The offshore-based FOREX broker and CFDs provider RoyalsFX presents itself as operational from European country Switzerland. The five types of trading account are offered like Micro, Classic, Silver, Gold and Platinum. The worst fact about this broker is that it is not regulated to provide financial services in regulated markets. There are some pros and cons of this broker, and in this RoyalsFX review, we will discuss them one by one. We want all your attention while reading it, so you do not miss any valuable information.
The broker we are talking here provides traders with one of the best trading platforms available in the market named MetaTrader. The advantages of MetaTrader over other trading platforms are many and can be summarized as Expert Advice, Automated Trading, World-Class Charting and much more.
The licensing of RoyalsFX is a quite disputed fact. The website’s front page mentions Switzerland as an official address. However, the term and conditions sections mention Estonian governing laws. Apart from this information, we could not find any valuable information. Also, there is no mention of any licensing and regulations. Doing trading with an unregulated broker is very risk-oriented, and investing in an anonymous broker is like keeping your investment in a shaky hand.
Furthermore, Switzerland based financial authority Financial Market Supervisory Authority also known as FINMA have blacklisted RoyalsFX. It gives a glimpse of brokers true nature. Besides, the trading conditions are not fully disclosed, and the only minimum deposit is mentioned on the website. Fortunately, a demo account is provided by RoyalFX. The spread on the benchmark FX pair of USD/EUR turned out to be floating 1.8 pips. The provided spreads are above market averages.
The initial deposits required for trading on a primary account with RoyalsFX is $1000 and is massive compared to other brokers.
Is RoyalsFX scam or legit?
The only positive of this broker is the availability of MetaTrader trading platform and five types of accounts. The broker RoyalsFX is unregulated and operates from offshore. We certainly do not know about the place of origin of this broker. The trading conditions are not disclosed but what we found on a demo account are unattractive. Trading with such unregulated broker is a hazardous affair and broker should always do fact-check before investing. In our view, the RoylaFX is a potential Australian trading scam and staying away from this scam broker is healthy for your hard earn investments.