Opinion about Rosenthal Collins Group for trading Commodities?
- Thread starter jayaraja
- Start date
Perhaps I'm in the minority, but I had a horrible experience with RCG. I had a 7-figure account with them before abandoning ship 2 months ago.
- ridiculous risk management policies, combined with very poor client management.
- very poor, circa 1995 web-based platform (have you seen their portal?).
- extremely poor technology/platform support, at least their "ehelp" department. (They have a better platform support department, if you can stumble on it.)
Oh, and after transferring out my account.. they've held on to about $1500 of my money for possible platform fees. Considering I paid around $15k in commissions every month, with previous monthly platform fees coming in at about $100 a month... that's pretty ticky-tack. And I'm still waiting for the rest of my money.
- ridiculous risk management policies, combined with very poor client management.
- very poor, circa 1995 web-based platform (have you seen their portal?).
- extremely poor technology/platform support, at least their "ehelp" department. (They have a better platform support department, if you can stumble on it.)
Oh, and after transferring out my account.. they've held on to about $1500 of my money for possible platform fees. Considering I paid around $15k in commissions every month, with previous monthly platform fees coming in at about $100 a month... that's pretty ticky-tack. And I'm still waiting for the rest of my money.
They had a pretty good band too. Remember this one? 
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No surprise. RCG must change their service attitude. I am talking about certain people at the firm which occur quite arrogant and snooty.
Also, no direct access to Asian Exchanges. They go through Newedge / Fimat.
I clear through them via Mirus / Zen-Fire....
...the web interface I have is 1990
Web based access to account info.... but then, I basically use it ONLY to download the account statement PDF files.
Never had an issue at all on the zen-fire side. Fast executions etc. I dont like the front end software (ninja trader), but that is not their fault (and i work on a replacement).
...the web interface I have is 1990
Web based access to account info.... but then, I basically use it ONLY to download the account statement PDF files.Never had an issue at all on the zen-fire side. Fast executions etc. I dont like the front end software (ninja trader), but that is not their fault (and i work on a replacement).
Ugh, was just informed by RCG that they're going to hold onto the balance of my so-called "platform fees" for at least 2 more weeks.
Just to go through the time line again:
- my last trade with RCG was mid August.
- transferred out my accounts late August.
- they told me they can't transfer out everything because of possible platform fees... they hold a balance.
- they tell me my funds will be released "end of September".
And now, unilaterally and without any justification, they're going to hold on to my money for 2 more weeks.
It's certainly not a lot of money, and it looks like NFA arbitration fees make it not worthwhile to file a claim... but just on principle alone, I'm seriously annoyed at the behavior of this firm.
Just to go through the time line again:
- my last trade with RCG was mid August.
- transferred out my accounts late August.
- they told me they can't transfer out everything because of possible platform fees... they hold a balance.
- they tell me my funds will be released "end of September".
And now, unilaterally and without any justification, they're going to hold on to my money for 2 more weeks.
It's certainly not a lot of money, and it looks like NFA arbitration fees make it not worthwhile to file a claim... but just on principle alone, I'm seriously annoyed at the behavior of this firm.
Maybe you should contact Steve Montgomery, Head of Compliance and Vice President...I am 110 % sure, he will explain to you how NFA / CFTC rules apply to any kind of platform fee witholding...
As it happens, 15 minutes after I threatened to take it to NFA arbitration... I was told the compliance officer authorized the immediate release of my funds.Quote from ASusilovic:
Maybe you should contact Steve Montgomery, Head of Compliance and Vice President...I am 110 % sure, he will explain to you how NFA / CFTC rules apply to any kind of platform fee witholding...