RoyaltyFinance Review – 5 things you should know about royaltyfinance.io

Beware! RoyaltyFinance is an offshore broker! Your investment may be at risk.

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RoyaltyFinance is a forex broker trading  in forex, shares, commodities, indices and cryptocurrencies. Apart from the lofty name of this broker, what we noticed at first glance on this broker’s website is that important information is missing or is not made visible enough.

RoyaltyFinance Regulation and safety of funds

Where the address of this forex company is and is it registered and regulated at all is a big mystery. We surfed the company’s website looking for this information but it was nowhere to be found! Trading via a forex broker that is not registered or regulated is a risky undertaking and we do not recommend that you invest funds in this company.

We strongly recommend that you find a licensed and reliable broker to trade with. Such brokers are available from the well-established and regulated jurisdictions of EU, UK, US and Australia. Meeting very stringent requirements in order to be licensed is proof that you won’t be scammed out of your hard-earned money. In EU and UK, brokers must have an initial capital of 730,000 EUR and in US it’s even higher – $20 million. This is a measure to ward scammer off as no scammer will invest so much money just to look legit. Another way of protecting your funds is the fact that licensed brokers must deduct funds towards compensation schemes from which, in case of trouble, the traders will be compensated by up to 20,000 EUR per person if the broker is regulated by CySEC. If the broker is regulated by FCA, then the compensation per client will be up to 85,000 GBP. This once again prove that only licensed brokers are reliable and you should choose one from the pool of those brokers.

RoyaltyFinance Trading software

We noticed discrepancy in the information provided on the company’s website regarding the trading platforms. It says in the account information and when you open a trading account, that the trading platform is MetaTrader 4 but when you download the platform, it is in fact the unbranded MetaTrader 5!

RoyaltyFinance also offers Status Webtrader –  a rather basic trading platform that does not offer many trading tools and instruments to its clients. On the other hand, the MetaTrader 5 (screenshot below of an unbranded platform) has a lot more to offer and it is not by chance that it is considered one of the leading platforms in the forex trading world and number one choice for around 80% of the forex brokers. It comes with many trading tools and instruments that include a code base with customs scripts, VPS, trading signals, auto trading option, a financial calendar, an app market and others. Its charting options are second to none and traders have a rich choice between templates, time frames and technical analysis indicators, such as moving averages, Fibonacci retracement, Bollinger Bands, etc.

What you see in the image below is the menu for the currency pairs on the left side of the screen and beneath, the navigator to the accounts, the expert advisors, scripts, subscriptions and others. On top of the screen in the horizontal bar are the charting options. In the middle of the screen, you see displayed 4 charts of 4 currency pairs, including their bid/ask price. The number and design of charts depends on the trader’s preferences and the numbers can vary from one to many. If we look at the chart in the top left corner of the screen, we’ll see that it is EUR/USD currency pair with a spread of 0.5 pips which is quite good as it is in the lower boundaries. However, this spread is for the unbranded platform and we have no information what the spread on a real RoyaltyFinance platform would be like.

From the account types information, we found out that the leverage is rather high, 1:100 up to 1:400. Using high leverage may present risks of losing your funds, so exercise caution. Anyway, you must know that licensed brokers will not offer leverage higher than 1:30 in EU or higher than 1:50 in US. These are measures to avoid temptations so that traders do not risk their hard-earned money.

RoyaltyFinance Deposit/Withdrawal methods and fees

If you choose to trade via RoyaltyFinance, which we hope you won’t, you’ll have a choice of 4 types of trading accounts – Micro, Standard, Gold and VIP (screenshot below).

The minimum initial deposit for the Micro account is $250. For the other accounts it is $15,000, $55,000 and $80,000 respectively. There seems to be no commission.

If you look at the company’s website, you will notice that there are many payment options available, such as VISA, Mastercard, Skrill, Maestro, wire transfer, Deal, GiroPay, EPS, Sofort, Nordea. Strangely enough, PCIDSS, GeoTrust, RapidSSL, etc., are also in the payment options but they are certificates, not really payment methods. Also, after you open a trading account and want to make a deposit, you see that there in fact only 3 payment options – credit card, Paytrio credit card and cryptocurrencies. This fact once again proves that this broker is unreliable and possibly a scammer.

As we mentioned at the beginning, there is a lot of information missing from this broker’s website, such as the fees policy, the withdrawal minimum amount and deposit/withdrawal processing time. Also, we see mentioned in the Terms and Conditions document that the broker may offer bonuses or non-deposited funds. However, there is no legal document on that. You must be informed that bonuses and non-deposited funds which belong to the broker but are given to the trader under certain conditions, usually come with heavy to fulfil requirements that can mess up your funds and may provide problems if you need to withdraw funds. Offering bonuses and non-deposited funds is what scammers do. Licensed brokers do not offer any of those and you are advised to stay well away from shady brokers.

How does scam work?

A lot of people get scammed in different scammers’ schemes not because they are naive but because scammers are masters of persuasion and manipulation. It all starts with unsolicited telephone calls or a flashy ad on the Internet or the social media. Sometimes people give up to temptation and invest money in shady schemes made to look legit and attractive and always promising quick and easy money fall. Once you deposit money into any of these schemes, you reach a point of no return! Your money is gone down the scammers’ food chain and you’ll have a lot of trouble recovering it. Scammers will do anything in their power to delay you, so you miss the opportunity to file for chargeback. They will ask you for this and that document and will find hundreds of reasons not to let you retrieve your money. The trick with offering bonuses in forex trading is one of those as your funds are mixed with the bonus money and it takes a lot of hassle to fulfil the broker’s requirements before you are able to withdraw any funds.

What to do if scammed?

Speed does it! You need to act very quickly if you want to recover your money. Immediately apply for chargeback if you have made your deposit via credit card. Fortunately, VISA and MasterCard give you 540 days within which to apply for chargeback.
If you have paid via wire transfer or Bitcoin, chances of retrieving your fund are grim. Anyway, we want to warn you that some of the so-called recovery agents may approach you and offer to retrieve your funds. For a fee, of course! Be cautious when dealing with them as it may be another form of scam! Always check if the recovery agency is legitimate and visible to the public!
Another thing we advise you to do is to immediately cancel any credit cards if the scammers have your CVV code. Also, make sure to erase any programs on your computer that give scammers access to your personal data on your PC.

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2020-10-20

Reviewed Broker

RoyaltyFinance

Broker Rating

Share Review:
Yes it is. Based on the user review published on Beware.org, it is strongly advised to avoid RoyaltyFinance Review – 5 things you should know about royaltyfinance.io in any dealing and transaction.
Not really. In spite of the review published here, there has been no response from RoyaltyFinance Review – 5 things you should know about royaltyfinance.io. Lack of accountability is a major factor in determining trust.
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RoyaltyFinance Review – 5 things you should know about royaltyfinance.io is rated 1 out of 5 based on the reviews submitted by our users and is marked as POOR.
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