Royal Broker Review
Royal Broker is a tactical scam that has an attractive website. The entity does not conduct any investment services in the industry. You need to avoid this platform at all cost. There are a number of reliable brokers to use.
Royal Broker is a company that judging from their website you could easily be convinced that this is a legit FX broker, but with a deeper observation, you would begin to notice the red flags such as in the registration form.
The details in the registration form are never verified at the time of writing this article. In our research, we did notice that whatever details you type in the forms the platform accepts them and creates an account with the details without even verifying if the emails address entered by the user is correct or not.
Later you could log in using the email and password you signed up with and get redirected to their dashboard. This is so unprofessional for a site or a platform that is supposed to be dealing with the forex trade, validation of user details should be key. Instead of wasting your time and resources in this platform invest with reliable legit forex trading brokers.
RoyalBroker is simply a broker that is trying soo hard not to be discovered. Their main reason for hiding is the fact that it is not a legit broker. We all know most of the brokers who behave similarly are usually unregulated and most certainly usually handpick their users and use their website to cover up the illegal business happening under the hood.
On Loginig into their dashboard, it is clear that the user dashboard is part of a system that has a payment section and an account management section. On clicking the trading icon tab in the dashboard the website loads categories of several limited assets such as: Pair of forex currencies, Cryptocurrencies, and Stocks
What stands out for me is the unrealistic cost of trading in the platform. The website has a ridiculous leverage ratio of 1:1000 which is a very dangerous ratio that could get you to lose all your funds in a matter of seconds. This website is not available in multiple languages but is only available in English
Trading and Conditions of Royal Broker
Trading with Royal.broker the investor is required to load up their account with cryptocurrencies such as Bitcoin, Litecoin, Ethereum and others. However, the website does not talk about other methods of funding this account but it does talk about the various ways in which money can be withdrawn from the accounts which are described in details in the withdrawal deposit section.
There is no clear way of how a user in the network will be trading while in the platform, they simply talk about deposits and withdrawal but they are not really clear of how the network will enable the user trade and make a profit from the platform.
Withdrawal and Deposit
The user dashboard does not really say much about the minimum amount that a trader is supposed to deposit. But basing the deposit amount from the website itself, the minimum deposit amount is set to $250. Much as the user dashboard does not talk about the minimum deposit amount, it talks about how the account can be funded where cryptocurrency is the desired method of funding an account.
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Cryptocurrencies accepted by the platform include Bitcoin, LiteCoin, Ethereum, bitcoin cash e.t.c. Withdrawals are however carried out in a different format. Withdrawals are done in the following methods: Perfect Money, Bank Transfer, SEPA, Credit card, Payeer, and Crypto
For Perfect Money withdrawals, a fee of $20 plus a 3% commission is charged. On to bank transfers, a fee of $10 is charged, for SEPA there is a fee of €3, for Credit Card there is a 5% commission charge, going on to Payeer a $10 fee and a commission of 2% is charged, and a $5 fee plus a 0.5% commission charge for Crypto. This broker will strip you off all your investments in a flash.
Regulations and Registration
Goldman Global Group is the parent company of Royal.Broker. Goldman Global Group is said to be regulated by IFSC (International Finacial Service Commission) alongside BVIFSC (British Virgin Islands Finacial Service).
Apparently, the parent company of Royal.Broker that is Goldman Global Group. The name of the parent company does not exist in the registry of IFSC and BVIFSC, so this leads us into a simple conclusion that Royal.Broker is not registered and the company is not regulated.
A small take away from the information above, Royal.Broker is not a licensed firm and therefore this is a risk to your investment, to be on the safe side avoid it at all costs.
The website does have a contact info page, and from that, we could say they do have a physical address as a matter of fact they have three physical addresses in the United Kingdom, Cyprus, and Belize City. However, we can not guarantee that these physical addresses are legit addresses or fake ones. The addresses listed are based on Royal.Broker website.
On a personal view, I might say the addresses are fake since most of the areas listed as their physical addresses are residential area. Additionally, there are lists of email addresses general enquires and a bunch of different departments and phone numbers with a vary suspicious extension for support in various countries.
Is Royal Broker Profitable?
No, Royal.Broker is not a profitable platform. Instead of making money while investing in the platform, you might end up losing more than you could ever make. This platform is no different from all the other scammers.
Straight from the minimum deposit amount which is twice as much as what is the minimum deposit amount of most of the regulated brokers, one can not unsee the irregularity in this platform.
This is a multi-layered type of scam where your first deposit is only the very first step. The second phase of the scam involves a more complexed scam carried out by an account manager who is sometimes referred to as a senior scammer.
They will take over an account and present their evil intentions to you as suggestions or a piece of advice they are giving to their victim. This time around their main aim is to ensure that their victim deposits more funds into their account only this time the deposits they are aiming in making their victims deposit are bigger.
This will continue until the user gets to a point where the user realizes that something is wrong and tries to withdraw the remaining chunk of money. Most of the time these scammers can detect disinterest in investments from their clients.
Upon realization that a client intends to withdraw their money, they might terminate the account, block the account, shut down the website or keep the request for the longest period ever until the user losses all hope.
Royal.Broker is actually a scam that is well-plotted, Their User-friendly and intuitive user experience of their website can really lure an unsuspecting trader into joining and trying to trade with the platform. Invest with reliable forex trading brokers that are licensed.
However, we would love our readers to know. Scammers might take different approaches in caring out their illegal scams but you should remain vigilant and understand that whenever you feel as if you are being scammed you are probably being scammed.
More so, readers can rely on our research hence ensure you are here to read extensively on reviews of different platforms to ensure you are not scammed and end up being the loser in the long run.