Search
Close this search box.

Is RCG Markets Safe? Full Review

A tribe-like community with highly adored influencers, great trading conditions, along with misleading information, sex scandals, and being subject to scams.

In today’s review, we’ll examine RCG Markets with its pros and cons. We’ll check the broker’s legitimacy by analyzing their history of operations, regulations, and customer reviews.

We’ll dive into RCG Markets’ trading conditions, including leverage, minimum deposit requirements, account types, and fees. Let’s find out what RCG Markets is all about, whether it’s a scam or not.

rcg-markets-review

Things to Know About RCG Markets: Brief Overview

RCG Markets is a Direct Market Access (DMA) forex broker based in South Africa, established in 2018. Despite being FSCA regulated, there are concerns about its legitimacy and broker has a history of misleading information regarding its operations and foundation. What makes RCG Markets attractive is its 1:2000 leverage and raw spread trading options, along with the low minimum deposit of 50 ZAR.

  • Forex Trading: Access to over 100 currency pairs.
  • CFD Trading: Offers trading on indices, shares, and commodities.
  • Platforms: Primarily uses MetaTrader 4 (MT4).
  • Account Types: RCG Markets offers various account types with different conditions, including leverage up to 1:2000 and spreads starting from 0 pips, all with minimum deposit requirements of R50.

Is RCG Markets Safe?

  • RCG Markets has a controversial history with regulatory authorities and has made misleading claims about its history and services.
  • The association with FBK Markets, which has a negative reputation, is a concern for traders.
  • Customer reviews highlight issues with withdrawals, customer support, and distrust in the broker’s operations.
  • One of RCG Markets’ lead traders has been involved in a sex scandal, raising ethical concerns about its affiliations and the behavior of its representatives.

While RCG Markets offers some attractive trading conditions, such as low minimum deposits of 50 ZAR and no withdrawal fees, I have serious concerns about its regulatory status, transparency, and ethical practices. RCG Markets is a questionable choice for traders. I suggest you to approach the broker with caution and consider these factors carefully before deciding to trade with RCG Markets.

rcg-markets-license

Should You Choose RCG Markets? Pros and Cons

RCG Markets is broker that offers over the counter trading conditions. Even though RCG Markets’ trading conditions may sound good their history with regulatory authorities doesn’t draw a very reliable image. If you’d ask me, safety is the most important thing when trading forex, but it’s your call after all.

RCG Markets’ stand out feature is its minimum deposit requirements. The broker utilizes the widely popular MT4 Platform. Broker claims to keep the customer support active in multiple languages, 24/7. Regulations and reliability is the downside of the broker.

ProsCons
FSCA regulationNo additional or top-tier license
MT4 trading platformLack of low leverage options.
Low minimum deposit R50.Educational resources are not satisfying.
ECN execution
24/7 customer support

What is RCG Markets?

RCG Markets is a direct market access (DMA) forex broker that was established in 2018, South Africa with the registration number 2018/079334/07. Broker’s physical location is at Unit 25, Block C, Eagle Canyon Office Park, Randburg, Gauteng, South Africa. It was initially authorized as a financial services provider by the Financial Service Conduct Authority (FSCA) in South Africa, with the license number FSP49769. However, in March 2023 Wikifx suggested that the RCG Markets’ license has exceeded its validity and is no longer valid.

rcg-markets-wikifx

I checked their regulatory status from the official FSCA website and it seems that RCG Markets holds a valid license for forex trading. RCG Markets is authorized by the FSCA with the license number of 49769. It can be said that RCG Markets is a licensed and legit broker. Despite being a regulated broker, RCG Markets is far from being reliable.

rcg-markets-regulation

Even though it’s a relatively young broker, RCG Markets claimed to have been offering trading services for over 25 years, which raised questions about the reliability of the broker’s statements. FSCA is the regulatory authority in South Africa. RCG Markets is authorized by them and FSCA is considered to be more easygoing compared to other regulatory authorities like CySEC, FCA or ASIC. When you are trading forex, safety is the most important thing and regulatory status is an important signifier of a brokers legitimacy. RCG Markets’ misleading claims is a major red flag if you ask me.

