Overview of Royal Stox Review:
With the finance market being one of the huge markets and an easy way to earn part-time money, the market has become a breeding ground for scammers and cybercriminals. Royal Stox claims to be one of the world’s leading forex brokers based out of the UK. The company offers to trade in over 1000 tradable instruments to their “royal” customers with guaranteed generous leverages. This almost real-looking forex broker was, however, flooded with complaints all over the internet. Is Royal Stox a scam? Let us find out. To know more about the Royal Stox Scam, read the full review here.
About Royal Stox:
RoyalStox specifically curated its website to resonate with the company’s name. Upon landing on their home page, the user is subjected to a big background image of the Victorian era with a portrait of a queen. This is the only thing “Royal” about this brokerage firm. Even though the company claims to be based out of the UK, there is not a single mention of a license that is issued by the Financial Conduct Authority of the UK. A search on the regulatory authority’s official website proved that the company is a scam and it does not have a valid license. With the help of our experts, it was found out that Royal Stox is the brainchild of Marom Partners Ltd. which is registered in St. Vincent and the Grenadines. Now, the said place is termed as an offshore zone where regulatory authorities do not exist. This is the first red flag that brings us a step closer to the Royal Stox Scam. In order to make the company legitimate, it must have a license from the regulatory authority of the country it is working in.
Royal Stox registration:
The registration proved to be the trickiest part with Royal Stox. Although the registration seemed pretty simple and just like every other registration procedure, we were not able to sign up due to a variety of obnoxious reasons that the website came up with. It was either the excuse that the email id was wrong or that the given phone number was too short. From this, it can be made sure that there is something wrong with the website design. This is yet another red flag planted against the company.
Royal Stox Account Types:
Royal Stox offers its customers six different account types. These accounts seem to have their own benefits and mouthwatering offers which we will be explaining below.
- Micro account
The minimum initial deposit needed to open this account is $250. The account offers leverage up to 1:350. Higher leverage proves to be harmful to the customers as the leverage shares an indirect relationship with the customer suffering a loss. Apart from the high leverage, Micro account offers one on one trading session and access to account management services as well.
- Standard Account
The minimum initial deposit for this type of account is $5000. This account type also offers an introduction session and leverage up to 1:200. Yet again, this is high leverage and not really profitable to the customers. It also gives the customer access to all the trading platforms.
- Platinum Account
The minimum initial deposit for a Platinum account is $25,000. No need to say, this initial deposit is way too high for a legitimate broker to ask for. The regulatory authorities advise against asking for such huge amounts as it may act as a catalyst in the customer losing their money. The leverage offered is 1:100 which is yet again, a very high amount to be offered. The leverage is capped at 1:30 in countries like Europe and Australia whereas it is 1:50 in the US.
- Premium Account
Premium Account demands a minimum initial deposit of $50,000. Just like the other accounts, this too is a very high and vague minimum deposit. The leverage offered in this account is 1:500. This is yet another trick of Royal Stox to scam the innocent traders.
- VIP Account
The minimum deposit for this account is $100,000. As obnoxious as this may seem, it just gets worse. The leverage offered in this account type is 1:750. The company does not seem to stop here. With a variety of big words that are apparently names of their offers, the Royal Stox scam is getting clearer by the minute.
- Business Account
With $250,000 as of the minimum deposit, this is the final and the uppermost account in the hierarchy of RoyalStox. The leverage offered in this account type is 1:1000. Just like the name, the account has a number of advantages for its customers.
Royal Stox Withdrawal Procedure:
Upon reading the company’s withdrawal procedure, many of its terms and conditions are an absolute mess. The company states that the withdrawal will be processed in 3 to 5 days. This scam broker also charges different withdrawal fees for different modes. For bank transfers, it is $50 whereas it is $35 for credit cards. Royal Stox demands a withdrawal fee of $25 for e-payments. Furthermore, the company will also levy a 10% fee if the trader has not done more than 200 turnovers before the withdrawal. Furthermore, a fee of 10% is also levied if the trader is not active for 3 months.
Royal Stox Terms and Conditions:
As weird as it may sound, the terms and conditions of this company prove that Royal Stox is a complete scam. The terms and conditions state that all the profits that the trader earns cannot be withdrawn. The company also states that Royal Stox can transfer or cancel the account of any of its traders without prior information. Another one of the terms and conditions that were a bit bizarre is the fact that the company will not be held responsible for any of the financial damages that the trader may incur.
Conclusion – Is Royal Stox scam or not:
From the above-drawn points, it is pretty clear that Royal Stox is a scam. We urge our readers to be extremely cautious before investing or trading with Royal Stox. One must always trade with the brokerage a firm that has a legit license from any of the regulatory authorities.