Assume you have discovered that the Euro is going to be strong and you want to bet on the Euro currency against the US dollar. By doing so, you will be trading the currency pair EUR/USD. This type of trading is known as forex trading. Forex is the most liquid market in the world, representing every global currency, and trading takes place 24 hours a day, five days a week.
So, to trade in the forex market, you need an online broker, and trading with a trusted forex broker is an important factor for success in the international currency market. There are many applications that fall into this category, and one such forex trading app that piqued my interest was Rock West.
What is Rock West?
Rock West is a platform for trading and investing in foreign exchange that is part of a newer generation. It entered the market with a slew of tools such as trading platforms, risk management tools, built-in market analytics, and hot forecast features. All of that combined will allow new traders to gain hands-on experience in making decisions.
It is registered as MAIV LIMITED in Mahe, Seychelles, that license number from the FSA is SD044 and is aimed at people who have little or no experience trading foreign exchange.
What is Rock West offering to us?
Rock West has various features such as demo trading accounts, live trading information, recent news, educational and support initiatives, and much more with simple steps of uploading documents, making withdrawals and deposits, and simple KYC requirements. But the thing I like the most is its user interface.
If you want a user-friendly interface, Rock West has one of the good options available to you. However, entering into any application without conducting your own research could be risky, so keep that in mind before moving forward.
1. Trading platform
Talking about its platforms, Rock West has two trading platforms: MT5 and RWtrader.
Those who know about forex know how powerful MT5 is. MT5 or Metatrader 5, is an advanced trading tool where you can test your strategy, make comprehensive price analysis, and develop your own trading bot, whereas, on the other hand, RWTrader is a risk protection tool for beginners that comes with built-in analytics, a risk protection mechanism, fast withdrawal, and a whole lot of other options.
Both of them sound pretty good to me, and I'll keep you posted on their pros and cons as time goes on.
2. Spreads and assets
Now when it comes to the assets that can be traded on this platform, it offers a diverse range of options, including forex currency pairs, major commodities and indices, and cryptocurrencies such as Bitcoin, Ethereum, and others.
And on the spread section, if you compare it with other assets, crypto has a small advantage over others. It also comes with a leverage of 1: 2000, but one thing to remember here is that higher leverage means higher risk, so you should be aware that such high leverage can be dangerous and result in a loss of money.
Having said that, this application also provides a rather unique specialty called customer controller risk protection. Let’s talk about that.
3. Risk protection
So, another major concern for traders is risk management, and this is a topic that frequently appears in trading blog posts, journals, and even classes.
I believe risk management should be part of our core trading strategy, and I am a little glad to hear that Rock West has thought about that too. It has a special customer-controlled risk protection feature that allows you to limit your investment and avoid unexpected losses. That means you can limit the maximum loss amount for each open order. We have to see how well it can run this thing as time passes.
4. Mobile application
When it comes to mobile applications, after observing the rapid growth of mobile trading and analyzing the significant increase in people using mobile applications, Rock West launched its own mobile application, and, in their words (not mine), it would be a mobile-first platform. I'm not sure how they're going to do it, but we'll have to wait and see.
Rock West also has a built-in, fast and reliable payment platform where you can choose from a wide variety of payment methods available. Currently, they have Visa, MasterCard, wire transfer, crypto payments, UPT, e-wallets, and much more, and they are constantly expanding this list. In the deposit section, they don't have any minimum deposit requirements, and the time it takes to settle a deposit is entirely dependent on the payment method. The majority of them are instant, but some may take some time to settle.
6. Customer Support
And if it's not that, when something goes wrong Rock West has also provided a whole lot of options to its users as customer support. It has customer service that is available 16 hours a day, 7 days a week, and in more than one language along with experienced professionals who are always ready to help its users.
Now the thing which I liked most about Rock west is whatever we discussed earlier risk management, withdrawal-deposit, or risk controller, you can test all of its features without spending a single penny from your account, and you can do that by using its DEMO ACCOUNT.
7. Demo Account
Now, it's not always guaranteed that you'll make money from trading. Most of the time, you can predict where the currency is going and you can try to trade in that direction, but forex is a fluctuating and often very volatile market where currency pairs are always changing.
That's why trading platforms offer demo accounts where you can practice first without having to deposit money. It's great for people who are just starting out. Rock West has its own demo account that opens automatically when you sign up. You just need to go to the Accounts section of the menu, click on Open Account, and then choose Demo.
How to use the Demo account
So, when you register, a demo account worth 1000 EUR is created for you, allowing you to experience the look and feel of real trading without spending a single penny from your account.
It is designed as an educational tool to familiarise customers with trading accounts. Also, if one demo account is not enough for you, you can open another by going through its account section. So this is what I am looking forward to.
What makes it unique?
Rock West has many features, such as built-in analytics, which allows us to bring the most comprehensive information in one place, and a risk protection mechanism, which allows us to avoid unexpected losses.
Fast withdrawals with a variety of payment methods and an easy-to-use trading account where you can start with 1000 EUR on a demo account with no commission and negative balance protection. But it also has some downsides too like it is too centralized and a little too optimistic in its behavior.
After reading everything about this app, I realized that it is still in its early stages and will provide better services in the coming months, but for the time being, it is not providing much to us, and if you seriously want to give it a shot, you must start small and analyze your trading journey on that.
It has an India-friendly payment system like Paytm and UPI and a number of currency pairs to choose from, including EURUSD, GBPUSD, USDCHF, USDJPY, USDCAD, and many more.