rcg-markets-lie

RCG Markets’ Services

  1. Forex Trading: RCG Markets provides access to over 100 major and exotic currency pairs. RCG Markets’ wide variety of tradable instruments might be its best aspect along with its minimum deposit.
  2. CFD Trading: RCG Markets offers contracts for difference (CFDs) trading on multiple assets, including major indices like NASDAQ100, shares, and commodities.
  3. Trading Platforms: RCG Markets primarily offers the MetaTrader 4 (MT4) platform for its clients.
  4. Account Types: RCG Markets has three different types of account designed for traders of all levels. These accounts feature different trading conditions, such as minimum deposit requirements, leverage options, and spreads.
  5. Leverage and Spreads: RCG Markets offers high leverage options up to 1:2000 and low spreads starting from as low as 0 pips, even though leverage can multiply your profits, high leverage can be damaging.
  6. Customer Support: You contact with RCG Markets through phone calls, WhatsApp, and email. Broker claims that their customer support is active 24/7.

I must say that RCG Markets offers a wide variety of tradable instruments. With the advantageous conditions like high leverage, broker’s services stands out as an ideal selection. But let’s not forget the security of your tradings is the most important thing. Your money is your time and dealing with a broker that has a history of misleading publication and complicated regulatory status is just acting careless.

RCG Markets’ Fees

RCG is closer to being a free service than a broker on paper. RCG Markets’ fees are extremely competitive. RCG Markets does not charge any fee for depositing funds into your trading account. This will allow you to fund your account without additional costs.

RCG Markets doesn’t charge any withdrawal fees either but keep in mind that, there may be some additional charges during the transactions.

FeesRCG Markets Fees
Deposit feeNo
Withdrawal feeNo
Inactivity fee$50
Fee rankingAverage

What is The Maximum RCG Markets Leverage?

Leverage is a double-edged sword, and you need to think twice before using it. You might be familiar with prospect theory, which suggests that people weigh losses and profits differently. People tend to protect their assets and ignore the possibility of winning in critical situations. This doesn’t mean that you should risk everything. The key point here is to make informed and analytical decisions.

Leverage will enable you to make substantial gains with very little deposits. These deposits grow little by little, and once you turn back, you’ll see a mountain of long losses, all in small pieces. This is what the hope of winning does to you. Use leverage in well-informed decisions when it’s really advantageous.

FSCA is in the process of implementing new regulatory standards for CFD trading, which could potentially include restrictions on leverage and promotions for CFD providers​​. Currently, some of the brokers regulated by the FSCA offer high leverage ratios, such as 1:500 or even 1:2000​​​. RCG Markets is one of the brokers that offers high leverage. RCG Markets offers leverages ranging from a minimum of 1:500 to as high as 1:2000, depending on the account type.

What Account Types Does RCG Markets Offer?

RCG classic account is suitable for beginners or those who prefer a simple trading experience. Zero commissions and a low minimum deposit of R50 makes it accessible for traders with smaller capital. The high leverage can significantly increase the potential for profits, but it also increases the risk of losses, so it’s important to use it cautiously.

RCG Raw Account is ideal for scalpers and high volume traders. Why? Because of low spreads of course. With RCG Raw account’s low spreads you can execute a large number of traders quickly and efficiently. The absence of spreads and commissions may sound like too good to be true but I’d recommend you to check for the brokers reliability before investing.

RCG ECN Account is designed for experienced traders who prefers electronic communication network (ECN) trading. The ECN account offers tighter spreads and more transparency in pricing. The $7 commission is relatively low for ECN accounts, and the leverage of 1: 1000 can lead to incredible profits, but it also carries higher risk.

RCG ROYAL 100 account is attractive for traders looking for a bonus to boost their trading capital. The 100% bonus can provide additional funds for trading, effectively doubling the initial deposit. This account uses the MT5 platform, which offers advanced features for technical analysis for automated trading.

