RCG Markets: Is It Safe and Reliable to Deal with This Broker?

It is not easy to determine if a broker is safe and reassuring - Is it regulated? Has it been warned by any regulator? What do consumers say about it? What are the trading conditions it offers? Are they reliable? These factors need to be taken into account. Read this article and join BrokersView in exploring forex broker RCG Markets.

About RCG Markets

Established in 2018, RCG MARKETS (Pty) Ltd direct market access for the execution of trades for CFDs and FX for retail traders, hedge fund managers and investment firms.

In May 2021, RCG Markets became a financial services provider authorized by the Financial Sector Conduct Authority (FSCA) under license number FSP49769. However, the address and contact number in its regulatory details do not match those on its website, which raises red flags. BrokersView draws the attention of investors to the risk and to be vigilant.

RCG Markets offers investors trading instrument options including forex, indices, shares, commodities and energies. According to the broker, it supports ECN (Electronic Communication Network) and STP (Straight-Through Processing) trade execution, fast deposit and withdrawal, and has dedicated support staff.

Trading Conditions

RCG Markets offers three types of accounts: RCG Classic Account, RCG RAW, and RCG ECN Account. The minimum deposit is R50; spreads are as low as 0 pips and as high as 1.5 pips; only the ECN account charges a commission of $7; the minimum leverage is 1:500, and the maximum leverage is 1:2,000. The broker supports a variety of deposit and withdrawal methods, including Bank Wire, Paystack, and Skrill, but it offers investors only the MetaTrader 4 (MT4) trading platform. 

User Reviews

According to the reviews we have collected, users tended to rate RCG Markets unfavorably, but just a few people made reviews. One user reported a poor user experience and a hidden commission when closing profitable trades, while another considered it a pyramid scam as he was unable to withdraw his money. Another user said he could not get his funds back and could not contact the broker.

In addition, the relationship between RCG Markets and FBK Markets has sparked discussion among traders, some of whom are confused and skeptical about their regulatory status. Based on what we have learned, FBK Markets is a "juristic representative" of RCG Markets and also a broker, sharing the license with RCG Markets. However, it was noted that a license cannot be shared.

Therefore, we also went searching for users' reviews about FBK Markets. While the broker has received more positive than negative reviews overall, recent user reviews are predominantly negative, mostly reporting withdrawal issues and potential scam concerns.

Bottom Line

Given the uncertainty surrounding the regulatory status of RCG Markets and the skepticism and confusion raised by its relationship with FBK Markets, which has also been recently criticized by users for withdrawal issues, BrokersView believes that RCG Markets is of high risk, and you are advised to exercise much caution when engaging with RCG Markets. Clear regulatory status is not necessarily an umbrella for investors, and uncertainty only increases risk. If you have any concerns about your potential broker, ask BrokersView a question and we will answer for free.