RoyalFXPro

To the naked eye, RoyalFXPro conveys a message of trustworthiness, however to our trained eye this broker immediately seem suspicious. Read on to find ot all there is to know.

RoyalFXPro is said to be registered in St. Vincent and the Grenadines. Readers should be aware that SVG does not regulate the forex market. The company may or may not be registered be registered there, but that is of little interest to us, since a broker with a registration but without a regulation is considered a risk for all those who invest in it. Furthermore, there is no other indication on different location, nor is there any mention of an actual regulation. Thus RoyalFXPro is in fact UNLICENSED and therefore a risk to all that invest in it.

We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only 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.

We effortlessly opened a trading account, and were presented with a trading platfrom that gave us a EUR/USD spread of 3 pips which is a very common spread with illicit brokers, one that does not at all favor the traders. The leverage was capped at 1:400, which sodidifies as a non-EU/UK broker, despite the domain name being “royalfxpro.eu”.

The trading platform gave us Forex Pairs, Crypto, Commodities, Indices, and Shares. An abundant collection of assets; too bad the broker is not trustworthy.

The website can be translated into English, Italian and German.

ROYALFXPRO LOGIN

The broker utilizes a very common trading platform that is always been associated with unlicensed brokerage firms. The options for customization are limited, there are no pending orders, no expert advisors, and barely any room for customizing. The terminal may seem decent, but in reality it isn’t.
Best stick to the MT4.

The leverage is capped at 1:400, which can be a dangerous amount for those that are not aware of the risk. While the EUR/USD spread is 3 pips, which is only favorable towards the broker.

The platform is solely a browser based one.

There is talk of fees when trading but the broker has made it difficult to find them. We suggest, again, that users shouldn’t bother trading here.

ROYALFXPRO MINIMUM DEPOSIT

The minimum deposit as per the client are is MasterCard, Visa and Wire Transfer.

The minimum deposit according to the payment methods is $250.

We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

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

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

ROYALFXPRO WITHDRAWAL TIME AND FEES

Unsurprisingly, we were not able to find a withdrawal button. The broker has simply left that option out. However, the Terms and Conditions give us some details on withdrawals.

The usual withdrawal processing time is said to be 2 days.

There are no fees when withdrawing via credit cards. Fees concerned with bank transfers are not indicated.

As for a minimum withdrawal amount, your guess is as good as our.

ADDITIONAL FEES AND TAXES

To withdraw after using bonuses users must first complete a trading volume equal to 30 times the initial bonus amount plus the deposited amount.

Renewal fees are a common fee among brokers, but when a broker gives itself the right to charge you this fee directly from your credit card, you know that something is completely wrong.

A dormant account fee of $30 per year will be ctivated after 12 months of inactivity in a given account.
Finally, we have the indemnification clause that green-lights the broker in the event it cuase financial damages to traders. This is a typical fraudulent broker clause that 95% of all ilicit broker have included in their repertoire.

Finally, we have the indemnification clause that green-lights the broker in the event it cuase financial damages to traders. This is a typical fraudulent broker clause that 95% of all ilicit broker have included in their repertoire.

Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

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 charge back, 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 charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

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

In no way is RoyalFXPro worth it. It is unregulated, the trading conditions are laughably bad, and there is no withdrawl option. These three things speak for themselves. Stay away from RoyalFXPro!