A Torpid Broker Implementing Greedy Scam Strategies
Finroyalty is a forex, commodities and CFDs broker. It is a trading name of Pro Star Limited. The address of Finroyalty is to be Griffith Corporate Centre, Beachmont Kingstown, Saint Vincent and the Grenadines.
The Financial Service Authority (FSA) has no jurisdiction over the trading services of the company. Finroyalty is not regulated by the regional FSA of Saint Vincent and the Grenadines.
Warning to Finroyalty by FCA
The reputed Financial Conduct Authority (FCA) of the UK has released a warning against the fraud activities of the Finroyalty. The FCA is responsible for the protection of the interests of the customers of the financial services and it works independently of the UK government. The company is not authorized to provide any legal services to the traders of the UK as it is not regulated or registered under any of the regulatory watchdogs.
Warning to Finroyalty by CNMV
The Comision Nacional del Mercado De Valores has highlighted that the Finroyalty is not authorized to operate in Spain. It is the government agency of Spain. Its role encompasses the protection of interests of the traders and at the same time protecting the legal use of the traders’ money as well.
Warning to Finroyalty by CONSOB
The Commissione Nazionale per le Societa e la Borsa has verified about the illegality of services of the Finroyalty. The Italian government agency not only aims to regulate and register the financial institutions but also monitors the transparency and the dealings of the broker companies.
Operated from a weak regulation and a hub of fraud broker companies region, Finroyalty has failed to gain the confidence of the traders. Saint Vincent and the Grenadines region is ill-famed for the weak regulation and check on the illegal operations of the broker. The island country is famous for the tax evaders to escape the gallows of the laws. Finroyalty is an unregistered, unregulated, offshore broker which has been learned to be operating through illegal means. Considering the gripe of the traders, the different financial watchdogs have issued warnings against dealing with the company.
High Charging Trading Accounts
The demo account of Finroyalty needs a promo code to be shared while registering with the company. The requirement of these types of promo codes clears that the demo account of the company is not free and is not liable for genuine trading conditions.
A demo trading account for a newcomer trader helps to understand the trading conditions. While a professional trader has the exemplary option to judge his trading skills without actually risking the money.
Apart from a false demo account, there are three types of live trading accounts of the company.
- Classic Account: It requires a minimum deposit of $1,000. It is 20 times higher than the normal minimum deposit limits of the competitors. There is no clarity of the spreads and the leverage ratio.
- Platinum Account: The platinum account of the company requires a minimum initial deposit of $25,000. The difference between the classic accounts and the platinum accounts are the accounts manager specified by the company and the webinars and seminars organized by the company. These are the useless services for a professional trader who will be investing a gigantic amount of $25,000 as an initial investment only.
- VIP Account: The VIP trading account of Finroyalty requires an enormous amount of $100,000 as a minimum initial deposit. There is no difference in the services than a regular account. The company tries to convince the huge initial investment with the daily analysis report and customer care. The contact details and email for contacting the technical support are not provided. Thus the services in the platinum and a VIP account remain the same.
The classic, platinum and VIP accounts are worthless. The classic account comes with no details about the leverage ratios and the spreads. High leverage gives a competitive trading environment which attracts a fair chance for the trader to earn profits. The spread for the common pair EUR/USD must start from as low as 0 pips. Finroyalty has mentioned that it provides the competitive spreads to the traders but has failed to provide the details about the same. It is expected that the company charges for an extra set of pips to the traders. The authenticity of the experience and the trading skills of the trade manager appointed by the company cannot be established. It is quite obvious that a professional trader does not need any specialized advice or the webinars for the execution of trades.
An overall view of all of the live trading accounts hints at the high rising initial deposit amounts with no difference in the services. The increase in the initial deposits must justify the services provided to the traders. There is no facility for PAMM accounts.
Trading Platform by a Third Party
Finroyalty is compatible with the much trusted Meta Trader platform but it is provided by a third party company. The trading accounts are provided over the MT4. It is the safest and secure online trading platform. It is a fully customized platform and has multilingual technical support to the traders. Algorithmic and mobile trading with trading signals is the first preference of the traders globally. The advanced technical analysis, trading signals, and market services are compatible with mobile and desktop applications.
The company does not go beyond the popular Meta Trader platform. Interesting is the inclusion of the third party by Finroyalty in providing the basic trading platform.
Limited Withdrawal and Deposit Methods
The company accepts deposits through credit cards and bank transfers only. The e-wallet payments are mentioned but their use cannot be validated. The minimum deposit limits are set high as $250 for credit card and electronic payments and the minimum deposit limit for bank wire transfer is $500. It is very high as compared to the other competitors.
The withdrawals take the time up to 7 days. The charges associated with withdrawal are 3.5% and rise up to $30. The minimum withdrawal limit is set to $100. The deposit and withdrawal fee and conditions are more of the money laundering policies than the genuine fee charged by the brokers. The trader is not allowed to make withdrawal less than $100 while the minimum deposit cannot be lesser than $250.
The domain of the website of the company id registered in the year 2020 only.
The quality of content on the website of Finroyalty is below average only. It is full of theoretical details while missing the basics of trading. The icons on the website do not have links attached to them and direct the user to the company website itself.
The ill-maintained website with no fruitful information is nothing more than an empty blank filling. The graphics of the website are not specialized and the details about the owners are not provided.
Missing Social Media
Finroyalty has not commenced its social media accounts. The mentioned icons of Facebook, Instagram, YouTube over the website lies vacant and redirects to the company website only.
The fake icons of the social media presence without active social media accounts are a self-declaration of the weak marketing strategies of the company. It is only interested in grabbing the money of the traders. A strong relationship with traders through social media is a far-flung concept for the company.
Senile Customer Support
A single UK based contact number is provided for the support to its traders. There is no availability of around the clock live chat or Skype number for the ease of the traders. There is no 24*7 email support to the traders.
A failed technical support team is the main reason behind the unsuccessful trader base of the Finroyalty. The strong and reliable technical support team ensures that the traders are not stuck at any step while they are dealing with the volatile markets. Finroyalty must work hard to provide a team of technical experts with regional phone numbers and dedicated email IDs to help the traders.
It is a horrible broker firm with no details of the actual owners of the company. Finroyalty is not regulated by any of the government or non-government agencies. The live trading accounts of the company do not provide any details about the trading conditions. It is not recommended to do business with Finroyalty due to the flaccid credibility and dissatisfaction in maintaining transparency.
With anonymous owners, no details about the trading conditions and no regulation by any of the government or non-government agencies, Finroyalty proves to be a big scam.
- Warned by CONSOB
- Warned by FCA
- Warned by CNMV
- Exorbitant prices
- Limited Deposit & Withdrawal methods
- Careless customer support