TheRoyalFX Broker Review: Pros and Cons
TheRoyalFX or Royal Exchange has a solid website up to date with ongoing events. Using the fear of the Covid-19 pandemic, this broker invites people to invest in a trustworthy company. However, once you read our TheRoyalFX review, you’ll understand why this company is not the one you should ever invest your funds in.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||No Info|
|Owned by:||Trd Group Ltd|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||Web trader|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
TheRoyalFX Regulations and Security
TheRoyalFX is a brand of Trd Group Ltd, allegedly based in Saint Vincent and the Grenadines. We have two issues here. The first is that the company doesn’t exist in any of the registers. Other than that, this offshore country has no financial regulator, so even if the company was legit, it couldn’t be regulated by the FSA as this authority body acts as a financial register and directs brokers to opt for the regulation in the country of service.
We’ve double-checked FCA, ASIC, BaFin, and a few other Tier1 regulators just in case but found no sign of TheRoyalFX regulation.
Fund Withdrawal Issues With TheRoyalFX
Since the company is not officially registered nor regulated, it feels free enough to scam clients. That’s why most of them have reported withdrawal issues. Once you want to invest, everything will be tremendous.
However, if you were not suspicious when you were prompted for the initial deposit of $2,500, you will definitely notice that something doesn’t add up once you cannot withdraw your funds.If you insist too much, you’re risking being suspended and never reaccessing your trading account.
Moreover, always check the background of online trading companies before investing!
Traders About TheRoyalFX Scam
Checking TheRoyalFX reviews gave us a little insight into how traders feel about the brokerage. As you can imagine, most of them are devastated by being unable to withdraw their funds. Those who were too persistent could no longer access their trading accounts, making the situation even harder.
So if you experience something similar, let us know immediately.
The reviews show that the broker targets mainly Belgium and Guernsey, but you’re not safe anywhere.
How Does Online Trading Scam Work?
Online trading scams are something we’re facing every day. With numerous new companies opening their offices offshore, security is lower each day. That’s why it’s recommended to invest only in long-existing brokerages with a proven history of positive behavior.
If, however, you come across a scam such as TheRoyalFX, you should report it immediately. It will all start with an overpromising trading ad, through an overpromising account manager, just to end once you decline to invest more funds and ask for a payout.
Beware of the bonus scheme, proprietary Web trader, and robotic trading system – this is a holy trio of fraudulent firms.
Scammed by TheRoyalFX? – Tell Us Your Story
If you were scammed by TheRoyalFX or any similar bogus brokerage, let us know. Our experts will help you file a dispute and request a chargeback.
But What Is A Chargeback?
The chargeback is a way for your bank to reverse a fraudulent transaction and get money back from the merchant if you can prove that you were scammed. Contact our support via online chat to book a free consultation and get more details about the process. Don’t let scammers run with your hard-earned money!
What Is TheRoyalFX?
TheRoyalFX is an online FX and CFD provider without a license.
Is TheRoyalFX A Scam Broker?
TheRoyalFX operates without a license and has severe accusations regarding withdrawals.
Is TheRoyalFX Regulated?
No, broker has no regulations and provides financial services illegally.