RedRock500 Review — Is RedRock500 a Recommended Trading Platform?
Have you always wanted to enter the trading market? You are just one of the millions of people out there who have dreamt about becoming a trader, but never dared to take the risk because it meant giving up a job with a steady income. There is no doubt that the trading market is risky; it is indeed, as people can lose all their money in one go, but it is also possible for them to double their investments through a single trade. This market is also lucrative and its profit potential is what has attracted people from all walks of life to this space.
There was a time when it wasn’t just the risk keeping people at bay. Entering the trading world involved a lot of hassle and there were prerequisites that were not easy to fulfill for everyone. Fortunately, the world has changed because technology has progressed and we are living in the age of the internet. All of the changes have brought the trading world right into our homes with the concept of online trading. To trade nowadays, you no longer need to step out of your home or even your office. You can also start trading while maintaining your 9-to-5 job because online trading offers people a great deal of flexibility.
You can trade from anywhere with the solutions available today and set your own timings. Most importantly, there are hundreds of thousands of instruments to choose from. This enables every trader to find something that suits their risk tolerance and their trading style. Also, you don’t need to invest your entire savings, as you can begin with a small amount and you don’t need to be experienced or have in-depth knowledge of the trading market either. All of this makes you want to jump on the trading bandwagon right away, but the question is how to begin?
Where do you go? This is where you need an online broker. Brokerages have been part of the trading space since its origins and they are still working in the market. They are the ones that have made online trading a possibility and you can find hundreds of brokers offering you online trading services nowadays. To find a broker, a Google search is what you need to do and it will present you with various options. But, it is important to remember that not every broker is going to be the one you are looking for.
Every broker is unique in their way, as some of them have designed their services for skilled and professional traders, while some cater to just newbies and beginners. Likewise, some brokers specialize in specific assets while others offer a variety. You have to sort through all these options and find one that fulfills the trading needs you have. Choosing a broker without research can cause you a lot of inconveniences, if they don’t turn out to offer you what you need. This is something you want to avoid because you will have to go through the entire process of registration, account opening and funding, all over again.
It is better to be proactive from the beginning and make a smart decision when it comes to choosing an online broker. As mentioned above, there are various options and one of them is RedRock500. This is a relatively new broker that has gained exposure quickly in the market because it offers an impressive range of CFDs (Contract for Difference) to its clients and has customized its services to work for every trader, no matter which level they are at. This means they are open to newcomers, intermediate and even professional traders.
This broker is based in Limassol, Cyprus and seems to be a solid broker from a quick glance. In order to be sure, you have to dig a little deeper and find out everything that’s necessary. Let’s check things out:
Trading Accounts: Basic, Silver, Gold, Platinum and Diamond account
Minimum Deposit: €250
Assets Coverage: Forex, Stocks, Commodities, Indices and Cryptocurrencies
Trading Tools: Graphs, Charts, Price Quotes and Market News
Education and Training: Yes
Customer Support: 24/7, Email, Phone and Online Contact Form
Security Policy: KYC (Know Your Customer) and AML (Anti-Money Laundering) policies
Parent Company: RedRock500
- Is RedRock500 a Secure Trading Environment?
Security has become a major concern for every individual who uses the internet. Every other day, you will come across a news report talking about a cyberattack on one website or another. People have their identities stolen or their money is lost. Obviously, you wouldn’t want the same to happen to you, but using a broker’s services means that you have to leave yourself vulnerable. You will have to trust them with your information and also hand over your money to them, which is very risky. To mitigate this risk, you want to select a broker that can offer you a secure trading environment.
Can RedRock500 do that? This broker has taken its customers’ security and safety very seriously, as evident from the policies on their platform. To begin with, the broker asks its clients to opt for two-factor authentication (2FA) for protecting their trading accounts on its platform. This is the most basic form of security for preventing hackers from accessing your account. Next, RedRock500 uses advanced SSL (Secure Socket Layer) encryption, which is designed to protect all information shared between the broker and its clients.
This includes all private and sensitive data that you provide to the broker, along with any communications you may have about trading activities. RedRock500 has also chosen to follow international regulatory standards of account segregation for their customers. As per this policy, all funds deposited by traders are kept in separate accounts and not shared or mixed with the brokerage’s own money. Their deposits are only used for their trading activities and otherwise maintained with the top banks. In the case of bankruptcy, these funds are returned to the trader.
