Introduction

Renesource Capital is a brokerage firm based in Latvia, offering a variety of financial services including Forex trading, commodities, derivatives, and equity trading. The company has been in operation since 1998, making it one of the oldest brokerage firms in the Baltic region. However, being an old player in the market does not necessarily translate to being the best. This review will delve into the firm’s operations, services, and customer feedback to provide a comprehensive overview of Renesource Capital.

Regulation and Safety of Funds

Renesource Capital is regulated by the Financial and Capital Market Commission (FCMC) in Latvia. This regulatory body is responsible for the supervision of financial markets in Latvia, ensuring that companies comply with financial regulations and standards. While this provides some level of assurance, it is worth noting that Latvia’s regulatory environment is not as stringent as those in other regions such as the UK or the US.

Trading Platforms and Tools

Renesource Capital provides access to several trading platforms, including the popular MetaTrader 4. While this platform is loved by many traders for its user-friendly interface and advanced trading tools, it is somewhat dated. Many brokers are now offering MetaTrader 5, which offers additional features and capabilities.

Additionally, Renesource Capital offers the Currenex platform, which is more suited to experienced traders due to its complex interface and advanced trading tools. The lack of a proprietary trading platform may be a disadvantage for some traders, as these often offer more customization and unique features.

Account Types and Trading Conditions

Renesource Capital offers a variety of account types, including Individual, Corporate, and Professional accounts. While this provides some level of flexibility, the firm’s trading conditions are not particularly competitive. The minimum deposit requirement is significantly higher than many other brokers, which may be prohibitive for beginner traders or those with a smaller trading budget.

Moreover, the firm’s spreads are not the most competitive in the market. While they offer variable spreads, the average spread for major currency pairs is higher than what is offered by many other brokers.

Customer Service

Customer service is a key component in the brokerage industry. Renesource Capital provides customer support via phone and email. However, they do not offer live chat support, which is a common and convenient method of customer service offered by many other brokers.

Education and Research

Renesource Capital provides some educational resources, including a Forex glossary and a basic introduction to Forex trading. However, compared to many other brokers, their educational resources are somewhat lacking. They do not offer webinars, video tutorials, or detailed educational courses, which can be a disadvantage for beginner traders.

Conclusion

While Renesource Capital has been in the brokerage business for a long time and is regulated by the FCMC, there are several areas where the firm falls short. Their trading conditions are not the most competitive, they do not offer a proprietary trading platform, and their customer service and educational resources are somewhat lacking. Therefore, while they may be a suitable choice for some traders, there are other brokers in the market that offer more competitive services and resources.