Updated on March 25, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding RCPro due to the issues we've identified.
Is RCPro Scam or Legit Broker? ▲
Upon thorough examination, it has become clear that RCPro operates as an unregulated broker. This entity, under the ownership of GoldTech Media Services OU and based in Tallinn, Estonia, lacks appropriate regulatory oversight in Estonia or any other jurisdiction within Europe. The absence of any regulatory information signifies that RCPro does not possess the legal authorization to offer its financial services, marking a significant cause for concern regarding its legitimacy and the safety of trading with this broker.
Regulatory Status
Registered in: Estonia
Type of License: No License
Is RCPro safe to trade: No
Recommended Licenses: FCA in the UK & ASIC in Australia
The lack of regulation is a glaring red flag, highlighting the potential risks involved in engaging with RCPro. Trading with a broker that fails to comply with regulatory requirements can expose traders to numerous risks, including the lack of fund protection mechanisms and recourse in the event of disputes.
RCPro's affiliation with GoldTech Media Services OU, a company notorious for its connection with other blacklisted unregulated brokers such as S2Trade and Glenmore Investments, further exacerbates the concerns regarding its credibility. These associations have led to multiple blacklisting instances by authoritative bodies such as the UK's Financial Conduct Authority (FCA) and the Estonian Financial Supervisory Authority. The latter explicitly warned that GoldTech Media Services OU, and by extension RCPro, is not authorized to provide investment services within Estonia, as detailed in the following statement:
"Finantsinspektsioon (the Estonian Financial Supervisory Authority) would like to inform clients and investors that GoldTech Media Services OÜ (commercial registry code 14185919) does not hold an activity licence for the provision of investment services in Estonia and therefore GoldTech Media Services OÜ is not authorised to provide investment services in Estonia. The company offers the possibility to trade different derivatives through web page https://www.rcpro.com/."
This lack of authorization and the negative reputation associated with GoldTech Media Services OU's operations should serve as significant deterrents for potential investors considering RCPro.
In light of our comprehensive review and analysis, our firm recommendation is for investors and traders to steer clear of RCPro and similar unregulated brokers. The absence of crucial information regarding the broker's regulatory status, trading conditions, and contact details presents substantial risks that are not worth taking. The unfortunate reality is that entities like RCPro often engage in investment scams, preying on uninformed individuals.
Our findings underscore the importance of trading with brokers that adhere to strict regulatory standards. Well-regulated brokers, particularly those licensed by reputable authorities such as the FCA in the UK and ASIC in Australia, offer a significantly safer and more transparent trading environment.
RCPro Update
It has come to our attention that the RCPro website is no longer active, indicating that the broker has ceased its trading services. Despite this development, we urge caution and advise against any engagement with proposals that may arise from this broker in the future. The discontinuation of RCPro's online presence does not negate the need for vigilance, especially when dealing with unregulated and potentially fraudulent entities.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
RCPro Review 2024
