Updated on March 11, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding COIN-ROYAL due to the issues we've identified.
Is COIN-ROYAL Scam or Legit Broker? ▲
COIN-ROYAL emerges as an unsafe choice for traders, primarily due to its offshore registration in Saint Vincent and the Grenadines under the registration number 26181 BC 2021. The reputation of offshore jurisdictions casts a long shadow over the reliability of brokers like COIN-ROYAL, signaling a high risk to traders' capital. The Saint Vincent and the Grenadines Financial Services Authority (SVGFSA) lacks strict regulatory frameworks and low establishment costs, making it an attractive but precarious harbor for financial entities. Our exhaustive research across more than 1000 brokers substantiates the notion that brokers under SVGFSA's umbrella typically fail to offer the requisite security for traders' funds.
COIN-ROYAL, established in 2021, carves its niche within the trading landscape by offering leveraged trading on a suite of digital assets, including Ethereum, Litecoin, Ripple, and Bitcoin, through its platform operating on the Bitcoin network. The broker claims to extend its services to clients in over 150 countries and is regulated by SVGFSA, with a registered address in Kingstown, Saint Vincent, and the Grenadines. Despite its offerings, the advisory to steer clear from brokers licensed by SVG FSA is based on the jurisdiction’s lenient regulatory practices and the significant risk they pose to the safety of investments.
Our evaluation process, refined through over a decade of experience in Forex trading, places COIN-ROYAL’s ranking at a dismal 1.5 out of 5. This rating stems from the broker's unregulated status, operational base in an offshore jurisdiction, and a trail of negative feedback from traders. When juxtaposed with over 1000 other brokers, COIN-ROYAL’s standing is significantly lower, underpinned by security concerns and regulatory inadequacies that overshadow any potential offerings.
COIN-ROYAL delineates its account structure into five tiers: Standard, Plus, Gold, Expert, and Platinum, each with escalating minimum deposits and leverage options. The entry-level Standard account necessitates a minimum deposit of $250, scaling up to $5,000 for the Plus tier, $25,000 for Gold, and peaking at $100,000 for the Expert category. The leverage offered climbs as one moves up the account hierarchy, maxing out at an eye-watering 1:600 for the more sophisticated account options.
Our investigative efforts unveil a concerning opacity in COIN-ROYAL’s processes surrounding deposits and withdrawals. Information on these critical aspects remains elusive to non-registered users, a red flag in our comprehensive review methodology. Moreover, the broker’s practices appear designed to complicate the withdrawal process, with numerous accounts of prolonged delays, effectively trapping client funds. The inability to initiate chargebacks after six months further entrenches our recommendation to approach COIN-ROYAL with caution, given these tactics are emblematic of scam operations.
The culmination of our exhaustive review underscores a strong advisory against engaging with offshore and unregulated brokers such as COIN-ROYAL. While the allure of enticing offerings may be tempting, the paramount importance of fund safety in Forex trading cannot be overstated. Our investigation, aligned with the collective wisdom gathered from over 1000 broker reviews, highlights the elevated risk profile associated with COIN-ROYAL’s operational paradigm. Traders seeking a secure and regulated trading environment are advised to consider brokers licensed by reputable authorities such as the UK’s FCA or Australia’s ASIC, steering clear from the precarious shores of COIN-ROYAL and similar entities. In conclusion, our overall experience and ranking of COIN-ROYAL are decidedly negative, advocating for a cautious approach and prioritization of security in broker selection.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
COIN-ROYAL Review 2024
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