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RBC Capital Markets Review

 

RBC Capital Markets is a Canadian investment bank, which is an affiliate of the Royal Bank of Canada, the sixth-largest bank in North America.

Finding a reputable RBC Capital Markets review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth review of RBC Capital Markets to help you make an informed decision before opening your account or trading on their platform.

RBC Capital Markets caters to high net worth corporations, institutional investors, asset managers, private equity firms, and governments around the globe.

As such, RBC Capital Markets has become well recognized by these entities as an innovative, trusted partner with in-depth expertise in capital markets, banking, and finance.

The bank is well-established in the largest, most mature capital markets across North America, Europe, and the Asia Pacific region, which collectively encompasses 80% of the global investment banking fee pool.

RBC Capital Markets affiliate, Royal Bank of Canada is one of the largest banks in the world and the fifth-largest in North America, as measured by market capitalization.

With a strong capital base and consistent financial performance, RBC is among a small group of highly-rated global banks.

RBC Capital Markets has a long history dating back to 1900 when it was first established as Dominion Securities Corporation Limited, a small investment firm.

The company went on to earn a solid reputation for client service and market excellence by laying the foundation for the Canadian bond market and expanding its expertise across the globe.

Today, the company operates as RBC Capital Markets – an innovative, trusted partner, which provides a focused set of products and services to corporations, institutional investors, asset managers, private equity firms, and governments around the world.

With more than 7,200 professionals, RBC Capital Markets operates out of 70 offices in 15 countries across North America, the UK, Europe, and the Asia-Pacific region.

 

Awards and Recognition

RBC Capital Markets’ teams of product and sector experts are regularly recognized for their depth of knowledge, experience, and performance. Below are some of the awards RBC Capital Markets has recently received:

  • Best Investment Bank in Canada, Euromoney Awards for excellence (2019)
  • #1 Overall Equity and Research Analyst Firm in Canada, Institutional Investor (2019)
  • Share and Quality Leader in Canadian Equities and Fixed Income, Greenwich Associates (2019)
  • SONIA issuer of the year, MTN-I (2019)
  • RBC Investors Solutions Award for Canadian Provinces Global Distribution, MTN-I (2019)

 

RBC Capital Markets Accounts

Prospective traders need to make an effective study of the various account types which a broker may offer, as often these accounts are designed to suit the specific needs of certain trader experience levels and strategies.

The forex industry is populated by a vast array of traders with various trading needs, which most brokers aim to meet through the provision of suitable accounts. These may include commission-free accounts, low spread accounts, and managed accounts.

On the other hand, some brokers will offer one standard account type which aims to target a certain group of clientele.

Traders should also seek out brokers who offer a free demo account, as this will allow them to conduct a test run of the broker’s features before deciding to sign up for a live trading account.

 

 

RBC Capital Markets Types of Accounts and Their Features

RBC Capital Markets positions itself more towards professional and institutional investors over the short and long-term, and as such does not offer the typical accounts found with many other pure forex brokers.

To this end, RBC Capital Markets offers managed investment accounts, as well as cash or margin accounts, which are structured according to the following account types:

  • RRSP
  • RRIF
  • TFSA, and
  • Cash or Margin Accounts

 

These accounts are also available as a demo version, which allows prospective clients to first explore the various account features before signing up for a live account.

As such, a demo account is an excellent means for traders to first decide if the bank or broker’s offering suits their trading strategy before investing with them.

With global resources, RBC Capital Markets can deliver competitive pricing, consistent liquidity, and efficient execution.

The bank’s trading book is passed among its Toronto, London, Sydney, and Hong Kong desks as different global markets open and close.

The bank operates out of 10 desks around the world, providing localized support for a specific currency and emerging market needs, while its global infrastructure ensures the highest level of service and execution quality.

 

Deposits and Withdrawals

Operating as an investment bank, it appears that RBC Capital Markets accepts direct deposits and withdrawals into existing accounts, whose deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”).