In summary, the choice of account type depends on your experience level, trading style, and risk tolerance. If you are just experiencing forex trading, you may prefer the RCG Classic Account for its simplicity. If you are a more experienced trader, you might go for the RCG RAW or RCG ECN accounts for tighter spreads and ECN trading. Those looking for a bonus to increase their trading capital might find the ROYAL 100 account appealing. It’s important to consider the risks associated with high leverage, especially for those new to trading.

Account NameMinimum DepositSpreadCommissionsBonusPlatformLeverage
RCG Classic AccountR501.5 pips$00%MT42000
RCG RAWR500.0 pips$00%MT4500
RCG ECN AccountR500.0 pips$70%MT41000
ROYAL 100R501.5 pips$0100%MT5500

RCG Markets’ Spreads

The spreads on RCG Markets is tight. The broker advertises itself as an ideal choice for scalping and this low spreads can be highly functional in this term. RCG Markets’ average spread is 1.5 pips for the EUR/USD pair. The broker also offers a raw spread account type.

Asset/PairRCG Markets Spread
EUR USD Spread1.5 pips
Crude Oil WTI Spread3
Gold Spread1

Raw spread accounts are common among ECN brokers who provide direct access to the interbank market where prices are determined by liquidity providers. Raw spread is lower since it doesn’t include any additional costs imposed from the broker.

Deposit and Withdrawals with RCG Markets

RCG Markets advertises instant deposit options for its traders. These options include bank wire, B2BinPAY, OZOW, Paystack, Skrill, Neteller, Crypto and Virtualpay. I don’t trust the legitimacy of the broker and I don’t recommend you to deposit with crypto. RCG Markets is FSCA regulated after all and in any case of dispute you can bring the case to the court and crypto can be hard to trace. If you’d ask me, the variety of payment methods is pretty useful.

rcg-markets-withdrawal-payment-methods

The minimum deposit amount for all RCG Markets account types is R50. Starting small is the best choice if you haven’t been dealing with the broker for a long time. I’d say this low minimum deposit requirement is great for beginners who want to enter the forex trading market. However, I cannot stress this enough: the broker’s history with regulations and misleading information is concerning. I recommend you go for reliable brokers. You can start forex trading with $1 with a reliable broker. RCG Markets claim that they process withdrawals between 24 to 48 hours.

How to Withdraw Money From RCG Markets

  • Login to your RCG Markets account.
  • Click on withdraw funds on the menu.
  • Enter the desired amount to withdraw.
  • Choose the payment method.
  • Confirm withdrawal information and submit
  • Login to your RCG Markets again and check on the dashboard.

Which Trading Platforms Does RCG Markets Offer?

RCG Markets utilizes MT4 for its trading platform. MT4 is versatile and advantageous, often considered the best. However, not having a dedicated trading platform is a red flag for me. Why?

Developing and maintaining a platform is a test of a broker’s capabilities. Not having a dedicated app for users is concerning. It could indicate that the broker doesn’t care about the user experience or doesn’t have the funds and resources to create a functional app. MT4 is still a great platform, and I would use it. However, without its own platform, you won’t get the same level of personalized experience as you would with a broker like Exness, where there is a community and a customized app experience.

rcg-markets-mt4
rcg-markets-mt4

Sure, you can customize MT4 by connecting TradingView. Personalization isn’t the problem, and the platform itself isn’t the issue either. The problem lies in brokers without their own platform, not being able to present a unique experience or express their capability of running a platform.

Is RCG Markets’ Customer Support Good?

Broker claims to provide a 7/24 customer support for its clients, but the reality may be different. We’ll examine detailed in RCG Markets’ reviews section. On paper RCG Markets offers channels of live chat and email for its customer support. RCG Markets customer support is also available for phone calls and WhatsApp. You can reach out to RCG Markets’ customer support by phone at +27100075974, and you can also contact their WhatsApp support at +27824016338.

