RedRock500 Review – Important Questions to Ask about the Broker
The trading world has attracted hundreds of thousands of people all over the globe because of its potential of offering high profits. Sure, there are many other investment vehicles that you can use, but it will not take you long to figure out that none of them can give you the same returns as trading. Even if they do, they will take a lot longer, which is not something you may want. The trading market is certainly not short of opportunities, as there are thousands of financial instruments that can be traded. You can choose instruments according to your risk tolerance and preference and there is no one to stop you.
This is one of the biggest benefits of the online trading world; you don’t have to comply with any educational requirements or fulfill any experience demands. It also gives you the freedom to decide how much you want to invest and when you want to exit. Nonetheless, it is important for everyone to remember that their trading experience depends a great deal on the broker they choose. There have been lots of success stories in the trading world, but there have been failures as well. This often happens when people don’t choose the right platform for trading.
If you do some research, you will come to know that brokers have been part of the trading world, for as long as it has existed. This also applies to online trading, as they provide you with the platform and other resources that you will need for trading. You can find plenty of options online, but it is vital to remember that no two companies are created equal. There will always be differences, and it is your responsibility to check out the options and select one that seems the most capable.
Amongst the numerous choices in the market, you will come across RedRock500, a forex and CFD (Contract for Difference) brokerage, which has been operating in the market for nearly a decade. While they do have experience under their belt, it is still essential to check them out thoroughly to see if they can be your partner. How can you do that? The best way to go about it is by asking some important questions about them. The questions that you need to ask are:
- What trading instruments does RedRock500 offer?
First and foremost, knowing what trading instruments you can trade is of the utmost importance because you have to ensure that they are in accordance with your trading goals. Not every instrument can give the same kind of returns and you have to consider your goals and expectations before deciding which one to trade. Moreover, traders may also want variety because even novices are aware that diversification is essential to minimize risks and boost profits. As mentioned above, RedRock500 is a forex and CFD brokerage, which means it allows you to trade in the world’s biggest financial market.
The foreign exchange market has a daily trading volume in excess of $5 trillion and is full of countless trading opportunities. RedRock500 allows its clients to trade currency pairs, such as EUR/USD, USD/JPY, AUD/CHF, NZD/USD and GBP/USD amongst others. Apart from that, they also offer you the option of trading commodities, both soft and hard, through their platform. These can offer consistent returns and include precious metals like gold, silver and copper, energies like oil and natural gas and even agricultural products like wheat, coffee, corn and soybeans.
It also provides you the opportunity of trading in the stock market and you can trade shares of some of the most notable companies, such as Apple, Google, Amazon, Facebook and Microsoft. RedRock500 has also added cryptocurrencies to their asset offerings, such as Bitcoin, Ethereum, Litecoin and Ripple. Hence, you can diversify your investment in a number of markets and enjoy great returns.
- Is RedRock500 secure?
While the online world has brought about a ton of conveniences, there are some risks that you also have to deal with. As cybersecurity incidents are on the rise, it is crucial to keep your personal information protected, or else you may become a victim of identity theft. Likewise, you don’t want your hard-earned money to be stolen either. The problem is that signing up with a broker means having to deposit your funds with them and sharing personal information. Subsequently, you should look for a platform that takes security seriously.
In this regard, you will come to know that RedRock500 has opted to use high-end SSL (Secure Socket Layer) encryption for protecting all communications and data shared with them by their clients. You don’t need to be concerned about your information falling into the wrong hands, as it is encrypted straight away. They also follow account segregation rules for keeping client funds, which means they are not mixed up with the company’s money or used for their expenses. They are kept with leading banks and only used for trading activities.
Apart from this, RedRock500 is also compliant with AML (Anti-Money Laundering) and KYC (Know Your Customer) security policies. They verify every trader who signs up on their platform to keep out criminals by asking them to provide proof of identity and proof of address. The former can be given by submitting any form of government-authorized ID, such as your national ID card, passport or driver’s license. The latter, on the other hand, can be provided by submitting a bank statement or any utility bill, whether electricity, gas or water, as long as they are not more than three months old.
- Which trading platform does RedRock500 offer?
