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RoyalForex Review - Is it scam or safe?

RoyalForex Review - is royalforex.com scam or good forex broker?

RATING: 3 / 4 REVIEWS RoyalForex
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Trading Accounts

 

Account type  Minimum deposit  Minimum trade size Maximum leverage Average Spreads Platform
Standard $1 01 1:50 1.4 pips MT4/cTrader 

 

This broker a single Standard account type with variable spreads, leverage up to 1:50, no commission fees, and the chance to trade in micro lots for better risk management on the renown MetaTrader 4.

 

The Company. Security of Funds

 

Company

Country

Regulation

Royal Forex Ltd.

Cyprus

CySEC

 

RoyalForex is a brokerage offering trading in over 60 currency pairs, precious metals, CFDs on stocks, indexes and ETF funds, which utilizes pure STP execution. The brand is operated by Royal Forex Ltd., a company which is licensed by the Cyprus Securities and Exchange Comission (CySEC) since 2015.

 

Cyprus is one of the most popular forex broker jurisdictions in Europe. CySEC applies certain rules and requirements to Cyprus Investment Firms: they must hold at least €730 000 as a proof of financial stability (the same amount is also required from UK-based brokerages by FCA); in addition, forex brokers must keep customer funds in segregated accounts, and regularly report to CySEC.

 

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to €20 000, If the company is in default.

 

Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU.

 

Trading Conditions

 

Minimum Initial Deposit

There is no requirement for minimum amount to deposit. However, in order to maintain a minimum amount of collateral (needed for marginal trading), you have to deposit some funds - about 20 USD to open a position (micro lot with leverage 1:50).

 

Average Spreads & Commissions

This broker doesn’t charge commission fees and its typical spreads amount to around 1.4 pips on EUR/USD, which is a competitive pricing. Most brokerages offer spreads for this pair within the range of 1.0 – 1.5 pips.

 

For example, FXTM offers average spread of 0.7 pips and involve a commission $4 per standard lot (round turn). For further information and comparison, you may look up and compare real-time spreads of 15 leading brokers here.

 

Maximum Leverage

RoyalForex offers leverage up to 1:50, which is a comparatively low ratio, yet it is in line with the latest CySEC regulations. At the end of 2016 the Cypriot financial watchdog proposed default leverage levels to be 1:50, nonetheless most Cypriot brokers still offer high maximum leverage ratios - FXTM - up to 1:1000 and XM – up to 1:888. You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.

 

Many jurisdictions introduce restrictions on leverage, because the higher the leverage, the greater the risk.

 

Trading Platforms

 

This broker supports the industry’s standard MetaTrader 4 (MT4), which comes in desktop, and mobile versions with RoyalForex. This platform is preferred by most traders, because it is user-friendly, supports automated strategies, offers extensive back-testing environment and a number if build-in technical analysis tools, as well as advanced charting package.

 

Methods of Payment

 

RoyalForex offers its clients only two payment methods: Credit/debit cards and bank wire transfer. Popular e-wallets such as Skrill or PayPal are not available with this broker.

 

Conclusion

 

RoyalForex is a CySEC-licensed STP broker that offers reasonable trading conditions on the MT4 platform. Some may find the maximum leverage levels provided too low and besides, there is no choice of trading accounts and payment moethods. Here are, in a nutshell, the advantages and disadvantages with regards to this broker.

 

Pros   Cons
Well-regulated No choice of trading accounts & platforms
Competitive spreads & Commission-free trading   Low leverage levels
Low minimum initial deposit  
MT4 available   
Pure STP execution model  
   

 

Latest news about RoyalForex
No news about RoyalForex . Check back later.
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Traders` reviews for RoyalForex

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

RoyalForex - Versprechen viel halten nichts

Vermeiden Sie diese Firma und sparen Sie sich viel Ärger
Habe Konto gekündigt und Auszahlung beantragt bekomme laufend Mail wird bearbeitet tut sich aber nichts . Finger weg von dieser Firma

Translated by Google:


Avoid this company and save yourself a lot of trouble
Have account terminated and request for payment get in progress Mail is being processed is doing nothing. Stay away from this company

Udo Kressin 11/15/2018

Scamming

There are people in south Africa scamming people under you name their calling themselves super royal forex,and that is ruining our thrust inthus trading

Success 11/07/2018

GMO Trading Scam

I have been swindled out £12,000 ... You know when you supect its just too good to be true - well it is wth GMO Trading or Royal Forex Ltd

Mr Brett C Dukes 09/28/2018

Avoid at all costs!

Royal Forex ltd going under another name GMO Trading.

Avoid this company and safe yourself a lot of trouble. I paid 250 pounds just to try it and they just kept asking for more and I kept saying no not interested in putting lots of money into something I know little about. They just kept calling asking for more money with aggressive sales pitch. I just sent them email and called them saying not to contact me again. They just ignored it and kept calling. They called from redirected phone lines from lots of different countries so every time I blocked them they just call from a different line.
Don’t go near this company their practice are as extremely aggressive, as far as my experience of them is they use aggressive sales pitch just to extract money from you. I will be reporting this company to their regulators.

Paul Horsburgh 07/10/2018
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