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RCPro
Rating:
Binary Option Programs Award
Min. Deposit
$500
Min. Investment
N/A
Regulated Broker
No

RCPro Broker Review

  1. RCPro is a non-regulated forex and CFD broker based in Estonia. With an attractive cashback program, different accounts and user-friendly platforms, this broker has caught the average South African investor’s attention.

    Do they deliver what they promise though? Read our full review and find out.

    The 3 Account Types

    Like most online brokers, RCPro offers different trading accounts based on the initial deposit and extra features. Like usual, the bigger the deposit, the more extra features added.

    Surprisingly, we noticed there was not much difference between the first Classic Account and the second, Silver Account (their recommended account) in regard to the extra features. The only difference appeared to be two extra trading lessons and a $2,000 difference. Therefore, the Silver account is in no way recommended.

    The minimum deposit to begin trading is also rather pricy, amounting to $500. This is double the usual amount to begin, which is a huge difference – especially for beginners.

    All the details of each account are listed below.

    Classic Account $500 Minimum Deposit

    • Margin call: 150%
    • Early closure fee: 5%
    • trade size: 50
    • Account manager with Economics degree
    • Educational materials
    • 3 free trading tutorial sessions
    • Mobile trading
    • Daily recommendations

    Silver Account $2,500 Minimum Deposit

    • Margin call: 150%
    • Early closure fee: 5%
    • trade size: 50
    • Account manager with Economics degree
    • Educational materials
    • 5 free trading tutorial sessions (+)
    • Mobile trading
    • Daily recommendations

    Gold Account $10,000 Minimum Deposit

    • Margin call: 150%
    • Early closure fee: 5%
    • trade size: 50
    • Account manager with Economics degree
    • Advanced educational materials (+)
    • 7 free trading tutorial sessions (+)
    • Mobile trading
    • Daily recommendations
    • Video tutorials (+)
    • Daily review by market analyst (+)

    Trading Platform & Assets

    RCPro has 70 tradable instruments for South African investors to trade, with maximum leverage of 1:200. They can trade CFDs in forex, cryptocurrencies, commodities, indices and stocks.

    RCPro gives South African users the choice between three different trading platforms, depending on personal preference: the RCPro web-trader, the infamous MetaTrader4 (MT4) trading platform and their own mobile app.

    All platforms are listed below.

    WebTrader

    As the name suggests, the RCPro web-trader is an entirely web-based platform which can be accessed by simply logging into your RCPro account on their website. It requires no downloads or installations, just a good internet connection.

    MetaTrader4 (MT4)

    The MT4 platform is the most popular trading platform by far. Due to its powerful software, it needs to be downloaded onto your desktop. MT4 is known to be more for advanced South African traders, but its user-friendly interface can always be used by beginners as well.

    Mobile App

    For South African traders who prefer trading on-the-go and not from a computer screen at home, they can always download the RCPro mobile app, which is available for both Android and IOS devices. Mobile trading is very convenient and gives South African investors the ability open or close a trade and have quick market checks anywhere they may be.

    What is the RCPro Cashback Program?

    As an extra feature to entice South African traders, RCPro offers a cashback program. This means that RCPro claims to reward you for trading over 1 lot by giving you huge bonuses that range from 50% to 174% of your current balance.

    Warning: Bonuses and cashback programs that look too good to be true are exactly that – too good to be true.

    Besides the fact that they require South African traders to make huge investments for these “cashbacks”, reward schemes like this never work, are more of a hassle than they are worth and are there mostly to grab trader’s attention with false promises that make them deposit even more money.

    Regulated brokers never offer cashback programs and bonuses – and for good reason.

    Customer Support

    A good customer support team is always an important indicator of a professional company that put its customers’ needs first. The RCPro customer support team is available 24/5 through various ways such as email, phone, live chat or through the contact form on their website. They can support 32 different languages, which is very important when it comes to worldwide traders.

    Company Info & Payment Methods

    RCPro is owned and operated by the company GoldTech Media Services OU in Estonia.

    They accept various payment methods such as credit card (Visa, Master Card), bank transfer or Skrill, Neteller and WebMoney.

    Is RCPro a Scam?

    Through careful review of this broker, we have concluded that RCPro is a scam and South African investors should stay away at all costs. This is an unlicensed company that promises huge cashbacks and bonuses that are not only unrealistic – but a total scam. They also offer accounts with no good value for money whatsoever, which once again shows their fraudulent nature.

    Instead of wasting your time with fraudulent companies, trade directly with regulated, award-winning brokers like IQ Option!

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