RCG Review South Africa -☑️ Pros and Cons (Updated 2023)

Overall, RCG is a  trustworthy and reliable broker with an overall rating of 6 out of 10. RCG makes ample provision for trading platforms. RCG is regulated by CFTC and has a maximum leverage of 1:100.

RCG at a Glance

RCG Review – 20 key points quick overview:

1. RCG at a Glance
2. RCG Review – 20 key points quick overview:
3. RCG Overview
4. RCG Safety and  Security
5. RCG Leverage
6. RCG Accounts
7. RCG Market Instruments
8. RCG Fees
9. RCG Deposit and Withdrawal
10. RCG Trading Platforms
11. How to open an RCG account step by step
12. RCG Customer Support
13. RCG Education   
14. RCG Research 
15. RCG Awards
16. RCG vs Etoro vs XM – Comparison Table
17. RCG Pro and Cons
18. Conclusion
19. Disclaimer
20. Frequently Asked Questions

 RCG Overview

According to research in South Africa, RCG is a US-based broker which has been in operation since 1923 and is based in Chicago with offices in New York, Hong Kong, and several other areas.

RCG offers the trade commodities, Forex, energies, metals, fixed income, and stock indices through a wide variety of trading platforms. RCG is a reputable broker that is well regulated through CFTC.

As a reputable broker, RCG boasts a client base consisting of 35,000 client accounts, 150 corresponding brokers, and more than $1.2 billion in client funds.

RCG Safety and  Security

When choosing a broker, it is imperative that traders ensure that brokers are regulated and authorized only through reputable, well-known regulatory entities.

RCG is strictly and well-regulated by the Commodity Futures Trading Commission in the United States.

RCG Leverage

Leverage offered by brokers allows traders to open much larger positions against and despite their initial deposits. This increases the potential for profit, but it also increases the risk of incurring substantial losses that may exceed the trader’s initial deposit.

Brokers offer differing levels of leverage that may often be subjected to and restricted by the regulatory entity through which the broker is authorized and regulated. Leverage can start from 1:1 and even go up to 1:2000.

Should the trader have access to leverage of, for instance, 1:30, and they have made a minimum deposit of $1,000, they can subsequently open positions to the value of $30,000.

RCG provides traders with leverage of up to 1:100 when opening an account, which is quite standard when compared to leverage other brokers offer, but not as high as what offshore brokers offer, which is often up to 1:1000 and more.

RCG Accounts

Each broker offers different trading conditions that appeal to and cater to different types of traders depending on their level of knowledge, skill, and experience along with different financial needs and limits.

RCG caters to various types of traders by providing four different accounts, each tailored to the different needs of traders. These accounts are:

Individual Accounts

Corporate Accounts

Partnership and LLC Accounts, and

Trust Accounts

Despite the various accounts, the minimum required deposit when opening an account is $5,000 / R 85 607,00, and traders can expect spreads from between 2 to 3 pips when trades are executed.

There is no information pertaining to commissions or other trading and broker fees.

There is no mention of whether Muslim traders have the option of converting their account to that of an Islamic Account or Swap-Free account despite the provision which is made for Forex trading.

Overnight fees may be incurred, although there is no direct mention of this, and traders will have to verify additional fees with RCG before registering for an account.

There is a demo account provided, but traders are limited as the demo account is only valid for 14-days, depending on what the use for the demo account is, this may not provide an adequate time when using it for practice purposes or for testing trading strategies.

RCG Market Instruments

RCG offers the trade in several financial instruments, including:

Agricultural commodities

Soft commodities

Forex

Energies

Metals

Fixed income, and

Stock indices

RCG Fees

There can be differentiated between two types of fees that traders can encounter when opening an account with RCG, these are trading and non-trading fees.

Trading fees are related to the costs when trades are executed while non-trading fees pertain to broker fees, which is how brokers make their money, such fees include commissions, spreads, margin requirements, and deposit and withdrawal fees, among others.

There is extraordinarily little information regarding the precise fees pertaining to both trading and non-trading activities apart from the minimum deposit amount of $5,000 which is required when opening an account, regardless of the account type.

Traders will need to contact RCG to obtain more substantial information pertaining to fees which include:

Margin requirement

Overnight or rollover fees

Commissions charged on trades

Inactivity fees

Account management and maintenance fees

Deposit and withdrawal fees, and

Any additional fees not listed

It is imperative for brokers to make such information available and to ensure that pricing models are transparent as it is one of the essential factors that traders need to consider when evaluating different brokers to establish whether trading conditions are favorable.

RCG Deposit and Withdrawal

When opening an account with RCG, there is a minimum deposit requirement of $5,000 regardless of the account that the trader opens.

