Established in 2018 and headquartered in South Africa, RCG Markets serves as an intermediary financial service provider. The company offers direct market access for executing trades in various CFDs (indices, shares, commodities and energies) and FX, catering to retail traders, hedge fund managers and corporate clients.
While this broker is regulated by the FCSA, there are some warning flags that investors should be aware of (explored below).
Have you invested money with RCG Markets and are uncertain about its reliability? Or are you contemplating starting your investment journey with RCG Markets and seeking more information? Continue reading this article, as we will provide a comprehensive overview to address all your queries.
RCG Markets Overview
RCG Markets, established in 2018 and headquartered in South Africa, distinguishes itself as a notable brokerage offering high leverage up to 2000, zero-commission trading accounts, and direct market access. Specialising in a diverse range of CFDs, including indices, shares, commodities, and energies, the platform caters to retail traders, hedge fund managers, and corporate entities. Operating as an STP and ECN broker, it emphasises fair and fast execution, positioning itself as a competitive player in online trading.
In May 2021, RCG Markets became a financial services provider authorised by the Financial Sector Conduct Authority (FSCA) under licence number FSP49769, the financial market regulator from South Africa. However, it is not regulated by any top-tier regulator from well-known countries such as the UK or the US.
RCG Markets Highlights
|🏟️ Founded in
|💰 Account Currency
|GBP, ZAR and USD
|💰 Inactivity fee
|$50 (including funding or trading, within one year)
|$0 for Classic, RAW and ROYAL 100 RCG accounts, $7 for RCG ECN account
|0.0 pips for RCG RAW and RCG ECN accounts and 1.5 pips for RCG classic and ROYAL 100 accounts
|💵 Minimum Withdrawal
|💵 Minimum Deposit
|💵 Deposit Options
|Ozow, Paystack, Virtual Pay, Skrill / Neteller, B2Binpay V2.1, E-MOLA (Mozambique), Wire Transfer Bank Details
|📜 Regulatory entities
|📍 Products offered
|CFDs (indices, shares, commodities and energies) and Forex
|🎮 Demo Account
|🎮 Trading Platforms
|MetaTrader 4, MT5 Client, Android/iOS Application, Live Webtrader
Although RCG Markets is regulated by the FSCA, there are some warning flags that you need to be aware of.
- The regulatory framework in South Africa is more lenient compared to the European Union, Australia, or the United States. Brokers in South Africa are not obligated to offer negative balance protection, maintain client funds in segregated accounts, or adhere to restrictions on leverage and trading bonuses. Additionally, they are not required to participate in compensation plans or report on open and closed deals.
- The address and contact number in its regulatory details do not match those on its website.
What do you need to know about RCG Markets’ services?
As we mentioned before, RCG Markets is an intermediary financial service provider with a variety of trading instruments, such as Forex and CFDs, on indices, shares, commodities and energies. It is a STP (straight-to-processing) and ECN (electronic communications network) broker that claims to offer fairer and faster execution.
RCG Markets offers a diverse range of account options featuring fixed minimum deposits along with increased leverage and spreads. The available account types—Classic, Raw, ECN, and Royal—are tailored to accommodate various trading preferences.
One of the main attractive features offered by RCG Markets is the low minimum deposit of only R 50, high leverage up to 1:2,000 and spreads as low as 0 pips for some account types.
Beware of a prevalent strategy employed by forex brokers: promoting high-leverage and low-deposit accounts. While this increases the risk for inexperienced traders to quickly deplete their accounts, it doesn’t automatically label the broker as a scam. This approach is a standard industry marketing tactic to enhance attractiveness to potential clients.
The process of opening an account with RCG Markets is straightforward. You just need to follow an intuitive step-by-step registration procedure. Firstly, click “Login” on the homepage:
Then, insert your First and Last name, create a password, choose the platform that you prefer (MetaTrader4 or MetaTrader5), choose the currency that you’ll trade (GBP, USD, ZAR), insert your email and finally choose the type for account that you prefer1.
In the next step you need to fill the gaps with your contact and address information:
And you are ready to go:
How to start trading in RCG Markets?
Step 1: Register
To commence trading, you must open an account on the RCG Markets platform. You can find all the necessary steps outlined in the preceding section.
Step 2: Verification
After creating an account that aligns with your preferences, you’ll need to submit essential documents for identity verification. Once verified, you’ll unlock access to your RCG Markets dashboard.
Step 3: Compliance Questionnaire
A compliance questionnaire will be administered to assess the user’s knowledge regarding CFDs, how they acquired this knowledge, awareness of associated risks, and relevant statistical data such as current employment status and field of expertise. Stay informed and trade confidently with our user-centric approach.
Step 4: Add Funds
With your account successfully created, the sole remaining step to initiate trading is adding funds. Simply pick your preferred fund amount, select your currency and payment option, and deposit the chosen amount. You’re ready to kickstart your trading journey.
It’s worth mentioning that RCG Markets offers a demo account, perfect for beginners to refine their trading abilities without any financial risk. To register, visit the official RCG Markets website, locate ‘RCG Markets demo accounts,’ input your details, select the ‘RCG demo classic’ account type, and finalise the registration process.
While RCG Markets does not charge for deposits and withdrawals, additional fees may be applicable during trading activities. So, our team carefully reviewed the broker’s fee structure and terms and conditions to gain a comprehensive understanding of the associated charges and their potential impact on trading operations.
RCG Markets charges fees and compensation for various financial services, including trading activities and associated expenses. Although it is common practice for brokers, please be aware that RCG Markets reserves the right to modify fees unilaterally, with clients notified of any changes. Although it is mentioned in the terms and conditions that the client agrees that the Company is entitled to change its fees unilaterally without any consultation or prior consent from the Client.
Payment terms require prompt settlement, and the company may deduct charges directly from client funds. Interest accrues on overdue amounts, and failure to meet deposit deadlines may result in the sale of financial instruments. Tax responsibilities lie with the client, and the company may deduct taxes as required.
In cases of account inactivity, you need to pay a fee of 50 USD (or currency equivalent) that will be subject to your account. In case your account balance is below USD 50 (or currency equivalent), RCG Markets will charge any remaining balance and archive your account.
Spreads and Fees in Nutshell
|RCG Classic Account
|RCG ECN Account
Deposit and Withdrawals
The brokerage provides clients with multiple convenient options to instantly deposit funds into their trading accounts, ranging from Bank Wire and Skrill to Neteller and other secure methods.
RCG Markets guarantees that your withdrawal request will be processed within 24 to 48 hours.
RCG Markets offers direct market access for executing trades in various CFDs (indices, shares, commodities and energies) and FX.
|✔(on indices, shares, commodities and energies)
Some examples you will encounter when trading with RCG Markets:
- Forex – EUR/USD; GBP/USD; USD/CHF; USD/JPY
Alongside with major pairs of forex, RCG Markets also offers Forex trading on exotic pairs.
- Indices – Over 10 indices from international markets such as the US, Spain, France, Germany, and more
- Shares – CFDs on over 50 stocks from International Markets
- Commodities– Gold and silver (in the image below you only can see Gold and silver, but the platform also provides exposition to platinum and cooper)
- Energy – Oil and Natural Gas
RCG Markets Alternatives
In this article, we delve deeper into the analysis of RCG Markets, highlighting certain warning flags associated with the company. If, upon consideration, you find that RCG Markets may not be a suitable choice for you, we will present alternative options that align more closely with your preferences.
1If you choose MetaTrader4 you can select between the account types: RCG RAW, RCG ECN and RCG Classic. If you choose to trade with MetaTrader5 you only can select the ROYAL100 account