Beware! RoyalNobleGroup is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We are reviewing RoyalNobleGroup, a highly suspicious broker which doesn’t even care about disclosing its address or contact numbers. They have chosen a name suggesting upscale financial services, but precisely the opposite is true because we encountered way too many issues with this business. They claim to offer Forex and cryptocurrency trading but would only deliver crypto pairs with impossibly tight spreads. Find out what we are talking about and why you should avoid this broker in the full RoyalNobleGroup review.
RoyalNobleGroup REGULATION AND SAFETY OF FUNDS
RoyalNobleGroup is supposedly a broker originating in the Commonwealth of Dominica. They do not specify anything about the company except for the fact that Dominican laws govern its business conduct. Well, that’s way too bad because the financial legislation in the Caribbean island is inferior and the sector itself very poorly regulated. The local regulator FSU doesn’t even bother to license the brokers operating there, so those companies work entirely unsupervised, which leaves traders vulnerable to fraud. Dominica is overcrowded with scammers precisely because of the regulation deficit. Hence, your funds are not safe if you deposit with RoyalNobleGroup or any other Dominican broker.
You’d better avoid them and consider the high-rated EU brokers and British brokers, instead. Europe is financially safe because the local authorities tightly regulate the markets, and it’s improbable to get scammed by licensed companies. Above all, there are deposit insurance funds protecting clients’ deposits in case of insolvency and fraud. If you are a client of a Cyprus regulated broker, you can claim up to 20 000 EUR in compensation, while the British guarantees are even up to 85 000 GBP per person. The unregulated companies not only fail to ensure any protection whatsoever, but you’ll most likely get scammed if you trade with them.
RoyalNobleGroup TRADING SOFTWARE
The trading software delivered by RoyalNobleGroup is web-based and highly suspicious. We encountered way too many issues that suggest we are dealing with scammers. First of all, there are very few instruments to choose from, all of which traded against cryptocurrencies. The chart is third-party provided, but that’s not the worst. The BTC spreads are unrealistically tight- 1 cent to execute a trade, which strongly suggests price manipulation. At the moment, it’s almost impossible to find Buy/Sell difference lower than $100, so you’d better avoid this broker because there is too much evidence of a scam.
Also, clients need to pay commissions for each trade- 5%, which is an oversize rate making their services significantly costlier. The FX market is highly competitive, and it’s not challenging to find reputable brokers providing excellent services, so it’s not worth wasting your time with mistrustful FX creatures like RoyalNobleGroup.
To make it easier for you, we can offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists, which deliver high-class software and realistic trading conditions. MetaTrader distributions provide advanced features such as Expert advisors, many complex indicators and outstanding charting tools. The platforms also include a marketplace where traders can browse through 10 000 apps and trading solutions, which can significantly enhance profit potential.
The maximum leverage possible is 1:16 for cryptos, which is a ratio that’s way too risky for retail traders. In Europe, the regulators capped the market at 1:2 for digital coins, while the British FCA even prohibited the cryptocurrency derivatives leveraged trading. Those instruments were considered too risky for retail traders but also prone to fraud and price manipulation, which led to the regulator’s market intervention.
Nevertheless, RoyalNobleGroup claims to provide 1:200 for Forex pairs, but that’s a fraudulent piece of information because such instruments are not offered for trading. Still, it’s an overly risky ratio that can inflict instant-quick losses if not carefully deployed.
In fact, leverage is so dangerous that various financial authorities worldwide even agreed on regulations to restrict its usage. As a result, EU, British and Australian brokers have to limit the retail clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t provide more than 1:50. Still, risk-tolerant traders can consider the Swiss brokers, which are highly reputable but not leverage restricted.
RoyalNobleGroup DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with RoyalNobleGroup is $200, which is two times more than the sum regulated brokers ask on average. The funding methods are said to be Credit/Debit cards, Wire Transfers and some e-wallets, but RoyalNobleGroup doesn’t specify which ones.
Speaking of funding methods, see the Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The high-rated companies on the lists are well-regulated, and you won’t face scammers.
The minimum withdrawal amount is $100 for Credit/Debit card transactions, which we regard as an unfair requirement. RoyalNobleGroup doesn’t determine charges in size and scope but reserves the right to collect fees generally. However, if clients ask for withdrawals within 14 days after the initial deposit, they need to pay a fee of $100, which is a ridiculous requirement and evidence of a scam.
On the other hand, RoyalNobleGroup didn’t miss introducing inactivity fees. According to the clause, after only 90 days of inactivity, an account becomes dormant and will be charged 10% of the balance/ $100 per month (whichever higher). That’s a typical scam clause.
No trading incentives are available now, and the broker doesn’t indicate that bonus campaigns are possible in the future.
Overall, RoyalNobleGroup is an unregulated offshore brokerage, which is more than enough for you to stay away from this shady business.
HOW DOES THE SCAM WORK
More and more swindling brokers and fraudulent websites appear literally every day. However, most of the new schemes represent a modification of common fraud. These are not typical for the local markets, but very similar from country to country and repeat well-known models.
Nowadays, scammers search for victims on the Internet and social media. Classical tactics, such as cold calling, became less widespread as the Internet got prevalent. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders got reassured that the people behind the broker have an excellent track record and promise high returns, seamless trading and guaranteed profits. The scammers knowingly make people believe that Forex trading is risk-free, but actually, the opposite is true.
In the usual scenario, scammers just steal traders and investors money and won’t send a dollar back. Sooner or later, clients would ask for a withdrawal, but the con artists would delay or just refuse the transaction. Whenever traders persist, scammers would find all sort of excuses to ask for more money or would simply cut the communication. No matter the case, traders are going to lose some or all of the capital invested. In the end, when fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
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!
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