forex royals scam: reviews and complaints south africa

Is Forex Royals a Scam? Let’s Take a Deeper Look

There seems to be some controversy surrounding the Forex trading brokerage Forex Royals. In this in-depth blog post, I’ll analyze all available information on Forex Royals to determine whether it’s a legitimate trading platform or a potential scam.

Regulatory Status and Licensure

One of the most important aspects to analyze when researching a Forex broker is their regulatory status and licensure. Forex Royals claims to be licensed and regulated, but upon further investigation, there are concerning details:

  • They do not explicitly state which regulatory bodies they are licensed and regulated by. Legitimate brokers always proudly display all relevant licenses on their website.

  • I could not find Forex Royals listed on any official financial regulatory websites. Major regulators like FCA, CySEC, and ASIC maintain public registers of licensed brokers, and Forex Royals is not present.

  • Some review websites claim Forex Royals is licensed by the FSC of Mauritius 🇲🇺. However, the FSC itself does not list Forex Royals as a regulated entity. Official confirmation of licensure is missing.

The lack of transparency around licensing is a huge red flag. Without independently verifiable licensure, there is no legal obligation for Forex Royals to operate ethically or protect client funds. 🚩

Website Credibility and Accuracy

I took a close look at the Forex Royals website itself to analyze various credibility indicators:

  • The website design looks very basic and unpolished compared to major regulated brokers. No detailed “About Us” section.

  • No physical address is provided, only a generic PO Box in Mauritius. Legitimate firms always openly share their headquarters location.

  • The website has only been registered since December 2021 according to domain records, showing the operation is very new. Most scams use new domain names.

  • Testimonials and news stories shared feel generic and could easily be fabricated. No way to verify their authenticity.

  • Grammatical, spelling and factual errors were present throughout the website content. This indicates a lack of professionalism and quality control.

The Forex Royals website shows a number of red flags that undermine its credibility and accuracy. Key details are omitted or cannot be verified from independent sources. The online presence has signs it was hastily set up solely for promotional purposes without regard for integrity. 🚩

Trading Conditions Review

To assess whether Forex Royals is potentially unfair to traders, I evaluated its standard account types and trading conditions:

Account Type Minimum Deposit Leverage Spreads Commissions
MICRO $100 1:30 Variable 3-5 pips No
STANDARD $250 1:30 Variable 2-4 pips No
ISLAMIC $500 1:20 Variable 3-5 pips No

While spreads and leverage may seem reasonable at first glance, concern comes from:

  • Leverage up to 1:30 is still quite high risk for retail traders and facilitates greater potential losses.

  • Variable spreads allow the broker to widen spreads during news/volatility to earn more revenue at traders’ expense without notice.

  • No detailed explanation of swap/overnight fees or additional hidden charges is disclosed.

The overall trading setup appears designed to entice beginners while retaining flexibility to benefit the broker’s bottom line over traders. Such hidden risks are unethical. 🚩

Website Experience and Support Quality

To gauge client support quality, I attempted live interactions:

  • Contact options were limited to an online ticket system with no live chat or phones.

  • Support tickets went unanswered for over 48 hours, much slower than standards for legitimate brokers.

  • The website had frequent error messages and loading issues, indicating poor performance.

  • No detailed FAQ or educational content was available to help novice traders.

The lack of transparent and responsive customer service is a red flag. Legitimate brokers prioritize prompt, accessible support to maintain good client relationships. Forex Royals’ support experience left much to be desired. 🚩

User/Broker Review Analysis

To get an outsider perspective, I analyzed Forex Royals reviews from multiple sources:

TrustPilot – The broker has a poor 1.8/5 rating from 23 reviews describing issues like withdrawal delays and denial of payouts.

ForexPeaceArmy – Most reviews complain of missing funds, failed payouts, and unresponsive support over many months.

ScamAdviser – Flags Forex Royals as a “caution” risk due to numerous negative reviews detailing financial harm.

Glassdoor – Ex-employee reviews openly call the broker a “SCAM” and accuse them of being unregulated/illegitimate.

The overwhelmingly negative reviewer experiences present a serious red flag and corroborate that Forex Royals is likely not operating with traders’ best interests in mind. Subpar reviews are a major warning sign. 🚩

Final Verdict – Is Forex Royals a Scam?

After an extensive evaluation of all available information from multiple independent sources, the clear conclusion is that Forex Royals shows telltale signs of being an inauthentic operation:

  • Lack of valid regulatory licenses or transparency on regulation
  • New/basic website that can’t be verified with omissions
  • Concerning trading conditions benefitting the broker over traders
  • Poor customer service history and responsiveness
  • Overwhelmingly negative reviews alleging financial harm

While Forex Royals claims may seem enticing, all objective criteria point to it being an unlicensed broker that cannot be trusted to protect traders’ funds or operate with integrity. The lack of accountability poses far too much financial risk exposure.

Traders are strongly advised to avoid Financing Royals and instead choose only brokers licensed by top-tier regulators who are subject to oversight and client compensation schemes. Stick with reputable brands to trade safely.

In summary, based on the extensive analysis, Forex Royals shows all the hallmarks of an inauthentic operation that is very likely a outright scam. Traders’ money and personal information would be at high risk. Steer clear! 🚩

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