Oanda vs RCG Markets | Fees, Features, Safety & More 2023

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Oanda vs RCG Markets: In a Nutshell

Oanda

Founded by Drs. Stumm and Olsen in the USA in 1996, Oanda is one of the oldest and most experienced forex brokers in the world. The broker expanded into Asia in 2007, opened its London office in 2011, and its Sydney office in 2014. On its platforms, you can trade over 3000 forex, CFDs, and even real stocks.

Oanda Overview
  • Founded In: 1996
  • Minimum Deposit: None
  • Maximum Leverage: 500:1
  • Regulations: ASIC, CFTC, FCA,PFSA,MAS, FSA
  • Trading platform: MT4, MT5, fxTrade app, Tradingview
  • Account Types: Standard , Elitetrader
  • Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, ACH Payments (echeck), BPAY, CHAPS, Check, DBS Bill Payment, Local Bank Deposits, Local Bank Transfers, Neteller, Payment Asia, PayNow, PayPal, SEPA Credit Transfer (SCT), Skrill
  • US Traders:  Accepted 

RCG Markets

Established in 2018, RCG MARKETS offers direct market access for CFDs and FX trading. While licensed by the South Africa Financial Sector Conduct Authority (FSCA: FSP49769), it lacks regulation from other major regulatory bodies. The broker provides access to the MT4 platform with competitive spreads and commissions.

RCG Markets Overview
  • Founded In: 2018
  • Minimum Deposit: R100
  • Maximum Leverage: 1:3000
  • Regulations:SEC, FINRA, and FCA
  • Trading platform: MT4, MT5
  • Account Types: Classic, Raw, ECN, Royal100
  • Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, AdvCash, BitPay, bitwallet, ecoPayz, ePayments, FasaPay, Help2Pay, Neteller, Payfinder, Skrill, SticPay, TransfterMate, TroniPay, UnionPay, Uphold
  • US Traders: Not Accept

Oanda vs RCG Markets: Pros and Cons

Oanda

Pros
  • Regulated by the CySEC, FCA, CFTC, JFSA, IIROC, ASIC, MAS and FSC BVI
  • Clients can trade over 1800 forex/CFDs and over 2000 real stocks.
  • Platforms: MT4, MT5, and Oanda mobile apps on iOS and Android.
  • Trading tools provided are MetaTrader premium tools, Autochartist, Market pulse analysis, etc.
  • Customer support is provided in multiple languages and via different channels.
  • Fast and user-friendly account opening
  • The TradingView platform is available, alongside several VPS services for MT4 hosting.
Cons
  • Bank withdrawals incur a fee which is transferred to the trader.
  • Premium core accounts require a minimum balance of $20,000
  • Inactivity fees are charged from dormant accounts.
  • No account protection for U.S. clients
  • No guaranteed stop-losses for U.S. or U.K. clients
  • Traders in the U.S. cannot access single-stock CFDs
  • No cent accounts, bonus programme for beginner traders

RCG Markets

Pros
  • Regulated by FSCA.
  • Offers popular trading platform (MT4).
  • The maximum leverage is as high as 2000:1.
  • Allows EA trading, scalping, and News trading.
  • Spreads starting from as low as 0 pips.
  • Offers multiple account types.
  • Provides ECN Executions.
  • A wide range of trading instruments are offered including Forex, Indices, Shares, Commodities, and Energies.
Cons
  • Lack of Regulatory Oversight (Only regulated by FSCA in South Africa).
  • The demo account is only valid for 14 days.
  • Limited Trading Platforms.
  • Limited research and educational resources.
  • No Social Trading Options.

Oanda vs RCG Markets: Side-by-Side Comparison

Oanda
RCG Markets
Product
Founded In
Founded In
1996
2018
Founded By
Founded By
Dr. Michael Stumm & Dr. Richard Olsen
Not Found
Headquarters
Headquarters
New York, New York, United States
Gauteng, South Africa
Regulations
Regulations
ASIC, CFTC, FCA,PFSA,MAS, FSA
SEC, FINRA, and FCA
Min Deposit
Min Deposit
None
R50
Max Leverage
Max Leverage
500:1
1:3000
Tradable Assets
Tradable Assets
Forex, Indices , Metals , Shares, Commodities, Cryptocurrencies
Forex ,Indices, Share,Commodities and Energies
Fees
Fees
Spread from 0.8 pips
Spread from 1.5 pips, commissions $7/round lot
Platforms and Tools
Platforms and Tools
MT4, MT5, fxTrade app
MT4,MT5
US Traders
US Traders
Allowed
Not Allowed

Oanda Vs RCG Markets: Our Scores and Ratings

We rated both brokers, Oanda and RCG Markets, on a scale of 1 to 10, with 0.1 increments. To achieve a comprehensive rating, we broadly grouped all services offered by brokers into 6 macro categories and assigned percentage weights to them. Each macro category is subdivided into several data points which contributes to the total score of 1.0-10.0 assigned to each macro category. Since all categories are not equally important, our weight percentage plays a significant role in assessing the broker accurately. For example, Regulation and Security contributes a total weight of 40% to the whole ratings because this is the most important rating category. To learn more, read our methodology.

Oanda :

8.8
Total Score
Regulation and Security (40%)10
Fees and Commissions (20%)7
Trading (15%)8
Trading tools (10%)9
Customer Support (10%)9.2
Trading Education (5%)7

RCG Markets

7
RCG Markets Scores
Regulation and Security (40%)5
Fees and Commissions (20%)9
Trading (15%)9
Trading tools (10%)7
Customer Support (10%)8
Trading Education (5%)7

Final Verdict :

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

DisclosureAt Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

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