Founded in 2018 and based in Sandton, South Africa, RCG Markets is a forex and CFD broker authorised by South Africa’s Financial Sector Conduct Authority (FSCA).
It offers CFDs on indices, shares, commodities and energies, as well as forex, through MetaTrader 4 and MetaTrader 5, and targets retail traders with a very low minimum deposit and leverage of up to 1:2000.
Have you invested money with RCG Markets and are unsure whether it is reliable? Or are you thinking about opening an account? In this review, we cover its regulation, accounts, fees and the main risks.
Overview
RCG Markets (Pty) Ltd was registered in South Africa in 2018 (registration number 2018/079334/07). It is known for very high leverage (up to 1:2000), low minimum deposits and a mix of commission-free and commission-based accounts.
It offers CFDs on indices, shares, commodities and energies, plus forex, and says it serves retail traders, fund managers and corporate clients. According to its client agreement, it acts as an intermediary on an execution-only basis, so it does not give investment advice.
Highlights
| 🏟️ Headquarters | Sandton, South Africa |
| 🏟️ Founded in | 2018 |
| 💰 Account currencies | GBP, ZAR and USD |
| 💰 Inactivity fee | $50 (no funding or trading within one year) |
| 💰 Commissions | $0 on most accounts, $7 per lot on the ECN account |
| 💰 Spreads | From 0.0 pips on RAW and ECN accounts, from 1.5 pips on Classic accounts |
| 💵 Minimum deposit | R50 |
| 💵 Minimum withdrawal | R100 |
| 💵 Deposit options | Ozow, Paystack, Virtual Pay, Skrill, Neteller, B2BinPay, E-MOLA (Mozambique) and bank transfer |
| 📜 Regulator | FSCA (FSP 49769) |
| 📍 Products | CFDs (indices, shares, commodities and energies) and forex |
| 📈 Maximum leverage | 1:2000 |
| 🎮 Demo account | Yes |
| 🎮 Trading platforms | MetaTrader 4, MetaTrader 5, mobile apps and WebTrader |
Source: RCG Markets website and client documents. Trading conditions change often, so confirm them on the broker’s site.
Safety and regulation
RCG Markets (Pty) Ltd is an authorised financial services provider with the Financial Sector Conduct Authority (FSCA), South Africa’s market conduct regulator, under licence number FSP 49769 since May 2021. Its client agreement describes a FAIS Category I licence to provide intermediary services on an execution-only basis.
It is not regulated by any top-tier regulator, such as the FCA in the UK or ASIC in Australia.
Although RCG Markets is authorised by the FSCA, there are warning flags you should be aware of:
- Lighter protection than in the EU, UK or Australia: South African rules do not cap leverage for retail clients the way ESMA does (30:1 on major currency pairs in the EU), negative balance protection is not mandatory, and there is no statutory investor compensation scheme if a broker fails.
- Very high leverage: leverage of up to 1:2000 means that a small price move can wipe out your deposit.
- Impersonation warning: in February 2024, the FSCA warned the public about an Instagram account and website run by individuals pretending to be RCG Markets. The warning was about impersonators, not the broker itself, but always check that you are dealing with the official website.
- Related companies: a company called FBK Markets has said it acts as a juristic representative of RCG Markets, using its FSP licence. Check which company you are actually signing up with before depositing.
- Inconsistent details: when we checked, the address and phone number in RCG Markets’ regulatory details did not match those on its website.
- User complaints: online review platforms show complaints about withdrawals and slippage. We could not verify individual cases, but they are worth reading before you deposit.
Before opening an account, search for RCG Markets on the FSCA website and check which products its licence covers.
Account types
RCG Markets offers several account types, including Classic, RAW, ECN and Royal accounts, with different spreads, commissions and leverage.
The main attractions are the low minimum deposit of R50, leverage of up to 1:2000 and spreads from 0.0 pips on some accounts.
Be careful with a common tactic among forex brokers: promoting high-leverage, low-deposit accounts. This increases the risk that inexperienced traders lose their money quickly. It doesn’t make a broker a scam on its own, but it is a marketing approach that works against most retail traders.
Account opening
Opening an account with RCG Markets is simple and follows a step-by-step process:
- Click “Login” on the homepage.
- Enter your first and last name, create a password, choose your platform (MetaTrader 4 or MetaTrader 5), your account currency (GBP, USD or ZAR), your email and your account type.
- Add your contact details and address.
- Your account is created.
After creating the account, there are a few more steps:
- Identity verification: upload your identity documents to unlock your RCG Markets dashboard.
- Compliance questionnaire: answer questions about your knowledge of CFDs, how you gained it, your understanding of the risks, and your employment status.
- Fund your account: choose the amount, currency and payment method, and make your deposit.
RCG Markets also offers a demo account, so you can practise without risking real money.
Fees
- Inactivity fee: $50 (or the equivalent in your account currency) if there is no funding or trading activity within a year.
- Deposits and withdrawals: RCG Markets says it does not charge deposit or withdrawal fees, although your payment provider may.
- Spreads and commissions: they depend on the account type. Spreads start from 0.0 pips on RAW and ECN accounts, and commissions go up to $7 per lot.
- Overnight fees: CFD positions held overnight are charged swap fees, which can add up on long-term positions.
Products and markets
RCG Markets offers CFDs on indices, shares, commodities and energies, plus forex. You don’t own the underlying assets.
| Product | Available? |
| Stocks | ✘ |
| ETFs | ✘ |
| Bonds | ✘ |
| Funds | ✘ |
| Options | ✘ |
| Futures | ✘ |
| Forex | ✔ |
| Cryptocurrencies | ✘ |
| Commodities | ✔ (CFDs) |
| CFDs | ✔ (indices, shares, commodities and energies) |
Source: RCG Markets website.
Some examples of what you can trade:
- Forex: major pairs such as EUR/USD, GBP/USD, USD/CHF and USD/JPY, as well as exotic pairs.
- Indices: more than 10 indices from markets such as the US, Spain, France and Germany.
- Shares: CFDs on more than 50 international stocks.
- Commodities: gold and silver.
- Energies: oil and natural gas.
RCG Markets alternatives
If RCG Markets is not the right fit for you, these alternatives accept South African residents and are regulated by established authorities:
69-80% of retail CFD accounts lose money.
81% of retail CFD accounts lose money.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Bottom line
FSCA authorisation gives RCG Markets some regulatory oversight, but the lighter South African rules, the very high leverage and the warning flags above call for caution.
If you consider RCG Markets, check its licence on the FSCA website, start with a small deposit, test a withdrawal early and avoid high leverage.
If you prefer brokers with a longer track record, Interactive Brokers, XTB and Plus500 are worth comparing.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