Perhaps, the most crucial feature of any brokerage is their trading platform because it is the primary offering that makes them necessary for trading. A trading platform is the software that connects to the trading markets and provides the trading tools needed for making smart decisions. Therefore, it has to be advanced and top of the line, in order to get the job done. If it has performance issues or technical problems, it can make it difficult for people to trade easily. Knowing this, RedRock500 has developed their own trading platform for their clients.
To simplify the trading process as much as possible, they have opted for a web trading platform. In order to get access to it, you have to log into the broker’s website. This gives the platform cross-device functionality, which means it can be used on desktop PCs, laptops or your mobile devices, including iOS and Android ones. There is no downloading or installation needed, which can eliminate a lot of hassle that traders have to face otherwise. It also gives you freedom to trade from anywhere and at any time because you don’t have to be limited to one device.
Nevertheless, RedRock500 has used innovative technology for the development of this trading platform and has equipped it with some of the most powerful trading tools in the market. Traders can benefit from technical analysis tools, an advanced charting package, trading indicators and price alerts. One-click trading helps in executing trades quickly and effortlessly. The user-friendly interface ensures that you don’t have to stumble around and can navigate the platform with ease. Latest market news is also provided, so traders remain up-to-date and can make decisions accordingly.
- How do you register with RedRock500?
To be able to sign up on any online trading platform, you will first have to go through the registration process. You will come across a lot of traders complaining about this procedure because some brokers ask for a lot of information and details and have multiple forms and even approval waiting times that can be quite annoying. In fact, some people abandon the sign up process midway because they are frustrated by the steps they have to take. With RedRock500, you will not face any such situation because their registration is simple and hassle-free.
If you want to register on their platform, you can go to their website and click on the ‘Register’ option on the top right corner. Doing so will open up a short and straightforward form that you have to complete. This form will ask you to provide basic information, such as your first and last name, your address, country and postal code, a phone number, email address and a password. You will also be asked to choose an account currency that you want to use for adding your funds to trade with. You can choose between EUR and USD.
Last, RedRock500 will ask you to confirm that you are at least 18 years old and should also agree with their Terms & Conditions before signing up. These are provided on their website and you can go through them to know exactly what you are agreeing to. Once you do, the registration process will be finished and you will not have to wait for your application to be approved. You can immediately move onto the next step that involves opening an account.
- Are there any account options at RedRock500?
It is a common practice for brokers to offer several account choices to their clients, especially if they want to accommodate traders from different backgrounds. These accounts can vary in terms of the features and resources they offer or in terms of the deposit requirements traders have to fulfill. After all, beginners may not be ready to invest as high amounts as experienced traders. RedRock500 has also provided three account options to their clients, each of which is meant for a different class of trader.
Their options begin with the Micro account, which is for newcomers and beginners in the trading market. This account asks for a deposit of $250 only. The second account option that you will find is called Standard, which is designed for intermediate traders with some experience and knowledge. Therefore, the deposit requirement for this account is higher at $5,000. The last account that RedRock500 has added is referred to as Big and is added for facilitating skilled and expert traders due to which its deposit requirement is set at $20,000.
As far as features are concerned, these account types come with account managers, with varying level of experience, depending on the account. The spreads start at 1 pip and leverage is available from 1:1 to 1:1000, depending on the instrument you are trading. Hedging is also allowed and traders can sign up for Islamic account version of each of the three accounts provided. This option is for Muslim traders who wish to comply with the Sharia law.
- How can you deposit and withdraw on RedRock500?
It is understood that in order to be able to trade, you have to invest money. Likewise, the account options highlight how much you have to deposit in order to get started. But, how will you deposit? This is where you have to look at the payment options offered by a broker and ensure that they are safe and convenient. RedRock500 has put together some variety for the ease of its users. You can make your deposits through the traditional option i.e. bank wire transfers. This allows you to directly use your bank account for funding, as long as it is in your own name.
If not, you can also go with debit and credit cards, as RedRock500 supports, Visa, MasterCard and Maestro. They have also added support for e-wallet, a modern payment solution, and traders can opt to use Neteller and Skrill, amongst others for adding their funds. The same options are also available for making your withdrawals. There are no fees or commissions applicable when you use wire transfer or your debit/credit cards and transactions are processed instantly for deposits. However, a 2% commission is charged when you opt for e-wallets for your payment needs.
Along with these offerings, RedRock500 also offers trading tools and resources to traders for helping them during the trading process. They also have good support options available to answer any questions and solve problems, allowing traders to have a good experience.