RCG Markets Review: Can You Place Your Trust In RCGMarkets.com?
Have you searched the web in hopes of finding a reliable broker to trade with? If so, our RCG Markets review is something you will want to read. We evaluate the firm’s features, legal information, account types, trader’s reviews, and many more. Stay tuned!
In addition to learning more about the company, you will also learn about trading in general and how to protect yourself from potential risks. There are too many unregulated brokers you must be aware of, one of them being XFortunes. Now without further ado, let’s start our in-depth evaluation.
About RCG Markets
RCG Markets provides professional money managers (Hedge Fund Managers), corporations (Investment Firms), and individual traders/speculators with direct market access for the execution of trades for various CFDs and FX.
The owner of the company is Lebo Craig who established it in 2021, making them relatively new in the market. We could say the company lacks transparency as clear information about their goals, testimonials, or any type of proof of successful traders is not visible anywhere online.
The website is well-designed and provides blogs for education, which can be beneficial to newbies. If this broker is anything like Primelite Trade, you should avoid them at all costs. However, further research is required before we conclude our RCG Markets review.
|RCG MARKETS Pty Ltd
|Regulated by the FSCA South Africa
|Financial Authorities Warnings
|If Active on Social Media:
|Only on Facebook and Instagram
|South Africa, Namibia, Botswana, Lesotho, United States
|Potential withdrawal issues;
|Regulated; Offers a variety of instruments;
RCG Markets Pty Ltd is headquartered in South Africa, with registration numbers 2018/079334/07. The broker is also regulated by the FSCA, which is a regulatory authority in South Africa. The license number is FSP49769.
While the FSCA is not a well-known authority like ASIC or FCA, it is an approved regulatory body in South Africa and it’s not considered offshore.
This broker is mostly suitable for residents in South Africa, so if you’re from countries like Canada or Australia, brokers regulated by IIROC and ASIC are the best choice.
RCG Markets Features
Some personal details and a minimum deposit are all you need to complete the RCG Markets registration. In just a few clicks, you can easily navigate the MT4 platform and start trading. The available features include over 100 forex instruments, over 10 indices, commodities, and shares.
Flexible leverage is offered, depending on your trading trajectory. The $0 commission accounts and small-volume trading can especially be beneficial to traders. The bad side of this company is the support, which was reported as slow and unresponsive.
The RCG Markets demo account is available to test the broker’s services before committing. Although there are various assets to choose from, the limitations still exist. For example, this broker is not suitable for stock or bond traders, making them limited to only certain trader types.
RCG Markets Account Types
There are several account types you can choose from and the difference is in spreads, commission, and leverage. The minimum deposit for all account types is R50, which is not something you see every day. After depositing and choosing the account type, you will receive your RCG Markets login credentials.
The point is if you choose the highest tier account type, you have to invest more eventually. Other than the RCG Markets MT4 download, MT5 is also available with the Royal 100 account type.
The RCG Classic account and the Royal 100 account offers spreads starting from 1.5 pips and $0 commission, while the RCG Markets RAW account and the RCG ECN account offer spreads starting from 0 pips and the ECN has a $7 commission.
Traders Share Their Experiences
There are only 3 Trustpilot reviews about RCG Markets and two of them are unfavorable. However, we did come across 475 Google reviews and the broker is rated 4.7 stars. That’s rather impressive considering the low feedback on Trustpilot.
Either way, we decided to investigate the unfavorable comments and uncover if there are any issues traders can expect while using this broker. Most of the comments focus on slow and unpleasant service from customer support.
The other majority of the negative reviews focus on slow withdrawals, where some users never even received their funds. After requesting a withdrawal, traders are asked to upload some documents, however, after uploading, the company denies the withdrawal request.
If you decide to give this broker a chance, make sure to pay attention to market execution, as most of the unfavorable comments complained about huge losses and slow profits.
Deposits and Withdrawal Methods
The RCG Markets minimum deposit of R50 can be made through Bank Wire, Ozow, Paystack, Skrill, Neteller, Virtual Pay, and Crypto. Withdrawals can be made through the same methods, except Paystack and Ozow, and with the addition of B2B in Pay.
The deadline for withdrawal requests is 17:00 GMT +2. Your withdrawal will be processed the day it is received if it is filed before this time and the next business day if it’s received after this time. The minimum withdrawal amount for your bank, Skrill, Neteller, Virtual Pay, Paystack, Ozow, and B2binPay accounts is R100.
Weighing the Pros and Cons
Can I Make Money While Trading Online?
We can finally conclude our RCG Markets review and in summary, there are better brokers you can choose that are regulated in your jurisdiction. Capitalix can be a great alternative or if you are from countries like the United States, choosing brokers regulated by the CFTC or the SEC is your best shot at finding a reliable brokerage.
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Is RCG Markets a Legit Broker?
The broker is a legitimate business and mostly suitable for residents of South Africa. If you are from the UK or the US, brokers who are regulated by FCA and the SEC in the US are the best choice for you.
Is RCG Markets Registered?
Yes, the broker is registered at Design Quarter Cnr William Nicol Fourways Johannesburg Gauteng 2191 and regulated by the FSCA in South Africa.
How Long Does It Take to Withdraw From RCG Markets?
The deadline for withdrawal requests is 17:00 GMT +2. Your withdrawal will be processed the day it is received if it is filed before this time and the next business day after this time.