Regal Core Markets Review
Regal Core Markets (which operates under the domain rcmfx.com) is allegedly a forex broker, which also provides “derivatives” trading via an additional plug-in. Although we coudn;t get the plug-in running, we suspect this may be a binary options offering.
The Company. Security of Funds
Company Country Regulation
Regal Core Markets Ltd. Vanuatu VFSC
Regal Core Markets is registered in Vanuatu. Having the local VFSC license, does not give the company much credibility.
While we often warn against off-shore brokers, Vanuatu is probably the most dubious destination, a company can be registered in. The local authorities require $2,000 in capital, before giving a company the license to become a “Dealer in securities”. If you were to compare this to the AUD 1 million, which the Australian Securities and Investments Commission (ASIC) requires, you would get the point. This high of an entry barrier prevents scammers from attempting to register, as most of them simply do not have this kind of money.
Additionally, ASIC enforces segregation of client funds. This is a policy which prevents brokers from freely accessing their clients’ accounts and simply spending the money.
Other than the “derivative trader”, which we couldn’t start, another specific thing about Regal Core Markets is the fact they appear to be targeting the Chinese market. This is the only other language version of their website and a few sections are only available within it.
Minimum Initial Deposit
Regal Core Markets does not provide any information on the minimum initial deposit, which they require. This is rather unusual, as most brokers have such an entry barrier and are happy to disclose it. Some even use it as a marketing tool, like FXTM, where you can open a cent-account by depositing only $5.
Do keep in mind, this is an important criteria only if you are willing to open a small account. Veteran traders will tell you, this does not speak volumes in terms of a broker’s credibility and a serious trading strategy has to be adequately backed-up with a solid investment.
Average spreads & Commissions
Spreads at Regal Core Markets are fixed and start from 2.5 pips on EUR/USD. This is an extremely high level, given the current development of the industry. For instance, FX Pro has a fixed spread offering of 1.6 pips for this pair (and an even more attractive floating spread offer). Although spreads aren’t the most important aspect of a broker’s offering, they are also not worth underestimating, as trading costs can add-up over a long period of time.
The maximum leverage at Regal Core Markets is 1:500. This may seem like an absurdly high level, but in reality lots of brokers offer it, or even higher ratios. Some even use their leverage as a means of attracting new clients – XM provides 1:888, which is as dangerous, as it is catchy.
Beginners often underestimate the importance of risk management in trading. A higher leverage ratio does not imply, a broker is providing you with better trading conditions. A higher level simply means you can take bigger risks, as a portion of your total account balance. This can lead to big, massive losses, which the trader may not fully grasp, when placing the initial trade.
Regal Core Markets offers MetaTrader4 (MT4) to its clients. This is the most widely used currency trading platform. Many brokers prefer to use it, instead of developing their new in-house solution. MT4 offers great charting capabilities, while being relatively light on the hardware. That being said, its most unique feature is the programming environment – add-ons for the platform can easily be coded via the relatively simple MQL language. The most popular tools (which can be found at the MQL marketplace are technical indicators and automated trading systems, better know as Expert Advisors (or EAs).
Though MetaTrader is generally a great platform, we have some issues with the one provided bt Regal Core Markets.
Several of the currency pairs have massive spikes, which render them basically useless. They have all occurred on the same day and are indicative of trouble with the liquidity providers. The company should be able to restore a more workable version.
Methods of Payment
Regal Core Markets accepts payments via Bank Transfer, Credit/Debit Card, Skrill and China Union Pay. This is a solid lineup, covering the traditional methods, a popular western e-wallet and the most dominant payment system in China.
Regal Core Markets is an off-shore forex broker. Having a Vanuatu license is not that impressive. The company’s trading platform is currently experiencing technical issues. Furthermore, the broker is offering a “derivatives trading” (most likely binary options) platform, which also isn’t functioning properly.
Regal Core Markets Review Conclusion
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