Renesource Capital Review

Richard Montana | March 25, 2022

Renesource Capital is the oldest and the largest investment brokerage company in Latvia that is not affiliated to a bank. Founded in 1998, the company is a multi-service brokerage firm with more than 20 years’ experience in the financial and capital markets, offering a wide range of services, including spot and forward forex trading, CFD trading, futures and options, broker-assisted trading, asset management, hedging and risk management, and custody and settlements.

Pros / Cons
  • Regulated brokerage
  • Multiple platforms
  • Access to a range of markets
  • $10 minimum deposit
  • No US clients
  • Bank wire payments only
  • No cryptocurrency trading
  • Few educational resources
  • Tedious account opening process

Summary

Renesource Capital is a household name in Latvia when it comes to trading the financial markets. They offer online trading services in forex, stocks, ETFs, commodities, futures, options, and bonds through a wide range of trading platforms. The broker also provides asset management and other investment services. But there is room for improvement with their educational resources and payment methods.

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Regulation

Renesource Capital is registered in Latvia and is licensed by the Financial and Capital Market Commission (FCMC) as a professional participant in securities markets that conducts investment brokerage activities, with the license number: 06.06.04.114/118.2. Under Latvia’s Investor Protection Law, an eligble investor can get up to 90% compensation of the value of irreversibly lost financial instruments or damage caused by a non-executed investment service, but no more than €20 000.

As Latvia is a member of the European Union, Renesource Capital is also under the jurisdiction of the European Securities and Markets Authority (ESMA) and abides by all relevant EU regulations on the financial markets.

Renesource Capital offers their services to residents of the EU, as well as people from different parts of the world whose countries of residence allow online forex and CFD trading. The broker, however, states that their services are not directed to persons in jurisdictions where the offering, selling and/or distributing of these types of products and/or services is not legally allowed, including the United States of America (U.S).

Platforms

MetaTrader 4

The MetaTrader 4 (MT4) trading platform is one of the most popular choices for new and experienced traders, both for manual and algorithmic trading, and Renesource Capital offers the full spectrum of the platform. MT4 supports trading for forex, commodities, and CFDs.

Renesource Capital MT4 Platform

Renesource Capital MT4 Platform

MetaTrader 4 Mobile

MT4 for mobile devices allows traders to manage their trading accounts on the go through their smartphones. Apart from access to account history and account management, MetaTrader 4 Mobile provides users with a great variety of analytical indicators and charts. The app is available for both Android and iOS devices.

Renesource Capital MT4 Mobile

Renesource Capital MT4 Mobile

Integral

The Integral platform provides direct access to interbank liquidity and market depth by aggregation of quotes from institutional liquidity providers into a single interface. Renesource Capital partners with Integral, to bring clients’ orders directly to ECN Exchanges.

Currenex

Currenex is another platform that provides direct access to interbank liquidity and market depth. It provides a fast, efficient, and secure connection with access to Single Bank liquidity. Also, there’s the convenient customization of charts and the possibility to track your positions.

Renesource Capital Currenex

Renesource Capital Currenex

QUIK

QUIK trading platform is a multifunctional trading terminal and one of the most used systems for trading securities on Russian Exchanges.

Renesource Capital QUIK

Renesource Capital QUIK

J-Trader

The J-Trader platform is most popular for futures and options trading. It is simple and easy to use and provides one-click orders placement and the possibility to trade from one or several accounts — great for scalping and trading of large volumes.

Renesource Capital J-Trader

Renesource Capital J-Trader

CQG

Renesource Capital provides CQG for trading futures and futures options on currencies, indexes, bonds, commodities, metals and agricultural products.

Renesource Capital CQG

Renesource Capital CQG

Tools

The broker doesn’t seem to provide tools for social trading, but they offer a few specialized tools to help traders access their services:

FIX API

This tool helps traders to connect directly to the liquidity pool, reducing latency period and cost. With the FIX API, traders can implement certain trading strategies like high-frequency trading.

Equities DMA

With this tool, Renesource Сapital offers customers high-speed direct access to all main global stock markets, such as the New York Stock Exchange, Nasdaq, Toronto Stock Exchange, Euronext, London Stock Exchange, Hong Kong Stock Exchange, and others.

Voice brokerage

Renesource Capital offers voice trading as a part of their brokerage services suite. A trader who doesn’t have the opportunity to conclude transactions over a trading platform can use the Voice Trading service, and the service is totally free.

Education

Renesource Capital has a few resources on their website to educate their clients about investing in the financial markets. They include the following:

School of investors

The broker has links to educational resources published by the financial market regulators, and they recommend that investors read them to become more informed about the different aspects of online trading and the risks associated with it. There are links to the FCMC’s School of Customers and the ESMA’s Guide to Investing.

Order placement guide

This is a page on the broker’s website that discusses the different types of orders (market order, limit order, and stop order), what they mean, and how you can use them.

Renesource Capital Order Placement Guide

Renesource Capital Order Placement Guide

Bond ratings

This is a page on Renesource Capital’s website that discusses the ways bond rating agencies, such as Moody’s, Standard and Poor’s, and Fitch, classify bonds.

