WikiFX Review: Is RCG MARKETS a dependable broker?

RCG Markets (rcgmarkets.com) has been attracting the attention of investors recently. It claims to be a forex broker based and regulated in South Africa. It advertises a broad product range, a choice of four account types, and a market-leading trading software.

The question is whether the broker is really safe to trade with and will such an offer suffice your needs？ For more information about RCG Markets and their offer please check the following WikiFX review.

First let's search “RCG Markets” on WikiFX to take a look at the details page. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/1493567572.html), RCG Markets is licensed by the South African financial regulator, the Financial Sector Conduct Authority (FSCA). However, the broker exceeds the business scope regulated by FSCA (license number: 49769), and it has been given by WikiFX a low rating of 3.34/10. WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

WikiFX did check in the online registry and can confirm that the company behind the brand, RCG Markets (Pty) Ltd., is licensed by the Financial Sector Conduct Authority (FSCA) in South Africa.

Although the trading environment in South Africa is safer and better than those in offshore zones like Seychelles, Marshall Islands or Saint Vincent and the Grenadines, it cannot be compared to the regulatory regimes in the EU, UK, and Australia.

For example, South African brokers aren‘t required to keep their clients’ funds in segregated accounts, nor to provide negative balance protection. They do not have to comply with any restrictions on leverage or trading bonuses, participate in compensation schemes, nor report on open and closed trades.

In other words, a license with the FSCA is better than nothing, but it doesnt have much value, especially if you are not a South African resident.

WikiFX also paid a visit to the broker's website to find out more. RCG Markets provides access to the Metatrader 4 platform – that is quite good, as MT4 is revered as the industry standard when it comes to trading software. It has earned that with powerful automated features, a clean interface and much more.

However, the brokers demo web MT4 gave us a EUR/USD spread of 2 pips fixed, which is not that good of a spread. Most legit brokers provide spreads of less than 1.5 pips and some go even below 1.0 pips for this pair.

What's more, there is also something to be said about the leverage that RCG Markets offers – 1:2000 on RCG Classic Account, 1:1000 on both RCG ECN Account and RCG RAW, and 1:500 on RCG BONUS 30.

This might be a bit much for retail traders. Most regulatory bodies have banned the provision of such leverage as too risky for them, but the FSCA is not one of them. Also, sometimes high leverage can be the case you are dealing with an unlicensed broker – not here, obviously, but seeing such amounts in the wild warrants caution!

WikiFX also did some research on the brokers activity on social media. As of August 4th, 2022, RCG Markets does have official accounts on major social websites - Facebook & Instagram, and it is updating posts on these two sites.

Many investors on social media speak highly of RCG Markets:

The broker responds to questions from traders in time:

However, some investors complain that the broker is slow at verifying accounts & documents and that they have trouble depositing funds:

In conclusion, in spite of the fact that RCG Markets is regulated by the South African FSCA and that the broker seems to have some popularity on social media, it does not mean that it is absolutely safe for investors to trade with the broker. Traders should think carefully and cautiously before deciding whether to choose RCG Markets for investment or not.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!