Royalarmyfx – Is It Safe to Trade?

Website URL: https://royalarmyfx.com/

Founded: 2019

Regulations: Not Regulated

Languages: English

Deposit Methods: Neteller

Minimum Deposit: $100

Free Demo Account: None

Number of Assets: No Information

Types of Assets: Foreign Currency Pairs, CFDs

Trading Accounts and Conditions

Royalarmyfx offers its trader 3 different types of accounts with which to trade –

• Basic Account: The minimum deposit requirement for this type of account is $100, with a maximum leverage of 1:1000 and a spread of 3 pips.
• Standard Account: The minimum deposit requirement to start trading on this account is $2,000, and it has a maximum leverage of 1:500, and a spread of 2 pips.
• Pro Account: To trade on this account, a minimum initial deposit of $5,000 is required. The account offers a leverage of 1:400 and a spread of 1 pip.

While these trading conditions look very attractive at first glance, it is best for you to read the rest of our review to understand why we consider Royalarmyfx an untrustworthy broker.

Royalarmyfx – Advantages

We ensure that all our reviews are fair, no matter what. So, here are the advantage so trading with Royalarmyfx:

• Support for MetaTrader 4 Trading Platform

This broker offers its customers the MetaTrader 4 trading platform. This is a point that we feel works in favor of the broker. The MT4 platform is the foremost trading interface in the world, with over 80% of the world’s traders using it.

The reason why the MT4 trading platform is so popular is because it is easy to use – both for the new traders as well as the experienced ones. The software has a range of features that make trading much easier, such as customizable charting tools, robots called Expert Advisors for automated trading, market indicators and so on.

• Minimum Deposit Requirement is Low

To be able to open an account with Royalarmyfx, you only need to deposit $100, which is on the lower end of the industry average. Most forex and CFD brokers require you to make a minimum deposit that ranges from $100 to $250. So, this requirement by this broker is a point in its favor,

Having said that, we would also like to point out that there are numerous reputed brokers in the market that have even lower minimum deposits requirements, with some of them as low as $5.

Royalarmyfx – Disadvantages

The advantages mentioned above are not enough to beat the disadvantages of trading with Royalarmyfx. Here are the reasons why it would be best for all traders to not do business with this broker:

• Not Licensed

Royalarmyfx claims that it holds a Trade Zone Authority License. This is a license by the Trade Zone Authority of the United Arab Emirates. The problem is that the financial body that regulates forex and CFD brokers is the Central Bank of United Arab Emirates (CBUEA) – for all the seven Emirates in the UAE.

There is no other institution in the region that is allowed to issue trading licenses.

The UAE’s Securities and Commodities Authority works with the CBUAE to enforce the stringent regulations laid out by the Central Bank. These are the only two regulatory bodies that deal with licenses related to Forex and CFD brokerages.

Therefore, this license that Royalarmyfx claims gives it the authority to offer financial services is basically bogus.

Plus500

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AvaTrade

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• Lack of Clarity about Corporate Information

Not only does Royalarmyfx not have a legitimate license to offer its financial services, there is also a serious lack of clarity about who runs this brokerage. The broker claims on its website that it is owned and operated by Royalarmyfx PTE LTD. This company is supposedly based out of and licensed in Dubai.

The confusion starts when the broker also states that it is also a part of something it has called an International Business Company. However, there are no corporate details give about this so-called company. All we know from Royalarmyfx’s website is that this company is registered offshore in the Seychelles.

To make the waters even murkier, the broker’s Privacy Statement mentions yet another company called Hotstar Markets. What the relationship between Royalarmyfx and this other entity is, is not known.

• Trading Bonuses Offered

Royalarmyfx is also offering its customers trading bonuses, which immediately raises alarm bells for us. Trading bonuses are highly controversial promotional offers that have been banned in most strongly regulated jurisdictions.

The reason for this is that these bonuses come with some very unfair withdrawal conditions. Traders who have availed of these bonuses usually end up having to meet ridiculously high trading volume targets before they are allowed to withdraw their own money. Most of the times these traders are unable to meet those conditions and so ending losing their money.

This is tactic that is the mainstay of brokers that are out to scam traders.

• High Spreads

Royalarmyfx gives its customers spreads that stand at 3 pips, which is much higher than the industry standard of about 1.5 pips. It is wise to remember that spreads are only favorable for traders if they are 1.5 pips or less.

• MT4 Platform Cannot be Downloaded

Despite the fact that Royalarmyfx offers the MT4 platform, we were unable to test it since there were problems with trying to download it. Added to that, when we did try to register an account with this broker, we were not able to.

Conclusion 

We would not recommend Royalarmyfx to any honest trader. There are too many discrepancies in its regulatory status, and there are too many issues with its corporate information. Added to that, this broker offers high spreads, controversial trading bonuses and its platform doesn’t actually seem to work.

Royalarmyfx

2.6

User Experience

3.2/10

Payment Options

2.2/10

Security

2.5/10

Support

2.7/10

Reputation

2.4/10

Pros

• Support for MetaTrader 4 Trading Platform
• Minimum Deposit Requirement is Low

Cons

• Not Licensed
• Lack of Clarity about Corporate Information
• High Spreads
• MT4 Platform Cannot be Downloaded