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Royal Forex

Cyprus|5-10 years|
Straight Through Processing(STP)|Suspicious Scope of Business|Medium potential risk|

https://www.royalforex.com/

Website

Rating Index

Contact

+357 22007405
info@royalforex.com
https://www.royalforex.com/
City home 81, 3rd floor, 128-130 Limassol Avenue, 2015 Strovolos, Nicosia

Licenses

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

Single Core

1G

40G

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Contact number

English

+357 22007405

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Broker Information

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Company Name

Royal Forex Ltd

Abbreviation

Royal Forex

Platform registered country and region

Cyprus

Company website

Pyramid scheme complaint

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WikiFX Risk Alerts
Previous Detection : 2024-07-18
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

Royal Forex · WikiFX Survey
Good Visiting Royal Forex in Cyprus, Office Exists
Cyprus

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Royal Forex · Company Summary

Aspect Information
Company Name Royal Forex Ltd
Registered Country/Area Republic of Cyprus
Founded Year 2006
Regulation Regulated by CySEC
Minimum Deposit $0
Maximum Leverage Up to 1:500
Spreads Starting at 0.0 pips
Trading Platforms MetaTrader 4 (MT4) and Royal Forex Trader (RFT)
Tradable Assets Over 125 trading instruments including Spot Forex, commodities, and CFDs
Account Types Standard and Pro account
Customer Support Phone at +357 22007405 and email at info@royalforex.com
Deposit & Withdrawal Bank transfers, credit/debit cards, electronic wallets, online payment systems
Educational Resources Educational videos, educational texts, demo account

Overview of Royal Forex Ltd

Royal Forex Ltd, established in 2006 and registered with the Republic of Cyprus under registration number HE 336694, operates under the regulatory oversight of the Cyprus Securities and Exchange Commission (CySEC) with license number 269/15. With a vast selection of trading assets, boasting over 125 instruments spanning Spot Forex, commodities, and CFDs, ROYAL empowers traders with diverse investment options. Additionally, their user-friendly trading platforms, MetaTrader 4 (MT4) and Royal Forex Trader (RFT), offer a seamless and versatile trading experience.

Overview of Royal Forex Ltd

Is Royal Forexlegit or a scam?

Royal Forex Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 269/15. This regulatory oversight ensures a secure and transparent trading environment for investors. Being regulated offers several benefits, including investor protection, fair trading practices, and adherence to strict financial standards. With a Straight Through Processing (STP) license, Royal Forex Ltd operates with efficiency and integrity, making it a reliable choice for traders seeking a regulated and trustworthy brokerage experience.

Is Royal Forex legit or a scam?

Pros and Cons

Pros Cons
Regulated by CySEC Limited customer support hours
Diverse range of trading asset No trading platform tutorial videos provided
User-friendly trading platforms, MT4 and RFT. Official Website Unavailable (at the time of writing)
Two account types available
Demo account available

Pros:

  1. Regulated by CySEC: Royal Forex is regulated by the Cyprus Securities and Exchange Commission (CySEC). This regulatory oversight is a significant advantage as it ensures a secure and transparent trading environment.

  2. Diverse Range of Trading Assets: Royal Forex offers a diverse selection of trading assets, providing traders with access to over 125 instruments. These instruments span across various asset classes, including Spot Forex, commodities, and CFDs.

  3. User-Friendly Trading Platforms (MT4 and RFT): Royal Forex provides traders with user-friendly trading platforms, including MetaTrader 4 (MT4) and Royal Forex Trader (RFT).

  4. Two Account Types Available: Royal Forex offers two distinct account types, namely the Standard and Pro accounts.

  5. Demo Account Available: A demo account is available for traders on both account types. This feature allows traders to practice their strategies and become familiar with the trading platforms in a risk-free environment.

Cons:

  1. Limited Customer Support Hours: Royal Forex's customer support has limited operating hours, and weekend service may not be available.

  2. No Trading Platform Tutorial Videos Provided: Royal Forex does not offer trading platform tutorial videos. These videos are typically helpful, especially for beginners, in quickly understanding how to navigate and utilize the trading platform effectively.

  3. Official Website Unavailable (at the time of writing): As of the time of writing, there seems to be an issue with accessing the official website of Royal Forex. This can be a significant drawback as it affects accessibility to essential information and resources.

Market Instruments

ROYAL Forex offers a robust array of trading assets, providing traders with a comprehensive range of options. With over 125 trading instruments available, including Spot Forex, commodities, and CFDs, ROYAL caters to a broad spectrum of trading preferences.

Spot Forex: ROYAL offers a diverse range of Spot Forex trading instruments, providing traders with the opportunity to engage in currency trading across various currency pairs. This includes major, minor, and exotic currency pairs, allowing for a broad spectrum of trading options.

