This review is a warning about the illegal and scam broker RoyalFX24. We explain why you have to stay away from it.
What is RoyalFx24
RoyalFX24 is a broker that lets its clients trade with currency pairs on Forex, indices, stocks, commodities and futures.
Clients can choose from three accounts: Silver, Gold and Platinum. The minimum deposit is 10,000 EUR.
RoyalFx24 says that you will earn at least 15 – 35% monthly returns, depending on the account.
The broker does not provide any address, so it is not clear where it is based. However, the support phone number leads to the United Kingdom, so we have to assume that RoyalFX24 is a British broker. But is it legit, can you trust it?
Unfortunately, RoyalFX24 is a scam broker that you have to avoid. In this review we explain why.
Not licensed and illegal
As we have already mentioned, Royalfx24 does not even provide its contact address on its official website. Which is a huge red flag.
You have to know that financial trading is highly regulated all over the world and brokers are required to get licenses in order to operate legally. One of the requirements is also to provide complete contact information and details about the regulatory status.
The only thing RoyalFX24 reveals is a British phone number, so we checked with the Financial Conduct Authority whether the broker is authorized to provide investment services. And it is not.
So the point is that RoyalFX24 is an illegal broker that is acting against British laws. Will you trust a company that is breaking the law? You should not.
With this broker your money would not be protected in any way. Also, what can you expect from people that are knowingly breaking the law? They are here to steal your money, that is a safe assumption.
The percentage of scam brokers among unregulated companies is relatively high, so we recommend avoiding them.
An even quicker way to see that RoyalFX24 is a scam is to look at the accounts that are on offer. Because every account is supposedly tied to a guaranteed 15 – 35% monthly return. Which is ridiculous.
No broker in the world can guarantee steady monthly returns on investment. Also, 15 – 35% is something that the best investment companies in the world will do in a year, yet the anonymous and unregulated RoyalFX24 broker claims to be doing this in a month, so twelve times faster?
So just the promised returns on investment clearly show that this broker is a scam. And this is how you can understand the true nature of many Internet investment schemes, look realistically at the numbers, use common sense.
How RoyalFX24 works
RoyalFX24 is a simple scam that will take your money and leave you. All the promises you can see on the official website of the broker are there to lure you, they are not backed in any way. The only goal of this fraud is to make you send them money. If you do it, you will lose it.
If you already sent your money to RoyalFX24, try to get it back. It will all depend on your deposit method. First ask the broker for a withdrawal. If it is refused, contact the payment company that you used to make your deposit and ask them for refund because of a scam.
If you have not made any deposit with this broker, just stay away from it and choose another company, a regulated one.
RoyalFX24 review – Conclusion
RoyalFX24 is an illegal and scam broker that you can be sure to lose money with. Stay away from it!
If you are interested in financial trading, start on a free demo account with a regulated broker. Use virtual money to learn and try everything.
Should you later decide to invest real money, make sure you understand the risks.