4X Royal Review – 5 things you should know about 4xroyal.com

4X Royal Review – 5 things you should know about 4xroyal.com

Beware! 4X Royal is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

4X Royal is a CFD brokerage based presumably in the UK. It provides the MetaTrader 4 platform. Clients are extended a leverage of 1:100 and have a wide range of trading products available. The spread on EUR/USD is 1.5 pips which is just about the industry average. The required minimum deposit is $250 which is nothing out of the ordinary.

4X Royal regulation & safety of funds

There isn’t a lot of information on the website of the brokerage regarding the company behind it. In fact we only come across an UK contact address and the actual company operating the website remains a mystery to us. In other words – the website is anonymous. This straight out is a warning sign and inclines us to question the broker’s legitimacy. Brokerages in the United Kingdom are regulated by the Financial Conduct Authority and are required to abide by strict rules regarding their conduct. We ca safely assume that 4X Royal does not fall under any regulatory oversight whatsoever. However, the brokerage does inform us about its trading conditions and provides the MetaTrader 4 trading platform which we always view an advantage .The MT4 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Beginner traders will find the trading platform easy to use as well, due to its user-friendly lay out. Here is a screenshot:

As you can see – the spread on EUR/USD is 1.6 pips which is just about the industry average and favorable for traders, the same goes for the leverage. Another thing worth noting about the brokerage is that it purports to provide free VPS for accounts with deposits over $500. The VPS is a very useful tool that uses robots which automatically trade for the client, however, having in mind that the brokerage is anonymous – we cannot be sure whether the robot a client must install may not be a cover up for scamming.

Putting aside all that was outlined – the lack of regulation incline us to suspect that potential clients of the brokerage may be exposed to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

4XRoyal deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via Visa, MasterCard and bank wire, as well as the popular e-wallets Perfect Money, WebMoney, Neteller, Skrill.

Going through the terms and conditions of the brokerage we did come upon provisions worth noting. Here is a screenshot:

We discern that accounts which have been inactive for more than a year will be charged a $25 maintenance fee which certainly isn’t excessive but worth noting. Another thing to highlight from the terms and conditions of the brokerages are the bonus conditions. Here is a screenshot:

The brokerage literally states that it may deem to its discretion that an account “has taken unfair advantage” of the Company’s bonuses and terminate said account. Such a provision is nerve-wracking and means that a client who has received bonuses may always be under threat of having his account terminated.

Such requirements and obstacles in front of withdrawing are typical for unregulated brokerages which should not be trusted. Usually with legitimate brokerage traders won’t have such hurdles in their way and may withdraw in a straightforward manner. We did not find any stated withdrawal fees either, however, dealing with unregulated brokerage we may never be sure whether they wont charge unexpected fees once the clients have deposited their funds. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Cashless PayGroup where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Btcoinpro – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. 

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

 

Rich Snippet Data
Review Date
Reviewed Broker
4X Royal
Broker Rating
1.21star1stargraygraygray

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4 Comments

  1. scamm 100% be cerfull

    1. Yes, you’re right. I am a victim of them. Be careful!

  2. They said they could get money back from a scam for me so I said I would deposit money if they did.I am not holding my breath but we will see.I will deposit and give them a good review if they do.

  3. I am a victim of them too!

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