Most importantly, RedRock500 has followed other international security policies, recognized as Anti-Money Laundering (AML) and Know Your Customer (KYC). These are required by regulatory authorities because they are vital in preventing crimes like money laundering and even terrorist activities and can also reduce chances of identity theft. To comply with these policies, RedRock500 asks its clients to provide appropriate documents for their account verification. This step is necessary to complete or else traders will not be able to make deposits or withdrawals through their trading account.
The documents needed include any form of ID, such as national ID card, driver’s license or your passport for proving your identity. You also have to verify your address and this can be done by sharing any bank statement or a utility bill, like gas, electricity or water, which is delivered to your address. As long as it shows your name and address and is not older than three months, it will work. In addition, if you want to use your debit or credit cards for making payments on the broker’s platform, you have to submit a scanned photograph of the front and bank of the respective card as well. All of these documents will be verified by RedRock500 and your account will be verified, allowing you to trade without any problems.
- Can you Diversify your Portfolio?
Even a newbie trader is aware that diversification is one of the best strategies for reducing your trading risks as much as possible. This means spreading out your capital and investing it in different assets. But, the only way this can happen is if you choose a broker that gives you enough options to choose from. In this regard, you will not be disappointed with RedRock500 because this broker offers a wide range of trading instruments and they belong to different asset categories. There are a total of 200 CFDs that you will find on their platform and these are more than enough for diversifying your investment portfolio and earning maximum returns.
Listed below are some of the options you can explore at RedRock500:
Let’s start with one of the highly-demanded trading instruments nowadays. Cryptocurrencies were first introduced in 2009 and a decade later, they have become the hottest investment vehicle because they have the potential of giving massive profits. In fact, most people are looking to enter the trading world just to trade crypto. Knowing this fact, RedRock500 has added a number of crypto to their offerings, which include Bitcoin, Ethereum, Bitcoin Cash and Litecoin, amongst others.
When you talk about the trading world, you cannot forget the foreign currency market, which has made trading such a lucrative option. This market has a daily trading volume of billions and comprises of an array of currency pairs that can be divided into major and minor categories. Some are also exotic and rare pairs. RedRock500 lets you trade from all these categories and they have some of the most profitable options like EUR/USD, GBP/USD, USD/CHF, EUR/AUD, GBP/NZD and USD/RUB.
Another one of the essential elements of the trading space is the stock market, one that has helped many investors in earning their fortunes. RedRock500 gives its clients the opportunity to do the same, as they have added the stocks of numerous companies around the world and they all belong to different industries. You can trade stock CFDs of Apple, Google, Volkswagen, Netflix, Visa and Amazon, amongst others.
Those who are familiar with the stock market probably also know about the indices market. In the stock market, you trade stocks of individual companies whereas indices let you trade a basket of stocks together. This market is a lucrative one with lots of profits to be made, so RedRock500 has added some of the world’s leading indices. These include FTSE 100, CAC 40, Dow Jones, NASDAQ and DAX 30.
Also considered one of the oldest financial markets, commodities are a great option for traders who don’t want to take big risks and are looking for stable options for making profits. Commodities are also divided into two categories; soft and hard commodities and RedRock500 offers you a range of options from each of these markets as well. Under soft commodities, there are agricultural products like coffee, wheat, corn, soybeans and sugar. In the category of hard commodities, traders will find precious metals like gold, silver, platinum and palladium. There are also energies like Brent oil, crude oil and natural gas.
You can trade any of these instruments on RedRock500 and there are also Exchange Traded Funds (ETFs) available for you. Suffice it to say, every trader will be able to find a suitable asset for trading with this broker.
- Can you Trade Seamlessly?
The most crucial feature of a broker is their trading platform and it is one that often distinguishes good brokers from unreliable ones. This is due to the fact that this platform is used for trade execution and if it doesn’t perform properly, you will not be able to trade successfully. You can find lots of traders complaining about trading platforms that lag when you are executing trades and this can delay the transactions, resulting in losses. Some traders may not find appropriate trading tools available, which can make it difficult to choose the right direction to move in.
Consequently, you should consider what kind of trading platform is being offered by a broker before you make your decision. RedRock500, like many other brokers in the market, has also developed its own trading platform for their clients. This is a web-based trading platform, which means you have to log onto the broker’s website in order to access it. The platform works on any device that supports a web browser and doesn’t have to be downloaded anywhere. This is certainly convenient because it means that the platform doesn’t depend on a device’s performance and you are not responsible for its update and maintenance.
