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Renesource Capital Review – is it scam or safe?

Renesource Capital Review - Is it scam or safe forex broker?

RATING: 3 / 1 REVIEWS Renesource Capital
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 Trading accounts

 
 
Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
FX Micro $10 0.01 lots 1:100 From 0.3 pips
FX Classic $500 0.01 lots 1:100 From 0.3 pips
FX Pro $1000 0.01 lots 1:100 From 0 pips, commission: $25 for $1 mln.
FX Prime $50 000 0.1 lots 1:40 From 0 pips, commission: $25 for $1 mln.
 
 
Renesource Capital is a major Latvian broker with a forex license since 2013. It offers trading in 90 forex pairs and gold and silver, CFDs on energies, indices and copper, as well as options, ETFs, shares, futures, bonds and commodities. 
 
The number of tradeable forex pairs is rather remarkable and is not offered by so many forex brokers. Another regulated forex broker with a comparatively large portfolio is FxPro
 
There is no free demo account.
 

The Company. Security of Funds

Renesource Capital was established in 1998 in Latvia as an investment brokerage and received a license as professional participant in securities market to conduct investment brokerage activities. In 2012 it gained a status as TrueFX ECN broker and in 2013 obtained a license from Latvia's Financial and Capital Market Commission (FCMC) with new investment and ancillary investment services and started offering financial consulting, foreign exchange transactions and arrangement of issue of financial instruments.
 
Like most European financial markets regulators, the FCMC has a set of rules and requirements for the entities it oversees like keeping the client funds in segregated accounts and be members of client compensation schemes. Generally, all forex brokers that operate in Latvia, must be regulated by the FCMC as well, although exceptions are made for the MiFID associated EU brokers. 
 

Trading Conditions

 
Minimum deposit
 
Renesource Capital has a minimum deposit requirement of just $10 for its micro account and goes all the way up to $50 000 for the FX Prime account. 
 
The low minimum deposit requirement is comparable to some other EU-regulated forex brokers like FXTM and XM who have a $5 requirement. This makes those brokers accessible to a rather wide range of small retail investors. 
 
Spreads & Commissions
Like we already said, Renesource Capital has a rather large trading portfolio of 90 forex pairs. The broker offers floating spreads starting from 0 pips for the accounts with commissions of $25 per $1 million – the FX Prime and FX Pro. For the Micro and Classic account the floating spreads start from 0.3 pips. They include the broker's mark-up.
 
As per a company statement, it updates the statistical average of the spreads every six months, but the last time it did so was in 2014. 
 
Leverage
 
Renesource Capital gives a maximum leverage of 1:100, which is rather low. Except for brokers who are limited by regulatory restraints like the US branches of Forex.com and FXCM, usually the companies give much higher leverage. Another forex broker that gives relatively low leverage for standard accounts is Circle Markets. 
 
Trading platform
 
Renesource Capital offers three trading platforms: the eternally popular MetaTrader 4 (MT4) and the less popular Currenex and Integral platforms. 
 
The Currenex trading platform is one of the industry leaders in pre – trade and post – trade processes as well as price discovery and liquidity aggregation. It connects  buy and sell side forex traders via electronic currency network (ECN) and provides trading through Straight Through Processing (STP) technology. It is available for Renesource Capital's FX Prime trading accounts. Another forex broker that offers trading on Currenex is FXCM.
 
The Integral platform provides direct access to ECN exchanges. It also gives aggregated flow from several liquidity providers and more than 80 forex pairs. There are no trade restrictions on the platform and there is a great choice for aggressive, large volume traders or scalpers. The platform is available only for clients with FX Prime accounts. 
 
 

Methods of payment

 
Renesource Capital accepts deposits only through bank transfers and nothing else – neither credit cards, nor electronic payment systems like PayPal or Skrill. 
 
The same goes for withdrawal options.
 

Conclusion

Forex trading is one of the many investment options provided by the well-established Latvian broker Renesource Capital. Even though it has relatively low minimum deposit requirements, which can attract smaller retail traders, it appears that they are not its primary target, as there are neither demo accounts, nor trading bonuses, which usually attract more clients. 
 
Like most brokers that branched out into forex products at some later point in their development, it looks like Renesource Capital is more interested in attracting institutional traders and provides the necessary conditions for that with trading platforms like Currenex and Integral, which both offer deep liquidity and fast order execution. 
 
Nevertheless, the presence of MT4 among the platforms offered by Renesource Capital suggests that smaller retail traders are also welcome. 
 
 
Pros:  Cons:
MT4 Low leverage
Large selection of forex pairs No demo accounts
 
 
 
Latest news about Renesource Capital
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Traders` reviews for Renesource Capital

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Renesource Capital: Not recommended broker

I spend several months to setup a live account (complicated process, burocratic, all paper, notarized documents, ...)
To fund the account they take 35€ commissions and 35€ more to redrawals.
Executionf orders, like many others brokers.
Poor customer support.
Zero stars for me. I'll cancel the account once I earn 70€ in order to loose 0€

Pedro 05/06/2017
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