Apart from a nicely designed website, Royal Oak Investment doesn’t really have anything to offer its clients. On the site, the broker presents himself by manipulating the content, presenting himself to be bigger and better than he is, while failing to provide information that is crucial for customers.
Also, Royal Oak Investment presents its trading platform as revolutionary, even though it is only a standard web trader with rather modest functions.
Introduction to Royal Oak Investment
When we took a closer look at the company, we came to the fact that it is not regulated, which means that it is trading illegally. After peeling off every label that Royal Oak Investment embellishes itself with, we can clearly see that they are fraudsters whose only goal is to get as much money out of their clients’ pockets as possible.
Read the Royal Oak Investment review to the end to see which business segments threaten the brokerage’s clients.
Royal Oak Investment License and Safety of Funds
The scam broker doesn’t even bother mentioning a license anywhere on its website. The only thing that the company referred to in the terms and conditions of business is the law of St. Vincent and Grenadines which is supposed to regulate the relationship between the brokerage house and clients.
In addition, the company gave a phone number and an email address that is not even corporate. SVG is notorious for housing investment scams of all sorts, because of its easygoing attitude when it comes to regulating the Forex market. Thus even if the broker was situated in SVG, it would give us no reassurance of the legality of this firm.
Why You Shouldn’t Trade with Offshore Brokers
When a brokerage company is not licensed, it is an open threat to clients, i.e. to their personal data and funds. When a broker is not regulated, they can set any conditions that they see fit. This includes trading, depositing, and withdrawal conditions.
Because of this, the unscrupulous broker can make it next to impossible for you to take your money out of their fraudulent scheme. When the client runs out of funds or orders, there is no regulatory body in charge of the company and to whom he can turn which is why you should never invest with offshore brokers such as Royal Oak Investment
What Trading Platforms Are Available?
The trading platform offered by Royal Oak Investment is the most basic web trader that lacks many popular features such as the option to start automatic trading. Although the trading platform is described on the website as revolutionary and unique, it is just a marketing ploy used by fraudsters to attract as many customers as possible.
In reality, their trading platform is far from industry standards such as MetaTrader4 and MetaTrader5, which are justifiably popular among traders around the world.
Deposit and Withdrawal Procedure
|Broker||Royal Oak Investment||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
The scam broker offers the following methods for transferring funds:
- Credit cards
- Bank transfers
Having said this, it’s important to note that users have to contact an account manager for support when they want to deposit their money. What happens during and after this conversation is unknown, which means that the exact procedure of depositing is still unknown.
The problem with withdrawing funds is the huge fees charged by the company. The fee for maintaining an open account is $99, and the withdrawal fee is 1 percent. There is no more information about the conditions for the withdrawal request. The minimum deposit is $250, which is a lot.
Royal Oak Investment Offers Bonus and Promotion
Though Royal Oak Investment does offer some bonuses it is rather unclear under what conditions can the client get these bonuses. The bonuses are offered for the “First Time Investor” accounts and higher-ranked accounts.
What the bonus is, is something that remains unknown. The only thing we know is that traders need to make a turnover that equals 50000 times the bonus. No matter what the bonus is, these are some absurd conditions.
How Does the Fraud Operate?
Royal Oak Investment carries out its scam in several steps. The first is a misrepresentation which includes a lot of false advertising and lying to potential clients. This marketing scam accelerates the broker’s acquisition of new clients. When customers make a deposit, the fraudster finished their job.
The scam broker will then do everything to stop their victims from retrieving their money. The customer will probably be given an imaginary bonus or promotion that will prevent him from submitting a withdrawal request. When a warning is issued the company will lose new customers and possibly shut down the website. Later it will appear under a different name, and with a new website.
Forex Brokers Suggestions
So that you would not be in a position to be overwhelmed by fear while looking for a broker to invest with, we have prepared a list of well-rated brokers, with whom you can safely do business.
All brokers listed in the table below are regulated and licensed. In addition, they all offer good business conditions that are in favor of clients. They also offer excellent trading platforms with many additional tools that facilitate trading and planning. It is up to you to choose a broker based on your personal needs and affinity.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||Xm.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||Fbs.com|
Royal Oak InvestmentSummary
After all the research we have done, we can safely say that Royal Oak Investment is another investment scam. This is a fraudulent broker who will do anything to extract money from his clients. We do not recommend doing business with this company, as it is an obvious scam.
Investing in Royal Oak Investment carries too much risk for both funds and personal data that may be misused. Everything about this broker is bad, from being unregulated to offering a bad trading platform and bad business conditions for its clients. We hope that we have warned you in time and that you will bypass Royal Oak Investment.