Commodities: Traders can also access a variety of commodity trading instruments through ROYAL. These commodities may encompass precious metals like gold and silver, as well as energy resources such as oil and natural gas. The inclusion of commodities adds diversity to the trading portfolio.

CFDs (Contracts for Difference): ROYAL extends its offerings to include CFDs, allowing traders to speculate on the price movements of various financial instruments, including indices, stocks, and more. This flexibility enables traders to diversify their investments beyond traditional asset classes.

Market Instruments

Account Types

Royal Forex offers two distinct account types to cater to traders' preferences:

Standard Account: The Standard Account offered by Royal Forex provides traders with a versatile and accessible option. With leverage of up to 1:500 and incredibly low spreads starting at 0.0 pips, it's an ideal choice for those looking for cost-effective trading. Moreover, there's no minimum deposit requirement, making it suitable for traders of all levels. The availability of a demo account and access to both MT4 and Royal Forex Trader platforms ensures a well-rounded trading experience for those seeking versatility.

Pro Account: For traders seeking a more advanced and potentially higher capital trading experience, the Pro Account from Royal Forex is an attractive option. It offers substantial leverage of up to 1:500 while maintaining competitive spreads starting at 0.6 pips. Although it comes with a minimum deposit requirement of $1,000 and a modest commission of $3.50 USD per 100K trade, this account is tailored to cater to the needs of experienced traders. It also provides access to the MT4 and Royal Forex Trader platforms, along with the convenience of a demo account for practice.

Aspect Standard Account Pro Account
Leverage Up to 1:500 Up to 1:500
Spread Starting at 0.0 pips Starting at 0.6 pips
Commission None $3.50 USD per 100K trade
Minimum trading size 0.1 lot 0.01 lot
Minimum Deposit No minimum deposit $1,000
Demo Account Available Available
Trading Tools MT4,Royal Forex Trader MT4,Royal Forex Trader

How to Open an Account?

Opening an account with most financial institutions, including ROYAL Forex, typically involves several straightforward steps. Here's a concrete breakdown of the process:

  1. Visit the ROYAL Forex Website:Start by accessing ROYAL Forex's official website. Navigate to the account opening section, click“Open an Account” button.

  2. Choose Account Type:Select the type of trading account that suits your trading preferences. ROYAL Forex typically offers different account types, such as Standard and Pro. Carefully review the account details and choose the one that aligns with your trading goals.

  3. Complete the Application Form:Fill out the online application form with accurate and up-to-date personal information. This typically includes your full name, contact details, financial information, and relevant documents for identity verification.

  4. Provide Documentation:As part of the account opening process, you'll usually be required to provide specific documents for identity verification and compliance purposes. Commonly requested documents include a valid passport or ID, proof of address (e.g., utility bill or bank statement), and possibly financial statements.

  5. Fund Your Account:After your application is approved, you'll need to deposit funds into your trading account. ROYAL Forex may have various funding methods available, such as bank transfers, credit/debit cards, or e-wallets. Ensure you meet the minimum deposit requirements if applicable.

  6. Start Trading:Once your account is funded and verified, you'll receive login credentials to access the trading platform. Download the trading software (e.g., MetaTrader 4) if necessary and begin trading by executing your first trades.

 Open an Account

Leverage

Royal Forex offers leverage up to 1:500. This means that you can control a position that is 500 times the size of your deposit. However, it is important to note that leverage can be risky. If the market moves against you, you could lose more money than you deposited.

Leverage

Spreads & Commissions

oyal Forex offers competitive options for traders. The Standard Account starts with spreads as low as 0.0 pips, making it an attractive choice for those seeking cost-effective trading. On the other hand, the Pro Account offers spreads starting at 0.6 pips, slightly higher but still competitive.

Aspect Standard Account Pro Account
Spread Starting at 0.0 pips Starting at 0.6 pips
Commission None $3.50 USD per 100K trade
Minimum trading size 0.1 lot 0.01 lot

Trading Platform

Royal Forex offers traders two trading platforms: MetaTrader 4 (MT4) and Royal Forex Trader (RFT). Both platforms are designed to provide traders with a seamless trading experience, but they have different strengths and weaknesses.

MetaTrader 4 (MT4)

MT4 is a popular trading platform among forex traders due to its comprehensive charting package, automated trading capabilities, and advanced technical analysis tools. It is also user-friendly and easy to navigate, making it a good choice for both beginners and experienced traders.

