies and options and binary options on the xStation, xOptions and MT4 trading platforms. The leverage is up to 1:1000.

FinaCom’s members are forex and binary option brokers and independent service providers (ISPs). They fall in one of two membership categories – A category allows traders to receive up to $20,000 under the FinaCom compensation scheme in case of dispute and clients of B-category members can get up to $5,000 as compensation.

The organization’s members are  Alpari, Amarkets, DLS, EQTrades, EQMarkets, Forex Club, FXOpen, GEB Invest, Grand Capital, Ibinex, Juno Markets, Maxi Markets, Mtrading, NPBFX, Olymp Trade, RoboForex, Starfish FX, and Umarkets.

Last month FinaCom was also joined by Axiory Global.