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Finroyalty Review - is it scam or safe?

Finroyalty review - Is finroyalty.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz Finroyalty
Finroyalty is an offshore broker. Your money is not safe.

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Finroyalty says they are on the path to become a leading CFD broker, offering safe and secure trading with various instruments, including indices, precious metals, well over 40 currency pairs, commodities, stocks and even crypto coins like Bitcoin, Ethereum, Ripple, Dash, Litecoin and Ethereum Classic. All of that with a choice of four account types, leverage as high as 1:400 and the MetarTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Classic Account $1000

1:400

n/a
Gold Account $10 000 1:400 n/a
Platinum Account $25 000 1:400 n/a
VIP Account $100 000 1:400 n/a

 

Unfortunately this is an offshore broker, not regulated, as they should have been, if they wanted legally to offer their services on regulated markets like the European Union, including the UK. 

 

What is even worse however, Finroyalty turned out to be in the latest warnings lists of the Spanish Comisión Nacional del Mercado de Valores (CNMV) and CONSOB in Italy, so if you are still considering whether to deposit any funds with them, better read the following review first.

 

Finroyalty Advantages:

 

Presumably a large selection of trading instruments

 

Appart from the seemingly large list of trading instruments, and the high leverage, there are not positive sides about Finroyalty to discuss here. In any case, if you are tempted by their offer to trade crypto coins like Bitcoin and Ripple, here you may always check our list of brokers, offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Finroyalty Disadvantages:

 

CNMV and  CONSOB warnings, no license

 

As we already mentioned Finroyalty is a unregulated, offshore broker, which has already come into the spotlight of the Comisión Nacional del Mercado de Valores (CNMV) in Spain and CONSOB in Italy for targeting EU customers without proper authorization and possibly running a scam. You can see the warnings here:

 

 

Otherwise Finroyalty says to be owned and operated by Pro Star Griffith Corporate Centre, a company based offshore on St. Vincent and the Grenadines, about which we know virtually nothing.

 

Bear in mind that trading with unregulated brokers like Finroyalty is extremely risky as too often they are simply involved in scam. Our best advise in such cases is to trade only with brokers, licensed and authorized by well known institutions, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).  And here you may check our list of FCA regulated brokers, with which your funds will even be guaranteed by a special client compensation fund, covering up to 85 000 GBP of your trading capital:

 

>>FCA Regulated Forex Brokers<< 

 

Managed accounts

 

Finroyalty says to be offering managed accounts which they call MAM Accounts. The issue here is that like most other brokers Finroyalty acts as a market maker, and that means it makes money whenever traders lose. So if a market maker like Finroyalty manages your account, it will have the incentive to lose your money in its own pockets. This is called conflict of interest.

 

High minimum deposit requirement

 

Finroyalty asks for a minimum deposit of at least 1000 USD and that is four times the amount most brokers would require with a standard account. Besides, some big and well known brokers like FBS and IG will let you start trading with just 5 USD or so.

 

Client Agreement missing

 

The Client Agreement or the Terms and Conditions is a key legal document that establishes the contractual relations between the trader and the broker. Unfortunately when we proceeded with our registration the link with the document in question was not functional, so basically if you register a trading account with Finroyalty you will have to agree with something you have not read.

 

No demo account directly available

 

Unfortunately we were not directly able to open a demo account with Finroyalty and that is why we can not comment on their trading conditions. In any case, you can always chose a broker offering tighter spreads from the list below:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 provided by a third party

 

Finroyalty offers MetaTrader4, but it is not branded with the logo of the broker. The platform is actually provided by a company called Algo Trade Limited and that is not a usual practice. In any case you can always check our list of MT4 brokers below. The platform is highly reliable and  featuring lots of customizable market indicators and trading robots with the help of which one can easily run automated trading sessions. On top of that MT4 comes with an advanced pack of charting tools:

 

>>MT4 Brokers<<

 

Skrill not accepted

 

Finroyalty seems to accept payments with credit and debit cards like VISA and MasterCard, but not  Skrill and this is notable, because recently Skrill adopted a new anti scam policy, according which it partners only with legit and regulated brokers. And as we already discussed Finroyalty is a unregulated, offshore broker with a warning. Here you can always check our brokers accepting payments with Skrill:

 

>>Brokers accepting Skrill<<

 

Conclusion:

 

Finroyalty is a low credibility, unregulated, offshore broker, that has been blacklisted by CONSOB in Italy and CNMV) in Spain. And if you want your money to be safe, be sure to stay away from unregulated brokers like Finroyalty and trade only with well known brokers, licensed and authorized by respectable institutions like the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

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Traders` reviews for Finroyalty

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Customer of Finroyalty

Its scam place . Not comeback me money in 2 months time. Just laying .

Audrius Buskevicius 01/10/2020
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