Royal GTX Review – Can this Broker be Trusted?

Royal GTX Review

Royal GTX logo

Have you been looking for an online broker to start trading in the financial markets? These days, many people have been drawn towards this space due to the profit potential of the various instruments that can be traded. But, to be able to do so, you need the services of a broker as they connect you to the trading markets. One of the options you will find is Royal GTX, a forex broker that promises attractive conditions to its clients. However, before you make up your mind to trust this platform, you need to go through a Royal GTX review. Let’s get started:

Background

If you check out Royal GTX’s website, you will find that they haven’t shared a lot of information about the company itself. As per their claims, they have been operating in the financial markets for about 10 years now and are based in the United Kingdom. Technically, as they are located in the UK, they should be regulated by the Financial Conduct Authority (FCA). But, you will find that their website is virtually anonymous and the FCA has actually issued a warning against them because they haven’t obtained proper licensing.

Taking a look at their website indicates that the company name is not mentioned, which is a serious red flag because it means that you will have trouble in getting justice in the event there is a dispute with Royal GTX.

Royal GTX review

Trading Platform

According to the Royal GTX website, it offers its clients the opportunity to use the MetaTrader 4 (MT4) trading platform, which is regarded as the leading trading platform in the market. But, you will find out later that this is just a claim they have made because the MT4 doesn’t appear to be available, even after you have created a live account. Rather than the MT4, they offer users a web-based, simplified trading platform that’s quite unproven and nowhere near the MetaTrader.

Deposit and Withdrawal

Another major red flag that you will come across when it comes to Royal GTX is their deposit and withdrawal policies. If you take a look at it, you will notice that it is quite similar to what other scam brokers practice. First off, their withdrawal charges are extremely high, not just for wire transfers, but also for credit cards and e-payments. Secondly, their policy indicates that they also charge some extra fees, which is just another tactic used by most scam brokers for draining their customers’ accounts.

For instance, the withdrawal policy indicates that you will be charged the withdrawal fee, along with a 10% levy on the amount you withdraw, if your turnover is not more than 200. It should be noted that legitimate brokers don’t usually impose such trading volume requirements that can prevent users from withdrawing their own funds.

Trading Conditions

The information available in the accounts type section of the broker’s website indicates that their spreads start at 1.3 pips. While this kind of pricing may be charged by some legitimate brokers as well, it should be noted that this is what they claim. There is a possibility that Royal GTX may charge higher spreads. They have also advertised leverage of 1:100, but this carries a risk because leverage can lead to hefty losses.

Payment Methods

On their website, the Royal GTX brokerage has stated that they are offering their clients a variety of payment solutions they can use for their deposits and withdrawals. These include credit and debit cards, including Visa, MasterCard and Maestro. They also offer wire transfers, e-payment options like Skrill and a number of cryptocurrencies. But, at the end of the day, you will discover that these are just claims because when you sign up and open an actual account with them, you find that Royal GTX only offers PayBox as a payment solution. They have external payment providers that aren’t reliable and are misleading people by showcasing payment options that are not available.