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Contract reading

What RCG Markets legally published, but does not want you to read

Every clause below is published by RCG Markets itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: RCG MARKETS (PTY) LTD

sole discretionhidden feedeemed acceptancemissing documentprofit voidingwithdrawalsleverageliability capmarketing gapoffshore entity

RCG Markets can keep 15% of your deposit when you withdraw, if you did not trade enough first. Two months without a trade makes your account dormant, and $10 a month starts coming out of it. Once the balance falls to $10 or less, RCG Markets keeps it. Every withdrawal follows a policy the company does not publish.

Back to RCG Markets

Contract risk

Money at risk
7.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
7
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
16
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
9
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
5

How the 16 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical7
Warning8
Notice1

section 32 of 33is where the deepest clause sits, 97% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

4 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical15%Fee you were not shown. Jump to the clause this comes from.A 15% fee applies when you withdraw without tradingCritical$10Fee on an unused account. Jump to the clause this comes from.Two months idle and RCG Markets keeps the balanceCritical3Withdrawal limit. Jump to the clause this comes from.Three policies you are bound by are not publishedCritical10Profit at risk. Jump to the clause this comes from.Any trade closed inside 10 minutes counts as banned scalping

What the documents say

16 clauses worth knowing about, worst first, each quoted from RCG Markets's own files

01

Ask for your deposit back without first placing a trade that lasts 10 minutes or more, and RCG Markets can keep 15% of it. Clause 9.5 sets the rate. Clause 9.3 catches you too if you did trade but put under 30% of the deposit up as margin.

In plain words

Dormancy means an account left unused.

Why this matters

On a $1,000 deposit that is $150 gone, taken from money you never traded with. RCG Markets alone decides whether your account counts as inactive. Clause 9.4 makes the fee discretionary, so you cannot tell in advance whether you will pay it.

Exhibit 1CriticalRarely seen15%New

The imposition of the Inactive Fee shall be applied to a withdrawal made by the Client at an amount equal to 15% (fifteen per cent) of the value of the deposited funds.
Clause 9.5 in FSP CLIENT AGREEMENT, p.10
Read from the broker's site on Open the reference

Where it sits: section 17 of 33 in the FSP CLIENT AGREEMENT, 52% of the way through.

What it costsA $1,000 deposit that is never traded returns $850 when you withdraw it. RCG Markets keeps $150.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must disclose costs and charges to a retail client before that client trades. RCG Markets puts this fee at clause 9.5 of a 29 page agreement, and its payment methods page names no fee at all.

RCG Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingBrokers commonly charge inactivity fees on idle accounts. Charging a percentage of the deposit itself, at the moment you ask for it back, turns a dormancy charge into an exit penalty on untraded money.

  • Worse together with Exhibit 4A trade shorter than 10 minutes is banned scalping, and no trade at all triggers the 15% fee, so the only safe move is a position held past 10 minutes.
02

Stop trading for two months and RCG Markets treats the account as dormant. Clause 9.2.1 then takes $10 a month out of your balance. Clause 9.2.2 closes any dormant account holding $10 or less, and you give up whatever is in it.

Why this matters

RCG Markets advertises R50 as the minimum that gets you started, and R50 is worth less than $10. An account opened at that advertised minimum already sits under the forfeiture floor, so two quiet months can take all of it.

Exhibit 2CriticalHarder than usual$10

The Client acknowledges and agrees that any Trading Account in which the Client has not performed any Trading activity, which includes a failure to make any deposits to and/or withdrawals from such Trading Account, for a period of 2 (two) months or longer, shall be treated as dormant
Clause 9.2 in FSP CLIENT AGREEMENT, p.9
Read from the broker's site on Open the reference

Where it sits: section 16 of 33 in the FSP CLIENT AGREEMENT, 48% of the way through.

What it costsA $30 balance left alone drops to $20, then $10, and at $10 the account is closed and the money forfeited. Three months of doing nothing costs the whole balance.

Set against a regulated standard: FCA (UK)

FCA rules require firms to treat customers fairly and to give notice before charges of this kind bite. RCG Markets sets no notice step at all, and clause 9.2.3 lets it raise the charge without telling you.

