RoyalsFX is a broker based in Switzerland. It was established by Forex traders, who have many years of experience. The main goal was to encourage people worldwide to start trading, with the help of professionals.
They managed to make a website full of details and explanations. Everything works fast and smoothly. The theme is eye-catching, and it seems professional. At first glance, everything looks excellent. There are more than 1000 tradable assets, one on one personal trading sessions, a customisable platform and five different account types — Micro, Classic, Silver, Gold and Platinum. As you can see, it’s more than obvious that someone from the Forex world participated in the website developing.
Unfortunately, one thing is casting a shadow on this perfect look. This is an unregulated Forex broker. They claim to offer many possibilities to compensate clients for the missing licence. Some of the things they provide are a wide selection of trading tools, fast order execution, fund protection, customer service and never-ending market possibilities.
So, is everything worth the risk of trading with someone who doesn’t have a licence? It might be, but let’s go through each of those claims and see whether they fulfil it or not.
Platform and Execution SCORE: 80%
What RoyalsFX offers is a web platform created by their software developers, financial experts and mathematicians. It is created based on their previous trading experience. They promise that clients won’t have to waste any time searching for indicators and information. Everything is just a few clicks away.
That said, the web one has a lot of things to offer. The interface is simple and neat, so it’s easy to navigate through it. The best thing of all is that you can customise it as you wish. So, if you want to rearrange charts and symbols, you can do that.
Aside from that, there is a mobile app as well. With it, you have direct access to the account and all possibilities as you were looking at your computer. I really appreciate this offer, since a lot of people like to trade on the go, so the option for mobile is always welcome.
An interesting thing is that they never mention anything about downloadable platforms on their website. But when you make an account, there is a possibility to download MT4. So, if you are someone who is used to MT4, and likes to stick to your routine, that option is available.
Withdrawal Speed SCORE: 30%
Clients must perform all their withdrawals through the same bank account or credit/debit card they used to deposit the funds. Also, it has to be the same currency used for the deposit.
The withdrawal process is quite easy. You have to go to the Client Area and open a withdrawal request. Download the PDF form and fill in the information. After that, you need to print it, sign and send them documentation for approval. The approval process usually lasts between two to five business days, and after that, you need to wait three to five business days to have money on your account.
When it comes to that part, I am completely fine with it. But there is one thing I dislike. RoyalsFX charges additional fees for each withdrawal.
If you want to withdraw funds using Wire Transfer, the fee is 50.00 USD/GBP/EURO. For credit cards is 25.00 USD/GBP/EURO, plus an additional processing fee of 10.00 USD (7.00 EUR or 5.00 GBP). For ePayments you need to pay 25.00 USD/GBP/EURO.
On top of that, if you have not executed more than 200 in turnover, or your account is not verified, RoyalsFX will charge you a levy of 10% of the withdrawal amount. That said, you have to be prepared to pay extra fees which is quite unnecessary if you ask me.
Minimum withdrawal for wire transfers is 250.00 USD/GBP/EURO. Minimum withdrawal on any other method is 100.00 USD/GBP/EURO.
Support and Assistance SCORE: 60%
An interesting thing about their support is the fact that they do not have Live Chat. That’s usually the easiest and fastest way to contact someone, but when it comes to RoyalsFX, you will have to wait for a reply.
There is an option to send them an email by filling in the online contact form, or to call their agents on the phone. They also listed emails for both the support and compliance department, so depending on your question you can contact one of them.
The main problem I have with their customer support is availability. They do not work 24/7, so if someone has urgent problems with funds, for example, they won’t solve it instantly. Instead, you need to wait up to 24 hours to receive a reply.
Education and Tools SCORE: 90%
When it comes to the education part, I expected a lot. After all, RoyalsFX is owned by professional traders. Well, they claim to have an All-Inclusive Educational Centre. But the thing is, you cannot see it unless you become their member.
If their claims are correct, I am pretty impressed. They have over 150 video courses, comprehensive eBook library, advanced and Expert live daily webinars. Aside from that, there is an option for advanced funds management and Demo Account.
They gave their best to provide clients with the necessary tools and learning material, and I need to give them a lot of points for that. However, this can’t be verified as you need to make a deposit first to access the material.
At the end of this review, I have to say RoyalsFX has an equal amount of positive and negative things. Their platform is great, but still, it’s missing some crucial things. The education part is flawless, even though you need to make a deposit to access it, while the support has a lot of room for improvement.
Of course, the main problem I have with this broker is their lack of regulation from a respected regulator. You can never feel safe when you deposit funds with an unlicensed broker. But on the other hand, they know how to compensate for that. So, it’s all up to you to set your priorities.