FDIC insurance covers Deposit Account balances at a Program Bank up to $250,000 per depositor in each recognized insurable capacity, subject to FDIC rules for aggregate deposits.

RBC Capital Markets has established a limit on the number of your available cash balances that will be deposited into the Deposit Accounts at each Program Bank reflecting the FDIC limit.

When funds are first available for deposit, RBC CM, as your agent, will establish Deposit Accounts consisting of a money market deposit account and a linked transaction account.

This includes either a negotiable order of withdrawal account or a demand deposit account at one or more of the Program Banks on your then-current Priority List in the order set forth on the Priority List.

Once your funds in the Deposit Accounts at a Program Bank reach the Deposit Threshold, the bank will open an MMDA and Transaction Account for you at the next Program Bank on your Priority List and place your additional funds in that Program Bank.

Unless your Account is a Standard Account or Standard Checking Account, in which available cash balances under $1,000 in your Account will be swept weekly, available cash balances will be swept to Deposit Accounts daily.

As a bank that positions itself more to trading and investments from institutional and professional investors and traders RBC Capital Markets requires a high minimum deposit of $ 100 000.

 

Cost and Fees, Commissions and Spreads

As an investment bank that works specifically with corporations, banks, and high net worth clients RBC Capital Markets will most likely work out a tailored fee structure when setting up an account.

With regards to stock trading, RBC Capital Markets charges a flat rate of $9.95 per transaction. This commission decreases when traders complete more than 150 trades within a quarter to $6.95 per transaction.

As such, RBC Capital Markets works on a volume-based commission structure, so that high volumes receive lower commission charges, and vice versa.

The bank does not charge any account maintenance fees, which many other brokers do, unless the account balance drops below $15,000, after which the bank will deduct a $25 fee per quarter.

 

Leverages

RBC Capital Markets uses leverage finance to help its clients raise the capital necessary to grow and compete successfully and provide outstanding credit investing opportunities.

With specialized professionals in Leveraged Finance, Loan Capital Markets, High Yield Capital Markets, Project Finance, and Mezzanine Finance, the bank provides seamless transaction execution, and the expertise to effectively position financings to the market.

As such, Leveraged Finance platform is an integrated, global operation with significant expertise in structuring financings across a wide spectrum of non-investment grade debt products.

The bank offers a full suite of debt products including first lien and second lien credit facilities, asset-based revolving credit facilities, high yield bonds, bridge facilities, and mezzanine financing to assist clients in raising capital for several acquisitions.

These include leveraged buy-outs, refinancings and recapitalizations, project financing, and other purposes.

However, exact leverage ratios about forex trading specifically are not outlined on the broker’s website, and would most likely have to be ascertained in the consulting phase of opening an account.

 

Bonuses

RBC Capital Markets does not appear to offer any bonuses or incentive schemes, which is not surprising considering that it is positioned towards corporations, professionals, and high net worth traders.

Typically, brokers which offer such schemes are positioned more towards smaller retail traders, of which the competition for new clients is more diverse than with the more exclusive offering of RBC Capital Markets.

 

Trading Platforms, Software, and Its Features

RBC Capital Markets provides its own proprietary trading platform, RBC DX, which is fast, secure, and flexible.

RBC DX provides an end-to-end response to your foreign exchange trading requirements. From insightful research on the latest currency market trends to the execution and tracking of your trade, RBC DX delivers everything you need to succeed.

RBC DX™ offers a leading-edge trading platform that provides advanced foreign exchange trading features and competitive pricing.

 

Benefits include:

 

  • Research

Direct access to the information and research you need to make informed decisions about your foreign exchange trades.

  • Execution

Customizable dealing screens are your window to efficient execution.

  • Confirmation

RBC DX trade blotter tracks both real-time and historic trading activity.

  • Settlement

Instantly export individual transactions or the entire contents of your trade blotter.