RCG Markets is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Two months with no tradingRCG Markets treats the account as dormant. Deposits and withdrawals count as activity, nothing else does.9.2
Every month after thatA $10 penalty comes out of the balance and goes to RCG Markets.9.2.1
Balance at $10 or lessRCG Markets closes or archives the account and you forfeit every right to the balance.9.2.2
At any timeRCG Markets can raise these penalties without telling you first.9.2.3
  • Worse together with Exhibit 1Leaving the account alone drains it at $10 a month, and coming back to withdraw instead can cost 15% of the deposit.
03

Every withdrawal you make runs through the Withdrawals and Refunds Policy under clause 10.1. RCG Markets does not publish that policy. The same goes for the order execution policy at clause 1.3 and the risk disclosure policy at clause 7.17, making three in all.

Why this matters

You agree to rules that decide how fast your money comes back, and you cannot read them before you deposit. Clause 2.1.4 folds every one of these policies into the agreement, and lets RCG Markets change them whenever it likes.

Exhibit 3CriticalHarder than usual3

All requests made by the Client pertaining to withdrawals, cancellations, and refunds shall be submitted, handled and processed in accordance with the RCG Markets Withdrawals and Refunds Policy.
Clause 10.1 in FSP CLIENT AGREEMENT, p.10
Read from the broker's site on Open the reference

Where it sits: section 17 of 33 in the FSP CLIENT AGREEMENT, 52% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client the terms governing their money before the client is bound by them. The RCG Markets legal page carries nine documents, and none of these three is among them.

RCG Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

04

Open and close a position in under 10 minutes and clause 2.1.44 calls it scalping, which clause 19.1.1 bans outright. Clause 19.2 then lets RCG Markets treat the trade as void and unwind it. Every Expert Advisor is banned too.

Why this matters

A profitable fast trade can be cancelled after the fact, and the gain taken back. Clause 19.1.14 bans anything else RCG Markets deems mala fide, so the firm decides for itself what breaks the rule.

Exhibit 4CriticalHarder than usual10New

“Scalping” means the Prohibited Trading Practice where a Client enters and exits a Trade or position within a period of less than 10 minutes during Active Trading times;
Clause 2.1.44 in FSP CLIENT AGREEMENT, p.7
Read from the broker's site on Open the reference

Buried at section 28 of 33 in the FSP CLIENT AGREEMENT, 85% of the way through.

05

Pick the Synthetics account and you contract with Primus Markets INTL Ltd of Vanuatu, not with the South African company. Clause 1.7 says Synthetics sit outside the FAIS Act and are not Financial Products. Their prices come from the supplier's own random number generator.

Why this matters

The FSCA licence on every page of the RCG Markets website does not reach this product. If something goes wrong with a Synthetics trade, Vanuatu law applies and the FAIS Ombud has no say in it.

Exhibit 5CriticalRarely seenNew

the Synthetic Instruments are novel, technical instruments and unregulated under the FAIS Act; that the Synthetic Instruments are not Financial Products; and, that the Client contracts directly with the Supplier of the Synthetic Instruments.
Clause 1.7 in FSP CLIENT AGREEMENT, p.2
Read from the broker's site on Open the reference

Where it sits: section 2 of 33 in the FSP CLIENT AGREEMENT, near the start.

Our readingThe company selling you the instrument also generates the prices you trade against, second by second, from its own number generator. No outside market sets that price, so there is no reference to check a quote against.

  • Worse together with Exhibit 6The counterparty both writes the prices and earns from client losses, with no external market between the two.
06

Clause 11.1.5 of the ODP Client Agreement says revenue comes from client net losses. The company earning it, FlareX FX (Pty) Ltd, is the other side of your trades. The FAIS Disclosures say RCG Markets takes more than 30% of its total income from that same company.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Remuneration means payments it receives.

Why this matters

Your loss is the counterparty's income, and the firm that introduced you is paid by that counterparty. Both companies give the same Sandton building as their address, so nothing independent sits between you and the other side of your trade.

