Heard of Royal-forex.com trading platform? Really want to find more details? Read Royalfx reviews to know why this broker lacks credibility.
This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
What is Royalfx?
Royalfx otherwise known as Royal-forex.com is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
What We Discovered about Royalfx Regulation
First of, Royalfx presents an office address in United Kingdom. This broker, however, doesn’t mention if it’s regulated by the local Financial Conduct Authority (FCA).
To clear the suspicion, the Financial Conduct Authority (FCA), the regulatory body in the United Kingdom, has not only uncovered Crypto Trade’s fraudulent practices but has also taken a proactive stance by issuing a warning. This advisory labels Crypto Trade as an unauthorized entity.
As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit.
Furthermore, this broker does not offer money back guarantee which means trading on such platform is clearly putting your funds at a risk of scam.
It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Royalfx Minimum Deposit for Traders
The broker Royalfx specifies its minimum deposit $100 based on the account type. This is a fair start if only the broker is legitimate
In contrast, licensed FX brokers clearly spell out their regulations and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
Royalfx deposit says it accepts well-known payment methods – cryptocurrency and Credit/Debit card payments.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Royalfx offers web trading software. The platform comes with some basic tools and custom indicators but nothing more advanced.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Frankly, we say don’t consider doing that with an illegitimate forex broker like this one because you stand the chance of losing your money.
Royalfx Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that Royal-forex.com which goes by the domain name, Shopcryptobroker.com is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Royalfx appears like a trustworthy trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
Please share with us your experience in the comment section below. Thank you!
Last Updated on August 14, 2023 by Danny