Beware! RoyalSwiss.co 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.
What we get at RoyalSwiss.co is what we expected upon reading its URL: a limited website, third-party charts that are useless in the context of the broker, false promises, lack of solid information, and the list goes on. There is nothing to gain from using the broker, and as you shall see, there is everything to lose from it. Please read the review before doing something that you might regret later on.
In order to register, we had to complete a very simple form. There wasn’t even the need to verify our email address or anything like that. In less than a minute we had access to a user area, meaning that just about anyone can have too!
Unfortunately, we could not access fully the web trader because we could not get a hold of an investor password. We believe that one must deposit in order to do that, which isn’t bad at all, but the same requirement must be met to open a demo account. So, we had no way of interacting with the platform. Instead, we have no choice but to rely on the website with all of the trading information.
According to the website. there are 4 account types, with the average spread starting from 1 pip for some unknown asset. The leverage is capped at the most common offshore brokerage value of 1:500, and the alleged available financial instruments are forex currency pairs, indices, commodities, and stocks. However, none of this information is guaranteed to be accurate.
The website of the company is available in English, Italian, and Spanish.
ROYALSWISS.CO REGULATION AND SAFETY OF FUNDS
What we found on the website concerning a license or an address isn’t much. In fact, it barely scratches the surface. We found out on the contact page that the broker is located in Seychelle, while in the Terms and Conditions we found out that the company functions in accordance with UK laws.
In Seychelles, the Seychelles Financial Services Authority (FSA) requires out of all regulated entities to hold at least 2 shareholders and 2 directors locally. Furthermore, the agency also has a requirement that all its brokers hold a share capital of at least $50 000. Like all regulators, so does the FSA has an online registry of all regulated brokers. In it we found no trace of RoyalSwiss.co.
Next, we have the UK. If a broker wishes to be operational in the United Kingdom then it must absolutely hold a license from the FCA, which is consequently one of the top regulators in the industry. The FCA also has an updated database of all regulated entities. We found no result for RoyalSwiss.co.
There is no other licensing information to work with. And so we are dealing with another UNLICENSED broker that is a clear risk to all investors.
We always say that investing in unregulated brokers is a sure way to lose money. The first and foremost thing to do when picking a broker to invest in is to look for a license. Preferably look for FCA or CySEC regulated brokers, or other European watchdogs, or US ones. All legit regulators have long lists of rules and prerequisites that all brokers must abide by. Not doing so, will lead to penalties or foreclosure! Furthermore, many regulators have in-store financial compensation schemes for all users under licensed brokerages. For example, CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
ROYALSWISS.CO TRADING SOFTWARE
In order to access a seemingly desktop trading software, one must deposit. The user area gives us a download button, but upon clicking it we were asked to deposit first. This is a great way to solicit users into investing!
So without having the opportunity to view this alleged desktop trader, we turned to the alternative, which was a web trader, that we nevertheless were not able to interact with because it too required an initial deposit.
It reminds us immediately of the MT4/5, and with good reason. The look is reminiscent of the two, and some of the features as well. Overall, a decent platform but nothing too special.
ROYALSWISS.CO DEPOSIT/WITHDRAW METHODS AND FEES
From the user area, we learn nothing of deposits because the dedicated area for this was devoid of anything. From the website, the minimum deposit is said to be $250. The withdrawal area gives us a bank transfer methods of payment, which should also be the one used for depositing.
The Deposit & Withdrawal policy, a document well-hidden, reveals that there are credit card and debit card payment means, as well as alternative payment methods, as well as payment fees, and other charges. But there is nothing to expand on these claims. Withdrawals are processed in 5 days tops.
The biggest take from the policy is the notorious Non-Deposited Funds clause, through which RoyalSwiss.co basically says that users cannot withdraw their profit because it does not really belong to them. This is perhaps the most scammer clause of all!
An unregulated broker without an indemnification clause is like a criminal without an attorney. RoyalSwiss.co’s indemnification provision is on point- it will not be responsible for any damages caused by its website or services. Basically, a get-out-of-jail card.
There are no other clauses that we can add because the legal documents are criminally short and uninformative. There is nothing on them to spark our attention. The mere fact that the docs are short is a sign of the illegitimacy of the company. Please, if you cherish your money and personal data, you will leave RoyalSwiss.co and never look back.
How does the scam work?
Online ads are the gateway to most investment scams. Ads that seem extravagant with quite impossible promises are most certainly the entry point into a scam. Gibing into one of these ads is the first step to being scammed.
The second step is to deposit. Once users click on the ad, they will be redirected to a scammer broker site or an intermediary website. What follows is a registration, where users will be asked to provide a phone number or a phone number.
Next, the scammer will directly contact those that have fallen for it. The first calls are made by the first level of fraudsters, the rookies. Their one and only goal is to compel users to deposit for the first time. Once a deposit is made, the user is hooked onto the scam.
The second wave of scammers, the core of the fraud, sometimes called “account managers”, will try to keep you invested in the shame for as long as possible. They might even pay some profits, just to keep you invested. The user will deposit an additional 2-3 times, which is actually the perfect scenario for these criminals. At some point, the user will realize he or she is in the middle of a scam
There are no more steps to the scam. The user has deposited as much as he or she did, and the fraudster have disappeared. The money is gone, and users cannot withdraw.
What to do if scammed?
If money was lost through a credit or debit card, the good news is that most credit card companies have an easy way of recovering money. Furthermore, MasterCard and VISA have a chargeback period of 540 days.
Wire transfer frauds, that is broker/investment scams, are harder to recuperate, but not impossible. The crucial thing to do is to change your bank account username and password! Aside from that, we advise users to contact their banks, because most banking institutions might have a plan on how to deal with money lost to investment scams!
Never invest in unregulated brokers through any sort of cryptocurrency wallet, no matter how good the returns sound! Crypto deposits are untraceable!
The last scam that users might stumble upon is in fact most of the time one that has nothing to do with the investment scam, although a potential relationship between the two is not excluded. We are talking about the so-called recovery agents or agencies. These will claim to be able to recover lost funds in return for a fee. After users pay this charge, they can kiss their money goodbye!