RoyalBanc (Royalbanc.io) is a new rotten online Forex platform scam stealing from anyone who signs up. Royal Banc is posing to be a leader in offering trading assets which is not the case. A few members have come out with claims of having their accounts frozen. Others claim they have not been able to withdraw funds since inception. Exposing the scam is right. Read this detailed ROYALBANC Review for more.
With more and more victims coming out, it is clear we are dealing with an unprofessional trading platform. When you first visit their homepage, you will realize the platform has an attractive layout. Navigating through the website is not as easy as expected since the platform lacks key features. To find out the root of the problem, we posed as interested investors who wanted to sign up. The whole process was dubious from the onset and we urge other investors to stay away from RoyalBanc.
RoyalBanc is filled with false data and copied information from leading financial magazines. What these scam artists have done is clone leading trading websites and used that information as their own. And this is why we must emphasize that such platforms lead to disastrous outcome. The industry is awash with false platforms and it is best to read reviews from trusted sources. With reviews, you get to know trusted brokers who have been given the green light by the trading community.
The platform claims to offer more than 500 trading instruments with record narrow spreads on major currency pairs. They claim that their main goal is to satisfy the customer which is a good sales tag. Apart from using false information and over the moon promises, RoyalBanc is shelving important information. The history of this platform is unknown with their office location not mentioned on their homepage. And this is the first red flag we noticed with Royal Banc, anonymity.
Claims of having offices in Luxembourg are unfounded as no broker in that region seems to know them. No broker is even claiming association with the platform which leaves us with more questions. Scam artists will use European locations to try and entice the investors from this region. Luckily for us, we have a way of locating the exact location of such platforms. RoyalBanc is an anonymous website which is being operated by offshore brokers. European investors should stay away and use recommended and top rated Forex trading robots instead.
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Their homepage clams that they offer 24/5 support which is far from the truth. RoyalBanc is not giving any meaningful support to users as they don’t have live chat capability. Another disturbing issue we found with this platform is lack of proper email response. Once you send an email, it takes over a week to get any response especially those concerning withdrawals. The phone number listed on their homepage is a virtual number which rarely goes through. And this is why we never trust anything the platform sells.
RoyalBanc is furnishing users with four different account types to choose from. The accounts listed include Standart, Silver, Gold, and VIP. One of the first problems we noticed is the platform has a high minimum depository requirement. For the Standart account which is the most basic, traders must deposit $1,000 to start trading. You should know that the industry has set $250 as the acceptable minimum deposit. Never trust a platform which is asking more than the set minimum deposit price.
Their demo account is using MT4 platform which is the most trusted platform. The demo account is the only legit feature within the platform. MT4 trading platform offers advanced tools and charts. Smart investors know that signing up must start begin with a demo account. A demo account gives users more information on what to expect. You get to know the speed at which trades get executed. The demo account is the only real feature that works within RoyalBanc.
The payment methods listed include MasterCard, Piastrix, Wire Transfer, and Visa. These are depository channels which are available anywhere on the face of the planet. These scam artists want users to give no reason as to why they can’t possibly deposit with them. Deposit will take less than five minutes and this is not a reason to sign up. We later learned that the account funding process can be hijacked by third parties. Lack of essential security features makes depositing with the platform a risky move.
Royal Banc is NOT licensed by any regulatory body that we know of. The platform is simply operating without a valid trading license. You would expect leading European regulatory bodies to have licensed this platform. All the regulatory bodies we contacted have never heard or licensed this platform. The regulators include CONSOB, CySEC, FCA, FMA, and others. None has ever had the chance to license the platform.
The platform is not using MT4 on their real trading platform. Instead, they go for an online platform which lacks proper security features. Some of the missing security features include DDoS protection and SSL encryption. What this means is that we are dealing with a platform which is trying to put your funds at risk. Hackers will easily take over the platform hoping to steal credit card details. Beware of the platforms which are web based as most don’t have a secure trading channel.
According to their homepage, the platform offers a training program. This is another claim used by these scam artists to lure newbie traders. They don’t have a training program and use copied videos from other professionals. The platform does not have a professional team behind it which makes it a huge con.
No member has come out with evidence of ever withdrawing funds with this platform. And this is why we mark Royalbanc as a huge scam. Traders should be able to withdraw funds at will, no matter the trading platform. We could not see any details regarding the withdrawal policy. And this is another problem with the platform. Lack of withdrawal details is proof we are dealing with a shoddy platform. No indication of fees involves during deposit and withdrawal section can be seen.
When it comes to security of funds, the platform does not guarantee it. The problem here is that RoyalBanc is not segregating accounts as dictated by trading regulations. Instead, the platform is pooling funds in one account. Users are depositing funds straight to owner’s bank account. When the platform ceases to exist, never expect any form of compensation. RoyalBanc is not participating in a compensatory scheme. Once you have a balance and the platforms shuts down, you won’t be refunded.
With the evidence firmly in our hands, we have to list Royal Banc as a huge online trading scam. Stay away from this platform and never sign up with any of their affiliate programs. Never give out your personal details to people who claim to be account managers. They don’t have a clue on what it takes to handle a client’s account.
We will be adding this platform to our scam blacklist and ensure no one else falls for this trap.
Wishing all investors a safe trading experience.
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