Check the reliability of RoyalFX24 Company
Information about RoyalFX24 states that it is a globally recognized company, thanks to competent employees, high-quality service, and strict adherence to standards. However, before cooperating with them, it is recommended to carefully study this review and familiarize yourself with the opinions of other users. This will help avoid possible mistakes.
Main information about RoyalFX24
Visiting the company’s website, you can see a lot of bright statements and descriptions of services without specifying exact registration data or date of establishment. The founders do not provide such information, only indicating RoyalFX24’s operation within the European Economic Area boundaries.
Nowhere is the office address or contact number of the company indicated, and the Client Agreement lacks information on jurisdiction. Such omission is a violation, as clients need to know under whose laws RoyalFX24 operates. Hiding such key information is considered dishonest behavior, signaling potential problems.
The RoyalFX24 resource is quite similar to the SwissFutureFX platform, differing only in name and a few images. Essentially, it is the same project.
By analyzing the registration of the royalfx24.com domain, it becomes clear that it was updated immediately after the closure of SwissFutureFX. The number of negative reviews has reached its limit, and scammers simply carried out a reformatting, launching a similar scheme. Nevertheless, the history and technical execution remain at a low level.
Regulators’ Warnings
Any brokerage center must have a license from the regulator of the country in which it offers its services. Otherwise, its activities are considered illegal, and all resources are subject to blocking. State regulators carefully control the market, warning users about the emergence of new fraudulent projects. RoyalFX24 has already received several notifications and has been blocked in certain jurisdictions.
For example, on April 29, 2022, the Ontario Securities Commission issued one of the first warnings.
Later, in May, two regulators warned about possible risks associated with RoyalFX24. On May 16, the Italian CONSOB reported a warning.
The next day, the Spanish CNMV also warned about possible fraudulent activities.
Having been blacklisted by European regulators, scammers have ended their activities and actively promote their scheme in Russia. They managed to deceive many people until the Central Bank published a warning and began blocking the website through Roskomnadzor.
Despite all this, there are still many naive people willing to invest money even in such an obvious scam.
Account Types and Trading Platform
Scammers offer trading in currencies, CFDs, and cryptocurrencies in this unlicensed market. Promises of no commissions and fees, in practice, turn out to be lies as users are deceived into paying for insurance and taxes. To attract clients with various financial capabilities, four trading accounts with different investment thresholds have been created.
- Silver — 10,000 euros.
- Gold — 25,000 euros.
- Platinum — 50,000 euros.
- Premium — 100,000 euros.
A more expensive account does not necessarily mean better conditions. Scammers promise to provide particularly accurate trading signals and individual support to premium account holders, but in reality, only accelerate the process of losing funds. A large bonus (up to 100% of the deposited amount) and leverage of 1:300 work against the client.
Reviews about RoyalFX24
Among user reviews, both from foreign traders and Russian speakers, there are complaints about losing large sums of money and dissatisfaction with the company’s actions.
One review states: “This company deceives, they promise you profit, but when you try to withdraw money, they demand more and more…”.
How Do Scammers from RoyalFX24 Operate?
To attract the maximum number of clients, fraudsters run advertising campaigns on social networks, post fake reviews on financial forums, and hire sales managers who impose broker services over the phone. This approach is still effective, and many traders fall into the trap, believing aggressive advertising.
A personal manager, supposedly only for premium account holders, is actually assigned to every registered user. Their task is to maintain interest in trading and constantly withdraw money under various pretexts. For instance, they may promise to increase signal accuracy or switch to automated trading based on special algorithms. In reality, this only accelerates the depletion of the deposit, which is the scammers’ ultimate goal.
Users who suspect the nature of the company are quickly blocked. They lose access to their account and cannot contact support in any way. The personal manager’s phone number becomes unavailable. Since the cooperation is not officially formalized, resorting to legal action or writing complaints is futile.
Conclusion
The sham company RoyalFX24 gained notoriety in various countries, landing in the blacklists of at least three international regulators. In the Russian Federation, this broker also operates illegally and is classified as a company exhibiting signs of deceptive practices. According to customer reviews, their money was stolen. It is recommended to avoid any ties with RoyalFX24 and communication with representatives of this scam.