Exhibit 6WarningHarder than usual30%

For the avoidance of any doubt, revenue is derived from the ODP Client’s net losses in terms of FlareX’s prevailing license conditions.
Clause 11.1.5 in ODP CLIENT AGREEMENT, p.9
Read from the broker's site on Open the reference

Where it sits: section 9 of 20 in the ODP CLIENT AGREEMENT, 45% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

FCA and CySEC rules require a firm to disclose a conflict of this kind clearly, before the client deals. RCG Markets puts it at clause 11.1.5 of a second agreement, and its offering page describes the service as direct market access.

RCG Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

No hidden fees, except the one in clause 9.5

RCG Markets promises no hidden fees on its website while clause 9.5 holds a 15% charge on withdrawals. The home page advertises 1:2000 leverage. Clause 13.2 says only leverage up to 1:200 may be made available, and anything above that needs the firm to approve it.

Page against clause2 clauses flagged

RCG Markets tells you on its website that there are no hidden fees and that you know exactly what you are paying for. Clause 9.5 of the client agreement holds a 15% charge on withdrawals. The payment methods page names no fee at all.

Why this matters

The page you read before depositing and the page that governs your money say different things. The charge that costs you most is the one that appears in neither the fee talk nor the payment page.

Exhibit 8CriticalHarder than usual15%

The imposition of the Inactive Fee shall be applied to a withdrawal made by the Client at an amount equal to 15% (fifteen per cent) of the value of the deposited funds.
Clause 9.5 in FSP CLIENT AGREEMENT, p.10
Read from the broker's site on Open the reference

Where it sits: section 17 of 33 in the FSP CLIENT AGREEMENT, 52% of the way through.

The RCG Markets home page runs 1:2000 as its maximum leverage, and the account table lists 1:10000 for Synthetics. Clause 13.2 says only leverage up to 1:200 may be made available, and anything above that needs you to ask and RCG Markets to approve.

Why this matters

You may pick an account for a leverage level you will not actually get. Annexure B says listing a ratio is not an offer, and clause 13.1 lets RCG Markets cut your leverage at any time without warning.

Exhibit 10WarningHarder than usualNew

Leverage of up to 1:200 may be made available to Clients subject to RCG Markets’ internal risk, operational and compliance criteria. Any Leverage in excess of 1:200 is not automatically available and may only be granted upon the Client’s request, subject to further assessment and approval by RCG Markets in its discretion.
Clause 13.2 in FSP CLIENT AGREEMENT, p.15
Read from the broker's site on Open the reference

Buried at section 21 of 33 in the FSP CLIENT AGREEMENT, 64% of the way through.

Set against a regulated standard: ESMA (EU), FCA (UK), CySEC (Cyprus)

ESMA and the FCA cap retail leverage on major currency pairs at 30:1, and CySEC applies the same limit. RCG Markets is not bound by those caps, and advertises levels far above them.

RCG Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

RCG Markets leaves in 7 days and you leave in 30

RCG Markets can end your agreement on 7 days notice while you must give 30. Clause 24.1 lets the firm rewrite the terms with or without telling you. Clause 12.6 lets it treat several of your accounts as one and move money between them. A negative balance is yours to repay.

Unequal exits2 clauses flagged

If the market moves hard and your account falls below zero, clause 24.1 of the ODP Client Agreement makes that shortfall payable by you to FlareX. Clause 12.6.3 also lets RCG Markets move money between your accounts to cover a negative balance.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

You can end up owing more than you ever deposited. With leverage advertised as high as 1:2000, a single gap in the market can take you past your balance and leave an invoice behind.

Exhibit 7CriticalHarder than usual

Any negative balance in the Trading Account arising from or the occurrence of Abnormal Market Conditions shall be for the account of the ODP Client and will be payable by the ODP Client to FlareX upon delivery of a Trading Account statement, indicating such negative balance.
Clause 24.1 in ODP CLIENT AGREEMENT, p.15
Read from the broker's site on Open the reference

Buried at section 14 of 20 in the ODP CLIENT AGREEMENT, 70% of the way through.

Set against a regulated standard: ESMA (EU), FCA (UK), ASIC (Australia)

ESMA rules, and the FCA and ASIC rules that follow them, require negative balance protection on a retail account, so the client can never lose more than they put in. This contract puts the shortfall on you.

