RoyalSwiss.co review – 5 things you should know about royalswiss.co

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Beware! RoyalSwiss.co is an offshore broker! Your investment may be at risk.

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What we get at RoyalSwiss.co is what we expected upon reading its URL: a limited website, third-party charts that are useless in the context of the broker, false promises, lack of solid information, and the list goes on. There is nothing to gain from using the broker, and as you shall see, there is everything to lose from it. Please read the review before doing something that you might regret later on.

In order to register, we had to complete a very simple form. There wasn’t even the need to verify our email address or anything like that. In less than a minute we had access to a user area, meaning that just about anyone can have too!

Unfortunately, we could not access fully the web trader because we could not get a hold of an investor password. We believe that one must deposit in order to do that, which isn’t bad at all, but the same requirement must be met to open a demo account. So, we had no way of interacting with the platform. Instead, we have no choice but to rely on the website with all of the trading information.

According to the website. there are 4 account types, with the average spread starting from 1 pip for some unknown asset. The leverage is capped at the most common offshore brokerage value of 1:500, and the alleged available financial instruments are forex currency pairs, indices, commodities, and stocks. However, none of this information is guaranteed to be accurate.

The website of the company is available in English, Italian, and Spanish.

ROYALSWISS.CO REGULATION AND SAFETY OF FUNDS

What we found on the website concerning a license or an address isn’t much. In fact, it barely scratches the surface. We found out on the contact page that the broker is located in Seychelle, while in the Terms and Conditions we found out that the company functions in accordance with UK laws.

In Seychelles, the Seychelles Financial Services Authority (FSA) requires out of all regulated entities to hold at least  2 shareholders and 2 directors locally. Furthermore, the agency also has a requirement that all its brokers hold a share capital of at least $50 000. Like all regulators, so does the FSA has an online registry of all regulated brokers. In it we found no trace of RoyalSwiss.co.

Next, we have the UK. If a broker wishes to be operational in the United Kingdom then it must absolutely hold a license from the FCA, which is consequently one of the top regulators in the industry. The FCA also has an updated database of all regulated entities. We found no result for RoyalSwiss.co.

There is no other licensing information to work with. And so we are dealing with another UNLICENSED broker that is a clear risk to all investors.

Losing money is the only certainty when it comes down to investing in unregulated brokers. The thing we advise users to do first is to check for a license, preferably from know regulators, such as the FCA or CySEC, or other European overseers. The big regulators all apply specific frameworks for brokers to abide by, and should they diverge from these rules, the brokerages will sooner or later be penalized for their actions! This is a stimulus for brokers to follow the rules, thus making them trustworthy FX trading sources. Moreover, the FCA and CySEC have financial compensation schemes for users. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.

ROYALSWISS.CO TRADING SOFTWARE

In order to access a seemingly desktop trading software, one must deposit. The user area gives us a download button, but upon clicking it we were asked to deposit first. This is a great way to solicit users into investing!

So without having the opportunity to view this alleged desktop trader, we turned to the alternative, which was a web trader, that we nevertheless were not able to interact with because it too required an initial deposit.

It reminds us immediately of the MT4/5, and with good reason. The look is reminiscent of the two, and some of the features as well. Overall, a decent platform but nothing too special.

ROYALSWISS.CO DEPOSIT/WITHDRAW METHODS AND FEES

From the user area, we learn nothing of deposits because the dedicated area for this was devoid of anything. From the website, the minimum deposit is said to be $250. The withdrawal area gives us a bank transfer methods of payment, which should also be the one used for depositing.

The Deposit & Withdrawal policy, a document well-hidden, reveals that there are credit card and debit card payment means, as well as alternative payment methods, as well as payment fees, and other charges. But there is nothing to expand on these claims. Withdrawals are processed in 5 days tops.

The biggest take from the policy is the notorious Non-Deposited Funds clause, through which RoyalSwiss.co basically says that users cannot withdraw their profit because it does not really belong to them. This is perhaps the most scammer clause of all!

An unregulated broker without an indemnification clause is like a criminal without an attorney. RoyalSwiss.co’s indemnification provision is on point- it will not be responsible for any damages caused by its website or services. Basically, a get-out-of-jail card.

There are no other clauses that we can add because the legal documents are criminally short and uninformative. There is nothing on them to spark our attention. The mere fact that the docs are short is a sign of the illegitimacy of the company. Please, if you cherish your money and personal data, you will leave RoyalSwiss.co and never look back.

How does the scam work?

The first step to being scammed is traced all the way back to online ads. We all have seen them. They offer luxurious lifestyles, beautiful women, sports cars, and shiny items. It’s all a part of the scheme. The first step is to tempt users to click on these ads.

The ads lead to either a scammer broker site or an intermediary source. On whichever one you fall you will be surely asked to provide a phone number and an email address. These are imperative to the scammers because they need a way to contact you.

The second step is to contact the user, and pushing him or her to invest for the first time. This is done by the first wave of scammers, whose job is to hook you to the scheme. The first investment is important because through it you build trust.

The initial deposit will ensue the second wave of scammers, which are the core and probably the creators of the fraud. The expert scammers sometimes called “account managers”, are responsible for keeping you invested in the shame. They might even pay you a hefty preliminary sum, just to add confidence to your investments. Their deposit requests will gradually become bigger, and in the perfect scenario, the user will deposit an additional 2-3 times, until she realizes she has been scammed.

At this point, your money will not be eligible for withdrawal, and neither will your profit. The broker can withhold requests, close down accounts, or even shut down entire websites! The final step is for the fraudsters to keep what they have stolen!

What to do if scammed?

Credit and debit card losses are easiest to recover because users can file for a chargeback. What’s more, is that MasterCard and VISA have a chargeback period of 540 days.

Money invested and lost to scams through bank transfers can be potentially refunded if the bank the user is using has an emergency plan. Remember to always change your bank account username and password when scammed!

Cryptocurrency deposits are untraceable, and so cannot be recovered. Forget about investing in unregulated brokers through this method.

Recovery agents are the last frontier of the entire scammer process. They will appear out of nowhere and will convince users that they have the tools to return all lost deposits. However, they will ask for an upfront payment. If paid, they will disappear.

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-04-02

Reviewed Broker

RoyalSwiss.co

Broker Rating

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