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Royal

Australia|2-5 years|
Suspicious Regulatory License|MT4/5 White Label|Regional Brokers|High potential risk|

http://royal-foex.hk/index.html

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
Royal-Demo MT4
Server Location United States

Contact

mail@oneroyalfx.com
http://royal-foex.hk/index.html
https://www.facebook.com/RoyalFinancialMarketsCN
https://twitter.com/royalanswer

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Royal Financial Trading Pty Ltd.

Company Abbreviation

Royal

Platform registered country and region

Australia

Company website
Twitter
Facebook

Pyramid scheme complaint

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Warning: Low score, please stay away! 5
Previous Detection : 2024-02-24
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!

WikiFX Verification

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Royal · Company Summary

Aspect Details
Company Name Royal
Registered Country/Area Australia
Founded Year 2020
Regulation Not regulated(suspicious clone)
Market Instruments Forex, CFDs, Commodities, Indices, Shares
Account Types Standard, ECN, VIP
Minimum Deposit $200
Maximum Leverage Up to 1:500
Spreads Standard: Variable, ECN: Raw spreads, VIP: Tight spreads
Trading Platforms MetaTrader 4 (MT4)
Customer Support Email support (mail@oneroyalfx.com)
Deposit & Withdrawal Credit/debit cards, e-wallets
Educational Resources Limited educational resources available

Overview of Royal

Royal, an entity operating in Australia, emerged in 2020, yet it operates without regulatory oversight, leading to suspicions of being a clone or an unauthorized operation. Despite this uncertainty, it offers an array of market instruments encompassing Forex, CFDs, Commodities, Indices, and Shares.

To cater to various trading preferences, Royal presents three distinct account types: Standard, ECN, and VIP, each differing in features and minimum deposit requirements, starting at $200. The platform boasts a maximum leverage of up to 1:500, providing traders with flexibility in managing positions.

Despite its varied offerings and accessible trading environment, the absence of regulatory backing, limited educational resources, and concerns about authenticity might prompt cautious consideration for those engaging with the platform.

Overview of Royal

Is Royal legit or a scam?

Roya is currently designated as a “Suspicious Clone” by multiple regulatory authorities, including the Australia Securities & Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Capital Markets Authority (CMA) in Lebanon.

  1. Australia (ASIC):

Roya claims to hold an Institutional Forex License regulated by the Australia Securities & Investment Commission (ASIC) under License No. 420268. However, its current status is marked as a “Suspicious Clone.” This designation raises significant concerns about the legitimacy and compliance of Roya within the Australian regulatory framework.

Is Royal legit or a scam?

2.Cyprus (CySEC):

The Cyprus Securities and Exchange Commission (CySEC) also classifies Roya as a “Suspicious Clone,” suggesting potential unauthorized operations. Roya claims to hold a Straight Through Processing (STP) license under License No. 312/16. Traders should exercise caution and thoroughly investigate the platform's credibility given the suspicious clone status in Cyprus.

Is Royal legit or a scam?
  1. Lebanon (CMA):

    Roya is marked as a “Suspicious Clone” by the Capital Markets Authority (CMA) in Lebanon. The platform asserts to possess a Retail Forex License regulated by the CMA under License No. 15. Traders considering Roya should be aware of the concerns surrounding its legitimacy and adherence to regulatory standards in Lebanon.

Is Royal legit or a scam?

The designation of Roya as a “Suspicious Clone” across multiple jurisdictions indicates a high level of skepticism and potential risks associated with the platform. Traders are strongly advised to approach Roya with caution, conduct thorough due diligence, and consider alternative, more transparent platforms to ensure the security of their investments and regulatory compliance. Engaging with platforms labeled as suspicious clones may expose traders to financial risks and potential fraudulent activities.

Pros and Cons

Pros Cons
Wide range of cryptocurrencies available Not regulated(suspicious clone)
Multiple payment options Lack of comprehensive educational resources
Easy to use Not available in some countries or regions
Competitive leverage Limited market analysis and insights
Customer support

Pros:

1.Wide Range of Cryptocurrencies Available: Royal offers a diverse selection of cryptocurrencies for trading, providing users with options to engage in various digital assets beyond just the major ones like Bitcoin or Ethereum. This diversity can attract traders looking to explore different cryptocurrencies and diversify their portfolios.

2. Multiple Payment Options: The platform supports various payment methods, providing flexibility and convenience for users to fund their trading accounts. Multiple payment options such as credit/debit cards, e-wallets, and potentially other methods offer users different choices for deposits and withdrawals.

3. Easy to Use: Royal's platform is designed with user-friendliness in mind, making it accessible to traders of different experience levels. A straightforward interface and intuitive features contribute to an easy and smooth trading experience for users.

4. Competitive Leverage: The platform offers competitive leverage options, allowing traders to control larger positions with a smaller amount of capital. This feature can potentially amplify profits, although it comes with increased risk.

Cons:

1.Not Regulated (Suspicious Clone): There are concerns about the platform's legitimacy due to a lack of regulation or suspicions of being a clone. This raises doubts about the platform's adherence to regulatory standards and may deter cautious traders.