 

Features include:

  • Competitive exchange rate quotes
  • Fast, convenient trades
  • Customizable workspace
  • Extensive trade history archive

 

Markets, Products, and Instruments

RBC Capital Markets offers the trade in several financial instruments, including:

  • Forex
  • Commodities
  • Equities
  • ETFs
  • Mutual Funds
  • Stocks, and
  • Options
  • Commodities

RBC Capital Markets provides access to all the major commodity markets including crude oil, natural gas, carbon emissions, metals, and agriculture.

The broker’s Equity Research Team, comprising analysts and associates which operate across North America, the UK, Europe, and the Asia-Pacific region provide detailed support regarding equity trading.

In terms of forex, RBC Capital Markets provides client-focused forex solutions that include emerging market currencies.

 

 

Safety and Regulation

RBC Capital Markets provides a safe and secure trading environment through its regulation by the Investment Industry Regulatory Organization of Canada (IIROC).

The Investment Industry Regulatory Organization of Canada is a non-profit, national self-regulatory organization (SRO).

Established through the merger of the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. (RS) on June 1, 2008, the IIROC oversees all investment dealers and trading activity on debt and equity markets in Canada.

The organization sets regulatory and investment industry standards and has quasi-judicial powers in that it holds enforcement hearings and has the power to suspend, fine and expel members and registered representatives, such as advisors.

The IIROC operates under Recognition Orders from the Canadian Securities Administrators (CSA), which is the umbrella for Canada’s provincial and territorial securities regulators. IIROC is subject to CSA oversight and regular operational reviews.

As part of the client protection measures afforded under this regulation, client funds are held in segregated accounts to ensure they are not financially mismanaged.

Client funds are also further secured by RBC Capital Markets is a member of the Canadian Investor Protection Fund, which covers clients in the case of broker insolvency.

 

Customer Support

RBC Capital Markets provides very limited customer support directly through its website, consisting only of telephone numbers for its global offices. The broker does not offer a live chat option or a direct email address.

That said, excellent customer support is provided after an account is opened, in the form of personal managers and technical support, who work to ensure that the broker’s high-end clients have all their trading strategy requirements met.

 

Research

RBC Capital Markets provides comprehensive research tools through the Insights section of its website. Here, investors and traders can peruse updated research and analysis provided directly by the broker’s team.

 

Strategy and Economics

In this section of the website, the RBC Capital Markets global team of economists and investment strategists highlights broader trends influencing markets by providing detailed economic analysis and forecasts for regions around the world.

Those insights are complemented with forward-thinking ideas and clear recommendations to help clients create value across their portfolios and different asset classes.

 

RBC Research

The broker’s award-winning research team features over 250 professionals worldwide who focus on equities and Canadian credit research.

The goal: to help investors better understand and assess the market opportunities available.

 

RBC Insight

RBC Insight is a proprietary portal for original research, thoughtful perspectives, and fresh inspiration to drive profitable investment ideas, which is exclusively available to clients of RBC Capital Markets.

Here, the research team digs into market trends and economic developments and assesses the latest investment risks and opportunities, so that clients can get the pulse on today’s fast-changing markets.

This award-winning research team of economists, analysts, and strategists can help traders and investors to make the most informed decisions.

Additional features include:

  • Extensive collection of strategy and research papers
  • In-depth market analysis – covering equities, fixed income, foreign exchange, and more
  • Economic Reviews
  • Research Commentaries
  • Interactive tools to customize your experience

 

Education and Training

RBC Capital Markets offers little to no educational or training resources, which is not surprising, as the broker is directed towards corporations, institutions, and high-value professional traders.

As such, these clients are expected to already have the necessary insight and experience to be able to execute successful trade and investment strategies, while also being able to meet the high minimum deposit requirement.

The broker does offer tailored and support for these clients to help them meet their trading and investment goals, but this is however not suited to smaller retail or beginner traders.

 

Conclusion

RBC Capital Markets provides an excellent investment and trading environment for institutional and professional traders but is not at all suitable for smaller retail or beginner traders.

