According to the company, the Royal FX Bank trading brand has been operated by Banks Associates. This firm is allegedly registered in the United Kingdom. With more than five years of experience, they present themselves as a trusted and reliable brokerage.
However, many tiny details tell the opposite story. For instance, their recent domain change. To find out the other problems, read this Royal FX Bank review carefully.
| Regulated by: | No regulations |
| Is This Company Safe? | No |
| Known Websites: | Royalfxbank.com (inactive); royalfxbank.co |
| Have Warnings from: | FSMA, A-TVP, CNMV, Finanstilsynet, AFM |
| Registered in: | UK (allegedly) |
| Operating since: | 2022 |
| Trading Platforms: | WebTrader |
| Maximum Leverage: | 1:100 |
| Minimum Deposit: | 250 € |
| Deposit Bonus: | Available |
| Trading Assets: | Cryptocurrencies, forex, commodities, shares, indices |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Since the company is misleading traders to be regulated and offer insurance, there’s a high chance traders won’t ever see any withdrawals. If you think there’s any irregularity during the withdrawal procedure, contact our refund team for detailed advice. |
Legal info: Is Royal FX Bank Legit or A Scam?
When the company claims to be fully licensed, that adds some weight to its business. Not to mention that it claims to have three licenses and to provide insurance for traders. So, let’s take a look. If you search for Royal FX Bank or Banks Associates, you won’t find any details in the registers of FCA, BaFin, or ASIC, for instance.
Instead, you can only find warnings from multiple regulators across Europe. Experienced traders are already used to the fact the Spanish CNMV is the first one in the line to expose scammers. The move was also followed by FSMA, A-TVP, AFM, and Finanstilsynet. After all these warnings, the company decided to change its domain and pretend they were a different brand.
Who are Royal FX Bank’s Victims?
Even though the company claims they registered five years ago, the domain age shows it was only two years ago, in 2022. The new one was created in January 2024. It’s quite surprising there are no Royal FX Bank reviews available.
However, website traffic shows they are mainly targeting victims from:
- Canada
- United States
- Mexico
- United Kingdom
Thus, without authorization from any of these countries. That’s why we strongly recommend you report the broker to local authorities wherever you are from. But also, feel free to contact our chargeback experts to start the funds’ recovery process.
Leverage, Commissions, Spreads, Fees and Taxes
In some way, the company is trying to clone legitimate firms. They offer fairly not-so-high leverage. It only goes up to 1:100, and still, that’s breaching most top-tier regulatory guidelines. Most of the trading costs are hidden.
The only partially transparent cost is spread, starting from 0.2 pips. But with Royal FX Bank broker, that’s most likely way higher than that. Also, the company advertises a 1% commission for crypto exchange options.
Bonuses
One big sign the company is not regulated is the bonus offer. Once you join them, you can get 100€ on the first deposit.
Of course, to withdraw any funds after that, you must reach the minimum trading volume. Usually, an insanely high one. In this case, it’s 30 times the bonus amount plus the deposit.
Royal FX Bank Trading Features
It seems one of the key features is the Royal FX Bank crypto exchange services. Yet, that’s another service they offer without a license. Besides, the company claims to provide its proprietary app. Thus, that app can’t be found in trusted stores.
Trading Platforms Available
Generally, trusted platforms are cTrader, Meta Trader, DAS Trader PRO, or similar. Sadly, none of those options are available with this company.
Instead, traders should prepare for shockingly poor WebTrader. Not the best option if you are like any experienced trader. Especially since the company is known for misleading traders.
Available Trading Assets
Tradeable assets are usually traders’ last concern. In general, you can find a few suitable options or use advanced tools to make the best out of your trading journey. Also, these same assets can be found almost everywhere. But for the record, you can trade:
- Forex – EUR/AUD, USD/JPY
- Commodities – crude oil, cotton
- Shares – Amazon, VISA
- Indices – DAX30, ASX200
- Cryptos – ETH, ADA
Account Types
Pretty much the main difference between the account types is if you are getting personal account manager and portfolio management. And that would cost you up to 250.000€. Anyway, the Royal FX Bank minimum deposit is set to 250€ and all account options are:
- Bronze – 250€
- Silver – 25.000€
- Gold – 100.000€
- Diamond – 250.000€
Mobile Trading App
As mentioned, the company has been advertising its mobile trading app. However, in the AppStore or PlayStore, there are no such options available. As can be seen, everything with this broker or Astro Invest revolves around manipulating customers.
Demo Account
The company decided not to offer a demo account to avoid exposing all of the platform’s flaws. Fairly, after all the tricks they have been presenting us, we have to think about whether a demo account should even be created with them.
If you are still unsure about the right brokerage, try out a demo account with any top-tier licensed firm without any risk or fear.
Education
Even though the company presents a section about education on its website, anyone can realize that it’s far from a proper education. In fact, there’s just a basic intro about trading in general. Yet, there’s zero useful content for anyone who wants to learn how to trade.
Royal FX Bank Withdrawal
After all the problems revealed, the Royal FX Bank withdrawal is highly questionable. Overall, the withdrawal procedure is highly transparent. Yet, without regulations, it doesn’t mean anything. The company can always make up something to avoid the rules.
Nevertheless, the processing time is up to 5 business days. The withdrawal fees are the following:
- $50 for wire transfers
- $25 for card transactions + $10 processing fee
- $25 for e-payments
Also, there’s a 10% withdrawal fee if the trader didn’t make 200 trades or didn’t verify their account. Also, don’t forget the bonus policy. All in all, there’s a high chance you won’t get a withdrawal.
Customer Support
Another highly suspicious detail about the Royal FX Bank trading company is its customer support. Without transparent working hours and zero quick contact options, you can only pray for a quick response, especially since only e-mail and web contact forms are available.
Another broker with extremely poor support and general service is the Everix Edge.
Key Information To Consider About Royal FX Bank
With all the facts about the Royal FX Bank scam broker, you know that your funds are not protected with them anyhow. Starting with lies about regulation, multiple warnings, untrusted platforms, and shady withdrawal policies.
All in all, it’s a sign to run away from them as fast as possible. But obstacles are inevitable. To learn how to avoid them, get in touch with our refund specialists. Book your meeting right away for a free first consultation.
FAQ Section
What is Royal FX Bank?
Royal FX Bank is a trading firm allegedly based in the United Kingdom that has been operating since 2022 mainly in jurisdictions where such services require strict regulation.
Is Royal FX Bank Legit?
No. The company is misleading traders with information about the licenses. On top of that, there are multiple warnings against the company.
How to Get Money Back From a Scam Broker?
In some cases you can use chargebacks but mostly, for higher amounts traders opt for alternative methods. To explore your options, contact us for a free first consultation.
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