2. Lack of Comprehensive Educational Resources: Royal's educational resources are limited, which can make it challenging for new users to learn about trading strategies, platform functionalities, and market insights. This deficit may hinder skill development and decision-making for traders.

3. Not Available in Some Countries or Regions: The platform may not be accessible in certain countries or regions due to regulatory restrictions or other limitations, potentially excluding interested traders from specific locations.

4. Limited Market Analysis and Insights: Royal may offer limited market analysis tools and insights, which can impact traders' ability to make informed decisions based on comprehensive market data and trends.

5. Customer Support: The quality or responsiveness of customer support might be a concern, as there may be uncertainties about the efficiency or effectiveness of assistance provided to users facing issues or inquiries.

Market Instruments

Royal offers a diverse range of trading assets across various financial markets. Their offerings include:

1.Forex: This typically involves major, minor, and exotic currency pairs, allowing traders to speculate on the exchange rates between different currencies.

2. CFDs (Contracts for Difference): These derivatives enable traders to speculate on the price movements of various assets without owning the underlying asset. Royal likely offers CFDs on various instruments like stocks, indices, commodities, and cryptocurrencies.

3. Commodities: Traders may have access to a range of commodities, such as gold, silver, oil, agricultural products, and more. These commodities are tradable assets, allowing investors to speculate on their price movements.

4. Indices: Trading indices involve speculating on the price movements of a basket of stocks representing a particular market or sector. Royal might offer CFDs on major global indices like the S&P 500, Dow Jones, FTSE, etc.

5. Shares: Trading shares involves buying and selling ownership stakes in publicly listed companies. Royal likely offers CFDs on shares from various global stock markets, allowing traders to speculate on their price movements without owning the actual stocks.

These trading assets provide a diverse array of options for investors and traders to engage in financial markets across the globe, catering to different trading strategies and risk appetites.

Market Instruments

Account Types

Royal offers three distinct account types, each tailored to suit different trading preferences and user groups:

Standard Account: Designed for traders seeking a balanced approach, the Standard account offers leverage up to 1:500, variable spreads, and no commission. With a minimum deposit requirement of $200, it caters to novice traders or those looking for a straightforward trading experience. Withdrawals are free, and clients have access to a demo account for practice.

ECN Account: Geared towards more experienced traders, the ECN account features leverage up to 1:500, raw spreads, and a commission of $7 per 100k traded. With a higher minimum deposit of $500, this account type appeals to traders seeking tighter spreads and direct market access. Similar to the Standard account, withdrawals are free, and a demo account is provided for practice purposes.

VIP Account: Tailored for seasoned traders or high-volume investors, the VIP account boasts leverage up to 1:500, tight spreads, and a reduced commission of $5 per 100k traded. Requiring a higher minimum deposit of $1,000, this account type provides access to additional trading tools like Trading Central, offering comprehensive market analysis and insights

Each account type is structured to accommodate various trading styles and experience levels, ensuring that traders can select an option that aligns with their specific needs and preferences.

Account Type Standard Account ECN Account VIP Account
Leverage Up to 1:500 Up to 1:500 Up to 1:500
Spreads Variable Raw Tight
Commission None $7 per 100k traded $5 per 100k traded
Minimum Deposit $200 $500 $1,000
Withdrawals Free Free Free

How to Open an Account?

Here's a step-by-step guide to opening an account with Royal:

1.Visit the Official Website: Go to Royal's official website using a web browser of your choice.

2. Account Registration: Look for the “Sign Up” or “Open Account” button on the website's homepage. Click on it to start the registration process.

3. Fill in Personal Information: Complete the registration form with accurate personal details such as your full name, email address, phone number, and country of residence. Create a secure password for your account.

4. Account Verification: After submitting the registration form, you'll likely need to verify your email address by clicking on a verification link sent to your registered email. Additionally, some brokers may require identity verification by providing identification documents such as a passport or driver's license and proof of address.

5. Select Account Type: Choose the type of account you wish to open (e.g., Standard, ECN, VIP) based on your trading preferences and needs.

6. Deposit Funds: Once your account is verified, log in to your account dashboard. Navigate to the deposit section and choose a suitable payment method to fund your account. Follow the instructions to make an initial deposit based on the minimum required amount for your chosen account type.

Ensure that you review and understand the terms and conditions, as well as any risk disclosures provided by Royal, before finalizing your account registration and initiating trades. If you encounter any difficulties or have questions during the process, reach out to Royal's customer support for assistance.

Leverage

Royal offers a maximum leverage of up to 1:500 for its trading accounts. Leverage enables traders to control larger positions with a smaller amount of capital, amplifying both potential profits and losses. A 1:500 leverage means that for every dollar in the trading account, the trader can control up to $500 in the market.

However, it's crucial to note that while leverage can enhance potential gains, it also increases the risk of substantial losses, and traders should use it cautiously and with proper risk management strategies.

