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RoyalFXTrade Review: Royalfxtrade.com Awry Forex Scam

RoyalFXTrade Review: Royalfxtrade.com Awry Forex Scam

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RoyalFXTrade (Royalfxtrade.com) is an exact replica of another scam broker called 24OnlineStockTrade. RoyalFX Trade is claiming to offer Binary trading and Crypto mining services. Royal FX Trade is a website which was cloned on another notable scam. These scam brokers will stop at nothing to offer lousy trading services. And this is why investors should be careful when signing up. Conducting an investigation before signing up is the way to go. Read this genuine ROYALFXTRADE Review and get the truth.

RoyalFXTrade Review

About RoyalFXTrade

The background and history of this trading website remains a mystery. According to their about us page, their mission is to help traders know more about Cryptocurrency. One of their false statements is that they are an official sponsor of the Bitcoin Foundation. These are false claims which are meant to entice unsuspecting investors to sign up. Steer clear of this cloned website or else become another of their victim. To trade with Binary Options, the best move is to use tested Brokers with a proven reputation.

RoyalFXTrade is claiming to be based in the UK which is another lie. Scam brokers will choose such a prime location to try and buy trust from European investors. Thanks to our keen eye, we do have some concrete evidence showing this is a scam. Stay clear of this platform or else become another victim. All their credentials will be refuted with concrete evidence as RoyalFXTrade is an anonymous broker.

Assets Offered

RoyalFX Trade is claiming to offer two types of service delivery, Binary options and Bitcoin Mining. These scam brokers have failed to give credible information regarding their binary options services. Bitcoin Mining is also failing to have relative data. None of the vital information regarding Bitcoin Mining is available. The platform is a clear failure and does not have any valid trading reputation.

Business Owner

RoyalFXTrade is the company which claims to be the owner of this platform. According to the company register in the UK, no such company exists. They have posted details of celebrities as part of their staff. Gasemy Danny has been listed as the President of the platform. The person in question is a successful life coach who has nothing to do with trading. These scam brokers are riding on the fact that the name is linked to a successful person. And these are concrete reasons to stay away from the platform.

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Domain Details

According to whois.net, the registration of their domain is less than a year old. Records prove the website royalfxtrade.com was created on 14th November 2019. These scam brokers claim to have years of Bitcoin mining experience and yet, have a few months on the clock. And this is how we start revealing the cracks with the so-called amazing binary and bitcoin mining website. These scam brokers must be exposed to help protect unsuspecting European investors.

License and Registration of RoyalFXTrade

RoyalFXTrade CNMV Regulator Warning

The Financial Conduct Authority has no broker or entity licensed under the name Royal FX Trade. RoyalFXTrade is NOT REGULATED and thus, is a broker who is offering unlicensed services. Members of the website should not expect any compensation if and when the platform goes under.

Another shocking detail with RoyalFXTrade is a warning has been issued by CNMV. The Spanish regulatory authority has issued a red alert warning regarding the broker. A warning is an indication complaints have reached concerned authorities. Other European based regulatory bodies will follow suit. They include BaFIN, CONSOB, CySEC, and FINMA. With the cat out of the bag, registering with the platform is throwing away money. These are offshore scam brokers who target unsuspecting European Investors.

Restrictions of RoyalFXTrade

Account Details

RoyalFXTrade is offering traders four plans to choose from. Each of the plans comes with a guaranteed profit margin which is a red flag. Any broker who offers a guaranteed profit margin is a scam. The plans indicated include Mini, Silver, Gold, and Platinum. These scam brokers are using the same account plans as the 24onlinestocktrade scam. The minimum account plan comes with a guaranteed $749.9 profit margin.

RoyalFXTrade Account Plans

Consultations

The platform claims to offer free consultations to members. Most members we contacted claimed the consultations involved the broker taking control of accounts. The consultations will direct traders to open an account and hand over control to experts. These experts are termed as professional account managers. The consultations are deemed free but withdrawal charges have consultation fee. These scam artists are using information to try and take over account details.

Contact and Customer Support

The website has a chat bot which acts as a customer care representative. With chatbots, information is not relayed as effective as it should be. And this is why a live chat agent is recommended. Live chat agents will ensure customer get necessary information at once. These scam brokers are using the chat bots as a way of harvesting data. And this is why members are getting emails from products they haven’t subscribed to.

Deposit and Withdrawal

RoyalFXTrade is not clear on the deposit and withdrawal options available on their platform. After careful scrutiny, we found out that the platform offers bank transfer. Some members have complained not a single cent has appeared on their live accounts. And this is proof we are dealing with a fraud.

False Testimony

Another way RoyalFXTrade is enticing unsuspecting investors is by using false testimony. Once visitors scroll down, they get to see what looks like successful members. These testimonials are from the same people on 24onlinestocktrade. And this is concrete reason we are dealing with a professional scam outfit. These scam brokers will do or say anything to make sure their platforms appear legit. With such a false platform, no one is safe, it is best to stay away from their lousy platform.

Trading Terminal

Another missing feature on the entire website is the trading platform used for Forex trading. What members claim to be a replica of MT4 is without a doubt a custom made platform. Just like their website, the trading platforms are far from being secure. Lack of proper security features such as DDoS and SSL encryption opens up members to hacking. Hackers will easily take over such websites and steal credit card information. With your credit card information, these scam artists will swipe clean your bank balance.

Safety of funds with RoyalFXTrade

The safety of funds is important with online trading. These scam brokers will in one way or the other sell your information to third parties. It is clear segregation of accounts is not taking place and compensation is out of the question. Royal FX Trade is not participating in a compensatory page and this should be a huge deal breaker. The platform is also pooling funds in one account which is against trading regulations.

Scam or legit RoyalFXTrade

RoyalFXTrade False Awards

Evidence is pointing us to the fact that Royal FX Trade is a scam. Anyone with their right mind will steer clear of this trading platform. With the CNMV issuing a warning to traders regarding this platform, traders should stay away. The platform is a huge problem to anyone who signs up. These are scam brokers who will do or say anything to try and get a hold of your funds. The best thing is to stay away from platforms which offer insane profit margins.

Final Thought

By adding this broker to our scam blacklist, we will protect our readers from such a scam.

When trading, it is best to use approved brokers who have a strong reputation.

We wish all investors and traders a happy and prosperous trading experience.

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One Reply to “RoyalFXTrade Review: Royalfxtrade.com Awry Forex Scam”

  1. Hola buenas muy gracias por la ayuda al igual yo invertí en esta corredora más de 1000 dólares mucho antes de que esto estuviera en línea , sabes alguna forma.de recuperar de alguna manera esos fondos de inversión de ante mano muchas gracias

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