Ghost Broker RoyalBanc: Review of a Fraudulent Website and Traders’ Feedback
Ghost Broker RoyalBanc: Detailed Review and Traders’ Opinions
The number of short-term companies eager to prey on traders’ funds is constantly increasing. The question arises whether the CFD broker RoyalBanc is one of them. A wave of negative reviews about this platform is gaining momentum on the Internet. People who have fallen victim to scammers due to their naivety warn others against repeating their mistakes. What attracts new traders to the royalbanc.io site? This review will tell you about it.
Description of the RoyalBanc Company
The broker RoyalBanc is presented as a reliable and stable participant in the financial market, offering the best trading conditions. The company’s logo resembles a royal coat of arms, creating the impression of a serious European firm.
However, in reality, everything is quite different. “RoyalBank” is a fictitious organization without a real address, license, and regulation. The website royalbanc.io lists the address of the intermediary’s headquarters on Boulevard d’Avranches 32-36 in Luxembourg, but in fact, there is a residential building and a hotel located there.
The phone number listed on the website has a Russian code, although according to user reviews, this number never answers. Contacting the company is only possible through email.
The royalbanc.io homepage claims that the CFD broker has been operating successfully for many years, serving over 42,000 traders. However, there are discrepancies: the site only appeared in 2019 (the date is indicated in the footer), and the “About Us” section states that the company only collaborates with 2,200 traders. Apparently, different content authors made mistakes. It can be concluded that all the merits attributed to “RoyalBank” are fictional facts created by scammers to create a good image.
There is no information about the regulator and the presence of a license for brokerage activities. This means that deceived clients have nowhere to turn with complaints because they are dealing with a ghost company that cannot be held accountable or deprived of a license.
Royalbanc.io Website Review
The RoyalBanc website impresses with its rich black and gold design and high-quality images. However, the informational content leaves much to be desired. Removing ads and cliches with banal expressions, almost nothing will remain on the page.
It is inconvenient to use the site as it is difficult to find the necessary information. There are no educational sections, tabs with reviews, analytics, and other useful information on the page. An experienced trader will notice this immediately and leave the page of the suspicious broker mentioned in the review. The site is geared towards beginners.
The RoyalBanc service is aimed at traders from the CIS countries, offering the site in Russian and English. However, the incorrect translation is very noticeable, indicating the authors’ lack of attention to detail. It seems that the content was written in Russian and then used Google Translate for the English version.
Trading Conditions
Information about the number of available trading assets for clients varies. On one page of the royalbanc.io site, it is mentioned that there are more than 500 assets, while on another page, this number is reduced to 200. There is no exact list, only categories are listed:
- securities,
- precious metals,
- currency pairs,
- cryptocurrencies.
However, it should be remembered that the company lacks a license, and therefore, it does not have access to the markets.
In reviews, traders point out that scammers deliberately conceal information about swaps and margin requirements. All this is done so that the client cannot adequately assess the profitability of entering into transactions.
There is no information about the trading terminal used on the platform. RoyalBanc does not provide any data on this matter. Most likely, scammers use a fake trading platform, making it impossible to earn on this platform.
Review of Trading Accounts
RoyalBanc offers traders 4 types of accounts – “Standard,” “Silver,” “Gold,” and VIP.
For owners of the “Standard” account willing to invest $1,000 in the pseudo-broker, the following conditions are offered:
- 20 assets for investment,
- spreads from 4 points,
- 25% bonus on the deposit amount,
- 5 trading signals per week.
The “Silver” account includes the following conditions:
- minimum deposit of $5,000,
- ability to trade with 70 assets,
- spreads from 3 points,
- 10 trading signals per week,
- leverage 1:30,
- 35% deposit bonus,
- personal account manager.
To open a “Gold” account, an initial deposit of $10,000 is required. The user gains access to all assets and the following conditions:
- spreads from 1 to 2 points,
- leverage 1:50,
- 15 trading signals per week,
- 50% deposit bonus,
- PAMM.
“VIP clients” are those willing to invest $50,000 upfront. They are offered the following conditions:
- 1-point spread,
- leverage 1:100,
- 100% deposit bonus,
- 20 trading signals per week.
Account replenishment is possible via bank transfer or payment systems. Asset withdrawal, as stated on the website, is carried out in a similar manner. For traders with a turnover of less than 200 lots and inactive for 6 months, a 10% commission on the withdrawal amount is charged.
Reviews on trader forums mention cases of account blocking by RoyalBanc administrators, preventing them from entering into transactions for an extended period. After six months of inactivity, funds start to be deducted from inactive accounts, citing compliance with company rules.
RoyalBanc Client Agreement
The number of deceived clients would be lower if traders carefully studied the broker’s rules before agreeing to them. Broker RoyalBanc disclaims responsibility for client losses, reserving the right to block an account at any time, after which the trader will not be able to access their funds. Complaints are useless since, in fact, the client has given scammers the opportunity to take possession of their money. This is stipulated in one of the sections of the RoyalBanc user agreement. The broker also reserves the right to change the margin size at any time.
By accepting the user agreement with RoyalBanc, traders agree that their personal data may be transferred to anyone.
There are plenty of reviews from traders on the Internet who complain about constant calls from various companies offering financial intermediary services. Users wonder where these companies got their phone numbers. The answer is simple: companies like RoyalBanc sell clients’ personal data.
RoyalBanc Reviews Overview
Occasionally, positive reviews and reviews about the RoyalBanc service appear on the Internet, but real clients expose the scammers. Those who invested in the project emphasize that the broker’s assurances of honesty are deceitful.
Former clients claim that positive articles and comments are written by paid authors. They also heavily complain about withdrawing capital from accounts and ignoring requests from the royalbanc.io support service.
Experienced investors do not recommend collaborating with RoyalBanc. They point out to newcomers the lack of a license for the company and unreliable information about its location. Everything indicates that the intermediary is not reliable, and entrusting them with funds is dangerous.
There are no reviews about the RoyalBanc company on foreign trader forums. Outside the CIS countries, no one knows about the broker positioning itself as international.
What is the Essence of the Fraud?
The royalbanc.io website is created by scammers. A reliable company will never operate without a license and regulation. Scammers offer favorable cooperation conditions in the hope of traders’ trust in potential high earnings. The high initial requirements allow them to profit well from each client.
Conclusion
The RoyalBanc company is a typical scam. By investing money in it, you will not get it back. We strongly recommend refraining from cooperating with this intermediary. Save your funds and your safety!
Author: Irina Vladimirova