Spreads & Commissions

Royal's fee structure encompasses spreads and commissions across its account types, offering tailored options for diverse trader preferences. The Standard account presents variable spreads without charging any commission, appealing to traders new to the market or those prioritizing simplicity in their trading experience.

In contrast, the ECN account offers tighter raw spreads while implementing a commission of $7 per 100k traded. This setup suits experienced traders seeking direct market access and are comfortable with a commission-based fee structure.

For seasoned traders or high-volume investors, the VIP account delivers even tighter spreads compared to both the Standard and ECN accounts, accompanied by a reduced commission of $5 per 100k traded. This account type also grants access to advanced market analysis tools like Trading Central. Traders' suitability for each account type is determined by their comfort with fee structures, level of trading experience, and the need for additional analytical tools, allowing for a personalized trading experience catering to individual preferences and strategies.

Account Type Spreads Commission
Standard Variable None
ECN Raw $7 per 100k traded
VIP Tighter $5 per 100k traded

Trading Platform

Royal offers the MetaTrader 4 (MT4) platform, a widely recognized and popular trading platform in the industry. MT4 is known for its user-friendly interface, advanced charting tools, technical analysis capabilities, and a wide range of customizable features. It allows traders to execute trades across various financial markets, access real-time market data, employ automated trading strategies using Expert Advisors (EAs), and implement diverse order types.

Additionally, MT4 provides access to a vast library of indicators and trading tools, enhancing the overall trading experience for users. Despite its widespread use and robust features, some traders may seek more modern or advanced functionalities available in other platforms, although MT4 remains a reliable and widely adopted choice among traders globally.

Deposit & Withdrawal

Royal offers a variety of convenient payment methods to fund your trading account. These options include:

  • Credit/debit cards: Major credit and debit cards like Visa, Mastercard, and Maestro are accepted. This method is typically the most instant, with funds credited to your account within minutes.

  • E-wallets: Popular e-wallets like Neteller, Skrill, and PayPal are also accepted. Similar to credit cards, funds are usually credited to your account instantly.

Payment Processing Time

Royal aims to process all deposit requests as quickly as possible. Generally, funds are credited to your account within:

  • Instant: Credit/debit cards and most e-wallets.

Withdrawal processing times can be slightly longer, typically taking 1-5 business days depending on the chosen method.

Customer Support

Royal provides comprehensive customer support via email at mail@oneroyalfx.com, ensuring responsive assistance to traders' queries and concerns. The dedicated email support offers a direct channel for communication, allowing users to seek guidance, resolve issues, or inquire about trading-related matters promptly.

The email-based support system reflects Royal's commitment to delivering personalized assistance, catering to traders' needs and ensuring a streamlined experience. Through this contact method, traders can expect efficient and tailored responses, reinforcing Royal's focus on addressing customer inquiries and maintaining a supportive trading environment.

Educational Resources

Royal faces a deficit in educational resources, posing challenges for newcomers to grasp platform functionalities and cryptocurrency trading. Absent are crucial tools like a comprehensive user guide, instructional video tutorials, live webinars, and enriching blogs.

This scarcity impedes new users' learning curve, potentially resulting in errors and financial setbacks, discouraging their trading journey. The absence of these resources not only hinders skill development but also heightens the risk of mistakes and losses, dampening the confidence of new traders in engaging with the platform and the cryptocurrency market.

Conclusion

Royal presents itself as a platform with notable strengths and notable weaknesses, offering a diverse range of cryptocurrencies for trading and multiple payment options, which enhance flexibility for users.

However, concerns arise regarding its regulatory status and legitimacy, as it lacks regulation and may raise suspicions of being a clone, potentially deterring risk-averse traders. Additionally, the platform's limited educational resources hinder new users' learning curve, potentially leading to challenges in understanding trading strategies and the platform's functionalities, which could result in errors and setbacks.

FAQs

Q: Is Royal regulated?

A: No, there are concerns regarding its regulatory status and suspicions of being a clone.

Q: What payment methods does Royal accept?

A: Royal accepts major credit/debit cards and e-wallets like Visa, Mastercard, Neteller, and Skril

Q: Are there educational resources available on the platform?

A: Unfortunately, educational resources like user guides, video tutorials, and live webinars are lacking.

Q: Does Royal offer a mobile app for trading?

A: Currently, there is no mobile app available for trading on Royal's platform.

Q: How long do deposits take to reflect in the trading account?

A: Deposits via credit/debit cards and most e-wallets are generally instant.

Q: What is the withdrawal processing time on Royal?

A: Withdrawals typically take 1 to 5 business days, varying based on the chosen withdrawal method.

User Reviews

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FX1392282796
more than one year
What a awful brokerage company! Don’t touch it at any cost! This company takes your money and when you try to get it back out it asks for more money for things like tax and fees you still don't get your money back when you try to contact them no one replies stay away from this company it is bad bad bad!!!
2023-03-17 16:39
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A42620
more than one year
This hateful Royal harassed me and my friends by calling us all the time, and we are annoyed and want to know where we can report this broker! I wish they go to hell!
2023-02-23 09:17
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