Renesource Capital Bond Ratings

Renesource Capital Bond Ratings

FAQ

The FAQ page on the broker’s website cover a range of different trading topics. This is a useful way to learn more about trading online and can provide instant answers to some of the more commonly asked questions.

Renesource Capital FAQ

Renesource Capital FAQ

Glossary

There is a glossary page that explains most of the financial terminologies to try and make things easier for new traders.

Markets

Renesource Capital offers both spot, forward, and swap contracts on the following instruments:

  • Forex: There are over 90 currency pairs, including the major, minor, and exotic pairs.
  • Equity indices: The broker offers CFD trading on the major equity indices.
  • Commodities: They offer trading in several commodities, especially metals and energies, including crude oil, jet fuel, diesel, and gasoil.
  • Stocks: Clients can trade stocks and stock options listed on major stock exchanges around the globe, including North American, British, European, Russian, and Asian stock markets.
  • ETFs: They also offer exchange-traded funds
  • Futures: There are futures and options on futures contracts linked to several futures exchanges including the CME Group, ICE, EUREX, TOCOM, BM&F Bovespa, Bursa Malaysia, etc.
  • Bonds: Clients can also trade Russian bonds.

The broker offers other services, such as asset management, hedging, advisory & training, and custody & settlements.

Accounts

Renesource Capital’s account types vary, depending on the trading platform — MT4 and Integral/Currenex. In all, they offer four account types for trading forex and precious metals.

MT4 account types

They are three:

  • FX Micro — Minimum deposit of $10 and maximum equity of $2,000, floating spread from 0 pips, 1:100 leverage, and zero commission
  • FX Classic — $500 minimum deposit, 1:100 leverage, floating spread from 0 pips, and zero commission
  • FX Pro — Minimum deposit of $1,000, floating spread from 0 pips, 1:100 leverage, and commission of $2.50 per Lot
Renesource Capital MT4 Account Types

Renesource Capital MT4 Account Types

Integral/Currenex account type

The only account type is FX Prime with the following features:

  • A minimum deposit of $50,000
  • Floating spread from 0 pips
  • Leverage of 1:40
  • $25.00 for 1 million USD
Renesource Capital Integral-Currenex Account Type

Renesource Capital Integral-Currenex Account Type

Support

Renesource Capital offers a multilingual customer support service via email, Skype, and telephone. There are different contact phone numbers for the various asset classes. The customer service team is available 24/5 to provide you with immediate support during trading hours, and you can also reach them through their social media handles on Facebook, Twitter, LinkedIn, and YouTube.

Funding

The only method that Renesource Capital accepts for transferring funds between the company and their clients is bank wire transfer. The processing time ranges from 1 to 3 days, depending on the transfer type (standard or express, transfer between Latvian banks or international bank transfer).

Signup

Opening an account with this broker can be a bit tedious. When you click on the ‘Open an Account’ button on the top right corner of their website, you will be asked to choose the account type — individual or corporate account — and whether you are a resident of Latvia.

For a non-resident private account, they require you fill a questionnaire, depending what you filled, you might be asked to fill and submit the following questionnaires:

  • QUESTIONNAIRE OF THE ULTIMATE BENEFICIAL OWNER (UBO) OF THE INDIVIDUAL CLIENT
  • STATUS QUESTIONNAIRE FOR A FAMILY MEMBER OF A POLITICALLY EXPOSED PERSON / FOR A PERSON WHO IS CLOSELY ASSOCIATED WITH A POLITICALLY EXPOSED PERSON (PEP)
  • QUESTIONNAIRE FOR THE AUTHORIZED PERSON OF THE INDIVIDUAL CLIENT

Other documents required are;

  • CLIENT’S STATEMENT ON DECLARED ACCOUNTS
  • “Application for entering into the Contract on rendering services on the Financial and Capital markets” (one copy)
  • “Contract on rendering services on the Financial and Capital markets” (two copies)
  • Customer’s confirmation on receiving and consent with the Company documents related to entering into the Contract and the provided investment services (one copy)
  • The W-8 BEN form (if you wish to trade the securities issued in the USA)
  • The original or a notarized copy of your passport
  • Appropriateness Test On Transactions With Complex Financial Instruments (FI)
  • The original document, confirming the place of residence, issued no more than 3 months ago

The documents can be submitted in person or by mail. If your document are approved, they will open an account in your name and send you a confirmation email. You can then fund your account and start trading.

Conclusion

Renesource Capital is a renowned investment firm based in Latvia. They offer online trading services on several instruments — including forex, stocks, ETFs, commodities, futures, options, and bonds — through a wide range of trading platforms. However, they have limited education resources, one payment method, and a difficult account opening process.

Min $10 Deposit

Renesource Capital is Latvian brokerage that offers online trading services in Forex, Stocks, ETFs, Commodities, Futures, Options & Bonds. They provide clients with a range of trading platforms but they could improve on their educational resources & payment methods.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

About the Author

Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.