RCG Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 10High advertised leverage makes the gap that creates a negative balance far more likely.

Clause 18.1 lets RCG Markets end the agreement on 7 days notice. Clause 18.2 makes you give 30. The August 2025 version gave both sides the same 30 days, so RCG Markets shortened its own exit and left yours alone.

Why this matters

You get a week to close positions and move your money if RCG Markets decides to end things. Clause 24.1 separately lets the firm rewrite the terms with or without telling you.

Exhibit 14WarningHarder than usual7 daysNew

RCG Markets may at any time terminate this Agreement by giving 7 (Seven) Days’ notice in writing to the other Party.
Clause 18.1 in FSP CLIENT AGREEMENT, p.21
Read from the broker's site on Open the reference

Buried at section 27 of 33 in the FSP CLIENT AGREEMENT, 82% of the way through.

The fee that only appears when you try to leave

Clause 9.5 lets RCG Markets keep 15% of your deposit when you withdraw without trading enough first. The fee schedule itself is not in the contract. Annexure A sends you to the website, and the RCG Markets payment methods page names no fee at all.

Cost disclosure1 clause flagged

Annexure A of the client agreement is meant to list commissions and service fees. Instead it says they can be found on the website. Clause 9.1.1 then lets RCG Markets update those fees without telling you first.

Why this matters

You cannot point to a document that says what you pay. The contract sends you to the website, the website's payment page lists no charges, and whatever number you do find can change without notice.

Exhibit 9WarningHarder than usual

All and any commissions and/or service fees can be found on the Website.
Clause Annexure A, item 1 in FSP CLIENT AGREEMENT, p.28
Read from the broker's site on Open the reference

Buried at section 32 of 33 in the FSP CLIENT AGREEMENT, 97% of the way through.

  • Same clause as Exhibit 8The missing schedule is what makes the no hidden fees claim impossible for a client to check.

A 200% bonus with no published rules

RCG Markets sells two bonus account types, ROYAL 100 at 100% and IMPERIAL BONUS 200 at 200%. No bonus terms exist anywhere on the site. The contract meanwhile bans bonus arbitrage, which it defines as using bonuses to create artificial turnover, and can void the trades.

Bonus without terms1 clause flagged

RCG Markets sells a ROYAL 100 account at a 100% bonus and an IMPERIAL BONUS 200 at 200%. No bonus terms appear on the legal page or anywhere else on the site. The client agreement meanwhile bans bonus arbitrage and can void the trades.

Why this matters

You take a bonus without ever seeing the rules attached to it. Clause 2.1.11 defines bonus arbitrage as using bonuses to create artificial turnover, and RCG Markets decides on its own when your trading fits that description.

Exhibit 11WarningHarder than usual200%New

“Bonus Arbitrage / Wash Trading” means use of promotional credits, bonuses, or coordinated accounts to create artificial turnover or risk-free profits.
Clause 2.1.11 in FSP CLIENT AGREEMENT, p.3
Read from the broker's site on Open the reference
Our own capture of rcgmarkets.com, taken on Sep 23, 2026The claim, on Answer to the FAQ question Are there bonuses or promotions for RCG Markets clients, on the Get Funded pageVisit this page on the broker's siteDownload the full size image file

Buried at section 28 of 33 in the FSP CLIENT AGREEMENT, 85% of the way through.

  • Only applies after Exhibit 4The penalty for bonus arbitrage is the same voiding power clause 19.2 gives RCG Markets over any prohibited trade.

You can complain, but little can be recovered

Clause 20.1 caps what RCG Markets can owe you at 12 months of monthly payments, and a retail client makes no monthly payments. Arbitration runs in camera under clause 17.4.4, so no outcome becomes public. Clause 21.1 has you indemnify the firm even for its own acts and omissions.

Closed doors2 clauses flagged

Clause 20.1 caps what RCG Markets can owe you at 12 months of monthly payments, and a retail client makes no monthly payments. Clause 17.4.4 holds arbitration in camera, so no outcome ever becomes public. You also have 24 hours to flag an error in a statement.

In plain words

Indemnities are money it says you owe it.

