Updated on April 15, 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 RoyalCripto due to the issues we've identified.
RoyalCripto positions itself as an online trading provider, boasting a diversified portfolio of trading instruments and promising high return profitability alongside claims of a safe and unparalleled trading environment. These claims are designed to be appealing and competitive, aiming to attract traders by showcasing an environment where they can thrive. However, the trustworthiness of a broker is not determined by promises alone but by verifiable facts and adherence to regulatory standards.
Registered in: No Registration
Type of License: No License
Is RoyalCripto safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
Upon closer examination, it becomes evident that RoyalCripto's claims of a connection to The Royal Bank of Scotland plc, a highly reputable institution registered by the FCA (UK), are unfounded. The mention of The Royal Bank of Scotland plc on RoyalCripto's website appears to be a misleading attempt to associate themselves with the credibility of a well-known financial institution, without any actual connection. Furthermore, inconsistencies in the company's claims about its regulatory status have raised flags. Previously, the company made references to being associated with another authorized business model, yet clarity regarding its actual registration or regulatory compliance remains elusive. This lack of transparency was highlighted when the Italian authority, CONSOB, issued a warning to RoyalCripto for offering its services without proper authorization.
CONSOB's Warning:
In April 2018, CONSOB issued a warning stating that RoyalCripto had falsely claimed on its website to be managed by Royal Forex Ltd, a company authorized and regulated by CYSEC. This claim included a license number and the start date of its activities. However, CONSOB established that Royal Forex Ltd, which is indeed regulated by CYSEC, had no involvement with the RoyalCripto website or the company managing it. This misleading information is a significant red flag, indicating a lack of transparency and potential deception.
Pros
Upon a thorough examination, we found it challenging to identify any definitive pros or advantages associated with RoyalCripto. The misleading information and lack of regulatory compliance overshadow any potential benefits that might be claimed by the broker.
Cons
Misleading information regarding regulatory status and association with reputable institutions
Lack of transparency about the company's registration and regulatory compliance
Warning issued by CONSOB, indicating unauthorized offering of services
Potential for deception and lack of trustworthiness
The investigation into RoyalCripto reveals a concerning lack of clarity, transparency, and regulatory compliance, which are crucial factors for any trustworthy broker. Misleading claims about associations with reputable institutions like The Royal Bank of Scotland plc and false statements regarding regulatory status by CYSEC have raised significant red flags. The warning issued by CONSOB further underscores the risks associated with engaging with RoyalCripto.
Given these findings, we strongly advise traders to steer clear of RoyalCripto and instead opt for brokers that are transparent about their regulatory status and who adhere to the stringent requirements set forth by reputable regulatory bodies such as the FCA in the UK and ASIC in Australia. Trading in the Forex market involves substantial risks, and engaging with a broker that lacks transparency and regulatory compliance only heightens those risks. Our recommendation is to prioritize safety and reliability by choosing among well-regulated brokers to ensure a secure trading environment.
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.
RoyalCripto Review 2024
