This broker was not featured in our 2023 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.
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RoyalForex is different from many of its direct competitors in many regards. First and foremost, RoyalForex offers one of the largest varieties of financial instruments that include FX currencies, shares, indices, ETFs, commodities, and CFDs. In essence, a RoyalForex trading account grants access to more than 1000 different financial assets from major financial markets across the US, Europe, Asia, and Australia. RoyalForex is certainly one of the best Forex brokers in the market for enjoying the largest collection of financial assets, which in turn allow investors to create a diverse investment portfolio by investing in different markets across the globe. RoyalForex is more committed to offering its leveraged products as CFDs, which are transacted through the Straight Through Protocol for direct market access trading. Unlike real ECN, the STP combines quotes from multiple liquidity providers through dedicated STP bridges, which avoid the need for any commissions on Forex and commodities. Shares and Indices trading, on the other hand, do have a nominal commission that is charged according to the existing market rates.
|Forex, Precious Metals, Equity Indices, Energies|
RoyalForex’s Main Base Of Operation And Regulatory Compliance
RoyalForex is registered as a Cyprus Investment Firm (CIF) under the improved regulatory guidelines of the Cyprus Securities and Exchange Commission (CySEC) and the European Markets in Financial Instruments Derivatives (MiFID). The European MiFID provides the underlying platform for all financial companies to follow a rigorous regulatory framework for a uniform code of conduct across the EU. RoyalForex is pretty keen on advertising its European regulatory status, which is further solidified by its affiliation with the CySEC’s Investor Compensation Fund (ICF), which guarantees up to €20,000 in the case of broker insolvency. RoyalForex is also ardent in pointing out the important fact that Cyprus should not be considered as a safe haven, unlike countries such as the British Virgin Islands and the Belize, which have traditionally been known as some of the most popular choices for offshore funds and tax hoarding. In reality, Cyprus’ accession to the EU in 2004 brought about a massive change in the country’s regulatory guidelines and governance policies, which resulted in the Cyprus’s improved reputation in the global financial markets.
Do You Get Access To The Best Liquidity Providers With A RoyalForex Trading Account?
RoyalForex provides a 100% STP account by working with top banks and liquidity providers in the industry that offers support for more than 60 different currency pairs. The broker also provides access to other global markets and instruments through its various direct market access protocols, or as CFDs for indices, stocks, and commodities. Such a brokerage model allows the company to offer RoyalForex spreads as low as 0.1 pip, which is one of the best STP spreads in the Forex market. Realistically, you should expect more spreads due to the commission markup and market volatility, but RoyalForex is indeed an excellent broker as far as the cost of trading is concerned. RoyalForex does not stipulate any minimum deposit requirements, but the company does limit the maximum leverage to 1:50, which requires a minimum investment of $20 to open a position at market price. It is indeed a huge surprise that a broker from Europe offers such a lower amount of leverage for Forex trading, which further reduces to 1:10 and 1:20 for stocks and indices respectively. If RoyalForex were located in the US, such a move would be justified, but European brokers that offer a leverage of 1:50 is not considered as an attractive marketing strategy. Maybe the company is trying to customize its services to suit American traders for an impending move to the US, but the small amount of leverage is surely going to be a huge problem among European Forex traders and other global investors.
How To Fund Your RoyalForex Account & Accessing The Trading Platforms
RoyalForex has also limited their account deposit/withdrawal options to credit card payments and bank wire transfers, which significantly reduce the opportunities for new retail traders to deposit funds into their RoyalForex trading accounts. Most mainstream Forex brokers offer the option of online payment portals or e-wallets such as PayPal, Skrill, and Neteller, but RoyalForex has made it tough for their clients by limiting the payment options to card payments and wire transfers. It seems that the company has taken the anti-money laundering rules a bit too far by preventing their clients from using multiple online payment methods for their account transfers, or the company has ignored the concept of online payments in its entirety. Account holders have the option of choosing from two different RoyalForex trading platforms, the MT4 and the cTrader, which are two of the highly popular Forex trading platforms in the market. The MT4 terminal uses an STP bridge for connecting traders directly to interbank exchanges or liquidity providers, while cTrader is a proprietary ECN terminal that connects traders to a liquidity provider without any additional bridges. Both the MT4 and the cTrader can be downloaded as RoyalForex mobile apps from their respective stores, or traders can alternatively point their desktop or mobile browser to the dedicated WebTrader interfaces for an advanced mobile trading experience. cTrader might be the better pick for the best direct market access conditions, but the MT4 offers the best platform for algorithmic and EA trading, making it the most widely adopted trading interface in the market. However, cTrader is also gathering a significant amount of interest among retail traders, mainly due to the direct market access trading and other trading features that are on offer.
RoyalForex Customer Service, Bonus, & VIP Accounts
RoyalForex is not the best company for customer service, as live chat, emails, and web contact forms have significant delays while responding to customer queries. There are direct phone numbers, which may offer a more speedy response, but the broker should ensure that it also takes care of its customers’ concerns through live chat and emails in an efficient manner. CySEC is on a reformatory drive over the past few years; hence, expect the regulatory organization to address the issue of customer service in the near future. RoyalForex also offers a bonus for their deposits, but the company has reserved its bonus offerings according to the customer profile and their initial deposit. The company is not transparent in its RoyalForex bonus conditions, as traders are required to contact the customer service department for an individualized offering. VIP accounts, on the other hand, do receive preferential treatment, with all of their deposits earning huge bonuses and other account benefits. RoyalForex may not satisfy a majority of trader requirements, but the broker has its own merits such as lower cost of trading and the best trading platforms in the market. The broker also promises conflict-free direct market access trading along with lower initial deposit requirements, but lower leverage and other stringent trading conditions do make it difficult for the average trader.
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