RCG prohibits third-party payments and the name on the trading account must correspond to that of the bank account or source of funding. Cash deposits, money orders, foreign cheques, and other payments of the sort are prohibited.

When depositing or withdrawing funds, traders can make use of the following payment methods:

Bank Wire Transfer

Automatic Clearing House, or ACH, Network

Cheques – are only accepted from US banking institutions.

The supported deposit currencies are not indicated, and neither is mention made of restrictions on such, thus it is safe to assume that USD is an accepted deposit currency.

There is no list of accepted or restricted countries, thus traders who open an account with RCG will need to ensure that they do the necessary currency conversions when depositing funds into their trading accounts, to avoid possible currency conversion fees.

RCG Trading Platforms

RCG makes ample provision for trading platforms, and although the most common trading platforms, such as MetaTrader, are not supported, traders still have a choice in some comprehensive, albeit more complex, trading platforms including:

RCG Onyx Plus

CQG Trader

Cunningham Trading Systems, or CTS

OptionsCity Software, Inc.

Orc Trading

RANorder

Trading Technologies International, Inc., or TT, and

Quick Screen Trading, or QST

How to open an RCG account step by step

Opening a demo account with RCG is a relatively simple process, which will consist of the following steps:

Step 1 – Open Your Account

Visit the RCG website, Click on “Open  Account” in the top right-hand corner of the website

Step 2 – Fill out the form

In order to register an account with RCG, traders and investors will have to visit the broker’s website and click on the relevant link provided.

The online application can easily be accessed, and it is fully digitalized. Traders can simply complete the necessary fields to create a new trading account.

As part of the ‘Know Your Client’, or KYC, procedures, traders may have to upload supporting documents to verify their identity and their proof of residence.

This may delay the process of account opening as the documents are subjected to verification and approval.

RCG Customer Support

Traders, or potential customers, can contact RCG support during normal business hours from a Monday to a Friday either telephonically, by fax, or by completing the online request form which can be found under the support section of the website.

There are no emergency contact details so should traders have any immediate or urgent queries, normal avenues will have to be followed to contact RCG, putting the broker at a great disadvantage as some brokers offer 24/5 and even 24/7 customer support.

RCG Education   

RCG does not provide educational resources on the website, which indicates that this broker does not cater to beginner traders who are yet to learn about trading in addition to learning about trading when using RCG’s services specifically.

Most brokers, even those who cater to professionals, often have an educational section that consists of various webinars, seminars, trading guides, and more, to cater efficiently to traders.

RCG Research 

RCG only provides two research resources and tools in the form of server hosting, in which it offers several options which are equipped with exceptional speed and reliability. This service caters to proprietary trading shops, algorithmic traders, and other professionals.

RCG also has its own proprietary market news which is updated frequently and shows a ‘daily technical spotlight’ on every instrument. This service can also be extended to personalized notifications and updates which can be received via email.

RCG also has a Futures Calendar which displays economic report dates from governments globally in addition to showing futures trading days, exchange holidays, and the expiration dates pertaining to options.

RCG Awards

RCG is a reputable broker, but there are no awards mentioned on the broker’s website or in previous reviews done on this broker.

RCG vs Etoro vs XM – Comparison Table

RCG Pro and Cons

Conclusion

Overall, RCG is a  trustworthy and reliable broker that provides traders with great digital tools. RCG makes ample provision for trading platforms. RCG is regulated by CFTC.

Disclaimer

The trading of leveraged and margined financial instruments provides ample opportunity for profit gains, but it also poses substantial risks that may exceed the initial deposits of traders.

Traders need to adequately evaluate their risk exposure, tolerance, and their willingness to be exposed to such substantial risks to evaluate whether RCG’s services will cater to their trading needs and objectives, along with financial situations and limitations.

Frequently Asked Questions

How many instruments can I trade with RCG?

You can trade in a variety of financial instruments, which include the following:

• Agricultural commodities
• Soft commodities
• Forex
• Energies
• Metals
• Fixed income, and
• Stock indices

Which platforms are supported by RCG?

• RCG Onyx Plus
• CQG Trader
• Cunningham Trading Systems, or CTS
• OptionsCity Software, Inc.
• Orc Trading
• RANorder
• Trading Technologies International, Inc., or TT, and
• Quick Screen Trading, or QST

Does RCG offer leverage?

Yes. Traders have access to leverage of 1:100.

Does RCG charge a commission?

No. No mention is made regarding commissions charged on trades.

What is the overall rating out of 10 for RCG?

6/10

Featured SA Shares Writer and Forex Analyst.