Renesource Capital Review 2020
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.
Renesource Capital Review 2020, 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
In this detailed Renesource Capital review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Renesource Capital is not ranked in our best forex brokers, best stockbrokers, best CFD brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Renesource Capital.
Renesource Capital Review: 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.
Renesource Capital Review: 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 Review: Countries
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).
Some Renesource Capital broker features and products mentioned within this Renesource Capital review may not be available to traders from certain countries because of legal restrictions.
Renesource Capital Review: Trading Platforms
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.
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.
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 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.
QUIK trading platform is a multifunctional trading terminal and one of the most used systems for trading securities on Russian Exchanges.
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 provides CQG for trading futures and futures options on currencies, indexes, bonds, commodities, metals and agricultural products.
Renesource Capital Review: Trading 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:
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.
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.
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.
Renesource Capital Review: 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.
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.
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.
There is a glossary page that explains most of the financial terminologies to try and make things easier for new traders.
Renesource Capital Review: Trading Instruments
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.
Renesource Capital Review: Trading Accounts & Fees
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
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
As broker fees can vary and change, there may be additional fees that are not listed in this Renesource Capital review. It is imperative to ensure that you check and understand all of the latest information before you open a Renesource Capital broker account for online trading.
Renesource Capital Review: Customer Service
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.
Renesource Capital Review: Deposit & Withdrawal
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).
Renesource Capital Review: Account Opening
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.
Renesource Capital Review: 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.
Invest Responsibly: CFDs and FX are complex financial instruments and come with a high risk of losing money rapidly due to leverage. 53% of retail investor accounts lose money when trading CFDs and FX with Renesource Capital AS IBS. You should consider whether you understand how CFDs and FX work and whether you can afford to take the high risk of losing your money. The value of your investments can go down as well as up.