Royal-Trades review – 5 things you should know about royal-trades.com

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Beware! Royal-Trades is an offshore broker! Your investment may be at risk.

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This review is about Royal-Trades, a brokerage claiming to hold offices in the Gherkin, an iconic building in the City of London. They also claim to be UK regulated, but as you’ll see later, that’s falsehood. However, there is even something worse about this broker, and we are going to show you what in the full Royal-Trades review.

Royal-Trades REGULATION AND SAFETY OF FUNDS

Royal-Trades is presented as a British regulated entity, but that’s a big fat lie. The regulator they mention is fictitious, so the broker is nothing else but a scam scheme. For more information, check the screenshot above. The Spanish financial authority CNMV also thinks so and they even issued a warning against Royal-Trades, exposing the broker as a scam scheme. The bottom line is that your funds would be in danger if you deposit with Royal-Trades, and you should never do so.

Instead, consider the EU brokers and British brokers topping both lists provided. The European markets offer high-grade security, with brokers covered by deposit insurance funds inaugurated to protect clients’ money. Hence, CySEC brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. If you are eligible to open an account with a European company, you can safely do so; it’s a no-brainer.

Royal-Trades TRADING SOFTWARE

Royal-Trades provides their clients with a Webtrader we’ve seen many times before. The platform is quite primitive, lacks functionality, is challenging to put into service, and is undoubtedly out of MetaTrader’s league. The EUR/USD spread is 3 pips, which is a pretty unfavourable Buy/Sell difference making the broker’s services costly. The inferior trading software and the wide spreads alone is an argument enough for us not to recommend Royal-Trades.

That said, the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists are safe, delivering upper-class software and much more favourable spreads of 1 pip and below. The MT distributions are packed with sophisticated components such as Expert Advisors, many complex indicators, sophisticated charting tools and even a marketplace with more than 10 000 apps available.

The maximum possible leverage can be up to 1:1000, a bonkers ratio which traders should never utilise. 1:1000 virtually transforms trading into gambling, and you can blow your account within seconds. Actually, leverage is very dangerous, which prompted many regulators to impose restriction and restrict its usage.

As a result, EU, British and Australian brokers are limited to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. Most of the high-leverage providers are poorly regulated offshore businesses, so be cautious.

Royal-Trades DEPOSIT/WITHDRAW METHODS AND FEES

The minimum deposit with Royal-Trades is $1000, a hefty requirement that’s around 10 times higher than the sum regulated brokers demand on average- $100. The funding methods are Credit/Debit cards, Fluterware, Interkassa, OAcquiring, MPSPay and Crypto convertor. Needless to say, those options are highly unpopular and very suspicious, so we would urge traders to stay away from Royal-Trades just because of the funding methods.

You’d better see the Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you are looking for a broker and have a preferred payment system. The high-rated companies on both lists are adequately regulated, and you won’t face scammers among them.

Royal-Trades is one of those brokers who doesn’t find it necessary to put legal documentation on display. On the website, there aren’t even links to Terms and Conditions, User Agreement, Client Agreement or any other legal document considering any trading provisions. The absence alone is a strong scam sign, and it’s enough for us to raise the alarm and declare that Royal-Trades is a scam. Clients can’t form a legal relationship with brokers unless they sign copies of such documents, which serve as a contract between both parties.

So, there is nothing about withdrawal requirements and restrictions, fees, inactivity procedures, bonuses or anything else valuable. At the same time, Royal-Trades claims that trading incentives are available and offer bonuses of 50% on the deposit for each account opened.

Overall, Royal-Trades is an exposed scam, so you should stay away from this broker no matter what.

HOW DOES THE SCAM WORK

The Forex scam is a popular type of fraud that’s rather distinctive because it’s actually a process. In the usual scenario, the victim clicked on an ad, then received a phone call, and at some point got convinced to deposit money. To make people accept fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes, and so on. Their imagination is rich, and they would invent as many stories as possible to get the deposits wanted.

Unfortunately, the initial deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest again and again. For example, the con artists would not allow people to trade but would pretend to manage the account instead of the traders. They’d then falsify the results to show victims massive profits and would ask for more money, promising to get even more profits.

However, if the victim asks for a withdrawal, that won’t happen. Scammers would come up with a story that the unfortunate trader needs to deposit again if they’re going to pull money out. Those criminals won’t stop asking for more, no matter what.
In the worst case, the victim would believe in the scammers’ falsehood and deposit repeatedly. Sooner or later, though, the scam would become evident, and that would be a signal for the fraudsters to cut the communication and disappear. They would abandon the website and would create a new one, carrying on with their criminal activities.

WHAT TO DO WHEN SCAMMED

Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and help you, if possible, recover your money.

Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!

Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!

Share online your experience; it’s important to protect others, as well. Be responsible!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-13

Reviewed Broker

Royal-Trades

Broker Rating

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