Would you join the trader’s club? Then you’ve come to the right place. Finding a reliable broker is the first step towards trading. RCG Markets is a South African-based broker that can potentially be your trading partner.
But is it the best choice for you? This article will explain why you should or shouldn’t choose RCG Market as your brokerage partner.
Before going through the dos and don’ts of trading with RCG Markets, check out the quick overview of the broker:
|TRADING INSTRUMENTS||Forex, Indices, Shares, Commodities and Energies|
|ACCOUNT CURRENCY||GBP, ZAR and USD|
|DEPOSIT OPTIONS||Bank Transfer, B2BinPay, OZOW, Paystack, Skrill, Nettler, VirtualPay and Crypto|
|COMMISSION||$0 for other accounts, $7 for RCG ECN account|
|CONTESTS AND BONUSES||Yes|
What is RCG Markets?
RCG Market is a South African broker known for providing high leverage up to 2000. It provides zero-commission trading accounts with competitive spreads and low deposits.
The best feature of RCG Markets is that it provides direct market access and complete control over trading operations.
Is RCG Markets Regulated?
RCG claims to be regulated under FSCA on the official website under the license number FSP49769. Moreover, It is a South African broker registered under the liscense number 2018/079334/07.
So, RCG MArkets is an FSP-regulated and authorised platform, which makes it reliable and transparent. If you want to trade with an alternative regulated broker, you can opt for Capitalix.
Unique Features Offered by RCG Markets
- White Label: White Label is an initiative by RCG Markets to give a platform to other brokers to access tools and platforms and gain clients. If you are a broker, then through RCG market’s White Label program, you can reduce your initial capital and gain a large client base.
- Partner with RCG Markets: RCG Marktes offers a partnership where you can use all the market resources, earn $120 per lot, and much more. This program gives you free access to RCG’s trading venues and a personal account manager. It is a beneficial program not offered by many brokers.
Pros and Cons of RCG Markets
Weighing the pros and cons of RCG Markets will make it clear whether the broker is a reliable one or not.
|MT4 Trading Platform||Lack of educational resources|
|Competitive spreads and leverage||Exceeded regulation|
|Variety of account types.|
|Wide range of assets to trade with|
Account Types Offered By RCG Markets
RCG Markets offers a bunch of account options with fixed minimum deposit and increased leverage and spreads. Check out the overview of the account types below:
|Classic Account||R50||1.5 pips||$0||0||MT4||2000|
|Raw Account||R50||0.0 pips||$0||0||MT4||500|
|ECN Account||R50||0.0 pips||$7||0||MT4||1000|
|ROYAL 100||R50||1.5 pips||$0||100%||MT5||500|
RCG Market offers a wide range of account types including Classic, Raw, ECN and Royal. The classic account is the most basic account with good spreads and high leverage. However, high leverage is equally prone to risks. Check out Tradeeu to get a low-leverage broker.
Choosing a Raw account will be a better option to gain benefits and remove risks. The minimum deposit is the same for all accounts so that you won’t bear any losses.
If you would prefer to trade on the MT5 platform, which has better features and too, and there royal account option is the best choice. Plus, you can enjoy up to a 100% bonus with just a R50 deposit.
RCG Market provides a complimentary demo account, ideal for beginners to hone their trading skills without financial risk. To sign up, visit the official RCG Market website, find ‘RCG Market demo accounts,’ enter your information, choose the ‘RCG demo classic’ account type, and complete the registration process.
What Makes RCG Market a Good Broker?
A good broker should have reliable features and authentic regulation. RCG market’s regulatory status is proven to be true and authentic, implying that the broker is reliable. Moreover, the broker also provides stand-out features that are required in a good broker.
RCG Market’s leverage range starts at 1:500 for raw and royal accounts. However, with a classic account, you can access leverage up to 1: 2000.
Although RCG Markets provide a high leverage which equals to high risks and losses. If you are a novice trader, trading with an account offering lower leverage is better.
RCG offers competitive spreads ranging from 0.0 to 1.5 pips. Using an account providing minimum spreads is better. That’s because trading with low spreads reduces operation costs and increases savings.
Fees and Commission
RCG market only charges 50 African Rands to start trading with any offered account. Trading with the RCG market doesn’t require any commission charges. equiity is another South African broker that charges no deposit.
Deposit and Withdrawal
The minimum deposit for trading with RCG is R50,and there is no commission for any of the accounts. It offers a wide variety of deposit and withdrawal options, including the following:
- Bank Wire Transfer
There are certain withdrawal policies that you must follow:
- The withdrawal request deadline is 17:00 GMT.
- R100 is the minimum withdrawal amount.
- There are no additional charges on deposit or withdrawal.
Do RCG Markets Provide Bonuses?
RCG Markets offers a welcome bonus for new traders. A new trader can access the welcome bonus for a month without a deposit and for 3 months with a deposit.
Bonuses can be withdrawn, they can only be used as credit on margins that could trade with. Moreover, RCG holds the right to remove bonuses from your trading account at any time.
Assets Offered by RCG Markets
RCG Markets offers several assets to trade with, like
Forex or FX trading, includes trading with global currencies. You can get access to various perks while trading forex with RCG Markets. It includes global currencies trade execution on STP and ECN. Fast deposits and withdrawals, liquidity and 100+ instruments.
Some of the indices offered by RCG markets include NASDAQ100, which includes technological companies like Apple, Amazon, etc. RCG also offers Dax, which covers Germany’s largest companies. You can also get access to more than 10 indices, high liquidity and fast deposit and withdrawal speed.
