RoyalFXtrade – Can You Trust This Broker?

Website URL: https://royalfxtrade.com/

Founded: 2019

Regulations: Unregulated

Languages: English, All Languages on Google Translate

Deposit Methods: Bitcoin

Minimum Deposit: $150

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Binary Options, Forex Trading, Cryptocurrencies

Trading Accounts and Conditions

RoyalFXtrade offers its clients the following trading accounts:

• Mini: The minimum deposit requirement for using this account is $150.
• Silver: The minimum deposit requirement for using this type of account is $5,000.
• Gold: The minimum amount that you can deposit to be able to trade on this type of account is $10,000.
• Platinum: You need to make a minimum deposit of $50,000 for this type of account.

There is no information on this broker’s website about their trading conditions, which means that we do not know the leverage ratios offered, the spreads or any other trading costs.

However, RoyalFXtrade does promise an ROI (Return on Investment) of 15% per day.

RoyalFXtrade – Advantages

Unfortunately, despite going through this broker’s website in detail, there is nothing positive we can say about RoyalFXtrade. Therefore, we have not added anything to this section of our review.

RoyalFXtrade – Disadvantages

Here are the many disadvantages you will face if you contract with RoyalFXtrade:

• Anonymous and Unregulated Broker

This broker has not given any corporate information about themselves, with the exception of a UK address. We don’t know the name of the company that owns this brokerage, and there is also no way to contact them.

Therefore, this broker is operating anonymously, which makes it very dangerous for traders.

Despite the lack of information, we decided to check whether this broker is regulated. So, based on the fact that RoyalFXtrade provided a UK address, we checked the online register of the UK’s financial watchdog, the FCA (Financial Conduct Authority), to check for its regulation status.

It came as no surprise to find that there is no brokerage by this name listed with the FCA. This means that this broker is not just anonymous, it is also offering its services illegally.

Dealing with an anonymous and unregulated broker is extremely risky since such types of brokers operate outside the law. Because they operate outside the law, they tend to do whatever they want with their customers’ money, and traders who contract with such brokers can get no help from the authorities if they are scammed.

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• Blacklisted by CNMV

While searching online for RoyalFXtrade’s regulatory status, we found some extremely important and disturbing information about them. We found out that the Spanish financial regulator, the CNMV (Comisión Nacional del Mercado de Valores), has blacklisted this broker for operating without a valid license.

The only time that a government agency would blacklist a broker is if there have been a substantial number of customers complaints against that entity. Many of these complaints are related to traders being scammed by unregulated brokers. Therefore, if the CNMV has blacklisted RoyalFXtrade, then that is a good indication that this broker is most probably a scammer and that you should stay far away from it.

• Lack of Information in General

There is a massive lack of information on all the key features that a trader would need to know to make a decision about contracting with a broker.

As we mentioned earlier, there is no information about the trading conditions. We do not know the leverages, spreads, roll overs, commissions, or payouts offered by this broker. But that’s not all. We don’t even have clarity on the types of trading assets this broker offers, or even the type of trading platform traders can use.

Most legitimate brokers clearly detail their trading conditions, the types and number of assets they have on offer, and their terms and conditions. So, the fact that there is so much opacity in RoyalFXtrade’s website is another sign that this broker is a scammer.

• No Demo Account

While this is not as serious a problem as the others we have already listed, the lack of a demo account coupled with all the other issues makes this broker even more suspicious.

• No Trading Platform

Since this broker does not offer any demo account, we registered for a live account with them. After registering for an account, we were taken to what looked like a dashboard which had no trading functionality. The only thing that works on this platform is the deposit button.

So, the only thing this broker wants from you is your money!

• Promises of Unrealistic Profits

The only thing that this broker focuses on its that it will give you a 15% daily ROI. This is a lie. No broker can guarantee such profits. This is because forex and CFD markets are so volatile that most traders lose money more than they make money.

In fact, regulated brokers are required to publish the percentage of their clients who have lost money on the market. This figure ranges from 70% to 85%.

• Payments Can Only Be Made Through Bitcoin

The only payment option available on this broker’s website is through Bitcoin. This is another tactic usually employed by scammers.

Bitcoin, like other cryptocurrencies, is virtually untraceable. Payments are anonymous, so you don’t know where your money is going. Transactions are also irreversible, which means that once you have made a payment, you can never get your money back.

So, RoyalFXtrade using only this payment method only underlines the suspicion that this broker is not to be trusted and that they are scammers.

Conclusion 

After going through this broker’s website and platform, we can safely say that RoyalFXtrade is not to be trusted. In all probability, this broker is a scammer, which means that your hard-earned money is not safe with them.

RoyalFXtrade

2.4

User Experience

3.0/10

Payment Options

2.2/10

Security

2.4/10

Support

2.3/10

Reputation

2.1/10

Pros

• None

Cons

• Anonymous and Unregulated Broker
• Lack of Information in General
• No Demo Account
• Promises of Unrealistic Profits
• Payments Can Only be Made Through Bitcoin