Why this matters

Even a dispute you win may recover very little, because the cap is tied to payments you never make. Clause 27.3 also makes you wait 14 days after giving written notice before you can start proceedings.

Exhibit 12WarningHarder than usual

Notwithstanding anything contained in this Agreement, RCG Markets’ liability for any breach or default of whatsoever nature, shall not exceed the value of 12 (Twelve) months’ monthly payments or the amount of Professional Indemnity Insurance cover which RCG Markets may have in place at the time of such liability arising.
Clause 20.1 in FSP CLIENT AGREEMENT, p.23
Read from the broker's site on Open the reference

Buried at section 28 of 33 in the FSP CLIENT AGREEMENT, 85% of the way through.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA cannot limit liability in a way that leaves a retail client without a meaningful remedy. RCG Markets ties its cap to a payment stream a trading client does not have.

RCG Markets is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Clause 21.1 has you cover RCG Markets against third party claims arising from your own fault. The same sentence then extends that cover to claims arising from any act or omission on the part of RCG Markets itself.

Why this matters

A claim caused by the firm's own error can land back on you, including its legal costs. An indemnity that reaches the protected party's own conduct is not something a client would expect to sign.

Exhibit 13WarningRarely seen

attributable to or arising (whether directly or indirectly) from the Client’s fault or negligence or default in respect of any of its obligations in terms of this Agreement and/or its annexures or attributable to or arising from any act or omission on the part of RCG Markets.
Clause 21.1 in FSP CLIENT AGREEMENT, p.23
Read from the broker's site on Open the reference

Buried at section 29 of 33 in the FSP CLIENT AGREEMENT, 88% of the way through.

Our readingIndemnities in retail agreements normally cover loss the client causes. Extending one to the broker's own acts and omissions reverses the point of the clause, and reads as a drafting choice rather than an oversight.

Three working days to answer or the account stops

Clause 6.2.6 gives you 3 working days to hand RCG Markets whatever information it asks for. Clause 2.1.18 confirms those are business days. Miss the deadline and clause 6.2.7 disables your trading accounts until the firm is satisfied.

Document deadlines1 clause flagged

Clause 6.2.6 gives you 3 working days to hand over any information RCG Markets asks for. Clause 2.1.18 defines a Day as a business day. Miss the deadline and clause 6.2.7 disables your trading accounts.

Why this matters

A request can arrive while you are away, and three working days is short if a bank statement or certified copy is needed. Your money stays inside a disabled account until RCG Markets is satisfied.

Exhibit 15WarningHarder than usual3 working days

the Client accepts that RCG Markets has the discretion to request any relevant information from the Client or access to the Client’s information, which information and/or access shall be provided to RCG Markets within 3 (three) Days from its request.
Clause 6.2.6 in FSP CLIENT AGREEMENT, p.8
Read from the broker's site on Open the reference

Where it sits: section 12 of 33 in the FSP CLIENT AGREEMENT, 36% of the way through.

The licence belongs to the introducer, not the counterparty

RCG Markets (Pty) Ltd holds FSCA licence FSP 49769 as a Category we intermediary. It arranges your trades and does not take the other side of them. FlareX FX (Pty) Ltd does that, and the FAIS Disclosures spell the same firm's name a second way.

Three companies1 clause flagged

RCG Markets (Pty) Ltd holds FSCA licence FSP 49769 as a Category we intermediary, working on an execution-only basis with no advice. It arranges your trades. FlareX FX (Pty) Ltd takes the other side, and the FAIS Disclosures spell that name a second way.

Why this matters

The FSCA number on every page covers the company that introduces you, not the one holding your market risk. Knowing which company owes you what matters on the day you need to make a claim.

Exhibit 16NoticeStandard wording

FlareX FX (Pty) Ltd. (hereinafter "FlareX "), is an ODP duly authorised by the Authority to originate, issue, sell, and/or make a market in OTC derivatives in accordance with the Financial Markets Act (No. 19 of 2012)
Clause 1.1.1 in ODP CLIENT AGREEMENT, p.2
Read from the broker's site on Open the reference

Where it sits: section 2 of 20 in the ODP CLIENT AGREEMENT, near the start.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

RCG Markets promises no hidden fees while its contract holds a 15% charge on withdrawals that appears on no marketing page.

