Royal Bank of Trading Review: Rbt.online Blunt Scam
Due to its large size, high level of liquidity, and propensity for strong trends in currency movements, the forex market is among the most popular speculation spaces. In this industry, experienced traders can and do succeed. Success, however, takes work and effort, just as in any other job or industry. Forex trading is hazardous due to the prevalence of scam brokers, which brings up the broker under review. Royal Bank of Trading poses as an award-winning brokerage firm, but it is a scam.
Many traders enter the market with the false expectation of generating a fortune but may lack the experience and resilience that this investment requires. As an insight, you should approach forex investment as any other business, requiring diligence and calculation. Such mindset and caution will save you much agony and mistakes and help you manage your investment expectations.
A crucial step in the process is choosing a legitimate forex broker. It’s challenging and demands effort on your side. Don’t choose the first option that appeals to you. Continue looking and testing several demo accounts. To fully understand all the details that a specific broker imposes on a trader, ensure to carefully read any prospective broker’s “fine print” section.
It is unclear which company owns this broker, again casting shade on its transparency. The whois database reveals that this broker registered its domain only recently, on 21 October 2022. The broker is a newbie in this market, which should serve as a caveat. New brokers lack the experience or reputation necessary to warrant credibility and trust.
Regarding its platform, Royal Bank of Trading claims to employ cutting-edge technology to enhance trade performance. According to the broker, investors can access a variety of trading instruments, including forex, cryptos, stocks, indices, and commodities. Investors’ accounts are allegedly SSL-secured.
The broker also mentions complimentary resources, including the economic calendar, technical analysis, news, and an economic calendar. Fundamental analysis concentrates on the social, political, and economic forces influencing supply and demand, whereas technical analysis concentrates on price movement. Financial news causes the market to react strongly in the short term. Since we could not access the client area, the accuracy of these claims remains largely inconclusive.
Contact Details & Support Service
Because forex is a 24-hour market, you must have 24-hour support! Can you reach the firm by email, phone, chat, or other means? Do the representatives appear knowledgeable? The quality of service might vary greatly amongst brokers, so do your homework before opening an account.
As a tip: pick a few internet brokers and engage their support teams. The speed with which they answer your inquiries can significantly predict their response to your future concerns. If you can’t get a prompt and satisfactory response to your questions, you should not entrust them with your investment. Keep in mind that, as with other sorts of businesses, pre-sales service may be more endearing than post-sales service.
Royal Bank of Trading has not provided a corporate address, making it hard to track it. The broker has only provided an email address for inquiries. Although this is better than nothing, something tells us its customer support is shaky. This is because a lack of telephone contact undermines the speed and timeliness of assistance.
Deposit & Withdrawal Policy
Investors might be tempted to overlook this aspect, yet it is vital. This is because a deposit method determines whether you have control of your deposits. Ideally, you want a transparent channel allowing transaction reversal when necessary.
Royal Bank of Trading allows deposits via wire transfer and credit cards. Although we could not ascertain these methods, it would be great if the broker takes credit cards. You can identify funds’ recipients and reverse transactions made via credit card. However, this is not possible for wire transfers.
We should also mention that crypto deposits are risky. You cannot identify fund recipients, making it convenient for the broker to fleece you. Worse, you cannot file for a refund as these transactions are final.
There is a $25 charge for e-wallets, a $50 charge for bank transactions, and $35 for credit cards. It’s also important to note the 10% fee levied on any accounts that proceed with withdrawals without first making at least $200 in turnover.
Royal Bank of Trading Investment Plan
The basic account has a deposit requirement of $250-5000. Account holders access a one-trial version of trading lessons, 100 trade instruments, and three weekly signals. Investors interested in the bronze account must deposit at least $5001-15000. The perks of this plan include weekly trading lessons, 100 trading instruments, and six weekly signals. Third, the silver account has a funding threshold of $15001-50000. Silver investors access unlimited trading lessons, 300 trade instruments, and three daily signals.
Next, the gold account has a funding threshold of $50001-150000. The advantages for account holders include 500 trade instruments, unlimited trading lessons, and signals. The funding threshold for the platinum account ranges from $150001-500000. Platinum investors access 1000 trade instruments and limitless lessons and signals. The diamond account requires $50000 to 1m while the black account requires deposits over 1M. Traders in the last two accounts access corporate signals, 5000 trade instruments, video courses, and wealth management.
Although the minimum deposit requirement is fair, the fact that this broker is rogue counters this advantage. Moreover, there is no reason to stick to this broker when there are genuine ones with more affordable accounts. We suggest you try them instead of this shifty broker.
Royal Bank of Trading Regulation Status
Royal Bank of Trading claims to be under the republic of Estonia’s laws and regulations. The Ministry of Economic Affairs and Communications of the Republic of Estonia is the recognized authority on foreign exchange regulation in Estonia. We searched the regulator’s database but could not locate any information matching the broker’s vague credentials, indicating the broker was unregulated.
An unregulated broker poses significant investment risks. Your funds are exposed to misuse and theft as this broker does not isolate them from their accounts. Furthermore, unregulated brokers do not offer zero balance protection, meaning your account can overdraw. The worst is that since the broker is not answerable to any oversight agency, you don’t have the luxury of prosecuting it. Not to mention that you are ineligible for compensation when the broker vanishes.
Royal Bank of Trading has attached legal documents, but after going through them, we found unimpressive trading conditions. To begin with, the broker offers bonuses that string along extortionate terms. For instance, you must execute a trading turnover worth 30 times the sum of deposits and bonuses to withdraw bonuses.
The broker has a leverage of 1:500. This dangerous level exposes investors to unnecessary losses. To minimize risk exposure, stick to low-leverage trading. In fact, some forex regulators make it easy for you by imposing a leverage capping on brokers they oversee. The ASIC and FCA cap leverage at 1:30, while IIROC and CFTC limit leverage to 1:50.
Spread, an important parameter is missing from the broker’s website. Regardless, we should state that the industry standard is 1.5 pips. Better yet, you can find valid brokers offering spreads below one pip.
Trading Software of Royal Bank of Trading
The trading software is crucial, and the majority of forex brokers-if not all of them, make it simple to trade online. Since the foundation of any trading platform is its ordering system, try out demo accounts of different online brokers to get a sense of the offered alternatives.
Likewise, analyze the layout of the broker’s screen carefully. It should at least display real-time foreign exchange rate quotations. Similarly, it should show an account summary containing your current account balance, unrealized and realized profit and loss, available margin, and any margin locked in active positions should both be included.
Royal Bank of Trading offers a web trader platform. The broker hosts java/web-based software; you can log in using any computer with an internet connection without installing the software on your machine. Besides allowing basic trading, the benefit of this platform is that it is less susceptible to threat from hackers and viruses compared to other software. But that’s as far as the benefits go.
Webtrader platforms have functional limitations making the trading experience somewhat lackluster. To get a competitive trading experience, opt for authentic brokers offering the industry-endorsed MT4 or MT5 software. The two have extensive functionalities that allow you to even minimize risk.
From the analysis, this broker is unfit for investment consideration. Royal Bank of Trading is not investor-centric, given its insensitive trading conditions. Also, the broker is operating illegally, exposing your hard-earned money to considerable risks.
Go for a legitimate forex broker to ensure you invest and get reasonably rewarded to the last dime. These brokers have mutually beneficial trading conditions. Importantly, they share your investment values and are keen to keep your funds safe.
Don’t let the mistake of investing in an unauthorized platform like Royal Bank of Trading ruin your financial future. We can help you take the necessary steps to recover your funds and move forward. Our team is available 24/7 to answer any questions you may have and to provide the support you need.