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RoyalFxPro Review: Is Royalfxpro.eu A Legit Broker?
Royalfxpro.eu Review: this is the website of a Forex brokerage that does not give needed corporate details. Is RoyalFxPro a scam broker? Read this revealing review to find out important details about this Forex trading company.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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RoyalFxPro does not provide any information on where it is located. There is also no mention of a license nor regulatory commission overseeing it. The page is largely anonymous, which is discouraging. This is rarely a mistake but a popular tactic used by unlicensed companies to stay under the rather. We see through this and do not appreciate it. Licensed companies are always forthcoming with registration details.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of RoyalFxPro
The website touts it as Europe’s Main Trading Center. They offer clients numerous trading assets and instruments. Other benefits listed on the page are quick withdrawals, security, and support. Clients can also use the advanced risk management tools provided to reduce loss and increase profit.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
RoyalFxPro Trading Platform
The trading platform offered by Royal Fx Pro is a web-based one. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
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These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are 46+ currency pairs and CFDs on many commodities including natural gas, metals, agricultural products, and cryptocurrencies. This is impressive because legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is 1:400 and while this may seem generous, it is not advisable. High leverages can lead to huge losses of funds as well. Spreads are from 3.1 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on RoyalFxPro
The means of making deposits and withdrawals are VISA, MasterCard, ecoPayz, Maestro, and wire transfer. We do not feel assured by these limited transaction options because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit that Royal FxPro requires is $250 which is within the obtainable average of $100 to $250 usually required by many other brokers. Withdrawal is said to be completed within 48 hours but this is not the case when a bonus is given. In this case, accounts given deposit bonuses must meet some trading conditions or withdrawals would be canceled.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is RoyalFxPro Licensed?
No. RoyalFxPro is not a properly licensed and registered broker. There is no mention of any sort of regulation on the page as well.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
Blacklisted in Italy
The Italian financial vanguard, the CONSOB has listed, TomCom Limited, the company that owns the broker among potential scam companies that citizens are to avoid trading with.
There is no means of contacting the customer service of the broker listed on the website.
We give RoyalFxPro a low rating both because it is unlicensed and blacklisted by a European commission. The spreads used by the broker are higher than recommended and it does not allow the use of MetaTrader. It offers a large portfolio of trading instruments but reveals that withdrawals can be blocked by the company.
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Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
RoyalFxPro review – Is royalfxpro.eu scam or good forex broker?
RECOMMENDED FOREX BROKERS
RoyalFxPro says to have over 20 years of experience on the financial markets, offering CFDs on more than 300 popular assets from five major classes – forex, stocks, commodities, indices and crypto currencies. All of that with a choice of six account types, leverage as high as 1:400 and a web based trading platform.
|Account type||Min. deposit||Max. leverage||Spread s|
|Basic Account||$250||1:400||3,1 pips|
|Gold Account||$10 000||1:400||n/a|
|Platinum Account||$50 000||1:400||n/a|
|Black Account||$100 000||1:400||n/a|
Unfortunately the broker is not regulated as it should be, if they want to target customers on the European market, and they appear to be flagged as potential scammers by the Italian financial regulator CONSOB. If you are considering investing any funds with RoyalFxPro be sure to read the following review.
Lots of forex pairs and other CFDs
The extended list of trading instruments RoyalFxPro offers its clients surely can be counted as a possible advantage. We came across 46 currency pairs, many of which exotic or minor like USDCZK, USDHKD, USDMXN, USDRUB, USDPLN, USDSEK, USDNOK, USDDKK, USDSGD, USDZAR and USDTRY, as well CFDs on various assets including oil, natural gas, gold, silver, palladium, copper, cocoa, coffee, sugar, wheat, live cattle, indices, stocks and even crypto coins like Bitcoin, Litecoin, Ethereum, Dash and Ripple. Still, if you enjoy the idea of trading the crypto markets, here we may also suggest that you take a look at our list of brokers, trading with bitcoin CFDs:
CONSOB warning, not regulated
We understand that RoyalFxPro is owned and operated by TomCom Limited – an offshore company registered on St Vincent and the Grenadines, which also appears (together with RoyalFxPro) in the fresh warnings list of Italian financial regulator – the CONSOB. See for your self:
Basically, the Italian regulator warns potential investors that RoyalFxPro is targeting customers in Italy and the broader EU without proper authorization, and that the website in question is most probably involved in scam.
With that in mind once again we will repeat our usual advise to deal only with regulated brokers, licensed and authorized by an official financial regulator such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC).
Here you may also check our list of FCA regulated brokers, where your money will be covered by a client compensation fund, insuring your trading account for up to 85 000 GBP in case your broker files for bankruptcy:
Trading bonuses with unusual withdraw conditions
Be aware that trading bonuses, invariably come with strings attached – some elusive minimum trade volume requirement, which quite too often scammers use as a pretext to cancel your withdraw requests. It seems like the case with RoyalFxPro is not different. See for yourself:
Bear in mind that no legit broker will ever restrict your right to withdraw your own funds
Skrill payments not accepted
RoyalFxPro says to accept payments with major cards like VISA and MasterCard, bank wire and ecoPayz, but not Skrill, and this is yet another indicator that what we have here is a unregulated, potentially scam broker.
A year ago Skrill adopted a new anti – scam policy, according which they partner only with regulated brokers. And as we already established, RoyalFxPro does not have a license and is blacklisted by CONSOB. Besides, here you may also check our list of brokers, accepting Skrill:
The RoyalFxPro’s website is most probably run by scammers. They are not regulated, as they should be, if they want to target European customers, and they appear in the scam list of the Italian financial regulator – CONSOB. With that in mind once again our general advise is to avoid unregulated brokers altogether and to trade only with companies, licensed and authorized by well known institutions like the FCA in the UK, CySEC in Cyprus and ASIC in Australia.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
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