RoyalExchange Review – Can you Rely on this Broker?

RoyalExchange Review

RoyalExchange logoThere are thousands of online brokers that can offer you their trading services and while some of them are indeed professional and reliable, scam brokers are also rampant. This obviously indicates that you have to be very cautious because it is incredibly easy to fall into their trap. They deliberately design their websites in such a manner and add lucrative offerings that people find hard to resist. But, you have to resist and do your due diligence to ensure you are not getting trapped. This is what this RoyalExchange review is for.

You obviously don’t want to make the wrong decision and in order to do your due diligence, you have to look at some of the essential aspects of a broker. This applies to RoyalExchange as well, which is one of the options at your disposal. It appears to be a professional trading solution at first glance, but a deeper looks reveals everything that’s wrong with it. You can read on to know more:

RoyalExchange website

No licensing and regulation

One of the clear indications of a legitimate broker is their licensing and regulation and when you check RoyalExchange out, you will realize that the broker itself is not sure of where it is based. They don’t seem to be able to make up their mind because they have provided conflicting information on their website. If you try to find out what entity owns and operates RoyalExchange, you will find in the Contact Us section that it is a company named Trd Group Ltd., which is based in St. Vincent and the Grenadines.

This is not reassuring because St. Vincent and the Grenadines is an offshore jurisdiction that does not oversee forex brokerages, which has made it a hotbed for scammers. But, the problems don’t end here because the Terms and Conditions on the RoyalExchange website indicate that it is owned and operated by Royalexchange LLC, which is based in the Marshall Islands. This is yet another offshore jurisdiction with a similar reputation.

Things get worse when you find out that RoyalExchange’s billing and clearing services are provided by Global Payment Solutions LLC. The Financial Market Supervision of Austria blacklisted this company last year, which means it is certainly not legitimate. All of these are clear red flags that highlight the broker is up to no good and should not be trusted at all.

No proper trading platform

One of the key features of any brokerage is their trading platform because this software is used for trade execution and has to be up to the mark. You have to be ready for disappointment where RoyalExchange’s trading platform is concerned because they are offering a web distribution that is quite common and is mostly offered by the scam brokers in the market. A legitimate broker worth their salt wouldn’t settle for anything less than the MT4 or the MT5 trading platform that are known as the gold standard in the industry and offer a seamless trading experience to traders.

High minimum deposit

Another glaring issue that you will come across at RoyalExchange is their minimum deposit. Yes, it is normal for brokers to ask their clients to make a minimum deposit. Some of the platforms offer to let their clients open accounts for as low as $10. The problem with RoyalExchange is that it offers conflicting information in this regard. The Terms and Conditions on its website specify that they have a minimum deposit of around $250.

However, when you take a look at the most basic account type offered by RoyalExchange i.e. the Classic account, it has a minimum deposit requirement of $2,500. This is considerably higher than the standard $250 and no one wants to invest this much from the get go.

Ending Thoughts

Along with these issues, you will find that RoyalExchange also charges a 0.5% withdrawal fee, but it is not less than $30, which is also quite high. All of this make it apparent that the broker cannot be relied on at any cost.