Forex trading has been very popular for quite some time now and during that period the popularity of the Forex trading just increased with more and more people taking on this kind of business. Combining the experience of the early Forex traders, a notion that there should be software that will help the traders with their experiences appeared. From that conviction, many and many brokers for Forex trading have been developed and today there are several hundreds of those brokers. In a sea of Forex brokers, sometimes it gets really hard for a trader to decide which broker to use in order to trade. The main issue in this regard is whether or not the given Forex broker is a scam or a fraud and without a doubt there are Forex brokers that are actually a scam. This review will be dealing with the RCG Direct Forex broker and it will look into this Forex broker and what it can offer to its clients. The RCG Direct review will include most important information about the regulations, banking options, account types, and several other very important aspects.
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Background and Regulation
RCG Direct Forex Broker is a Forex broker that is coming from the Rosenthal Collins Group which is actually a brokerage firm that has it’s headquarter in Chicago, USA. RCG or Rosenthal Collins Group is one of the oldest companies in this line of business in the world because it was established back in 1923. Today, Rosenthal Collins Group is not present only in the United States bur rather in almost every other part of the world including Europe, Africa, South America, Middle East, India and many other parts of the world. The RCG Direct Forex broker was registered in 2004 by the U.S. Commodity Futures Trading Commission or CFTC in the United States as well as National Futures Association or NFA. Besides being registered, regulated and licensed by the mentioned agencies, RCG Direct Forex broker is also a subject to control and inspections by these agencies all for the purpose of protecting the traders and their funds.
RCG Direct Platform
Although many other Forex brokers in the world are sticking with the most popular trading platform, the MetaTrader 4 platform, RCG Direct did not go with that option. Unlike many other brokers in the world of Forex trading, RCG Direct is providing many different trading platforms that the traders can choose from and those platforms are:
- Pats J-Trader
- TTX_Trader Pro
- RCG Onyx Plus WebTader
- RCG Onyx Plus
- CGQ Integrated Client
- CGQ QTrader
- CGQ Trader
- CTS T4
The main reason why RCG Direct did not decide to provide only one or two trading platforms for their clients is the fact that they wanted to provide a huge range of clients with trading platforms that will suit the needs and wishes of big number of different Forex traders. Those traders who prefer using mobile devices for Forex trading will be very disappointed with this broker because RCG Direct mobile app is not included in the offer that this Forex trading broker is providing to their clients.
RCG Direct Account Types
RCG Direct provides their clients with the selection of four different account types that they can choose when starting to trade through this Forex broker. These types of accounts are Individual, Corporate, Partnership and LLC and Trust. The minimum account size for these types of accounts is $5000. Besides that, the spread level of 2-3 pips for all types of accounts is high when compared to some other types of accounts provided by some other Forex broker. It is clear that RCG Direct types of accounts are not aimed at those traders who are just beginning with their Forex trading experience but rather at those traders who already have certain experience in this field. Another important information when it comes to the types of accounts that the RCG Direct Forex broker is providing is the fact that a trader can open and use his or her accounts in other languages as well and some of those are Spanish, Italian and German.
This might come as a bad news for those traders that are considering using RCG Direct Forex broker but this Forex broker does not provide any bonuses or promotions for its clients. However, apparently this is not reflected on the number of clients that are using this broker for Forex trading. Even though the decision on whether or not to use this broker might be affected by the lack of bonuses and promotions, there are other features that the clients think are worthy and good enough for them. Even though the fact that RCG Direct does not provide any bonuses and promotions is perhaps good business policy right now, it is doubtful whether or not this policy will be effective in the future.
When it comes to the banking options that the RCG Direct Forex trading broker is providing for their clients, we can say that we were surprised with those banking options. Unlike some other Forex trading brokers, the RCG Direct does not include some of the most popular banking methods. However, what this broker does provide are banking methods that include Credit Cards, Debit Cards, Check payments as well as Wire transfer. What is important to mention is the fact that these banking methods can be used for depositing funds into the traders’ accounts as well as for withdrawing funds from those accounts.
Customer support service is one of the most important aspects of the Forex trading broker. However, RCG Direct is also not performing sufficiently enough in this aspect as well. Their official web page provides their clients with the phone number that they can call in case of some issue or some questions. Besides that, their official web page also provides the message section that clients can use in order to send the message to this Forex broker as well as the time when the customer support service is available for the clients.