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RCG MARKETS

South Africa|2-5 years|
Financial Service Corporate|White label MT4|Regional Brokers|Suspicious Overrun|High potential risk|

https://rcgmarkets.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
RCGMarkets-Demo MT4
Server Location United States

Contact

+27 (10) 007 5974
support@rcgmarkets.com
https://rcgmarkets.com/
13th Floor, Green Park Corner, 3 Lower Road, Sandown, Gauteng, 2196

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+27 (10) 007 5974

Broker Information

More

Company Name

RCG MARKETS (Pty) Ltd

Company Abbreviation

RCG MARKETS

Platform registered country and region

South Africa

Company website
Facebook
Instagram
WhatsApp
  • +27 82 401 6338

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 2
Previous Detection : 2024-06-25
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!
  • This broker exceeds the business scope regulated by South Africa FSCA(license number: 49769)National Futures Association-UNFX Non-Forex License. Please be aware of the risk!

WikiFX Verification

RCG MARKETS · WikiFX Survey
Danger A Visit to RCG MARKETS in South Africa - No Office Found
South Africa

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RCG MARKETS · Company Summary

RCG MARKETS Review Summary in 10 Points
Founded 2018
Headquarters South Africa
Regulation FSCA (exceeded)
Market Instruments forex, indices, shares, commodities and energies
Demo Account N/A
Leverage 1:2000
EUR/USD Spread 1.5 pips
Trading Platforms MT4
Minimum deposit R50
Customer Support Live chat, phone, WhatsApp, email

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.

RCG MARKETS' website

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.

Pros Cons
• Multiple account types • Lack of regulatory oversight
• Wide range of tradable assets • Limited research and educational resources
• Advanced MT4 trading platform • Limited trading tools and indicators
• Competitive spreads and commissions • Limited social trading options

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.

Market Instruments

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.

Account Types

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:

Broker EUR/USD Spread Commission
RCG MARKETS 1.5 pips (RCG Classic), 0.0 pips (RCG RAW and RCG ECN) No commission (RCG Classic and RCG RAW), $7 per lot (RCG ECN)
Interactive Brokers 0.1-0.3 pips Commission-based
TD Ameritrade 0.9-1.3 pips No
ETRADE 1.2-1.6 pips No
IG 0.6-0.8 pips No
Saxo Bank 0.6-0.9 pips No

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:

Broker Trading Platform(s)
RCG MARKETS MetaTrader4
Interactive Brokers Trader Workstation, IBKR Mobile, IBKR WebTrader,
TD Ameritrade thinkorswim, TD Ameritrade
ETRADE Power ETRADE
IG IG Trading Platform, MetaTrader4
Saxo Bank SaxoTraderPRO, SaxoTraderGO, SaxoInvestor

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.

payment methods

Minimum deposit requirement

The minimum deposit requirement for all account types is R50.

RCG MARKETS minimum deposit vs other brokers

RCG MARKETS Most other
Minimum Deposit R50 $100

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.

Customer Service

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.

Pros Cons
• Multiple ways to contact customer service including phone, email, and live chat • Customer service is only available during limited hours
• Dedicated account manager for each client • No 24/7 customer support
• Some users report slow response times

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)

Q 1: Is RCG MARKETS regulated?
A 1: No. It has been verified that RCG MARKETS currently has no valid regulation.
Q 2: Does RCG MARKETS offer the industry-standard MT4 & MT5?
A 2: Yes. RCG MARKETS supports MT4.
Q 3: What is the minimum deposit for RCG MARKETS?
A 3: The minimum initial deposit to open an account is R50.
Q 4: Is RCG MARKETS a good broker for beginners?
A 4: No. RCG MARKETS is not a good choice for beginners. Though it offers competitive trading conditions, it lacks legitimate regulation.

News

WikiFX Reviews RCG Markets | Is It Safe?

NewsWikiFX Reviews RCG Markets | Is It Safe?

2023-03-06 16:35

In today’s article, WikiFX will be taking you on an in-depth review of RCG Markets, which is a relatively new Forex broker within the industry that was established in 2018.

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2023-03-06 16:35
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RCG Markets and FBK Markets are both forex brokers running businesses in South Africa. What is the secret behind the two?

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WikiFX Review: Is RCG MARKETS a dependable broker?

ExposureWikiFX Review: Is RCG MARKETS a dependable broker?

2022-08-04 15:03

Is RCG Markets worthy to invest in? For more information about RCG Markets and their offer please check the following WikiFX review.

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2022-08-04 15:03
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WikiFX Review: Is RCG MARKETS a dependable broker?

User Reviews

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Gtee15
more than one year
look what these broker did to my account...please advise me which steps should I have to take in order for me to get my cash back.
2022-12-10 00:37
Reply
0
0
Ahwei
more than one year
The minimum leverage is 1:500 and the maximum leverage is 1:2000, which is scary. I'm just a newbie, and such high leverage is unfriendly to me, and if I lose, I won't have to compensate a lot of money. Still, a little lower leverage is suitable for a forex novice like me who is not willing to take too much risk.
2022-12-01 12:23
Reply
0
0
sitao
more than one year
I just opened an account with this broker, then I cannot log in my personal account? Their customer support team told me that there was an error in my account. Have you guys ever encountered this situation? I am so anxious, and they just told me calm, clam…
2022-12-01 12:04
Reply
0
0
Ouk sophanith
more than one year
id
2022-10-14 01:48
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0
0
Lesedi k Sekamotho
more than one year
best broker
2022-09-25 23:48
Reply
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