According to the Compareforexbrokers website, global forex markets have increased by 29% in the last 5 years.
This impressive growth in the forex market resulted in many new brokers entering the market and benefitting the traders with several perks like high leverage, and tight spreads.
Another forex broker that has joined the bandwagon is Rock West. I researched the brokerage firm and going to show you the true picture, whether it is good to opt for or not.
Let’s start discussing the Rock West review in detail without any further ado.
Disclaimer – The article is for educational purposes. In India, you can legally trade forex only in EUR-USD, GBP-USD, and USD-JPY apart from INR-based currency pairs with SEBI registered brokers. Forex trading is greatly volatile and you may incur losses if you don’t have the expertise in the currency markets. Always do forex trading with surplus money that doesn’t affect your livelihood even if you lose the entire invested amount.
Features & Benefits of Rock West Forex Broker
#1. FSA Regulation
Rock West brokerage is a part of MAIV Limited that has been registered by the Financial Services Authority (FSA), in Seychelles, with license number SD044.
#2. Pay using Indian Payment Modes
Rock West forex broker allows you to use UPI and Paytm wallet which makes it a hassle-free way for depositing as well as withdrawing funds.
Moreover, you don’t have to pay any commission on money deposits or withdrawals.
Apart from UPI and Paytm, you can also transfer money via Skrill, Neteller, and Swift. The payment methods offer instant deposit or withdrawal with a minimum transfer amount is 10 USD.
You can see the details of all payment channels below.
|Transfer Channel||Minimum Deposit||Deposit Time||Withdrawal Time|
|Swift||$20||Up to 72 Hours||Up to 72 Hours|
|Sepa||$20||Up to 72 Hours||Up to 72 Hours|
Remember one thing, you have to select in which currency you want to keep the funds because Rock west provides you two options – USD or EUR.
So all the calculations like profits, spreads, or charges would be done in the selected account currency only.
#3. Risk Protection Tool
RWTrader comes with a feature called Limit of investment. The risk management tool helps avoid unexpected losses on trades below your deposited amount. This means you can limit the maximum loss amount for each opened order.
Along with that, the Rock-West also compensates for any negative balance that can happen because of slippage or other market volatility.
Also check – What is swap in forex
#4. In-built Market Analytics Platform
You can make trading decisions fast and profitably using Rock-West’s in-house analytics platform that offers top news and forecasts.
You can access the in-house experts allowing you to get the most extensive data in one place for better decision making.
#5. Demo Account
Rock West also provides you with a demo forex trading account with $1000 virtual money. You can use this virtual money to trade on a demo platform to sharpen your trading skills without losing your real money.
The demo account is highly useful for you if you are a beginner and when you feel confident to place real trades, just click on the” Open Account” button and you will be moved to the live forex market trading platform.
Also read – Best time for forex trading in India
#1. Rock West Trader
Rock west has mentioned the in-house trading platform they call RW Trader, but I didn’t get any access to the portal or mobile application. It may be because either the app is in its development stage or the access might be available after the signing up.
RW Trader offers an in-house learning platform and risk protection tool for you to learn the process as well as avoid unexpected losses.
Rock west also offers an MT5 trading platform meant for advanced traders, let’s discuss that.
#2. META TRADER 5
Rock West also allows trading with Meta trader 5 (for advanced users). MT5 offers a plethora of features like real-time quotes, financial news, live charting, & technical analysis.
You get 3 types of charts such as bars, Japanese candlesticks, and broken line for efficient forex trading.
Also read – best forex trading app in India
You get a wide range of trading instruments like forex pairs, Crypto, and Commodities with Rock West.
I found spread higher as compared to other forex brokers in the market like OctaFX, or Forex.com. For example, the spread on major pairs like EUR/USD is 13 pips which are quite high.
You can check out the spreads on major pairs as mentioned below.
Pros And Cons Of Rock West Forex Broker
Pros of Rock West Forex Broker
- Hassle-free instant money transfer with UPI
- Limit of investment feature to avoid any sudden loss
- Regulated by Financial Services Authority (FSA), Seychelles
- Leverage is good at 1:2000
- Email & chat support is available
Cons of Rock West Forex Broker
- High spreads
- Trading app access is available after signing up
- Single regulation across the globe
After researching Rock West forex broker, I realized that the Rock West broker is still growing and we expect it to provide better services in the future. But at present, they don’t have much to offer. If you seriously want to give it a try, start small so that you won’t have to lose much.
I would highly recommend you to trade in only foreign currency pairs that SEBI allows like EUR-USD, GBP-USD, and USD-JPY apart from currency pairs having INR, so it’s totally at your discretion whether you want to experience international forex trading or not.