Beware! 4FX 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.
4FX Royal says to be a forex and CFD broker offering four account types with competitive spreads, leverage as high as 500:1 and a choice between a web based platform and the MetaTrader4. And the broker also says to have offices in the UK, Switzerland and Singapore and to offer ECN trade execution and many other benefits to their clients.
Unfortunately the broker turned out not to be regulated, and what is worse it appears in the warnings list of the Swiss financial regulator. Before depositing any fund with 4FX Royal better read the following paragraphs.
4FX Royal regulation & safety of funds
As we noted 4FX Royal say to run their global operations through offices in the UK, Switzerland and Singapore. Bear in mind that those are strictly regulated markets and all brokers, operating there should be properly licensed and authorized by the respective local authorities. So we diligently checked the registers of the Financial Conduct Authority (FCA) in the UK, the Swiss financial regulator FINMA and the Monetary Authority of Singapore (MAS), but were unable to find any trace neither of 4FX Royal, nor 4FX Royal LIMITED – the company that operates the broker.
What is worse, we did find FX Royal in the warnings list of the Swiss regulator. See for yourself:
So basically what we are dealing here is most probably a scam broker, that illegally tries to attract customers in Switzerland and other regulated markets like the EU and Singapore.
4FX Royal deposit/withdrawal methods and fees
Although on its homepage 4FX Royal displays the logos of various e-wallets like Neteller and Skrill, when we proceeded with our registration the only payment methods available turned out to be bank wire transfers and an obscure e-wallet – NasPay. The absences Skrill is notable because of the new anti scam policy of the money transfer company, according which they partner only with licensed brokers. As we already established 4FX Royal dose not have a license whatsoever.
Also, another worrisome sign is that 4FX Royal want their clients to agree that they will not attempt to make any charge backs, and this is simply absurd. An undeniable right of every customer, who feels he or she has been cheated, is to file for a charge back with the respective credit card company. Besides, both VISA and MasterCard currently allow their customers to file for a charge back within 540 days.
Otherwise the minimum deposit requirement is in line with what we usually see with most brokers – 250 USD.
How does the scam work?
Most scam scenarios usually start when the victim gets hooked by some too good to be true investment opportunity, that you may see on one of the so called robo scam websites like Bitcoin Revival and Bitcoin Profit. So if you happen to land on one of those websites, you will be greeted by a nicely cut video, telling you the story of how easily you can get filthy rich, by just investing a small amount with some state -of -the -art trading app or platform.
But first you will be just asked to register, by leaving you r e-mail and phone, and if you do that, in a second you will be transferred to the web page of a unregulated, scam broker, where you will be offered a trading account in an exchange of an initial deposit of about 250 USD.
And do not be surprised of how successful your initial trades will be. This is just a part of the trick, scammers will simply be manipulating your account so that later you will be more easily convinced to deposit more, like at least 10 000 USD – that is what your senior account manager will suggest any way, as you will be getting a lot of phone calls by that time.
And believe it or not but at that stage many people do invest that kind of money without knowing they have been scammed until the very moment they decide to withdraw some of their funds. Than all of a sudden they are be told they have no right to withdraw, because they have not reached some minimum trade volume requirement, possibly linked to their welcoming bonus. The excuse might certainly be different, but the result will always be the same – scammers will not pay a single dollar back.
What to do if scammed?
Although in the unfortunate event you have been scammed, the chances to recover your money will be pretty slim, you can always file for a charge back with your credit card company, if you have payed with VISA or MasterCard. As we already noted, the good news here is that both companies will allow you to do that within 540 days.
And if by any chance you have revealed your credit card number and online banking password, immediately block your card and change the password.
Also, do not trust the so called recovery agencies. They will not help you in any way, but simply will require some payment in advance, leaving you even deeper into the red.