4XRoyal

4XRoyal has not indicated any regulation what so ever. The closest thing we have are three separate addresses. One in in the UK, one in Switzerland and one in Singapore.

If the broker is to be legit, it must be licensed by at least one of the respective country’s official license issuer. Either the FCA in the UK, FINMA in Switzerland, or the Monetary Authority of Singapore. Suffice to say that none of the three agencies have 4XRoyal in their data-bank of licensed entities, thus rendering 4XRoyal UNREGULATED, and a risk to traders who wish to invest in it.

If users have the trader’s itch, they are more than welcome to trade with any FCA regulated broker. The FCA enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

For those wishing to trade with a Swiss broker, be sure to check that it is regulated by FINMA. To become eligible for such a license, would be brokers have to hold a capital of at least 20 million CHF. Next, Swiss brokers must sign the Swiss Banks and Securities Dealers Agreement in order to continue with their application for a legitimate regulation. This agreement protects all customers against brokers’ insolvency of up to 100 000 CHF.

As for the Monetary Authority of Singapore it is tasked with the guidance of proper and legal financial practices yet it does not offer a refund plan.

The maximum leverage that is offers is 1:500. This is a common value with unregulated brokers.

The EUR/USD spread is 2.3 pips, which is not really in favor of traders. This cost of trade we got directly from the platform, after very swiftly registering.

The trading platform offers Currency Pair, Commodities, Shares, Stocks, Indices, Futures, Spot Indexes. This is quite the impressive repertoire for a shady brokerage firm.

The 4XRoyal site offers English, Greek and Italian. Meanwhile, the Trading Platform has a huge assortment of languages English, Chinese, Dutch, French, German, Greek, Italian, Japanese, Korean, Persian, Portuguese, Russian, Spanish, Thai, Turkish and Vietnamese.

4XROYAL LOGIN

The MT4 makes a return, while a quirky seemingly proprietary platform shadows it.

4XROYAL TRADER

This webtrader seems promising enough at first glance. There are some technical indicators and few options for customization. We encountered technical issues with it at times: some buttons wouldn’t work, and it kept login us out. Not to mention that the interface is rather quirky, something we realized after spending some time with it. It’s slightly reminiscent of the MT4, but it does not get close to emulating it. We suggest you stick to the metatrader.

The leverage is capped at 1:500, while the EUR/USD cost of trade is 2.3 pips.

The platform is exclusively browser based.

METATRADER 4

Metatrader 4 still holds on its own when it comes down to delivering what is necessary. The functionalities are all there including drag and drop charts, user friendly accessibility and pending order types. With MetaTrader 4 you can set automatic trading bot to do your deals for you while you preoccupy your time with different activities.

Yet with this one it’s not even owned by the broker:

So any spread on this one may not be actually applicable with 4XRoyal. With this MT4 the EUR/USD cost of spread is 1.5 pips.

The metatrader we got our hands on was a desktop trader. The broker also offers it on Android and iOS devices. However, when we were redirected to the GoolgePlay store and App Store, we got two different MT4 version. One for LSystem’s trader, and another for the EasyFX Solutions. This broker is redirecting users to versions of the metatrader that do not belong to it.

4XROYAL MINIMUM DEPOSIT

The minimum deposit depends on the payment type you choose. VoguePay accepts payments over $2. For funding an account with a Credit Card a minimum of $30 is required.

VoguePay and Credit Card are the only methods that were given to us on the dashboard:

This broker is clearly unregulated, and if you choose to fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These softwares allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

4XROYAL WITHDRAWAL TIME AND FEES

The dashboard is the best frame of reference we have for withdrawals. So when we went in on the withdrawal sub page, we entered €1 in the Amount box chose Method 1, and clicked Withdrawal. We got a message that said that the withdrawal was successful, and nothing more. We hadn’t provided any identification documents, but most importantly we hadn’t even deposited.

So the minimum withdrawal is €1, apparently, and seeing as the “withdrawal” was immediately successful, we must conclude that processing times are instantaneous.

This is by far the biggest tell that this broker will never return your withdrawal.

ADDITIONAL FEES AND TAXES

The dormant fee of $25 per annum is activated after 12 month of inactivity.

Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions. One such loophole with 4XRoyal in the T/C, forbids users from making a chargeback if should they proceed with their registration.

ACCOUNT VERIFICATION

We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a chargeback, they will use your details against you case.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

4XRoyal is clearly a scam. It serves no other purpose than to take you money and never reappear again. If you want to prevent this, keep away!