Said in public, in English

We offer some of the lowest spreads in the industry, starting from 0.1 pips, with no hidden fees. Our transparent fee structure ensures you know exactly what you're paying for.

Answer to the FAQ question What are the trading fees and spreads at RCG Markets, on the Get Funded page

In the contract · clause 9.5

The imposition of the Inactive Fee shall be applied to a withdrawal made by the Client at an amount equal to 15% (fifteen per cent) of the value of the deposited funds.

02

One of the eight advertised account types is expressly outside the FAIS Act and contracted with a Vanuatu company.

Said in public, in English

Yes, RCG Markets is fully regulated with the FSCA and adheres to international financial standards to ensure your funds and trades are safe.

Answer to the FAQ question Is RCG Markets regulated and secure, on the Get Funded page

In the contract · clause 1.7

the Synthetic Instruments are novel, technical instruments and unregulated under the FAIS Act; that the Synthetic Instruments are not Financial Products; and, that the Client contracts directly with the Supplier of the Synthetic Instruments.

03

The page offers direct market access while the ODP agreement says the counterparty's revenue comes from client net losses.

Said in public, in English

We offer direct market access for the execution of trades for various CFD's and FX for individuals (retail traders/speculators), professional money managers (Hedge Fund Managers) and Corporates (Investment Firms).

Get To Know Us Officially section of the RCG Markets Offering page

In the contract · clause 11.1.5

For the avoidance of any doubt, revenue is derived from the ODP Client’s net losses in terms of FlareX’s prevailing license conditions.

04

The advertised maximum leverage is ten times the level the contract says may actually be made available.

Said in public, in English

1:2000

Max Leverage column for the RCG CLASSIC account on the Account Types table, repeated as a headline statistic on the home page

In the contract · clause 13.2

Leverage of up to 1:200 may be made available to Clients subject to RCG Markets’ internal risk, operational and compliance criteria. Any Leverage in excess of 1:200 is not automatically available and may only be granted upon the Client’s request, subject to further assessment and approval by RCG Markets in its discretion.

05

RCG Markets advertises deposit bonuses and two bonus account types while publishing no bonus terms anywhere.

Said in public, in English

Yes, we frequently offer promotions, such as deposit bonuses and trading competitions.

Answer to the FAQ question Are there bonuses or promotions for RCG Markets clients, on the Get Funded page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of rcgmarkets.com

In the contract · clause 2.1.11

“Bonus Arbitrage / Wash Trading” means use of promotional credits, bonuses, or coordinated accounts to create artificial turnover or risk-free profits.

What changed quietly

This is our first reading of RCG Markets, so there is no earlier version of this page to compare it against.

  • ADDEDClause 9.3 to 9.5 · 2025-08-22 archived copy to 7th version

    The 15% withdrawal charge for insufficient trading is new and had no equivalent in the August 2025 agreement.

    The imposition of the Inactive Fee shall be applied to a withdrawal made by the Client at an amount equal to 15% (fifteen per cent) of the value of the deposited funds.

  • REWRITTENClause 9.2 · 2025-08-22 archived copy to 7th version

    RCG Markets shortened the dormancy trigger from three months to two.

    for a period of 2 (two) months or longer, shall be treated as dormant and subject to the following penalties, fees and charges payable to RCG Markets, namely –

  • REWRITTENClause 9.2.1 · 2025-08-22 archived copy to 7th version

    The monthly dormancy penalty moved from ten rand to ten US dollars, many times the previous amount.

    a penalty fee in the amount of 10 USD (Ten United States Dollars) or the equivalent in ZAR (South African Rand) shall be applicable to the Client’s Trading Account, which shall be charged by and accrue to RCG Markets for each month that the Trading Account remains dormant and deducted from the Balance in such dormant Trading Account;

  • REWRITTENClause 9.2.2 · 2025-08-22 archived copy to 7th version

    The balance RCG Markets can keep on closing a dormant account rose from ten rand to ten US dollars.

    any dormant Trading Account holding a Balance of 10 USD (Ten United States Dollars) or the equivalent in ZAR (South African Rand) or such lesser amount, shall be closed and/or archived by RCG Markets and the Client shall forfeit all right and entitlement to such Balance; and,

  • ADDEDClause 2.1.44 · 2025-08-22 archived copy to 7th version

    Scalping was banned before but never defined. It now means any trade closed inside 10 minutes.

