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Royal Trade FX Review

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Royal Trade is a forex broker aiming to provide a unique and high-quality service to their clients, some of their main advantages according to them include expert multi-language support; friendly, professional assistance, 24/5, a secure, reliable, robust platform for enhanced account privacy & security, advanced trading tools: interactive charts, indicators, and trading signals, hundreds of available assets: currencies, commodities, and indices, valuable online resources: AlgoTrading, economic calendar and market reviews and, attractive terms, narrow spreads, flexible leverage, and zero commissions. Throughout this review, we will be looking into the services on offer to see if they really do provide what they claim.

Account Types

There are 4 accounts available at Royal Trade, you can select which one you want when signing up and each one has its own requirements and features, so let’s see what they offer. The minimum deposits required are not stated here, but we will look into them later in this review.

Bronze Account: Features include daily market briefings, web, tablet, and mobile platforms, video tutorials, exclusive eBooks, 24-hour trading assistance, expert run webinars and seminars, a personal account manager, value-added risk management tools, rapid, reliable withdrawals & payments, trading courses with your account executive, real-time remote assistance and leverage up to 1:500.

Silver Account: Features include daily market briefings, web, tablet, and mobile platforms, video tutorials, exclusive eBooks, 24-hour trading assistance, expert run webinars and seminars, a personal account manager, value-added risk management tools, rapid, reliable withdrawals & payments, trading courses with your account executive, real-time remote assistance, leverage up to 1:500, SMS news and signals, premium daily research and analysis, fixed spreads, live coverage of the market, direct access to trading rooms and access to a panel of experts.

Gold Account: Features include daily market briefings, web, tablet, and mobile platforms, video tutorials, exclusive eBooks, 24-hour trading assistance, expert run webinars and seminars, a personal account manager, value-added risk management tools, rapid, reliable withdrawals & payments, trading courses with your account executive, real-time remote assistance, leverage up to 1:500, SMS news and signals, premium daily research and analysis, fixed spreads, live coverage of the market, direct access to trading rooms, access to a panel of experts, premium personal customer care and, 1 on 1 market strategy sessions.

King Account: The King account is a VIP account, it comes with all the same as the gold account above plus some extra tools. You need to get in touch with the customer service team if you are interested in this account.

Platforms

Royal Trade has divided its trading platform up into three different sections, they are technically the same platform, but provide different features depending on the version you use.

Multi-Interface Platform: This platform focuses on functionality for desktop users. A few of the main benefits include an easy-to-navigate user interface, a comprehensive choice of order types, interactive in-window charting tools, state-of-the-art technical indicators, customized, automated EA’s and, instant trade execution.

Web Trader: Another way of using the platform is by using the web trader, some benefits of using this platform include no download required- instant setup, a broad selection of order types, live streaming price quotes, advanced risk management tools, interactive charting tools and, support for multiple languages & currencies.

Tablet Trader: The final way of using the platform is on your tablet or mobile device, this method features compatibility with both Apple & Android, complete account management capability, an array of risk management tools, live streaming price quotes, interactive charting tools and, multi-currency and language support.

Leverage

Leverage on all accounts can go as high as 1:500, this can be selected when opening up an account and can be changed by contacting the customer service team.

Trade Sizes

Trading sizes start from 0.01 lots and go up in increments of 0.01 lots. We do not know what the maximum trade size is, whatever it is, do not trade over 50 lots in a single trade, we are also not sure what the maximum number of open trades at any one time is.

Trading Costs

There are no commissions or fees added to any of the accounts as they all use a spread-based system (we will look at this later in the review). There are however swap charges which are charged for holding trades overnight, these can be viewed within the trading platform you are using. 

Assets

The assets have been broken down into 4 different categories that we will now look into.

Forex: AUDJPY, AUDNZD, AUDUSD, CHFJPY, EURCAD, EURCHF, EURGBP, EURJPY, EURUSD, GBPCHF, GBPJPY, GBPUSD, NZDUSD, USDBRL, USDCAD, USDCHF, USDCNY, USDINR, USDJPY, USDRUB, USDTRY.

Commodities: There isn’t a full breakdown of commodities, but some examples given include Crude Oil, Gold, Silver, and Natural Gas. 

Indices: Again there isn’t a full breakdown but we have some examples of Nikkei, Hong Kong Hang Seng, the German DAX, and FTSE.

Not the biggest selection of currencies or assets we’ve ever seen.

Spreads

We do not have examples of the spreads, they are not present on the site so we cannot know what they are starting at. What we do know is that the Bronze account has variable spreads which means they move with the markets, when there is added volatility they will be seen higher. The Silver and Gold accounts have fixed spreads which means they remain the same no matter what happens in the market, different pairs will have different starting spreads.

Minimum Deposit

The minimum amount needed to open up an account is 200 USD, EUR, or GBP.

Deposit Methods & Costs

There isn’t a dedicated funding page so there isn’t much information, in fact, the only information that we have around methods is at the bottom of the page, there is an image of VLoad, Visa, and MasterCard, so we can assume that they are available. In terms of fees, it does not appear that there are any according to the FAQ, however, we may be mistaken as they may be referring to trading fees.

Withdrawal Methods & Costs

As there is no information on the deposit methods, you can guess that there aren’t any details regarding withdrawals either, you would be right. This information is vital, so important to know how you can get your money and what it will cost you, this information needs to be added to the site.

Withdrawal Processing & Wait Time

As we do not know exactly what methods are available we cannot say how long the processing will take, we would assume that overall the processing time should take between 1 to 7 business days depending on the methods available.

Bonuses & Promotions

It does not appear that there are any active promotions or bonuses at the time of writing this review, this does not mean that there won’t ever be any. If you are looking for bonuses you could always contact the customer service team to see if there are any coming up.

Educational & Trading Tools

The education and tools sections of the site have some pretty basic things, the education comprises a few videos detailing what things are such as what commodities are or what cryptocurrencies are, nothing that is going to make you an expert. 

The tools section isn’t much better, there is a pip calculator to help you calculate the size of a pip, there is also an economic calendar that details upcoming news events as well as the markets or currencies that the news may affect.

Customer Service

Contacting Royal Trade is simple, yet there is not a huge amount of options. The customer service team is open 24 hours a day, but we are not sure if they are closed or open over the weekends. You can get in touch using the online submission form to fill in your query and then get a reply back via email You can also use the direct email address or phone number if you prefer to speak to someone directly.

  • Email: support@royaltrade.oom
  • Phone: +441134013520

Demo Account

Demo accounts are available and they are a great way for potential new clients to test out the trading conditions as well as giving existing clients a way to test new strategies without risking any capital You can choose between a USD or EUR account, however, there isn’t too much more information provided about the demo accounts such as any potential expiration time.

Countries Accepted

The following statement is present on the Royal Trade website: 

“This information is intended for investors outside the United States who are not the US/Japanese citizens and residents.”

If you are not sure about your eligibility, then please contact the customer service team to find out prior to signing up for an account.

Conclusion

There is a lot on offer from Royal Trade when it comes to account features, however, this positivity is quickly diminished when we see how few tradable assets there are, it is pointless having great trading features if there is nothing there to trade. What is also disappointing is the lack of information on deposits and withdrawals, when are giving out money to someone we want to know how we can give it, how we can get it back and how much it will cost us, without that information alone it is hard for us to recommend Royal Trade as a broker to use.

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