RCG Markets offers multiple instruments, instant trade execution, liquidity and top-performing shares. You can use these tools to trade shares and increase your trade performance. If you wish to consider an alternative, check out Vault Markets
Commodities and Energies
Commodities and energies are assets that are constantly fluctuating. But you can place bigger bets on it because the commodities, especially oil, have huge demand and surge prices. Which can ultimately help you gain a larger profit.
How to Start Trading with RCG Markets?
Step 1: Register
The first step to start trading with RCG markets requires registering yourself with the platform. To do that, simply go to the broker’s official website, and click ‘Get Started’ You will be redirected to this page:
Step 2: Verification
Enter personal information, select account type and register yourself with RCG markets. You will be required to upload relevant documents to verify your identity. Once that is done, you will have access to your RCG market dashboard. It will look something like this:
Step 3: Compliance Questionaire
You will now be required to fill a compliance questionnaire that includes questions like your experience in trading, employment status etc.
Step 4: Add Funds
Now that you have created your account, adding funds is the only step required to get trading. Choose the fund amount, select your currency and bank, deposit the amount and now you can start trading.
RCG Markets offers educational resources like newsletters and blogs that can provide information on trading with RCG markets. These resources can help you stay updated with trading trends and market positions.
RCG Market’s customer support is available through live chat, phone and email. You can access live chat through the broker’s official website.
You also reach out to RCG Markets customer care through the following sources:
Phone: +27 (10) 007 5974
Whatsapp number: +27 82 401 6338
RCG Markets, 13th Floor,
Green Park Corner, 3 Lower Road,
Sandown, Gauteng, 2196
Sources here refers to the claims from other websites and what’s their view on the broker’s reliability. We have found certain reviews where customers have shared their personal experience with the broker.
As per the google reviews customers have had issues with deposit and withdrawals. The funded or deposited amount is not reflected into the trading account making it impossible for traders to trade with RCG Markets.
The reviews on RCG Markets’ facebook platforms have 4.9 rating out of 5. People have appreciated the broker’s customer support and instant deposits and withdrawals.
Trustpilot is a reliable source to collect customer reviews from, as per the platform, RCG Markets is a moderate risk trader with 2.9 out of 5 rating. The customer reviews on trustpilot has been negative, people have complained about the broker’s trading execution.
Is RCG Markets Better Than AvaTrade
|Minimum Spread||0.0 pip||0.9 pip|
|Fees and Commission||Min deposit R50 and $7 commission only on royal account||$100|
|Account Type||RCG Markets offer four account types- Classic, Raw, ECN and Royal||Demo and Shared accounts|
|Trading Platform||MT4 and MT5 on Royal account||MT4, MT 5, Mirror Trader, ZuluTrade, AvaTrader, mobile and web versions of МТ|
|Trading Assets||Indices, Commodities, energies, forex and Shares||Forex assets, stocks, indices, vanilla options, cryptocurrency, bonds and ETFs|
|Customer Support||24/5 customer support, available through email services, live chat and phone||24/5|
|Review||The customer reviews on RCG Markets has been a mixed bag. People have had complaints about the withdrawal and deposit process.||Avatrade is a regulated south african broker with a rating of $.7 out of 5 on trustpilot.|
As you can see in the comparison above, AvaTrade has better trading platforms and a wide range of assets with a reasonable spread. Although RCG Market has a high leverage range, it has exceeded regulation and negative customer reviews. So, Avatrade is the better option out of the two brokers.
Although RCG offers a plethora of features, it can not be considered safe to trade with because of its unclear regulatory status at the moment. The customer reviews on the broker platform have also been dicey. So, It’s better to be safe than sorry!
I would recommend you not to trade with RCG Markets. Rather, explore better alternatives with similar features like Investfw. If you wish to trade with RCG, wait till it’s regulated again before you hop on the bandwagon.
What is the Minimum Deposit of RCG Markets?
The minimum deposit required on all accounts of RCG Markets is 50 African Rands. It charges no withdrawal or deposit bonus. But access to the royal account requires a commission of $7
IS RCG Market Good for Novice Traders?
Since the RCG Market currently has an exceeded regulation and high leverage. I would recommend novice traders avoid trading with this broker.
Is RCG Market Secure to Trade with?
RCG Market has an exceeded regulation, which means that the broker is unregulated and unreliable to trade with.
How Long Does RCG Markets Deposit and Withdrawal Take?
RCG Markets has a deposit and withdrawal window of 24-48 hours.
What is the Highest Leverage Provided by RCG Markets?
The highest leverage provided by RCG Markets is 1:2000. It is high leverage, which could mean higher risks.
Is There a Deposit Bonus to Trade with RCG Market?
No, there is no deposit bonus, but it does offer a welcome bonus for new traders. You can enjoy a welcome bonus for a month without a deposit and 3 months with a deposit.
What is the Minimum Withdrawal Amount for RCG Markets?
RCG Markets will only let you withdraw your profits if it is more than $100. You can not withdraw smaller amounts.
What is RCG Markets Royal Account?
RCG offers a royal account which requires a minimum deposit of R50, supports the MT5 platform and offers a 100% bonus.
Can You Gain a Welcome Bonus Twice?
It is possible to gain a welcome bonus twice if you cancel and re-apply. But each bank has a different time period for when re-applying can be valid.
What are the Deposit and Withdrawal Options Provided by RCG Markets?
RCG Markets provides an array of deposit/withdrawal options, including Bank Transfer, B2BinPay, OZOW, Paystack, Skrill, Nettler, VirtualPay and Crypto.
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