Educational Resources

Educational offering might be the worst aspect of RCG Markets. RCG Markets features a blog with articles, and by articles I mean the most generic posts like “5 Things to Consider Before You Start Trading”.

rcg-markets-youtube

They also post educational content on YouTube, including videos on the basics of trading and specific topics such as the Consumer Price Index (CPI) or the Seven Majors, generic introductory videos. They mainly use YouTube to promote their services and showcase successful traders.

rcg-markets-youtube

RCG Markets and FBK Markets

If you go on WikiFX, they’ll say that FBK Markets is a clone company and it should be avoided. I agree with the part that FBK Markets should be avoided but the for different things. FBK Markets is not a broker that clones RCG Markets, let find out their relationship.

  1. FBK Markets SA (Pty) Ltd is the regional representative of RCG Markets. This means that FBK Markets operates under the license and regulatory oversight of RCG Markets, and RCG Markets is responsible for the activities of FBK Markets to some extent.
  2. I believe RCG Markets and FBK Markets are owned by the same group or they have common personnels on their boards.
  3. When you search the internet long and hard enough, you can see many complaints about FBK Markets from traders, indicating issues with the broker’s services. Since RCG Markets and FBK Markets are associated, the reputation and safety concerns surrounding FBK Markets also reflect on RCG Markets. In WikiFX, people claim that FBK Markets is a clone company that mimics RCG Markets but the situation is that FBK Markets operates under RCG Markets. You can check my FBK Markets Review for detailed explanation.
  4. FBK markets has a bad reputation, and this reputation affects RCG Markets due to their nature of operations. I advise you to be cautious when considering investing with either RCG Markets or FBK Markets.

RCG Markets Regulations

rcg-markets-regulation
  1. Authorization: RCG Markets was initially authorized as a financial services provider by the Financial Sector Conduct Authority (FSCA) in South Africa. In WikiFX, they suggests that, they’ve exceeded their license ,but RCG Markets holds an active brokerage license.
  2. License Number: The license number provided by RCG Markets for its FSCA authorization was FSP49769.
  3. Regulatory Framework in South Africa: The regulatory framework in South Africa, where RCG Markets is based, is considered to be more sparing compared to other regions like the European Union, Australia, or the United States. For example, RCG Markets, or brokers in general in South Africa, are not required to provide negative balance protection or maintain client funds in segregated accounts. They are also not subject to restrictions on leverage or trading bonuses.
  4. Concerns about RCG Markets’ regulatory status and their history of misleading information and scandals imply that traders may not have the same level of protection and oversight.
rcg-markets-scam

In summary, RCG Markets’ regulatory status is a significant concern. The regulatory authority that oversees RCG Markets is not the most reliable, in addition to that, history of an exceeded validity makes you think about the about the level of protection and oversight provided to traders.

General Concerns About RCG Markets’ Legitimacy

  1. RCG Markets’ history of releasing misleading information publicly is a huge downside for me. The safety of your savings is the most important thing when it comes to trading, so how can you trust a company that lies about its foundation year?
  2. Unfortunately, tax havens around the world are the cradle of scams and unreliable brokerage services. Africa is not the worst, but it’s far from the best. Keeping client funds in a segregated account and negative balance protection is crucial, if you ask me. The FSCA doesn’t require brokers to apply these customer protective precautions like negative balance protection or segregated accounts.
  3. 1:500 leverage is scary; there are no options for 1:10 or 1:30. Trading with 1:500 leverage can be the death of your investments. It would be nicer if there were low leverage options. Losing is as real as winning, and leverage can make your strategies fail, keeping you in a constant state of trying to get back what you lose.
  4. I don’t live in Africa, but even if RCG Markets is not a scam itself, it has been the subject in many scams. There are people on Facebook and Telegram groups trying to convince you to deposit into RCG Markets.
  5. RCG Markets is associated with FBK Markets, another broker that has received numerous complaints from traders. Shared ownership or association with a broker that has a negative reputation is a concern for potential clients of RCG Markets.
  6. RCG Markets’ lack of transparency regarding its founders and managers raises concerns about the accountability and credibility of the company. Without knowing who is behind the operations, it becomes difficult to assess their qualifications, track record, and intentions.
  7. RCG Markets has received low scores from review platforms like WikiFX, Trustpilot and has a bad reputation on social media platforms like Reddit and Facebook. There have been complaints from traders about its services.
  8. Affiliates serve as the bridges between a company and its customers. People believe in affiliates and make decisions influenced by them. The scandal involving the number one leading broker of RCG Markets, Ashirus Monhla, and Lethabo Malete makes you question the sincerity of these influencers’ statements.