But, does the platform live up to the expectations? Indeed, RedRock500 has made an effort to develop a user-friendly and highly intuitive trading platform, which is based on innovative technology. It offers one-click trading, along with quick trade execution to help traders make the most of any opportunities. Moreover, the broker has integrated some good and strong trading tools, such as trading indicators, charting tools, economic calendar, and latest market news and currency converters. You can also get access to the real-time price quotes that can help in decision making.
While this trading platform is quite versatile, RedRock500 has still developed mobile trading applications that can be downloaded on Android and iOS devices. These apps are easy to use and enable traders to monitor their trading account round the clock. They can be used when you want to enjoy trading on the move and the broker has added some trading tools here as well, to help their clients in making good decisions.
- What is Involved in Registration and Account Selection?
To be able to trade via a broker, you will first be asked to register with them and then move onto choosing an account for trading. This also applies to RedRock500, but what sets this broker apart from the rest is that their registration process is very straightforward. They don’t make you jump through any hoops and don’t ask you fill out an extensive number of forms either. Instead, they have kept things relatively simple, as there is just a short form to be completed. What do you need for this form? Take a look:
· First name
· Last name
· Country of residence
· Phone number
· Email address
· A password for login
After providing this information, the broker asks you to agree to their Terms & Conditions. You can find the full document available on RedRock500’s website and can go over it to ensure there is nothing out of place. Once you are in agreement, you can submit your form and be registered right away. This means you are ready to open an account now. As is the norm for online brokers, RedRock500 also offers its clients multiple account types to select from. But, it is easily distinguishable here again because instead of three or four choices, they have come up with five. These account types are:
1- Basic Account
The Basic account is the first type you will find at RedRock500 and this one is meant for novices who are fresh in the market and have no experience at all. To open this account, traders have to deposit a minimum of €250, and if they want, it can be increased to as much as €10,000. For more, you have to upgrade your account. This account has a welcome bonus of 50% and a leverage of 1:10. The traders are given a platform walkthrough to help them get acquainted and an account manager is also provided for instruction.
2- Silver Account
To facilitate traders who are not new, but are still beginners, RedRock500 has come up with the Silver account option. This one carries a minimum deposit of €10,001 and comes with a senior account manager for assisting the traders. As far as other perks are concerned, the bonus is now increased to 75% and the leverage is 1:20 for better trades. Traders also get technical education to assist them. Plus, they can now increase their investment to as much as €20,000.
3- Gold Account
There are intermediate traders in the market as well, who cannot be considered beginners, but are no experts either and to accommodate them, RedRock500 has developed the Gold account. Here, the minimum deposit requirement is set at €20,001. In exchange, traders can receive both technical and fundamental education. They can also get leverage of 1:30 and the welcome bonus now stands at 100%. An executive account manager is provided and if investment needs to be increased, it can go as high as €100,000.
4- Platinum Account
Now, RedRock500 is ready to cater to expert and seasoned traders and for them, it has put together the Platinum account. You can open it by depositing €100,001 or higher. Opening this account gives you 1:40 leverage and the welcome bonus is also 150%. Daily trades can be made and a VIP account manager can be provided. The maximum investment that traders can make in this account stands at €200,000.
5- Diamond Account
The last account option that traders will find at RedRock500 is for fully professional traders with years of experience under their belts. They will be able to easily meet the minimum deposit of €200,001 and in exchange, will be able to take advantage of every feature of the other account types that the broker has put together. Moreover, they have the freedom of increasing their investment to as much as €499,999 and a BGC account manager will be able to guide them as well.
- Do Traders Receive any Assistance?
Once you choose an account, you can start trading right away. But, you shouldn’t forget to see if the broker has put in any effort to provide any assistance to their clients. Some traders may need to improve their knowledge to succeed and to help them out, RedRock500 has created an educational section. This is where traders can find e-books, videos, articles and blogs that provide extensive information and insight into the markets. Traders can use this information for developing their strategies and minimizing mistakes.
Apart from that, there is also other form of assistance that RedRock500 has provided to traders. You may have questions about the broker’s services or features and so, they have given you several options to reach out to their team. You will find an email address available and an online contact form that can also be filled. Plus, you can use a phone number to call their staff, in case of an urgent problem. All of this information is under the Contact Us page on the broker’s website.
With RedRock500, every trader will be able to make a smart decision and achieve their trading goals that can help them in achieving financial success.