The broker uses sophisticated data and analytical tools to optimize its sales force and develop new, innovative trading products for clients.

 

Disclaimer

Risk Warning: The Company also offers CFD products which are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with GCI Trading.

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Cryptocurrencies are complex, high-risk, and volatile and may result in the loss of all invested capital over a short period of time; they are not appropriate for all investors.

Investors must understand and acknowledge these specific characteristics and risks and be warned that there is no EU regulatory framework governing trading in cryptocurrency products.

CFDs and Forex are not only complex instruments, but they also have a high level of risk which may result in loss of funds that exceed the trader’s initial deposit.

Traders need to evaluate their objective, level of risk exposure and willingness to be exposed to risks.

 

 

RBC Capital Markets at a Glance

Broker’s name RBC Capital Markets
Headquarters Toronto, Ontario
Year founded 1900
Regulating authorities Investment Industry Regulatory Organization of Canada (IIROC)
Countries not accepted for trade This is not indicated
Demo account Yes
Islamic account (swap-free) No
Institutional accounts Yes
Managed accounts Yes
Maximum leverage Not indicated
Minimum deposit $ 100 000
Deposit options Direct deposit

 

Withdrawal options Direct Deposit

 

Platform(s) provided RBC DX
OS compatibility Mac, Microsoft Windows, Mobile, Web, iPhone
Tradable assets Forex, commodities, equities, ETFs, stocks, options, and mutual funds
Languages supported on the website English, French
Customer support languages Multilingual global support
Customer service hours 24 hours, 7 days a week

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with RBC CAPITAL MARKETS?

RBC Capital Markets offers a variety of financial instruments, which include the following:

  • Forex
  • Commodities
  • Equities
  • ETFs
  • Mutual Funds
  • Stocks, and
  • Options

 

Which platforms are supported by RBC CAPITAL MARKETS?

RBC Capital Markets provides the proprietary RBC DX platform

 

Does RBC CAPITAL MARKETS offer leverage?

Yes, RBC Capital Markets offers leveraged trading, though exact ratios are not provided

 

What spreads can I expect with RBC CAPITAL MARKETS?

While the broker does provide trading in forex and commodities, there is no indication of the type of spreads offered

 

Does RBC CAPITAL MARKETS charge commission?

Yes. Commissions are charged at $9.95 per transaction when trading or investing in stocks. This can however be decreased to $6.95 when 150 trades are made in a quarter.

 

Is RBC CAPITAL MARKETS regulated?

Yes, RBC Capital Markets is regulated by IIROC in Canada

 

Is RBC CAPITAL MARKETS a recommended forex trading broker for experts and beginners?

No, RBC Capital Markets is positioned for corporations, institutions, and high net worth professional traders

 

What is the overall rating out of 10 for RBC CAPITAL MARKETS?

8/10

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.

 

Does RBC CAPITAL MARKETS offer a demo account?

Yes

 

Can I convert my demo account to a live trading account with RBC CAPITAL MARKETS?

Most demo accounts are available for 30 days, though this information is not provided directly from the broker’s website

 

Which live trading accounts do RBC CAPITAL MARKETS offer?

  • RRSP
  • RRIF
  • TFSA, and
  • Cash or Margin Accounts

 

What are the available deposit currencies for a live trading account?

CAD, USD

 

Deposits and Withdrawals

 

What is the minimum deposit for RBC CAPITAL MARKETS?

$ 100 000

 

How do you make a deposit and withdrawal from RBC CAPITAL MARKETS?

  • Direct Deposits and Withdrawals

 

The same method that was used to fund an account must usually be used to withdraw money again and monies will only be refunded to accounts that carry the same name as the trading account with RBC Capital Markets.

 

Does RBC CAPITAL MARKETS charge withdrawal fees?

Yes, but more information regarding this fee structure must be ascertained when opening an account

 

How long does it take to make a withdrawal?

This will depend on the method through which withdrawals are made along with the process involved and generally it can take between one and several business days.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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