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RCPro Review - is it scam or safe?

RCPro review - Is rcpro.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz RCPro
RCPro is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


RCPro is a forex and CFD broker, offering over 20 currency pairs and other trading instruments with a choice of four account types, including an Islamic account, on the MetaTrader4 platform. Unfortunately the broker does not have a license so if you are thinking about investing with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Classic Account $500 1:200 n/a
Silver Account $2 500 1:200 n/a
Gold Account $10 000 1:200 n/a
Islamic Account n/a 1:200 n/a

 

RCPro Advantages:

 

Leverage as high as 1:200

 

Since the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex and CFD trade on the European market at 1:30 in early August, higher leverage become some what exotic. 

 

Leverage of up to 1:200 as offered by RCPro is perfectly enough to accommodate even the most aggressive trading strategies. And yet, higher leverage should be used with caution as it is also associated with an exponentially growing risk of loosing your funds, when the market swings in the wrong direction. 

 

MetaTrader4 supported

 

This is also a good news. MetaTrader4 is probably the most renowned trading platform, used by more than 80% of all traders globally. It has light and intuitive interface, excellent charting package, more than 50 in-build market indicators and is able to support automated trading sessions with the help of customizable trading robots or Expert Advisors. Besides, here you may check our list of brokers, also supporting the MetaTrader4:

 

>>MT4 Brokers<<

 

Various payment methods

 

You can fund your account at RCPro in various ways, including major credit and debit cards like VISA and MasterCard, popular e-wallets like NetellerSkrill, WebMoney and CashU, as well as bank wire. Still, as we do not see the option to pay with Bitcoins, here you may check our list of brokers, accepting Bitcoins as payment:

 

>>Forex Brokers Accepting Bitcoin<<

 

Islamic Account

 

RCPro offers an Islamic or swap free account, which is especially designed for the Muslim trading community, as under the Sharia Law Muslims are not allowed to take and receive interest, while with a swap-free account you do not incur interest on positions left open over night. Here you may also check our list of brokers, offering Islamic accounts:

 

>>Islamic Forex Broker<<

 

RCPro Disadvantages:

 

No license

 

This is our main issue with RCPro – the broker is owned and operated by GoldTech Media Services OU – a company based in Estonia, but not authorized or regulated by any of the official financial watchdogs in the European Union. Actually the broker is not regulated anywhere and simply does not have a license to provide financial services. This is a major setback as trading with unregulated brokers is associated with a significant risk of loosing your money to scammers.

 

Brokers, regulated by well respected authorities, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the National Futures Association in the US or the Cyprus Securities and Exchange Commission (CySEC) are obliged to follow strict fiscal and ethical rules, among which to keep all clients money in a segregated,  protected from creditors account, to maintain a certain level of operational capital, to file regular reports, to allow external audits and in certain cases even to insure traders capital.

 

Thus with CySEC regulated brokers traders are entitled to a compensation of up to 20 000 EUR, if their broker files for bankruptcy. Similarly, traders with FCA regulated brokers can receive back up to 50 000 GBP of their trading capital. Besides, here you may check our list of FCA regulated brokers: 

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

Also, have in mind that if you have received a bonus by RCPro, you will not be able to withdraw your profit until you reach a certain minimum trading volume requirement, which in the case of RCPro is 50 standard lots for a bonus of 1000 USD. And because 1 standard lot equals 100 000 base currency units, that minimum trade volume requirement might prove quite challenging.

 

Excessive minimum deposit requirement 

 

RCPro asks for an investment of at least 500 USD and that is simply too much. Have in mind that with most brokers you can star trading with about 250 USD, while some big, well established players like FBS and IG do not have a minimum deposit requirement at all.

 

Few currency pairs

 

RCPro offers just 23 forex pairs, with no exotic currencies whatsoever and we see this as a disadvantage. Apart form that, the broker offers CFDs with some commodities like coffee, sugar and oil, spot metals like silver and gold, several indices and stocks. However, as we do not see any cryoto assets, here you may check our list of brokers, trading with Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Not functioning demo account

 

As we were not able to open a demo account with the broker, we can not comment on their spreads. Still, have in mind that starting spreads are considered competitive only below 1,5 pips. Also here you may want to check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

As we already discussed our main concern with RCPro is that the broker is not regulated and basically, if you choose to invest with them the safety of your money will depend solely on the integrity of the people behind the broker. So our best advise is to deal with properly regulated companies only.

Latest news about RCPro
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Traders` reviews for RCPro

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Price feed

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Platform

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Complain

They have stolen 30,000$ from me and refuse to take my calls and always redirect me to another calling agent. They are scamming lying fuckheads.
Don't interact or deal with them.

HM 09/17/2019

compliant

I but my money with this company after that no body call me and waving I don't know the phone for thim. I need some body call me .

bassam aldisi 06/07/2019

I wish I could leave no stars

They have stolen 11,200$ from me and refuse to take my calls and always redirect me to another calling agent. They are scamming lying fuckheads.
Don't interact or deal with them. I should have looked them up first but it's too late now.

Khatoon 05/06/2019

I deposited minimum amount to open ,but they are playing with me .

Don't invest with this cheating co.

Rinson 01/20/2019
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