    “Scalping” means the Prohibited Trading Practice where a Client enters and exits a Trade or position within a period of less than 10 minutes during Active Trading times;

  • ADDEDClause 13.2 · 2025-08-22 archived copy to 7th version

    The August 2025 agreement had no leverage clause at all. The new one caps automatic leverage at 1:200.

    Leverage of up to 1:200 may be made available to Clients subject to RCG Markets’ internal risk, operational and compliance criteria. Any Leverage in excess of 1:200 is not automatically available and may only be granted upon the Client’s request, subject to further assessment and approval by RCG Markets in its discretion.

  • ADDEDClause 1.7 · 2025-08-22 archived copy to 7th version

    The referral of Synthetics clients to an offshore supplier is new since August 2025.

    For Clients who are interested in Synthetic Instruments, RCG Markets refers Clients to its Supplier of Synthetic Instruments exclusively in terms of Synthetic Terms and Conditions located on the Website.

  • REWRITTENClause 18.1 · 2025-08-22 archived copy to 7th version

    Both sides once had 30 days to walk away. RCG Markets cut its own notice period to seven and left the client at 30.

    RCG Markets may at any time terminate this Agreement by giving 7 (Seven) Days’ notice in writing to the other Party.

  • REMOVEDClause 2.1.30 · 2025-08-22 archived copy to 7th version

    The defined term for the order execution policy was deleted, leaving only a passing mention at clause 1.3 of a document the site does not publish.

The documents this reading is based on

9 files, all published by RCG Markets. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording RCG Markets publishes.

How this reading was done

Every clause above was read out of a document RCG Markets publishes itself

This reading was published on .

Documents
8 of 9downloaded from the broker's site, and 8 read in full
Pages opened
23pages walked to find those documents, footer links included
Older copies
8earlier versions downloaded, 7 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says
Position measured
16clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

RCG MARKETS (PTY) LTD

RCG Markets (Pty) Ltd holds FSCA licence FSP 49769 as a Category we intermediary. That licence lets it arrange your trades. It does not let the company be the other side of them. The other side is FlareX FX (Pty) Ltd, the over-the-counter derivatives provider named in the ODP Client Agreement, which gives the same Sandton building RCG Markets uses as its address. The FAIS Disclosures spell that company's name a second way, as Flare FX (Pty) Ltd. Trade Synthetics and you contract with a third company, Primus Markets INTL Ltd of Vanuatu, under Vanuatu law, on a product the FSP Client Agreement says the FAIS Act does not cover.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

RCG Markets puts all nine of its legal documents on one page and lets anyone download them without an account. The ODP Client Agreement states in writing that the counterparty's revenue comes from client net losses, which most brokers never admit anywhere. The FAIS Disclosures name the product supplier and say RCG Markets takes more than 30% of its income from it. Clauses 12.8 to 12.10 commit to holding your money in a segregated bank account, kept apart from the firm's own. The complaints policy names the FAIS Ombud and prints its address, phone and email, so a real statutory route exists when RCG Markets says no.

We could not open the complaints policy. Its words do not come out of the file in readable form, and the copy on the RCG Markets site is that same file, so nothing here is quoted from it. We read the other eight current documents end to end. Seven of the eight earlier copies are the same file as the one published today, so we checked those by fingerprint instead of reading them again. The one earlier copy we read in full is the August 2025 FSP Client Agreement. RCG Markets publishes in English only, so there was no other-language marketing to hold against the English contract. Three policies the contract binds you to, covering withdrawals, order execution and risk disclosure, are not published anywhere on the site, so we could not read what they say.

How to check any of this yourself

Every quote above links to the RCG Markets file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document RCG Markets publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge RCG Markets on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Sep 23, 2026.

If you represent RCG Markets and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on RCG Markets. Whether its licence is real and current is a separate check on the broker profile.

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