Beware! Royalarmyfx 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.
Royalarmyfx is a very suspicious broker that does not reveal too much about itself. Read the review to see what we found out.
ROYALARMYFX REGULATION AND SAFETY OF FUNDS
This alleged legitimate broker has some revealed details on a possible regulation. We checked the legal documents, and found out that the broker holds some irrelevant lience from Dubai. In Dubai brokers must be regulated by the Dubai Financial Services Authority (DFSA), for them to operate within legal frames. Aside from that, there are no other clues concerning a regulation. So, to conclude Royalarmyfx is UNREGULATED and therefore a risk to all those that invest.
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.
ROYALARMYFX TRADING PLATFORM
One of the biggest issues we ecountered is the failre of the broker to register us. This is typical for illicit brokerage firms. We filled out the registration form, yet as of writing this, feedback has yet to arrive. We assume that the broker has not judged us fit for depositor, and will not initiate the scammer scheme that we have described below.
Anyway, a trading platfrom without a registration, as it turns out, is not a possibility. Any trading conditions are out of our hands. However, the broker does state that it offers the MT4 terminal, and that the minimum spread is 1 pip. We do not trust any of the information revealed on the website, for obvious reasons. You shouldn’t either.
ROYALARMYFX DEPOSIT/WITHDRAWAL METHODS AND FEES
The accounts page tells us that the minimum deposit is $100. As for funding methods, the website claims to offer Neteller, Visa, MasterCard, Wire Transfer, Skrill, Bitcoin. Yet we cannot confirm these to be actual.
As for withdrawals, the broker has expertly concealed much of the important information.
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.