Welcome to this review of COIN-ROYAL, a broker that promises to provide traders with everything they need “under one roof”. Is it too good to be true? Is this a legitimate broker, or is it just another scam? In this review, we will uncover the truth behind their claims. Read on to find out.
- COIN-ROYAL General Information
- Registration and Client Portal Review
- COIN-ROYAL Trading Conditions
- Account Types Review
- Trading Platform
- COIN-ROYAL — Deposit and Withdrawal of Funds
- Verification
- Additional Options
- Is COIN-ROYAL a Scam?
- Legal Information and License
- Coin-royal.com Domain Info
- Contacts Review
- More details
- Pros and Cons
- Frequently Asked Questions (FAQ)
COIN-ROYAL General Information
| Website | https://www.coin-royal.com/ |
| Phone Number | — |
| support@coin-royal.com | |
| Address | First Floor, First St. Vincent Bank Ltd. Building, James Street, Kingstown, Saint Vincent and the Grenadines |
| License | — |
| Minimum Deposit | $500 |
| Assets | CFDs |
| Leverage | Up to 1:600 |
| Trading Platform | WebTrader |
Registration and Client Portal Review
The broker’s website is simply appalling. The design is gaudy and generic, and the charts and candles are nothing new. Moreover, it’s only available in English and French, which suggests that we’re not dealing with a global broker. What’s worse, some pages on the site don’t display or display incorrectly. However, there are a few positives. First, the broker doesn’t hide its legal information. Second, there’s a description of trading accounts right on the homepage, which undoubtedly simplifies our work.
We were also disappointed with the registration form. It gave us all kinds of errors. It told us in turn that the service is not available in the UK, then that we cannot register without a promo code. And finally, the system decided that we were bots. To register, we had to contact technical support and prove that we’re human.
Of course, we never managed to get into the client portal. We must say that we don’t like this trend of closed registration. It’s unprofessional for any broker.
COIN-ROYAL Trading Conditions
COIN-ROYAL claims that you will find everything you need for trading. However, as always, we do not believe in such grandiose promises. So let’s take a closer look at the trading conditions of this very self-assured broker.
Account Types Review
COIN-ROYAL offers five types of accounts. The conditions here are almost standard. The accounts differ only in the minimum deposit, leverage, and some other characteristics. As usual, the higher the account’s status, the more privileges traders will receive. For example, the Expert account already offers a 50% discount on swaps, while the Platinum account offers a whopping 90%. Interestingly, COIN-ROYAL mainly evaluates only additional accounts. However, specific information about the size of spreads, swaps, and commissions is not mentioned at all. We should also note that the broker does not provide a demo account. You will be able to trade only by opening a real account right away.
Trading Platform
COIN-ROYAL provides WebTrader from TradingView. It offers of variety of charting and analysis tools, as well as customizable indicators, drawing tools, and trading alerts. The platform is user-friendly and offers real-time market data, including live quotes and news feeds. It also supports a variety of order types, including market, limit, and stop orders. Traders can access WebTrader from any device.
COIN-ROYAL — Deposit and Withdrawal of Funds
COIN-ROYAL does not provide information on the main page about the payment methods that can be used to deposit funds. This information may be available in the Client Portal, but it is not displayed in other sections of the website.
Verification
COIN-ROYAL follows AML and KYC policies, which is why verification on the platform is mandatory. This process usually includes providing personal information such as full name, date of birth, address, and phone number. Additionally, you’ll be asked to provide a government-issued ID, such as a passport or driver’s license, along with a utility bill or bank statement. The verification process is typically completed within a few days, after which you can start using the platform’s features.
Additional Options
The broker offers an impressive range of additional services, including trading signals, webinars, and access to exclusive groups. However, these services are often tied to account balance, meaning that the more money you have, the more services you can access. This can be problematic, as it may encourage traders to deposit more money than they can afford in order to gain access to all the services. Additionally, some traders may feel like they are missing out on valuable information or opportunities because they cannot afford the highest tier of services.
Is COIN-ROYAL a Scam?
We can say that this is definitely not the best broker for trading based on its conditions. Now we need to check how legitimate this company’s operations are.
Legal Information and License
COIN-ROYAL claims to be operated by an offshore company called Businesoft Limited. This is the only useful information available on their website. The “About Us” page is just empty. Nevertheless, the company is registered in Saint Vincent and the Grenadines. By the way, such a company does exist in the registry, having been incorporated in 2021. However, the problem with brokers in Saint Vincent and the Grenadines is that they are unregulated.
And that’s not all the downsides. A simple Google search shows that other brokers also use the name Businesoft Limited. Moreover, their reputation is simply unequivocal. They are fraudulent. So there are quite a few questions about the nature of COIN-ROYAL as well.
Coin-royal.com Domain Info
As previously mentioned, Businesoft Limited was created in 2021, while the COIN-ROYAL brand has only recently emerged. There are almost no reviews of this broker yet. Furthermore, a domain check revealed that the official website was created on February 13, 2023.
Contacts Review
The broker provides only an email address for communication. There is also an offshore office, but first of all, the address is only nominal, and secondly, COIN-ROYAL is most likely just using the data of a real company.
More details
We should also mention the very interesting customer agreement of the broker. It has more prohibitions than you can imagine. For example, COIN-ROYAL prohibits the use of scalping and auto-trading. However, it reserves many rights for itself, including the right to intervene in clients’ trading.
Pros and Cons
- None.
- The short period of work
- Offshore registration
- Most likely fake legal data
- No license
- Negative reviews.
Frequently Asked Questions (FAQ)
COIN-ROYAL claims to offer a variety of trading instruments including forex, cryptocurrencies, commodities, and stocks. However, based on our investigation, the broker offers CFD trading only.
According to the trading conditions listed on the COIN-ROYAL website, the minimum deposit required to start trading is $500.
We have serious doubts about the safety and legitimacy of COIN-ROYAL. The broker is not regulated by any reputable financial authority and has been associated with other scam brokers in the past.
I'm upset that I invested here.
Unfortunately, when I planned to trade here, there were almost no reviews that could reveal the whole truth about this fraudulent service. I didn’t really understand how to distinguish a fraudulent company from a reliable one, so I trusted these crooks. I invested more than 500 dollars here twice. I lost half of it and then for some reason invested again. I wanted to recoup, but what’s the point. If the withdrawal of funds is still blocked here.
These fraudsters work as follows
1) They look for a company that is officially registered.
2) They take its legal data and name. Then they create a website with this name and start offering broker services.
3) They advertise themselves with fake positive reviews so that people fall for this scam and give away their money.
4) The scam is simple. You deposit money, thinking that you will trade on a real platform with real assets. But no, it’s all synthetic and fake. There’s no real liquidity, no real platform, no real quotes. The main point is not that. It’s that you won’t be able to get your money back. Scammers won’t give you a penny to withdraw.
It's unclear what the logic is behind such leverage?
The minimum account is 1:100 and the larger the deposit, the wider the leverage. It should be the other way around. Leverage is meant to boost a small capital size. But scammers know that people lose money because of leverage. Therefore, they offer huge leverage for large deposits.
What's good or interesting about this platform?
To me, COIN-ROYAL is just another scam that pretends to be a professional and top broker. Of course, that’s not the case. This broker was opened for a quick scam and there’s no point in coming up with anything exceptional. You won’t trade here anyway. You will just be scammed.