Updated on May 1, 2024
Quick Links
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 Royaltd24 due to the issues we've identified.
Is Royaltd24 Scam or Legit Broker? ▲
Trading with Royaltd24 is highly discouraged due to its status as an offshore entity. Royaltd24, under the operation of RL Ltd., is registered in the Marshall Islands, a locale notorious for its lax regulatory environment. This jurisdiction is widely recognized for its minimal requirements and oversight, notably failing to regulate forex trading activities adequately. Consequently, the Marshall Islands has become a haven for dubious forex brokerage firms such as CobraCFD and GoldenSkyCapital, among others. The lack of stringent regulation in these offshore zones does not assure the safety and protection of investor funds. As experience dictates, offshore registration seldom equates to financial security for clients, particularly in areas like the Marshall Islands where forex business activities are not under the purview of local regulatory bodies.
Royaltd24 presents itself as an establishment founded in 2011 by a cadre of economists with deep roots in the global financial markets. The broker offers trading opportunities in Forex and CFDs, boasting leverage up to 1:200. Royaltd24 advertises both fixed and variable spreads, claiming to provide some of the lowest rates in the market, starting from just 0.1 on ECN accounts and 0.5 on Standard accounts. Despite these offerings, Royaltd24's legitimacy is severely undermined by its lack of regulatory approval within the EU and other regulated jurisdictions, leading to its blacklisting by the Italian regulator, CONSOB. This alarm was raised as part of CONSOB's broader efforts to protect the market and its participants from fraudulent entities by leveraging the "growth decree" and new legal powers to shut down abusive financial intermediaries. The absence of a valid license to operate within regulated markets has placed Royaltd24 on the list of entities to avoid, as highlighted by the EU authority and further exacerbating concerns about the broker's reliability and the safety of investor funds.
In conclusion, it is imperative for investors and traders to steer clear of Royaltd24 and similar entities registered in the Marshall Islands or any other offshore jurisdictions. The track record of offshore or unregulated brokers is often marred by investment scams, making it prudent to opt for brokers that are well-regulated by reputable bodies such as the FCA in the UK or ASIC in Australia. Trading with regulated brokers not only ensures a higher degree of security for investors' funds but also provides a reliable framework for recourse in the event of disputes. Furthermore, given the recent inactivity on the Royaltd24 website and cessation of account opening offerings, traders are urged to remain vigilant and cautious of any unsolicited trading proposals that may surface.
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.
Royaltd24 Review 2024
