Broker Review: RoyalStox
| General Information | |
|---|---|
| Broker Name: | RoyalStox |
| Broker Type: | Primarily Forex, but also offers other platforms |
| Country: | St. Vincent and the Grenadines |
| Operating since year: | unclear |
| Regulation: | - |
| Address: | 3 New St Square, Holborn, London, EC4a 3BF, UK Suite 305, Griffith Corporate Centre P.O. Box 1510, Beachmont Kingstown, St. Vincent and Grenadines |
| Broker status: | Active |
| Customer Service | |
| Phone: | +442038851407 |
| Email: | [email protected] |
| Languages: | English (multilingual) |
| Availability: | 24/5 for accounts or 24/7 customer service In terms of the broker’s customer service, there are several things we can say. |
| Trading | |
| Trading platforms: | MetaTrader 4, RS WebTrader |
| Trading platform Time zone: | - |
| Demo account: | - |
| Mobile trading: | - |
| Web-based trading: | Yes |
| Bonuses: | 30% loyalty bonus |
| Other trading instruments: | - |
| Account | |
| Minimum deposit ($): | $250 |
| Maximal leverage: | 1:250 |
| Spread: | Fixed |
| Scalping allowed: | unclear |
- GENERAL INFORMATION
- FUNDS TRADING AND SECURITY
- TRADING ACCOUNTS
- ROYALSTOX TRADING CONDITIONS
- TRADING PLATFORM
- ROYALSTOX’S TRADING PRODUCTS
- CUSTOMER SERVICE
- CONCLUSION
General Information
RoyalStox is a new broker that started operating in 2019. The firm is based in Saint Vincent and the Grenadines. The precise address of their offices is Centre P.O. Box 1510, Beachmont Kingstown.
Upon entering the broker’s website, you see that the theme they wanted to go with was English royalty. However, they seem to have went with a prebuilt website instead of putting in any actual effort, so the result is a poor blend of their desired theme and a more modern/minimalistic style. However, if you’re looking to trade, aesthetics will hardly be the determining factor of whether you use a broker’s service or not.
So, in our RoyalStox review, we’ll go over the things that are crucial when deciding whether to use a broker or not. That includes going over their service, and perhaps more importantly, their safety.
Funds Trading and Security
Safety is one of the crucial factors to look at when selecting a broker. After all, what good is an amazing service if all your money gets stolen from you? RoyalStox is, unfortunately, just one of the many new brokers that try to trick traders out of their hard-earned funds.
The first issue is their location. Not all offshore brokers are bad, but RoyalStox tried to hide that they’re in Saint Vincent and the Grenadines by opening a customer support office in the UK and listing that as their address on their website. But that alone wouldn’t be enough for us to call RoyalStox a scam, so let’s move on.
They are also unregulated, which, in combination with their location, means that they’re likely to go unpunished for any malicious behavior. It also means they can just pack up their bags whenever they feel like it, while their clients never see the funds they invested again.
But even if the combination of those two factors doesn’t convince you, their reputation definitely should. The amount of negative reviews they’ve amassed in such a short period is actually impressive in a twisted way. At the same time, it’s painfully obvious that a majority of the positive ones are fake.
There’s no doubt that RoyalStox is an untrustworthy broker, and based on that alone, we couldn’t recommend using their services to trade.
Trading Accounts
Of course, there’s no demo account since RoyalStox doesn’t want you to enjoy their service; they just want you to invest money. But moving onto the live account types, the first, Micro account sets you back $250. Now that isn’t a lot of money to invest when you can at least try a service out or guarantee its quality, but it is a lot when you’re giving money to a shady broker with a proprietary platform you can’t even test out.
But let’s at least try to imagine that the broker is trustworthy for a moment. The Micro account looks decent, if slightly below average for its cost. To move on, however, you need to invest $5000, which nets you the Standard account. However, here’s the surprise, the Standard account is actually a downgrade from the Micro account.
So, you need to invest $4750 to drop from a leverage rate of 1:350 to 1:200, get worse trading sessions, and lose access to an account manager. It’s ridiculous how apparent it is that RoyalStox provided zero attention to anything regarding their service. As far as the accounts go, there are four other types, but the prices are so astronomical that we feel they aren’t worth mentioning.
Trading Conditions
The leverage is below average, and the spreads are fixed. The account typing is, as we already explained, laughable, and there are fees when withdrawing funds. Any additional info regarding the broker’s assets and platform remain hidden, but overall, even if RoyalStox weren’t a scam, it wouldn’t be worth using.
Trading Platform
RoyalStox’s Trading Products
When it comes to trading instruments, it’s more of the same. Info that you can’t get unless you invest enough for an account. So much information is locked behind that paywall (or entirely absent) that you can’t even begin to think it’s a coincidence.
Customer Service
RoyalStox opened their customer support office in the UK in hopes of making themselves seem more trustworthy. However, next to all the other issues, it’s hard to imagine anybody trusting them. As for the customer service, you can reach them via phone or email, with no live chat option present.
Phone number: +442038851407
Email: [email protected]
RoyalStox Review: Conclusion
There’s not much to be said that we haven’t mentioned in our RoyalStox.com review already. The broker is a scam through and through, raising every red flag they could. They require an investment for you to even test out their service, and half the things you need to know are hidden. The security is non-existent, and even if it wasn’t, the service wouldn’t be worth using over other, much better, online alternatives.
Save your own time and money and go as far away from RoyalStox as you can.
-
Support
-
Platform
-
Spread
-
Trading Instrument
Not profitable
They are good in general, except that they only have fewer options to trade with and some are not profitable.
Did you find this review helpful? Yes No
Bad people
Bad people. I am seeking help from the authorities to get my money back.
Did you find this review helpful? Yes No
Scammers
Company of scammers. Beware of these guys.
Did you find this review helpful? Yes No
Be careful with this broker
Be careful with this broker. They will normally tell you the good features available but will eventually not let you use it. I experience it most of the features offered at first are not really available.
Did you find this review helpful? Yes No
Slow withdrawals
Slow withdrawal process. I am so annoyed. There are so many documents to provide and they keep on rejecting some documents, I am tired of replacing and waiting for my withdrawal.
Did you find this review helpful? Yes No
Worst broker signals
I am not satisfied with this broker’s services. Worst signals, slow withdrawals, and unresponsive customer service.
Did you find this review helpful? Yes No
Difficult withdrawals
Better think twice before opening an account with this broker. I had a hard time requesting a withdrawal.
Did you find this review helpful? Yes No