RCG Markets Customer Reviews

A user on Reddit questioned the legitimacy of RCG Investments, indicating that someone in a Facebook group was trying to persuade them to invest.

reddit-scam-rcg-markets

A Trustpilot review mentioned an “Unprofessional Support team” and “Unprofessional System.” The customers faced issues when trying to withdraw profits, being asked repeatedly to verify legal documents, and not receiving any feedback from support after facing problems with the withdrawal process.

rcg-markets-trustpilot

Another Trustpilot review labeled the broker as “Bad,” citing the worst trading experience with RCG Markets. The customer mentioned inaccurate execution leading to losses, and a hidden commission when closing profitable trades resulting in receiving less balance than expected.

rcg-markets-trustpilot-bad-review

On WikiFX, a customer review pointed out the very high leverage offered by RCG Markets as being risky and unfriendly, especially for a forex novice who is not willing to take much risk.

wikifx-rcgmarkets-review

Another customer mentioned an inability to log into their account and a lack of helpful response from customer support when trying to address this issue.

There was a general warning against investing in anything a random person online suggests, hinting at scams. A user also shared a personal story about their mother who invested with RCG Markets via Bitcoin and believed they were scammed.

rcg-markets-reddit

In summary, RCG Markets’ customer reviews indicate a pattern of issues with withdrawals, unprofessional customer support, concerns about high leverage, account access problems, and general distrust in the legitimacy of the business practices of RCG Markets.

It’s important to note that online reviews can be subjective, and it’s also possible for legitimate businesses to have unsatisfied customers. However, the consistent nature of these complaints could be a red flag for potential investors.

RCG Markets Sex Scandal

Influencers and affiliate marketers can be misleading, especially in the areas of finance and health. This situation is getting more dangerous each day, as glamorous lifestyles and luxury items attract people who are unable to reach them. This advertisement of hope is a growing cancer in the forex industry.

rcg-markets-royal-circle

RCG Markets values its affiliates and influencers; they have a special club-like group for them. Surely, this benefits the mentors, as well as RCG Markets. They call this the “forex lifestyle” to market and advertise RCG Markets. When you see an influencer showing their strategies or telling you what to do, I want you to think again and cross-reference their outputs. These people are making money out of your investments. Don’t underestimate your weight, and don’t just blindly follow them. The lifestyle they advertise is far from easy and requires lots of education and experience. Don’t ever think that those experiences were all good.

leadership-monhla

RCG Markets’ mentor, the members of the Royal Circle Social, reported that the number one leading broker of RCG Markets, Ashirus Monhla, had a sexual interaction in his car with the well-known influencer Lethabo Malete. This happened in December 2022 when Ashirus Monhla was hosting free classes on his birthday, allegedly. This was posted on a Twitter account called “Tradinghub.za”. Ashirus Monhla, also known as Leadership Monhla, is known for posting his luxury cars and this “forex lifestyle”. With this lifestyle, Monhla advertises the services of RCG Markets and gives the message of “you can be rich with RCG Markets”. Lethabo Malete also works with RCG Markets.

leethabo-malete-sex-scandal

I don’t understand how these so-called trading classes are helping traders. Are they just to show how glamorous life could be with RCG Markets, or are these classes really for education?

RCG Markets Affiliates

RCG Markets offers existing and verified traders an option to become an affiliate. You’ll get an affiliate link to share with your followers and you’ll get commissions from each sign up.

