RC Pro is a fairly new broker company, established in Tallin, Estonia. Considering that this brand is based in Europe, it is astounding that it is not regulated. The licensing information is nowhere to be found, which proposes a question: how is this broker still functioning?
The answer to that is quite simple. It seems that RC Pro is based on the values (or a lack of them) of dodging the rules and getting by with a bare minimum. As a result, the company is rating quite poorly in the trading world. Not only that, but it also caught the attention of some of the most respected regulatory bodies in the trading community such as FCA (Financial Conduct Authority), which is advising all the clients to move along and find a more suitable and trusting broker.
The regulatory side of the brand is the basis of its appeal, and it is the feature that eventually keeps the traders coming back every time. RC Pro clearly isn’t aware of that fact, but the clients should be. When you are trading with a regulated broker, you are certain that your funds and your information are fully protected. What you see is what you get, so the regulated broker is bound to follow up on all the promises they made you on their web page. Otherwise, the regulatory body will make sure to fine them harshly, so it is in everyone’s best interest to choose a regulated broker, rather than gamble with an unregulated one such as RC Pro.
Platform and Execution SCORE: 17%
The trading platform is the place where the scam goes down. First, you visit the website and you think: “Hey, this is a good-looking page. It looks professional, so you have to admit that the company put a lot of effort into it”. That’s the initial drawback.
Because after you’ve visited the platform, you will find several ads about trading with Bitcoin, guaranteeing you fast payouts with very low risks. This should be your first red flag, considering that there is no broker in the world that can guarantee you anything when it comes to as unpredictable activity as trading.
If you make the mistake of clicking on it, you will get bombarded with contacts from the broker, encouraging you and pushing you to invest more and more, until they eventually dry you out completely. Many clients have been unfortunate enough to fall into this trap, and most of them are still waiting for a miracle to happen by getting their money back, which is highly unlikely with an unregulated broker.
Another important thing you should keep in mind that this company claims that they offer an MT4 platform which guarantees an additional level of safety for you and your account. However, since the brand is unregulated, you should take this information lightly. And if you want another hint about the impossible standards that RC Pro claims it provides, the leverage is set at 1:200. Just for comparison, the industry standard for Europe is only 1:30, so the leverage at RC Pro is pretty much impossible to win on.
Assets and Spreads
RC Pro offers around 70 tradable assets including CFDs on FX pairs, Commodities and Crypto. This is not at all impressive, considering that the brokers today offer at least twice as much, tending to stand out and be innovative.
Also, the spreads vary between 3.2 pips for the EUR/USD currency pair, which is typically the most liquid one, to 4.9 for CAD/JPY. This is a huge difference. Also, the spreads tend to float accordingly to the market volatility, which is another important fact to keep in mind when choosing this broker.
Withdrawal Speed SCORE: 33%
RC Pro offers a few payment options for their clients, including credit cards, bank wire transfers and some e-wallets including Skrill, Neteller, Bitcoin and Web Money. However, what stands out about this broker is the fact that they require quite a high minimum amount for withdrawals. It includes $50 for credit cards and $100 for bank wire transfers. This is clearly a violation of the Forex industry and rules of fair play, which claim that each client should be able to withdraw as much money as they see fit.
The minimum deposit for opening a starting account is $500, which is again quite high, especially for an unregulated broker. The thing that strikes us as suspicious is that this broker does not indicate if there are any additional fees or commissions after you’ve signed up for the account. Also, the first-time deposits and withdrawals seem to be without any additional fee or other requirements, but the website warns that you should check with your bank about any added terms or deductions of their own.
The speed of processing your withdrawal request can depend on which payment option you chose. This includes up to 24 hours for your request to be processed. After that, it can take around 30 minutes to receive your funds through e-wallets, or even 7 business days for bank wire transfers.
Support and Assistance SCORE: 11%
The ways of contacting the RC Pro support team are standard. You can fill out the generic form on their webpage and wait for the reply, or rather contact them yourself via e-mail. There is also a phone number available, and the address of the company’s headquarters, which is the information we are not certain what to do with unless maybe writing a letter and sending it to their P.O. box.
Also, there is a live chat option available on the home page, and any other page you decide to visit. Namely, this tab for contacting their agents is so unavoidable, that it is actually hurting the eyes, as well as the ability to scroll and research the website and all of its features. It is impossible to minimize or dial it down, so whenever you click it will open and ask you for your request, which is quite off-putting.
The customer support team is also not available 24/7, which is another big downside. Usually, you will only be able to send out your question or query and wait patiently for the response, which can take up to several days.
Education and Tools SCORE: 56%
This part of the RC Pro website is pretty satisfying and includes different tabs and sections according to the levels of your trading knowledge and skills. There is a section that explains trading strategies in great details. It provides you with the tools necessary for discovering your strengths and weaknesses, as well as ways to use them to your advantage.
Furthermore, you can find a handy glossary that explains all the terms that you need to learn to find your way around the trading community. From spreads to banknotes, this section provides a quick 401 on the trading slang.
Also, there is a section on trading signals and how to use them while social trading. This has become one of the most used strategies on the market. It includes watching the performance of other traders and creating your own trading plan accordingly. It is also a powerful factor that can create market trends. So even if you’re not planning on copying other traders’ moves, you can still use them to detect what will happen next during the trading day.