RCG Markets is one of the options that has caught your eye. You’ve seen the ads and the promises of low fees, great trading platforms, and round-the-clock service. But are they really as good as they seem? This article will help you to know everything about the RCG Markets.
Overview of RCG Markets
RCG Markets is an online broker that provides trading in forex, stocks, indices, commodities, and cryptocurrencies. Established in 2016, RCG Markets allows you to trade over 300 assets on their proprietary web and mobile platforms.
With RCG Markets, you get competitive spreads, fast trade execution, and the ability to trade on the go. Whether you prefer short-term day trading or long-term investing, RCG Markets provides the tools and low-cost access you need. Open an account with just $250 and enjoy 24/5 support.
Regulation and Security of RCG Markets
RCG Markets is regulated by top-tier authorities like the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK. This means your funds and data are in good hands.
It takes security seriously uses industry-standard encryption for all communications and stores client funds in segregated bank accounts. They also have strong KYC and AML policies to prevent fraud. You can trade with confidence knowing RCG Markets is a legitimate broker focused on transparency and protecting clients.
What You Can Trade on RCG Markets
When trading on RCG Markets, you’ll find a variety of investment options to choose from.
Stocks
You can buy and sell shares of major companies from around the world, like Apple, Amazon, or Alibaba. RCG Markets offers access to over 4,500 global stocks across 60 exchanges.
Forex
For those interested in currency trading, RCG Markets provides access to over 45 major and minor currency pairs with competitive spreads. You can go long or short on currencies like EUR/USD, GBP/USD, or USD/JPY.
Cryptocurrency
RCG Markets also allows you to buy and sell major cryptocurrencies 24 hours a day, 7 days a week. You can trade crypto like Bitcoin, Ethereum, Litecoin, and Ripple against the US dollar.
Commodities
Traders looking to invest in commodities will find options like gold, silver, oil, natural gas, and copper. You can go long or short on 9 major commodities.
Indices
For broad market exposure, RCG Markets offers CFD trading on major global indices like the S&P 500, FTSE 100, DAX 30, and Nikkei 225.
Fees of RCG Markets
When it comes to fees, RCG Markets keeps things straightforward. There are no hidden charges or surprise costs buried in the fine print.
To get started, you’ll need to make an initial deposit of at least $250 USD. RCG Markets accepts bank wires, credit/debit cards, Skrill, Neteller, and PayPal. Withdrawals typically take 3-5 business days to process and funds are returned to the method you used to deposit. There are no fees for deposits or withdrawals.
RCG Markets Customer Support
RCG Markets’ customer support is available 24/5 via live chat, email, and phone. Their support staff are knowledgeable and friendly, aiming to respond to queries within 30 minutes.
The live chat feature on RCG Markets’ website and mobile app allows you to instantly connect with a support agent. This is ideal for quick questions about funding your account or placing trades. Support is offered in English, Spanish, Chinese, Arabic and Russian.
While RCG Markets offers customer support coverage during most major global market trading hours, they could improve by extending to 24/7 support. For new traders especially, questions can come up at any time regarding using the platform or managing positions. Offering round-the-clock support would provide more comprehensive service for their international client base.
Overall though, RCG Markets gets high marks for their customer support. Their agents are well-trained and courteous and work to resolve issues as efficiently as possible. For a brokerage, strong customer support is essential to keeping clients satisfied and loyal. RCG Markets understands this and has made support a priority.
What are the Alternatives of RCG Markets Brokers
When it comes to alternative brokers similar to RCG Markets, you have a few good options to consider:
Interactive Brokers
Interactive Brokers is a popular broker for active traders that offers low commissions and a wide range of tradable securities. They have competitive margin rates and allow you to trade on over 100 market centers in 24 countries. The downside is their platform can be complicated to navigate and the minimum deposit is $10,000.
TD Ameritrade
TD Ameritrade is a trusted broker that provides a user-friendly trading platform, extensive investment offerings, and great customer service. They have no minimum deposit or commissions for stock, ETF, and options trades. The downside is their margin rates tend to be higher than competitors and they charge high fees for broker-assisted trades.
E*Trade
Like TD Ameritrade, E*Trade is a reputable broker with a simple platform and no minimum deposit. They offer free stock, ETF, and options trades as well as access to banking services, retirement planning tools, and investment education. However, their margin rates and broker-assisted fees also tend to be on the higher end.
Ally Invest
Ally Invest is an affordable broker choice for casual traders with a straightforward web-based platform. They provide free stock, ETF, and options trades with no minimum deposit or account fees. While they have a limited range of tradeable assets compared to other brokers, their low-margin rates and no-frills approach to investing may appeal to some.
Is RCG Markets Legit or Scam
So is RCG Markets legit or just another scam forex broker? Based on our in-depth review, RCG Markets seems to be a reputable broker. They are regulated by top-tier authorities like the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK.
These regulators enforce strict rules around capital requirements, reporting, and protecting client funds. The fact that RCG Markets complies with these rules suggests they operate legally and ethically.
Pros and Cons of RCG Markets
Pros:
- Low fees including no commissions on stocks and ETF trades.
- User-friendly trading platforms suitable for beginners.
- Wide range of tradable assets including stocks, ETFs, options, futures, forex, and bonds.
Cons:
- Limited education resources compared to other brokers.
- Higher than average margin rates which can be expensive if used frequently for trading.
Final Thought
RCG Markets offers a solid platform with competitive fees, a good range of assets, and strong security. Customer support is there when you need it. While no broker is perfect, RCG Markets seems to tick most of the boxes for a trustworthy brokerage. If you do decide to give them a shot, start with the demo account to get familiar with their system.
