Is RoyalsFX Scam or Legit Broker?
It is not safe to trade with a Forex broker RoyalsFX, as it is an unregulated firm. The broker does not provide the company behind the brand’s name and claims to be located in Geneva, Switzerland. However, the terms and conditions on the website state that RoyalsFx is under Estonian Governing laws. Despite all these claims, we were not able to find proof of the broker’s regulation and there are no mentions of this firm in the registers of the local regulators.
About RoyalsFX
| 🗺️ Registered in | Estonia |
| 🗺️ Type of License | No License |
| 🛡️ Is RoyalsFX safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | GO Markets – licensed by ASIC in Australia |
What is RoyalsFX?
RoyalsFX claims to be an innovative online trading brokerage firm, providing traders from across the globe the possibility to trade and profit from the global financial markets. RoyalsFX was established by highly enthusiastic financial market veterans, committed to encouraging people worldwide to practice trading and investing independently while providing complete access to a vast number of top-class financial assets from all 4 major markets. The broker provides its clients with more than 1,000 top-class financial assets from 4 major markets and 3 trading instruments (CFDs, FX).
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Moreover, the broker got blacklisted by one of the most reputable regulators the Financial Conduct Authority in the United Kingdom:
“Almost all firms and individuals offering, promoting, or selling financial services or products in the UK have to be authorized by us. This firm is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization.”
- Considering all the facts above it is safe to say RoyalsFX is not regulated and has no legal rights to offer financial services.
RoyalsFX Review Conclusion
We advise all investors and traders to avoid RoyalsFX and other unregulated brokers (See our Forex scammer List). The lack of information (or false information) about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Cyprus and reliable brokers such as FP Markets and Alpari.
RoyalsFX Update
Recently the RoyalsFX website remains inactive, meaning the broker has muted its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals.