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Franko Knavs
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Does Rand Merchant Bank (RMB) have any cons?

Broker Issues
RMB
Regulation
02-02
United States
WikiFX
Reply

One of the major drawbacks of RMB is that it is not independently regulated under its name, which could deter some potential investors. While FirstRand Group provides strong backing, this does not extend to RMB itself. Additionally, RMB caters primarily to corporate clients, providing services like advisory, financing, and private banking. Retail traders looking to open an RMB account for forex trading or engage in RMB trade in forex will be disappointed, as these services are not offered. RMB does not provide access to the forex market, and its lack of retail trading services is a significant limitation. Furthermore, the bank does not offer trading services in cryptocurrencies, and its focus remains on large-scale transactions, rather than catering to individual traders who may want to log in to an RMB account to engage in forex or crypto trading.

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