Royal.Broker is a suspicious broker considering how much it’s trying to hide itself through its URL. Usually when a forex broker uses an inaccessible and uncommon URL like Royal.Broker, they are a scam trying to hide from authorities and skeptics (like you and I).
Many “hard to find” brokers are scammers who use their shady website to hide their illegal activities.
You should never trade with such a broker. However, there’s more to this shady broker than meets the eye. My Royal.Broker review will help you understand its reality:
Royal.Broker License and Regulation
Royal.Broker’s parent organization is the Goldman Global Group. They claim to be regulated by the BVIFSC (British Virgin Islands Financial Services Commission) and the IFSC (International Financial Services Commission). The Goldman Global Group has multiple subsidiaries including International Invest Management (based in the British Virgin Islands), St.Vincent and Grenadines based Goldman Global, Hong Kong based Goldman Ltd. and Global Asset Ltd. based in the Cayman Islands.
When I checked the registries of IFSC and BVIFSC, I didn’t find any mentions of the Goldman Global Group. This means, Royal.Broker doesn’t have a license.
Royal.Broker is an unlicensed broker. It is not safe to trade with them.
You should only trade with regulated brokers. Regulated and licensed brokers have to follow the strict rules and regulations of their license provider which ensures that they won’t act against your interests. Reputed regulators such as CySEC and FCA even have insurance provisions in case the broker turns out to be a fraudster. For example, a CySEC-regulated broker’s client can get up to 20,000 EUR as insurance compensation if the broker runs away with their funds.
You won’t get such benefits with an unregulated broker. That’s why I don’t recommend doing business with Royal.Broker.
Royal.Broker Trading Conditions
The trading conditions of a broker can tell you a lot of things about its trustworthiness. Let’s see if the trading conditions of this broker are good for you or not:
Royal.Broker has a horrible semi-platform. They have used a third-party solution, which is a strong indication that they are a scam. Their software provider is TradingView, a popular choice among illegitimate forex brokers. Seeing the poor nature of their trading platform, I can’t recommend trading with them.
In my opinion, it’s best to trade with a broker that uses Metatrader 4 or 5. Metatrader has a very positive reputation in the industry because of its numerous features and benefits. This is the main reason why Metatrader is the most popular trading platform among forex brokers. With Metatrader, you wouldn’t need to worry about such stuff.
The minimum deposit you must make to use their services is $250. That’s quite a high initial deposit requirement.
Suspicious brokers tend to keep their minimum deposit requirements high so they can get a hold of as much funds as possible. Regulated brokers keep their minimum deposit requirements very low to let you test out their service-quality. On the other hand, shady brokers keep high deposit requirements so you are forced to make a big monetary commitment.
You should avoid trading with brokers that have high minimum deposit requirements. The industry standard in minimum deposits is around $50 and some even go as low as $10!
Leverage and Spreads
Royal.Broker doesn’t specify its average leverage ratio. However, it claims that their leverage ratio can go up to 1:1000! That’s too high by any standards.
If you’re a beginner in forex trading then you should stay away from high leverage ratios. The Canadian and US financial regulators don’t allow their brokers to offer more than 1:50 leverage ratios to their clients. That’s because a high leverage ratio can wipe out all your deposited funds in an instant and put you in a lot of debt.
So, the outrageous offered leverage of this broker is another sign that it’s a scam.
In terms of offered spreads, their offered spread on the EUR/USD pair is 44.2 pips. Yes, that’s not a typo, they really are offering a 44.2 pips spread. If you don’t know, the industry average is 1 pips.
Forex brokers make most of their profits through the spreads they offer. It’s clear that the people behind Royal.Broker are quite greedy as they offer 44 times the average spread.
Royal.Broker Payment Methods and Charges
Apart from being an unregulated and unlicensed broker, Royal.Broker has another quality indicative of its shady nature. It only accepts cryptocurrencies on its platform. You can only make payments through Ethereum, Tether USD, Bitcoin, Dash, TrueUSD, Litecoin, XRP, Monero, or bitcoin cash.
There are various fees Royal.Broker charges you depending on your withdrawal method. Let me list out each of them:
- PerfectMoney: $20 fee + 3% commission
- SEPA: €5 fee
- Credit card: 5% commission
- Payeer: $10 fee + 2% commission
- Bank Transfer: $10 fee
- Crypto: $5 fee + 0.5% commission
Royal.Broker claims that it takes them 10 days to process withdrawal requests. They don’t specify any other charges on their platform.
Royal.Broker claims to offer bonuses worth up to $50,000 to its ‘verified users’. However, they reserve the right to cancel a bonus and outright deny a bonus amount at any time.
I don’t recommend joining a forex broker because of their offered bonuses. These bonuses don’t provide you with any monetary rewards. Instead, they impose additional restrictions on your withdrawal conditions so you can’t get your funds easily. This is why the FCA (Financial Conduct Authority) doesn’t allow its licensed brokers to offer bonuses to their clients.
Many shady brokers use bonuses to deceive new users.
Is Royal.Broker a Scam? Yes!
There are many kinds of scammers operating in the forex industry. Shady forex brokers tend to attract new users to their websites through promotional offers and ads. They focus on attracting inexperienced traders so they can deceive them easily.
Such brokers have unfair terms and conditions so when the person signs up on their site, they accept those conditions. These brokers then steal the funds their users deposit in their accounts through hidden fees and charges.
This is a big reason why I don’t recommend trading with brokers based in offshore areas. These areas don’t have proper financial regulators such as CySEC or FCA. Without proper regulation, the clients of such brokers face numerous financial and privacy risks. You should always do thorough research before signing up with a forex broker.
Royal.Broker Review: Conclusion
Royal.Broker is an unregulated lying company that’s trying to trap people into a vicious scam. They have a poor trading platform and very shady leverage and spreads. I don’t recommend trading with such a dangerous broker at all.
I hope you found my Royal.Broker review useful. If you’ve had a bad experience with any forex broker, you can share your experience below.This review (Royal.Broker) was originally published at Gripeo. To read the full review, go to – www.gripeo.com/royal-broker/