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Royal Swiss Market Review - Is it scam or safe?

Royal Swiss Market review - Is royalswissmarket.com scam or safe forex broker?

RATING: 1.1 / 2 REVIEWS ForexBrokerz Royal Swiss Market
Royal Swiss Market is an offshore broker. Your money is not safe.

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Royal Swiss Market is a brokerage trading CFDs, currencies and crypto on their platform. Don’t let the brands name fool you – the company behind it ChilliMarkets is situated in Tallin, Estonia and lacks any license. 

 

Advantages

 

Many financial instruments

 

As is common for unregulated and shady brokers, Royal Swiss Market offers their clients participation in a wide range of financial markets such as CFDs on commodities like silver and gold, currency pairs, indicies, CFDs on company stocks like HM, Adidas and futures. 

 

Disadvantages

 

No regulation

 

There is no explicitly stated regulation on the website. Not only does it lack any regulation from a reputable agency such as FCA, it even isn’t licensed from the Estonian authorities like other similar brands. Although, we believe traders should not be satisfied with anything less than a brokerage’s clear-cut compliance with an international regulating body. In the absence of it any potential trading with the brokerage is overshadowed by the high possibility of fraud. 

 

Regulators such as FCA or CSsec offer many advantages such as a mechanism by which, in case of brokers bankruptcy, clients will be compensated for losses as much as 50 000 GBP per person, as well as more transparency in your dealings with the broker. This is why we highly recommend potential traders orient themselves to regulated trading entities. 

 

>>List of FCA-regulated forex brokers<<

 

High minimum deposit

 

Royal Swiss Market clients may choose from five different accounts with the minimum deposits being $2500 for the most basic account and $250 000+ for the premium one. This is riddicously high minimum deposit and should raise red flags for any seasoned trader. Such a large sum for the most basic account constitutes a serious commitment to a broker who is neither regulated, nor transparent about its spreads, leverage or fees. And we strongly advise against such a commitment from potential traders with the brokerage. Just for a comparison – IG does not even have a minimum deposit and is regulated by the reputable authorities all over the world. 

 

Inactivity Fees

 

There is no mention of trading fees or commissions on the website which again gives way to second-thoughts about the trader. Transparency and information is important not only in the trading world, but in every case of a client-provider relationship. Having in mind the absurdly high minimum deposit, it is simply devoid of reason to take up business with a trader while being in the dark about essential parts of your potential future dealings such as possible fees or commissions.

 

However, in “Terms and Conditions” we read that the broker will charge an inactivity fee of $50 (per month) on inactive for more than 30 days accounts. This is especially unnerving since it seems the broker has in mind preying on clients who have no bothered to read the terms and conditions. This is another serious eyebrow raiser for this broker brand. 

 

High spreads

 

Through a demo account we gained access to the trading platform and looked through the offered financial instruments. The spread of the EUR/USD is 2.0 pips which is a bit higher than the 1.5 pips margin that we like. The size of the spread is important since the lower it is, the higher chance of making a profit long term. 

 

Again, having in mind all the irregularities mentioned throughout the review, we do not see reason to settle for such a high spread from an unregulated broker. Here are some better options with better spreads. 

 

>>List of low spread forex brokers<<

 

No MT4

 

The broker provides a web-based trading platform which is accessible through almost any web browser, as well as from mobile devices which is definitely a plus.

 


Royal Swiss Market platform. Click to enlarge

 

However, the lack of MT4 is always in our eyes a negative trait. MT4 is used by more than 80 per cent of traders and not without reason. Its superior features such as the MQL4 programming language which gives the means to traders for the design and backtest of their own auto-trading bots or run ready-made ones, should not be ignored by brokerages intent on long-term success. 

 

>>List of MT4 Forex brokers<<

 

Conclusion

 

Royal Swiss Market is very similar to many other unregulated brokers we have reviewed and offers nothing out of the ordinary. Traders should take notice of the missing regulation, as well as the worrisome inactivity fees which are well hidden in the long Terms and Conditions. Such signs are an indication that better options can be found in the trading world and we recommend interested traders take a look at the linked brokers throughout the review. 

 

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Traders` reviews for Royal Swiss Market

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

 

 

Royal Swiss Market is a scam

I started trading with Royal Swiss Market some time ago.....It all went well in the beginning. About 2 months ago, they went silent. I cannot get hold of the broker (Dane Anderson) who I doubt exists and I cannot get hold of any support or compliance people....They simply dont answer my e-mails. I have lost more than 10,000usd ..............Its a scam dont put any money here

Thomas Minnie 08/17/2018
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