Some of the key features of MT4 include:

  • Comprehensive charting package with over 30 technical indicators and drawing tools

  • Automated trading capabilities with Expert Advisors (EAs) and scripts

  • Advanced technical analysis tools, including Elliott wave analysis and Fibonacci retracements

  • Easy to use and navigate interface

  • Available in multiple languages

Trading Platform

Royal Forex Trader (RFT)

RFT is Royal Forex's proprietary trading platform. It is designed to be user-friendly and easy to navigate, with a focus on speed and execution. RFT also offers a number of features that are not available on MT4, such as:

  • One-click trading

  • Real-time news and analysis

  • Economic calendar

  • Account management tools

Deposit & Withdrawal

ROYAL Forex typically offers a range of payment methods for deposits and withdrawals. These methods commonly include:

  • Bank Transfers

  • Credit/Debit Cards (e.g., Visa, MasterCard)

  • Electronic Wallets (e.g., Skrill, Neteller)

  • Online Payment Systems (e.g., PayPal)

    ROYAL Forex may have different minimum deposit requirements for their various account types.

  • Standard Account: ROYAL may offer a Standard Account with no minimum deposit requirement, making it accessible to a wide range of traders.

  • Pro Account: For a Pro Account, the minimum deposit requirement could be set at a specific amount, such as $1,000 or more.

    Payment processing times can vary depending on the payment method and the broker's internal policies. Typically, you can expect the following:

  • Bank Transfers: These may take 1-5 business days or more for funds to be credited to your trading account.

  • Credit/Debit Cards: Deposits via cards are usually processed quickly, often within minutes.

  • Electronic Wallets: Deposits and withdrawals using e-wallets are typically processed swiftly, often within hours or minutes.

  • Online Payment Systems: Processing times for online payment systems can vary but are generally faster than bank transfers.

Customer Support

Royal Forex provides customer support through phone at +357 22007405 and email at info@royalforex.com. While they offer accessible contact options, it's important to note that their support may not be available 24/7, and they may not operate on weekends. Therefore, clients should be mindful of the support hours and availability, especially during weekends and outside regular business hours. However, their official website at https://www.royalforex.com/ remains a valuable resource for accessing information and assistance with trading inquiries.

Customer Support

Educational Resources

Royal Forex offers a range of educational resources to support traders in their learning journey. These resources are designed to enhance traders' knowledge and skills, and they include:

  1. Educational Videos: Royal Forex provides educational videos, which can be a valuable learning tool for traders. These videos may cover a variety of topics related to trading strategies, market analysis, and other important aspects of trading.

  2. Educational Texts: In addition to videos, Royal Forex also offers educational texts. These written materials can serve as comprehensive guides and references for traders looking to deepen their understanding of the financial markets and trading techniques.

  3. Demo Account: A significant advantage is the availability of a demo account. This feature allows traders to practice their strategies and test their skills in a risk-free environment. It's an excellent way for both new and experienced traders to gain hands-on experience with the trading platform and market conditions.

Educational Resources

On the flip side, there are some limitations to Royal Forex's educational offerings:

  1. No Trading Platform Tutorial Videos: One drawback is the absence of trading platform tutorial videos. These videos are often helpful for traders, especially beginners, to quickly grasp how to use the trading platform effectively.

  2. No Webinars: Another limitation is the absence of webinars, which are live online seminars that can provide valuable insights and interactive learning experiences for traders.

Conclusion

In summary, Royal Forex, as a CySEC-regulated forex broker, has several strengths and weaknesses. On the positive side, it offers a diverse range of over 125 trading assets, including forex, commodities, and CFDs, catering to various trading preferences. The user-friendly trading platforms, MT4 and RFT, enhance the trading experience. Additionally, the availability of both Standard and Pro accounts, as well as demo accounts, provides flexibility.

However, there are limitations, such as limited customer support hours and the absence of trading platform tutorial videos. Furthermore, the unavailability of the official website (at the time of writing) can hinder access to essential information. It's essential for traders to consider these factors when choosing Royal Forex as their trading partner.

FAQs

Q: How can I open a Royal Forex account?

A: Visit the official website, choose your account type, complete the form, provide documents, fund your account, and start trading.

Q: What payment methods are available?

A: Royal Forex offers various methods like bank transfers, cards, e-wallets, and online payment systems for deposits and withdrawals.

Q: What's the minimum deposit?

A: It varies by account type; Standard often has no minimum, while Pro requires $1,000 or more.

Q: Which trading platforms does Royal Forex provide?

A: They offer MetaTrader 4 (MT4) and Royal Forex Trader (RFT), both known for user-friendliness and features.

Q: Is Royal Forex regulated?

A: Yes, by CySEC (license number 269/15), ensuring a secure trading environment.

Q: Are there educational resources?

A: Yes, educational videos, texts, and a demo account are available, but no platform tutorial videos or webinars.

News

Royal Forex is Not Right

NewsRoyal Forex is Not Right

2023-05-10 17:08

Headquartered in Cyprus and regulated by the CySEC, Royal Forex is currently unreachable.

WikiFX
2023-05-10 17:08
News
Royal Forex is Not Right

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FX1316896855
more than one year
It's really strange that the company Royal Forex has been established for more than five years and has a regulatory license from CYSEC, but now their website can't be opened. Has this company changed their website address?
2023-03-09 10:32
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