What is RCG MARKETS？
RCG MARKETS is an intermediary financial service provider established in 2018. RCG Markets direct market access for the execution of trades for various CFD's and FX for individuals (retail traders/speculators), professional money managers (Hedge Fund Managers) and Corporates (Investment Firms. It says to be licensed and authorized by South Africa Financial Sector Conduct Authority (FSCA: FSP49769), but it is exceeded, which means the broker is not legally regulated by popular regulatory agencies.
Pros & Cons
RCG MARKETS offers a wide range of tradable instruments and access to industry-standard MT4 trading platform. RCG MARKETS also provides competitive spreads and commissions. However, the broker has limited regulatory oversight and may not be the best option for traders who prioritize a high level of regulation.
Note: The lack of regulatory oversight may be a significant concern for some traders, as it may indicate a higher level of risk. It is important to thoroughly research and assess any potential risks before trading with RCG MARKETS.
RCG MARKETS Alternative Brokers
There are many alternative brokers to RCG MARKETS depending on the specific needs and preferences of the trader. Some popular options include:
Interactive Brokers: Interactive Brokers is a US-based online broker that offers trading in multiple financial products such as stocks, options, futures, forex, bonds, and ETFs. It is regulated by top-tier financial authorities such as the SEC, FINRA, and FCA.
TD Ameritrade: TD Ameritrade is a US-based online broker that offers trading in multiple financial products such as stocks, options, futures, forex, and ETFs. It is regulated by top-tier financial authorities such as the SEC, FINRA, and FCA.
ETRADE: ETRADE is a US-based online broker that offers trading in multiple financial products such as stocks, options, futures, forex, and ETFs. It is regulated by top-tier financial authorities such as the SEC, FINRA, and FCA.
IG: IG is a UK-based online broker that offers trading in multiple financial products such as forex, stocks, indices, commodities, cryptocurrencies, and more. It is regulated by top-tier financial authorities such as the FCA and ASIC.
Saxo Bank: Saxo Bank is a Danish-based online broker that offers trading in multiple financial products such as forex, stocks, bonds, futures, options, and ETFs. It is regulated by top-tier financial authorities such as the FCA, FINMA, and ASIC.
Is RCG MARKETS Safe or Scam？
It is difficult to say for certain whether RCG MARKETS is safe or a scam based solely on the fact that its FSCA license is exceeded. However, it is certainly a cause for concern and indicates that the broker may not be operating in compliance with regulatory requirements. Traders should exercise caution and conduct thorough research before investing with RCG MARKETS or any other broker that has regulatory compliance issues.
Market Instruments
RCG MARKETS offers trading in a variety of financial instruments such as major and minor currency pairs, stock indices, individual stocks, commodities such as gold and oil, and energies such as natural gas.
Accounts
RCG MARKETS offers three types of trading accounts: RCG Classic, RCG RAW, and RCG ECN accounts.
The RCG Classic account is a commission-free account that offers spreads from 1.5 pips.
The RCG RAW account is a commission-free account that offers raw spreads starting from 0.0 pips.
The RCG ECN account is a commission-based account that offers raw spreads starting from 0.0 pips and commission of $7.
All three account types have a minimum deposit requirement of R50.
Leverage
The maximum leverage offered by RCG MARKETS varies depending on the type of account. 1:2000 for RCG Classic accounts, 1:500 for RCG RAW accounts and 1:1000 for RCG ECN accounts. It is important to note that leverage can increase both potential profits and losses, so traders should use caution when trading with leverage.
Spreads & Commissions
RCG Classic accounts have a spread of 1.5 pips, while RCG RAW and RCG ECN accounts have 0.0 pips for the EUR/USD currency pair. In terms of commissions, RCG Classic and RCG RAW accounts have no commission, while RCG ECN accounts have a commission of $7 per round turn lot. It's worth noting that spreads and commissions can vary depending on the specific account type, trading instrument, and market conditions.
Below is a comparison table about spreads and commissions charged by different brokers:
Note that spreads and commissions can vary depending on market conditions, account type, and other factors. It's always best to check with the broker directly for the most up-to-date information.
Trading Platforms
RCG MARKETS provides the popular MetaTrader4 (MT4) trading platform to its clients. MT4 is a widely used trading platform in the forex industry and offers advanced charting capabilities, a range of technical indicators, and the ability to automate trades through expert advisors (EAs). The platform is available for desktop and mobile devices and allows for seamless trading across multiple accounts.
See the trading platform comparison table below:
Note: This table is not exhaustive and other trading platforms may be available with these brokers.
Deposits & Withdrawals
RCG MARKETS accepts deposits and withdrawals through various methods, including Bank Wire, B2B in PAY, OZOW, paystack, Skrill, Neteller and Virtualpay. The specific options available may depend on the client's country of residence.
Minimum deposit requirement
The minimum deposit requirement for all account types is R50.
RCG MARKETS minimum deposit vs other brokers
RCG MARKETS Money Withdrawal
The process for withdrawing funds from RCG MARKETS may vary depending on the specific account and payment method used for deposit. Generally, the steps for withdrawal are as follows:
Step 1: Log in to your RCG MARKETS account.
Step 2: Navigate to the “Withdrawal” section.
Step 3: Choose the withdrawal method you prefer, such as bank transfer or e-wallet.
Step 4: Enter the amount you wish to withdraw.
Step 5: Provide any necessary information, such as bank account details or e-wallet ID.
Step 6: Confirm the withdrawal request.
It is important to note that RCG MARKETS may have withdrawal fees or minimum withdrawal amounts, which may vary depending on the payment method used. It is recommended to check with RCG MARKETS or review the terms and conditions for more information on specific withdrawal procedures and fees.
Customer Service
RCG MARKETS had a customer service team available via phone, WhatsApp and email during business hours. They also had a live chat option on their website, which allowed for quick and easy communication with a representative. You can also send messages online to get in touch, and follow them on some social networks such as Facebook and Instagram.
However, there were some complaints from customers about the quality of the customer service provided by RCG MARKETS, with some users reporting slow response times and unhelpful representatives.
Note: These pros and cons are subjective and may vary depending on the individual's experience with RCG MARKETS' customer service.
Overall, RCG MARKETS offers a decent level of customer service with multiple ways to contact support and dedicated account managers for each client. However, customer service is only available during limited hours, and some users report slow response times.
Conclusion
To sum up, RCG MARKETS is a broker that offers a wide range of trading instruments, competitive trading conditions, and several account types and payment options. Their MT4 platform is a popular choice among traders. However, it is important to note that their FSCA license has been exceeded, which may raise concerns about their regulatory compliance.
Additionally, RCG MARKETS may not be the best choice for traders who are looking for comprehensive educational resources to support their trading activities.
Overall, RCG MARKETS may be a suitable option for experienced traders who prioritize competitive trading conditions and a variety of trading instruments over regulatory compliance and educational resources. As with any broker, it is important for traders to conduct their own research and due diligence before opening an account.
Frequently Asked Questions (FAQs)
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