Thinking of getting into business with RoyalFX24? Here is what you must know about this broker. Carefully read this review to find out if royalfx24.com is the trading platform you will want to trade with.
Table of Contents
Do You Know You Could Get Back Your Money If You Have Been Scammed? Great News! Click HERE to Get Started
About RoyalFX24 Broker
RoyalFX24 is an offshore brokerage company with a lot of promises for traders. The broker location cannot be found on the webpage. To begin with, this is a red flag on the side of RoyalFX24 broker.
There are different account type the broker offers. See below.
Added, the broker claims fast execution, high data security, and 24/5 multilingual support
To clarify, in spite the trading instruments RoyalFX24 claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
royalfx24.com: Reasons to Avoid This Broker
Firstly, royalfx24.com is a platform with no financial authority overseeing its financial services. The regulation and license claim are not legit because Italian financial regulator, CONSOB has labeled this broker a scam.
Secondly, we noticed royalfx24.com has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, the broker mentioned no fee on any withdrawal options with a processing days of 5-8 business days for Debit/Credit cards and 3 days for Bank Transfers.
Also, for an inactivity account of 12 months, the broker charges $30 for maintenance fee.
Minimum Deposit
RoyalFX24 minimum deposit is pegged at $100.
As for the payment methods, RoyalFX24 mentioned Debit/ Credit card and Wire Transfer. But, you should not consider making any payment with this broker because it is a risk. So beware!
RoyalFX24 Platform
RoyalFX24 claims to offer MT4 (Industry standard trading platforms). The presence of MT5 doesn’t make this broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it can get up to 1:300. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
RoyalFX24 Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
Instead, Trade with TOP RATED BROKERS
Accounts
Free Trial
Projects
SSL
S
Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
TOP CHOICE BY TRADERS
Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:300
BEGINNER FRIENDLY
Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is royalfx24.com a Reliable Broker?
No, royalfx24.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
Royalfx24 is fake, scam company . They claim they can recover money from scam to steal money from already scammed investors.