RCG Markets Review

Regulation - 9/10

Is RCG Markets Legit?

Yes, RCG Markets is legit because they are regulated by the Financial Sector Conduct Authority (FSCA) in South Africa.

RCG Markets hold a Financial Service Provider (FSP) license number49769 issued by the FSCA but they are not an authorized ODP so they cannot act as a market maker.

Account Types - 10/10

1. RCG Classic Account (MT4 Only)

This is a spread-only account that only works on the MT4 platform. Users of this Classic Account can access leverage up to 1:2000 (the highest leverage offered by RCG Markets).

The RCG Classic Account is most suitable for currency trading because it is compatible with the MT4 platform only & the leverage is high.

2. RCG Raw Account (MT4 Only)

The Raw Account is also a spread-only account, but it offers lower spreads than the Classic Account.

This account type only works with the MT4 platform making it more suitable for currency traders, but the levergae is 1:500 max

3. RCG ECN Account (MT4 Only)

On the ECN Account, you get low spreads from 0.0 pips but in return, you must pay a flat commission of $3.5 per side on each trade.

The ECN Account only works with the MT4 platform and the highest leverage you can access is 1:1000.

This account is more suitable for currency traders because it doesn't work on MT5.

4. Royal 100 Account (MT5 Only)

This account only works on MT5 making it suitable for Stock & Indices CFD trading.

The Royal 100 Account is a spread-only account that offers spreads from 1.0 pips and a 100% deposit bonus; but you can only access 1:500 leverage max.

5. Imperial Bonus 200 Account (MT5 Only)

This account is just like the Royal Account discussed above, but this time you get a 200% bonus on your deposits.

6. Cent Account (MT5 Only)

The RCG Markets Cent Account is actually a Micro Account type where you can only trade micro lot sizes.

The Cent Account is a spread-only account that only works on MT5 but you don't get any bonus on your deposits.

Funding & Withdrawals - 7/10

RCG Markets Minimum Deposit

The minimum deposit for RCG Markets is N5,000 or $3, & this applies to all RCG Markets account types.

Funding Methods

1. OZOW (EFT)

OZOW is an indigenous Electronic Fund Transfer platform which was founded in South Africa. RCG Markets clients can deposit via OZOW and the processing time is instant.

2. Broker to Broker (InPay)

You can close your account at another broker & move the funds to your RCG Markets account. This featured is powered by an online payment platform called InPay.

3. Skrill & Neteller

RCG markets accepts payments from international eWallet platforms: Skrill & Neteller.

4. Virtual Pay

RCG Markets accepts payments made via Virtual Pay which is a payment channel with networks in Africa & Asia.

5. Bank Wire

You can fund your RCG markets account via international bank wire method but the processing time can take up to 5 days.

How Long Does RCG Markets Withdrawal Take?

RCG Markets withdrawals via Nigerian banks are instant. eWallet withdrawals can take up to 2 working days.

RCG Markets Funded Trader Prop Firm Partnership

RCG Markets has partnered with a prop firm called Comit Capital so you can purchase their challenge and if you pass, you get funded to trade with company funds, and share profits with them 85%/20%.

The cost of purchasing a challenge is from R1,080 and the payouts are every week.

Fees - 4/10

1. Spread

RCG Market spreads start from 1.0 pips but if you are trading with the ECN Account the spread starts from 0.0 pips but you must pay a flat commission per trade.

2. Commission

When using the RCG Markets ECN Account, you get spreads from 0.0 pips but the commission is $3.5 per side per standard lot.

3. Overnight Fees

You must pay an overnight swap fee if you leave your CFD trade open till the next day.

4. Inactivity Fees

RCG Markets inactivity fees is R10 & it is charged o any account that has been dormant for 3 months.

Account Management - 6/10

Margin Call & Stop Out

At RCG Markets, a margin call will come when your margin level falls to 100%. At that point RCG Markets will start closing any unprofitable trades you have opened, so as to free up more margin.

The Stop Out level at RCG Markets is 30% & at this point all your trades will be closed when your free margin falls to 30%.

Leverage

Depending on your account type you can access leverage up to 1:2000 on the Classic MT4 Account, while leverage on the MT5 Accounts is reduced to 1:500 maximum.

To change the leverage on your RCG Account, you must complete a form and the change is not immediate and could take up to 24 hours.

Account Currencies

RCG Markets does not have naira accounts, the default account currency is USD.

Negative Balance Protection

RCG Markets offers Negative Balance Protection, ensuring that your account balance never falls below zero. If the market moves sharply against you, this feature safeguards you from owing money to the broker, giving you peace of mind during unpredictable market conditions.

Account Opening Steps

1. Register

To register with RCG Markets, fill in your name, email address, create a password, select a platform (MT4 or MT5), select account currency (ZAR, USD or GBP), select an account type, then enter your address & phone number.

You will also be required to enter your date of birth, country of origin & Passport/ID number.

2. Email Verification

After registration, a verification email will be sent to you, so check your inbox & click on the sign in link to verify your email address.

After verifying your email, you will be automatically redirected to the RCG client portal to continue the account opening process.

We experienced some difficulty in receiving the confirmation email, so we had to click on the resend button so the email was sent again.

Even after we clicked on the sign in link in the verification email, we got an error when the system tried to redirect us to the client portal; so we had to login manually.

3. RCG Markets Verification of Documents

From your client portal, you must upload a photo of your South African government issued ID card & a utility bill (showing your current address)to serve as proof of residence.

After uploading your documents, it takes about 1 working day for RCG Markets to verify your documents but when they are done, you will get a notification that your documents are okay/accepted & your live account has been activated.

Range of Markets - 5/10

1. Forex CFDs

You can trade all the major FX pairs as wells as minors & exotics like USD/ZAR, at RCG Markets.

2. Index CFDs

RCG Markets has popular indices like NAS100 and they also have synthetic indices.

3. Stock CFDs

You can trade several stocks (US & European) as CFDs so you don't own the underlying stock.

4. Commodity CFDs

You can trade Gold, Crude Oil, & other commodities with this broker.

Trading Platforms - 5/10

1. MT4

RCG Markets provides the MT4 platform for you to trade but this platform can only be used if you open the Classic Account, Raw Account or ECN Account.

2. MT5

RCG Markets provides the MT5 platform for you to trade but this platform can only be used if you open the Royal Account, Imperial Account or Cent Account.

Trading Tools - 3/10

1. Economic Calendar

RCG Markets provides an economic calendar which you can access from your client portal only.

The economic calendar tells you the exact dates when market changing economic data such as Nonfarm Payroll, CPI, etc. will be released.

Customer Support - 6.5/10

1. Live Chat

2. Email

RCG Markets also offers email support and you can find their dedicated email address on their website.

3. Telephone Support

You can find the RCG Markets help line number o their website.

4. Education

Beginner education provided by RCG Markets lacks depth and is not well presented to capture the interest of a beginner.

However, RCG Markets has a demo account for experimenting with fake cash & they host educational seminars across South Africa to help beginners learn.

5. Personal Account Manager

RCG Markets assigns a Personal Account Manager to every accountholder.

Final Verdict - 7.3/10

RCG Markets is a low cost forex broker but they are ideal for those who have some trading experience because of the lack of trading tools and proper beginner education.