Beware! RoyalFunds is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
RoyalFunds seems to be on the bright side of things until one starts to dig a little further down the hole. Then a whole new perspective arises, that completely changes one’s opinion. This will be explored in the following review. The leverage that we were given was 1:100, while the web trader gave us a EUR/USD spread of 3 pips which is indicative of the suspicious nature of the broker.
ROYALFUNDS REGULATION AND SAFETY OF FUNDS
There are some pieces of info here and there none of which seem concrete enough to label RoyalFunds as a regulated broker. The Terms and Conditons document is incomplete, which is a clear sign that this broker is clearly UNREGULATED, and as such is a risk to any deposit made in it. What’s more is that there is no actual statement that clearly points at an actual license.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
ROYALFUNDS TRADING SOFTWARE
Eventhought the client dashboard claims that there are two trading terminals, the MT4 and the Status Pro, we assure traders that only the Status Pro is active. The MT4 here is infact a impostor; it does not bear the name of the broker, and as such does not offer proper RoyalFunds trading conditions.
With that out of the way, we are left with the StatusPro, a rather decent novice trading terminal that offers pending orders, a live news feed, chart cutomization options, and other extras that help users trade. However, one must not think that this trader can replace the MT4 tading terminal.
ROYALFUNDS DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit according to the deposit section in the client dashboard is $200. Users can deposit via Credit Cards and Xpate. Thre are no deposit fees.
Withdrawals are burdened by common scammer broker fees: $25 for Credit Cards, $50 for Wire Transfer (a payment method not present in the deposit section), and $10 for e-payments. A 10% charge will be lifted from any withdrawal amount if the user has not achieved a 200 turnover in trades or more.
We strongly advice traders to only deposit the minimum deposit, or better yet – not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time
Laslo Bercek
Hello everyone, here I am with two brokers, I have an account, one is GoldmenBanc and the other is RoyalFunds. After a few months of not having to enter GoldmenBanc, a financial advisor called me and said that they had to pay me the entire amount and that I had to deposit it in my bank first. account expenses and all other fees that must first be paid so that they can pay me the amount earned through the crypto exchange to a bank account which became very suspicious to me and I was not allowed to get into it because I do not know how the payment works legally as I am a beginner in this. And at RoyalFuns, the broker opened all the wrong positions for me and advised me, so I lost the deposited amount and went into the red, and a few days ago Klara, the account manager, called me from finance and claimed that I had 32,000.00 euros earned on Btc and that my wallet was locked. they have to pay me because I haven’t invested anything in them for more than 6 months as the broker acted and lost trust. And now they are asking for a 7872 euro fee to deposit in a bank account in order to The wallet was unlocked so that the payment could be made, which scares me because she told me that if she sends all the documents certified, I have 10 working days to pay the fee, otherwise if I don’t make it in time, she will take me to court or give up everything and will be donated. my wallet for charitable purposes. I ask for and ask for help and advice on how to legally make payments from a merchant account. So as not to lead my family into an even greater financial disaster.
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Dobar dan svima evo ja se nalazim kod dvije brokera imam racun jedan je GoldmenBanc a drugi je RoyalFunds,Nakon par mjeseci kako nisam imao vise da ulazem kod GoldmenBanc nazvao me finansiski savjetnik da moraju mi isplatit cijeli iznos a da ja prvo moram polozit na svoju bankovni racun troskove i sve ostale pristojbe sto se prvo mora platit da bi mi oni mogli isplatit zaradjeni iznos preko cripto menjacnice na bankovni racun sto mi je postalo jako sumnjivo i nisam smio uci u to jer ne znam kako zakonski funcionira isplata kako sam pocetnik u ovome.A kod RoyalFuns mi je broker sve krive pozicije mi otvarao i savjetovao pa sam polozeni iznos izgubio otisao u minus i prije par dana me nazvala iz finansije Klara direktor racuna i tvrdi da imam 32.000,00eura zaradjeno na Btc i da mi je novcanik zakljucana a moraju mi isplatit jer isto nisam ulozio vise od 6mjeseci nista kod njih kako broker postupao i izgubio povjerenje.I sada traze 7872euro pristojbu da polozim na bankovni racun da bi mi se novcanik odkljucao da bi se moglo izvrsit isplata sto me strah jer mi je rekla ako posalje sve dokumente ovjerene imam 10radnih dana da uplatim pristojbu inace ako ne budem u vremenskom roku izvrsio predat ce me na sud ili da se odreknem od svega i bit ce donirana moj novcanik u dorotvorne svrhe.Trazim i molim za pomoc i savjete kako ispravno zakonski se vrsi isplata sa trgovackog racuna.Da nebi dovelo moju obitelj u jos vecu finansisku katastrofu.