de | cn | ru

RoyalFinance24 Review - is it scam or safe?

RoyalFinance24 review - Is royalfinance24.com scam or good forex broker?

RATING: 1 / 0 REVIEWS RoyalFinance24
RoyalFinance24 is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


RoyalFinance24 presents itself as a UK forex and CFD broker, offering several account types with the MetaTader4 platform. The broker, however is not regulated, as all brokers operating in the UK or any other country in the European Union should be, so if you consider depositing your funds with RoyalFinance24, better read this review first.

 

Trading account  Min. deposit Max. leverage Spread

Mini Account

$250 n/a n/a
Standard Account $2500 n/a n/a
Gold Account $20 000 n/a n/a
Platinum Account $50 000 n/a n/a

 

RoyalFinance24 Advantages:

 

Acceptable minimum deposit requirement 

 

We usually start our reviews with any positive side about the broker and here with RoyalFinance24 the only thing that comes to mind is their initial deposit requirement – 250 USD, which is more or less what other brokers wold ask for to let you trade. Still have in mind that with some big names like FBS and IG you can open a trading account with virtually 5 USD or even less.

 

RoyalFinance24 Disadvantages:

 

A clone website, using details of a legit broker

 

RoyalFinance24 claims to be owned and operated by Royal Financial Trading (Cy) Ltd., but that turned out not to be true. RoyalFinance24 is a clone web site using details of a legit broker - Royal Financial Trading, which is licensed and authorized by the Cyprus Securities and Exchange Commission (CySEC). As you may see in the screen shots below the domain address of the legit broker and that of the clone website (RoyalFinance24) we are reviewing here are different:

 

 

So basically we are dealing with scammers, who intentionally try to steal the identity of a legit broker in an apparent attempt to trick traders to deposit their funds with them.

 

As a rule trading with unregulated brokers has always been extremely risky as quite often they are simply involved in scam. 

 

With a legit and properly licensed broker on the other hand your funds will be safe, because of the strict regulatory regime such companies are subject to. The CySEC in Cyprus as well as the Financial Conduct Authority (FCA) in the UK are two of the most renowned regulatory institutions in the industry, where most brokers operating legally in Europe have flocked.

 

And besides, if you trade with FCA regulated broker your funds will even be insured for up to 85 000 GBP, so here you may check our list of brokers, regulated there:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

We already established that we are dealing with a scam website, and yet for illustration purposes here we will review a couple of intriguing details we came across in the RoyalFinance24 Terms and Conditions. First, they say they reserve the right in their “sole discretion, to refuse to process a Withdrawal request or place a payment hold on any part of all of your funds in your Account for any reason”. See for your self:

 

 

And also they reserve the right to change the structure and amount of fees at their “sole discretion and without additional notifications with immediate effect of changes”.

 

 

Bonuses used as a pretext to refuse any withdraws

 

This is a popular techniques scammers use to cancel  any withdraw requests. They offer you a trading bonus with some additional withdraw conditions, usually a minimum trade volume requirement, which of course they reserve the right to change whenever they wish. With RoyalFinance24 for example for every dollar you have received as a bonus you will have to trade between 10 000 USD and 30 000 USD, depending how big is the bonus.

 

MetaTrader4 not supported

 

Although RoyalFinance24 claims to be offering MetaTrader4, when we tried to download the platform we were simply transferred to the official MetaTrader4 website, to download a trial version, which has nothing to do with RoyalFinance24. A similar story happened, when we tried to open the web version of the platform –  this time MT4 was provided by WestMediaGroup, which might be connected to the scammers as well.

 

Otherwise MetaTrader4 is one of the best platforms on the market. It features numerous market indicators and even trading bots, with the help of which one can easily run algorithmic trading sessions. Also the platform is equipped with excellent charting tools, so here you may check our list of brokers, supporting the MT4 for real:

 

>>MT4 Brokers<<

 

Limited payment options

 

As far as the payment methods are concerned RoyalFinance24 accepts only credit and debit cards like VISA and MasterCard, bitcoins and an obscure e-wallet called VoguePay. Popular e-wallets like Neteller and Skrill are not accepted, although their logos are present on the RoyalFinance24 website. 

 

Conclusion:

 

RoyalFinance24 is a scam website using detail of a legit broker to steal money from traders. As always in such cases we will repeat our usual advise to double check all information a broker might present you and to make sure, before depositing any funds, that your broker is properly regulated by an official financial authority, such as the FCA in the UK, CySEC in Cyprus or the Australian Securities and Investments Commission (ASIC).

Latest news about RoyalFinance24
No news about RoyalFinance24. Check back later.
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for RoyalFinance24

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

 

 

de | cn | ru