Is RCM FX a scam or legit broker?

No, it is not safe to trade with RCM FX. RCM FX is owned by Regal Core Markets Limited which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial establish capital which is $2,000 only, to pay a fee, and within a 2-3 month, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as IC Finance, OlympusMarkets and more. 

As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

The company doesn’t provide any contact address or phone number. Client or potential investors can only contact support team through the online request form, which doesn’t seem very reliable. Also, besides English language, the website supports Chinese language. Most probably RCM FX has been targeting Chinese residents (without being authorized in the country). 

We advise all investors and traders to avoid RCM FX and other brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and FXTM.

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