Broker service UseRoyal: how to identify risks and deception
Potential clients are promised a broker service of the highest quality and a whole range of privileges. Key advantages include strict supervision by authoritative regulators, leading positions in the financial market, and extensive experience in this field. However, upon analyzing reviews, it becomes clear that one must be extremely cautious before entrusting their money to a broker. It is important to independently verify the veracity of all statements before making a decision.
Career and statistics of UseRoyal
According to the information available on the UseRoyal website, the company started its operations in 2020 and has partnerships with a number of authoritative financial institutions (although the specifics of these partnerships are not disclosed), as well as with several regional offices. The following data is indicated in the statistics:
- 135,000 investors,
- daily turnover of $6 billion,
- 160,000 transactions daily.
However, data from the whois domain of useroyalty.co shows that the site has been active since February 24, 2023, which contradicts the claimed experience of the company. The fact of falsifying information raises doubts among users and questions the integrity of UseRoyal’s activities.
Furthermore, reviews highlight the lack of adequate customer support. Despite providing contact details, they turn out to be fake. Evidently, the company is not focused on two-way communication with clients and prefers to remain non-responsive.
The broker UserRoyal is also known for creating a clone site – useroyalty.com. Apparently, such measures are taken to circumvent potential blocking by Roskomnadzor.
Licensing question
The UseRoyal website features a “Licenses” tab listing authoritative regulators. However, there is no confirmation that the company indeed has permissions from these regulators. Scanned copies of the registration certificate and license are missing.
On the main page of useroyalty.co, it is stated that the broker has received support from:
- FCA (United Kingdom),
- IFSC (Belize),
- FSC (Republic of Mauritius).
Considering that the company’s main office address is listed in the UK, the presence of registration and a license from FCA should be verified first and foremost. No documentary evidence of official registration and lawful operations of UseRoyal has been found.
The conclusions are clear: the activities of the broker UserRoyal are illegal, and entrusting your financial resources to this company should be done very cautiously. The absence of licenses from IFSC and FSC also indicates the company’s lack of integrity.
Reviews by users note the active promotion of the company’s services not only in Russia but also in other CIS countries (Kazakhstan, Belarus, etc.). Moreover, UserRoyal does not hold relevant licenses in any of these jurisdictions. By investing in an unlicensed broker, you expose your savings to significant risk.
UseRoyal tariff system and services
UseRoyal claims that over 90% of its clients have succeeded in trading. The company promises to educate each client on trading in financial markets. However, for risk-free trading practice, one needs to fund a deposit account. There are several tariff plans with varying initial deposits and conditions. Some of the features of the commercial offer include:
- minimum deposit – from $150 to $25,000,
- leverage – up to 1:500,
- instant order execution,
- for investments from $5,000, deposit insurance, trading in metals and cryptocurrencies are available,
- the INVESTOR option, requiring a deposit from $25,000, promises round-the-clock support and deposit protection.
However, according to user reviews, withdrawing funds from the UseRoyal platform is problematic. Brokers lure large sums, and when it comes time for payouts, they start unilaterally blocking accounts.
Negative reviews and exposes
Despite UseRoyal’s short operating history, allegations of fraud and deception have already begun to surface. Users note that the broker attracts significant investments but fails to fulfill its obligations and return funds to investors.
If you have experience dealing with UseRoyal, share your opinion with others by posting reviews on specialized platforms.
How the scam scheme works for newbies
Broker UseRoyal offers newcomers the services of a mentor for trading education and starting to earn. However, this mentor provides valuable advice only at the initial stage. The goal is to transition the trader from the $150 starter tariff plan to the next level, where the minimum deposit is already $5,000.
After a substantial account replenishment, the company’s policy changes. Brokers begin using tactics such as inflating spreads and technical glitches. As a result, the deceived investors are left empty-handed and unable to recover their funds.
Conclusion
UseRoyal is not a reliable financial partner as it operates without the necessary licenses and may deceive its clients. By investing in this platform, you risk losing your savings. Fraudsters bear financial responsibility, only caring about their own gain.
