Beware! RoyalFinance24 is an offshore broker! Your investment may be at risk.
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RoyalFinance24 claims to be a UK based forex and CFD broker owned by a Cypriot Investment Firm. And as they does not mention anything about their regulatory status, we decided to check both the registers of the Financial Conduct Authority (FCA) in the UK and those of the Cyprus Securities and Exchange Commission (CySEC).
And what we found was pretty disturbing – not only RoyalFinance24 is not a regulated broker, but what is worse, as it turned out they are deliberately trying to deceive their clients, by using corporate details of a legit company. So basically what we are dealing here is a “clone website” – an apparent attempt to scam people.
Be sure to check the following paragraphs before depositing any funds with RoyalFinance24
RoyalFinance24 regulation & safety of funds
RoyalFinance24 says to be owned and operated by Royal Financial Trading (Cy) Ltd, which is supposedly base in the UK in The Leadenhall Building, 122 Leadenhall St, London EC3V 4AB.
Royal Financial Trading (Cy) Ltd however is a Cypriot Investment Firm, which is headquartered in Cyprus, has a legit license issued by the Cyprus Securities and Exchange Commission (CySEC), and has absolutely nothing to do with RoyalFinance24.
Below you may check the Royal Financial Trading (Cy) Ltd license and its approved domain name – www.rfxt.com.cy. As you may see it does not match with www.royalfinance24.com.
RoyalFinance24 deposit/withdrawal methods and fees
Although RoyalFinance24 has the logos of some popular e-wallets like Neteller and AstroPay on its homepage, when we proceeded with our registration, it turned out they accept only credit and debit cards like VISA and MasterCard and bitcoins.
Also, going through RoyalFinance24 Terms and Conditions we came across some pretty disturbing paragraphs – for example 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”, as well as to change the structure and amount of fees at their “sole discretion and without additional notifications with immediate effect of changes”. Bear in mind that no legit broker will ever apply such clauses in its client agreement.
Their minimum deposit requirement is 250 USD.
How does the scam work?
Among the various channels scammers use to hunt for new victims, a favorite one are the so called robo scam websites like Bitcoin Profit and Brexit Trader, that are especially designed for the purpose. Those are basically anonymous websites, constructed about some video ad promising “once of a life time investment opportunity” with some revolutionary trading software, that is supposed to generate fantastic profits while you sit back and watch.
And if you decide to give it a try, and do register with your e-mail and phone, there you go stright into the trap. Fore one part you will instantly be redirected to the web page of some offshore broker and will, be asked to deposit about 250 USD. On the other hand you will start getting pone calls by people who will present themselves as senior executives or traders and who basically will be trying to convince you to deposit more. Also some scammers will even be manipulating your trading results, so that it will look like you are making lots of money. That of course will be done with the same idea – that you concede to invest a larger amount – at least 10 000 USD as your “senior account manager” will suggest.
And as curious as it is, but quite too many people get carried away and do invest that kind of money without realizing they have been scammed until the moment they try to withdraw some of their cash. And than all of a sudden it turns out they are not eligible to withdraw, because, they will be told, they have not met some minimum trade volume requirement linked to their trading bonus. The excuses might be various, but the end result will always be the same. Scammers will cancel all withdraw requests and at some point they will even stop answering your e-mails and phone calls.
What to do if scammed?
Although in case you get scammed, the chances to get your money back will be pretty slim, there is one step you can take, if you have paid with a credit or a debit card like VISA and MasterCard, and that is to file for a charge back with your credit card provider. The good news here is that both companies will allow a charge back within 540 days.
And if for some reason you have told scammers your online banking password and credit card number, immediately change the password and cancel your credit card.
And finally, do not accept any offers by the so called recovery agencies. Those people will not help you in any way, but will just charge you some fees in advance and basically that will be the end of the story.