The Partner introduces potential clients to RCG Markets. An “introduced client” is someone who signs up with RCG Markets through the Partner and executes transactions.

The Partner will be compensated for each introduced client who execute transactions. The compensation is based on the type of account and the instruments traded by the introduced client.

rcg-markets-influecers

RCG Markets Affiliate Commissions

RCG Markets Classic Account

  • X Majors, Exotics, Energy, Silver, and Gold: $10 USD per qualifying trade
  • FX Crosses: $10 USD per qualifying trade
  • Indices: $50 USD per qualifying trade

RCG Markets ECN and Raw Account

  • FX Majors, Exotics, Energy, Silver, and Gold: $5 USD per qualifying trade
  • FX Crosses: $5 USD per qualifying trade
  • Indices: $10 USD per qualifying trade

A qualifying trade is one that is open for more than 5 minutes and Commission rebates are paid out every 24 hours at 12:00 GMT+2.

The RCG Markets affiliate program allows Partners to earn commissions by introducing clients who open accounts and execute trades. The amount of commission earned depends on the account type and the instruments traded by the introduced clients.

How to Become an RCG Markets Partner

You easily become an RCG Markets partner in 4 easy steps. High-performing partners will be rewarded with ‘white label brokerage’ dynamic. This will allow you to establish & run their own brokerage with RCG Markets.

  1. Register as a partner.

    Go to “https://partners.rcgmarkets.com/register” and register as a partner.

  2. Fill out the application form.

    Please fill out all the required details. Any mistakes may result in potential delays and inconveniences. Don’t forget to read the terms and conditions.

  3. Send the application request.

    After checking every information and agreeing the terms and conditions, you can submit your application.

  4. Wait for approval.

    RCG Markets will shortly review and asses your request. This may take time considering the volume of the requests.

  5. Track and receive commissions.

    As an introducing broker, you’ll earn commissions based on the customers and their trading volume. You can track your progress through IB reporting System.

Conclusion

In this comprehensive review, we had explored what makes RCG Markets a sought after forex broker in South Africa. In conclusion, RCG Markets is a DMA forex broker with attractive trading conditions like 1:2000 leverage, R50 minimum deposits and withdrawal without any additional fees.

Despite its compelling trading conditions, RCG Markets’ history full of controversies leaves this conditions in shadows. While RCG Markets is FSCA regulated, the brokers history of misleading information about its operations and mixed customer reviews raises concerns about the RCG Markets’ legitimacy.

If you want to test the waters adn you can handle the loss go ahead, RCG Markets offers some exceptional trading conditions, but be aware that ecen though RCG markets is regulated by FSCA, The regulatory authority does not impose client protective precautions like keeping the client funds in segregated accounts or negative balance protection.

RCG Markets FAQs

How long does RCG Markets withdrawal take?

RCG Markets advertises that withdrawals are processed within 24 to 48 hours.

Who owns RCG Markets?

The owners of RCG Markets are unknown. The broker chooses to be discreet about the personalities connected to its management and founding, which is a major red flag.

How to withdraw money from RCG Markets?

To withdraw funds from your RCG Markets account, first log in to your account and navigate to the withdrawal section in the menu. Enter the desired withdrawal amount and select your preferred payment method from options such as bank wire, B2BinPAY, OZOW, Paystack, Skrill, Neteller, Crypto, or Virtualpay. Confirm the withdrawal details and submit the request.

Where is RCG Markets from?

RCG Markets is based in South Africa. The broker’s physical location at Unit 25, Block C, Eagle Canyon Office Park, Randburg, Gauteng, South Africa.

What is RCG Markets?

RCG Markets is a Direct Market Access (DMA) forex broker established in 2018 in South Africa. It is known for offering trading services with high leverage up to 1:2000, low minimum deposits 50 ZAR, and raw spread trading options. Despite being regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, the broker has been involved in controversies, including regulatory issues and misleading information.


Facebook
WhatsApp
LinkedIn
Reddit
Telegram

Leave a Comment

rcg-markets-logo-png
Rating: 3.5