RCG MARKETS account types explained: Choose the best trading account that suits you

RCG Markets is a Forex and CFD trading broker that provides direct market access to retail traders, hedge fund managers, and corporates. The broker offers a variety of trading instruments, including Forex, Shares, Indices, and Commodities. The brokerage company is based in South Africa and holds a license with the prestigious FSCA with an Exceeded license status. The brokers services are spread across the African continent and global markets.

RCG Markets also offers clients a user-friendly online trading platform. RCG Markets offers MetaTrader 4 and MetaTrader 5, two of the most widely used platforms in the industry, for both beginner and experienced traders.

RCG Markets also offers 6 types of accounts, giving traders the flexibility to choose the trading account that suits them best. This chapter will take readers to a clearer understanding of the true face of these accounts and provide relevant fees that need to be taken into account.

Acccount Types

Live Trading Account

RCG Markets offers a wide range of trading accounts: RCG Classic, RCG RAW, RCG ECN, ROYAL 100, Imperial Bonus 200, and RCG Zero Cent. RCG Markets has only one commission-based account type – RCG ECN, which offers very tight spreads from 0.0 pips and commissions of $3.5 per side per trade ($7 per round). This cost structure enables traders to diversify their options, especially those who prefer the clarity of fixed costs and narrow spreads.

It is important to note that opening RCG Classic, RCG RAW, and RCG ECN accounts will trade on the MT4 platform, while ROYAL 100, Imperial Bonus 200, and RCG Zero Cent accounts will trade on the MT5 platform. In addition, traders who require leverage should be careful about which account to choose.

ROYAL 100 and Imperial Bonus 200 are the account types with bonuses are available. The broker does not have proprietary tools that can be used for making income without active trading. For example, RCG Markets does not offer MAM or PAMM accounts popular among Forex investors.

Account Fees

RCG Markets Spread-only accounts are designed to meet the needs of retail traders in the forex and CFD markets. They suit beginner traders, offering a straightforward and accessible trading experience with competitive spreads and reliable execution.

All the account types are spread-based, with an average spread of 1 pip, and there are no commissions included, as all fees are integrated into spreads. The only account that is commission-based is RCG ECN, with $3.5 per side per trade ($7 round turns) and spreads starting from 0.0 pips.

Overall, the fees offered by the broker are at the industry average and even below average for some instruments. By offering both spread-only and commission-based account options, traders have more opportunities to choose an account that best suits their preferences. The average spread for all spread-based accounts is one pip.

However, the broker does not mention the spreads and transaction costs for all available instruments, so potential clients are unaware of the specific fees that will be charged. RCG Markets has a fairly competitive fee structure, yet could be more transparent in detailing the additional fees.

Account Opening

How to Open an RCG Markets Live Trading Account?

To open an account with RCG Markets, you can follow these steps.

1. Select and Click on “Start Trading”
2. Enter the required personal data (Name, email, phone number, etc.)
3. Verify your data by uploading documentation (residential proof, ID, etc.)
4. Complete the electronic quiz confirming your trading experience
5. Once your account is activated and proven, follow with the money deposit.

RCG Markets is a global company, but it does not accept clients in the United States due to regulatory issues. It also lacks an investor protection scheme for non-UK/EU clients with limited access to real stocks and cryptocurrencies.

How to Open a Demo Account?

Before opening a live account, traders can create a demo account with a virtual deposit. On MT4, virtual funds are $100000; on MT5, they are $10000. A demo account is valid for 30 days. RCG Markets allows its traders to test the platform and practice trading via the brokers demo trading. Here are the steps to opening a Demo account:

1. Fill out the registration form
2. Select the platform and account type
3. Check your email inbox for confirmation and get your demo account login credentials
4. Download the trading platform or access through the web terminal
5. Log in and start practicing

Account Deposits and Withdrawals

RCG Markets is a reliable Forex trading broker that offers offers a few options for clients to instant deposit funds into the trading account, including Bank Wire, Skrill, Neteller, and more. To open a live trading account with the broker, it is considered a good offering that RCG Markets has a minimum deposit of R50, which is equivalent to $2.80 as an initial deposit amount for all account types.

Withdrawing funds from your trading account is easy and fast. Typically, your withdrawal request will be processed within 24 to 48 hours and there is no set amount by RCG Markets minimum withdrawal(based on the payment method).

We found that RCG Markets, like most of the brokers in the market, impose certain additional fees, such as an inactivity fee, and currency conversion fee. The broker does not have additional charges for deposits/ withdrawals, but there might still be fees inflicted by third-party providers.

Is LiteForex Reliable?

Is LiteForex Safe?

RCG MARKETS (Pty) Ltd claims it is incorporated in South Africa with registration number 2018/079334/07, and is an Authorised Financial Services Provider with the FSCA: FSP49769 Registered address: Design Quarter Cnr William Nicol Fourways Johannesburg Gauteng 2191. However, the address and contact number in its regulatory details do not match the address and contact number on its website. This is a red flag for traders.

RCG Markets Compared to Other Brokers

To determine RCG Markets‘ position in the market, we compared the broker to other well-known brokers in the industry. In addition to poor regulation, RCG Markets offers less than 200 instruments, which lack the same diversity. However, the relatively low fee indicators (spreads, commissions, etc.) of this brokerage company are worth considering (based on the company’s legal operation)

Full Review of Broker RCG Markets

All in all, we conclude that RCG Markets provides traders with 6 account types and access to popular platforms like MT4 and MT5. RCG Markets provides good market conditions with several payment methods a low minimum deposit of only R50, and competitive fees. All of these mentioned aspects indicate a solid basis for a good trading experience from beginners to pros, but some drawbacks might make many traders think twice before engaging with the broker. For example, lack of normal regulation which may be a big disadvantage for traders who take trading security seriously.