Royal Noble Group – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Royal Noble Group - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2021
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://royalnoblegroup.com
Founded: 2020
Regulations: Unregulated
Languages: English
Deposit Methods: E-Wallets (Unspecified), Credit Cards, Debit Cards, Wire Transfers
Minimum Deposit: $200
Free Demo Account: Unavailable
Number of Assets: Not Specified
Types of Assets: Stocks, Indices, Foreign Currencies, Cryptocurrencies, Commodities
Trading Accounts and Conditions
Royal Noble Group offers its clients the following account types:
- Basic: The minimum deposit is up to 2499 Euros. Leverage for cryptos is 1:1-1:2 and 1:50 for forex.
- Silver: The minimum deposit ranges from 2500 Euros to 9,999 Euros. Leverage for cryptos is 1:3-1:5 and 1:100 for Forex.
- Gold: The minimum deposit ranges from 10,000 Euros to 74,999 Euros. Leverage for cryptos is 1:5-1:10 and 1:100 for Forex.
- Platinum: The minimum deposit ranges from 75,000 Euros to 149,999 Euros. Leverage for cryptos is 1:10-1:20 and 1:100 for Forex.
- VIP: The minimum deposit starts at 150,000 Euros. Leverage for cryptos is 1:10-1:20 and 1:100 for Forex.
- ALGO Fund: The minimum deposit starts at 10,000 Euros. Leverage for cryptos is 1:8-1:16 and 1:200 for Forex.
The spread is variable according to the broker. Commission for cryptos range from 1.5% to 5%.
Royal Noble Group – Advantages
We could not find anything positive to list about Royal Noble Group.
Royal Noble Group – Disadvantages
Here are all the problems we have identified in this broker:
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Anonymous Unregulated Broker
Royal Noble Group claims to be incorporated in the Commonwealth of Dominica. However, the only hint we get of this is a single reference in its Terms and Conditions, where the broker states that it is governed by the laws of this country.
The concern we have is that the Commonwealth of Dominica does not have any regulatory framework in place to govern forex brokers. Because of this, Dominica has become a popular destination for scammers.
Now, this broker has not mentioned the name of the company that operates it. It also hasn’t provided us any physical address, so the location of Dominica is just an assumption based on the reference made by this broker.
The broker has provided us with a telephone number, but it is a UK-based one. This leads us to suspect that this broker is targeting traders in the UK, which is illegal. To operate a forex brokerage for UK customers or even EU customers, a broker needs to be regulated by the FCA (Financial Conduct Authority) in the UK or a European regulator. This broker is regulated by neither. Which means that it is operating illegally.
All in all, what we have found out is that this broker is operating anonymously and without proper regulation, which means that it is most probably a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Browser-Based Trading Platform
Royal Noble Group does not even provide its customers with a decent trading platform such as the MetaTrader 4 software. This software offers trader a range of features that make trading so much more effective – Expert Advisors, charting and market analysis tools, financial calendars, a massive third-party marketplace, and so on.
Instead of this fantastic software, what you will get with Royal Noble Group if you sign up with them is an over-simplified web-based trading platform in which the most you can do is just buy and sell assets. The chart on this platform has been provided by a third party.
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Issues with Trading Instruments
Another problem we have is with this broker’s trading instruments. Firstly, there are very few of them. Most brokers ensure that there is a wide range of trading instruments for their clients. Here, there are just a handful.
Next, the only way you can trade these instruments is through cryptocurrencies. And the BTC (Bitcoin) spreads are so tight that we can say that these prices have manipulated with almost complete certainty. A 1-cent spread is just too tight to be true.
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High Commissions
Royal Noble Group charges commissions that are absurdly high. For the basic account, the commission for a crypto trade stands at 5%, which makes the cost of trading much too high.
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High Leverage
This broker also offers very high leverages, which is another black mark against it. In the European Union, the maximum leverage for cryptocurrency trading is capped at 1:2, and the UK does not even allow crypto derivatives trading. Therefore, a leverage of 1:16 is illegally high, not to mention extremely risky.
Now, this broker also states that it offers its customers a maximum leverage of 1:200 for forex pairs. Considering the fact that the maximum leverage for individual traders in the UK is 1:30 and 1:40 in the EU, the leverage offered by this broker is simply illegal – and, of course, risky.
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Unfair Terms and Conditions
This broker has some very unfair terms and conditions. For example, the minimum withdrawal requirement for Credit and Debit cards is $100, which is not right. Next, if you ask for a withdrawal within 14 days of having made your initial deposit, then you will be charged a $100-fee for this withdrawal. It gets worse. Your account will be marked inactive if you have not traded on it for just 90 days. Then, you will be charged either 10% of the balance in your account or $100 – whichever is higher!
This broker also baldly states that it reserves the right to reject a withdrawal request at any time.
Finally, this broker does not specify what fees it will charge to its customers; all it does say is that it reserves the right to charge you fees. This kind of vagueness is typical of scammers.
Conclusion
Once again, we are faced with a scammer that is out to get unwary traders’ money. Royal Noble Group is not a broker you can trust. It would be best to find another broker, one that operates legally.
Royal Noble Group
Pros
- None
Cons
- Anonymous Unregulated Broker
- Browser-Based Trading Platform
- Issues with Trading Instruments
- High Commissions
- High Leverage
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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