Royal de Bank Review
Royal de Bank ceased operating as a binary option broker. It is out of business now. The review presented here is no longer applicable.
Of all the binary brokers I have reviewed (dozens upon dozens at this point), Royal de Bank may be the most dubious one I have seen to date. I have a hard time believing this is actually a real broker, despite the fact that the company has been around since 2010. The site is operated by RDB Corp. in Anguilla. There is nothing positive to say about them. They offer next to nothing in terms of real features, their website has disturbing redirects, they appear to have zero customer service, their withdrawal terms are extremely off-putting, and they have terrible reviews.
The weirdness starts the moment you head to the “About Us” page, where you find a long-winded discussion about William I, King of Wurttemberg, rather than any info about the company. Supposedly, it is the goal of Royal De Bank to honor William I through offering private banking services. On another page, a bunch of really general “awards” are posted, but none of them list awarding agencies. Clearly they are made up.
Registering on Royal de Bank
On the right-hand side of the screen, you will see a sidebar that lists a demo account for $50,000 in virtual funds, and below that “Open an account.” Do not click on this—it is not actually a button. Keep looking down until you see “Register,” and then you can fill in your information. Amusingly enough, US Virgin Islands is listed as a region, but the USA in general is not. You can (supposedly) deposit in Euros or US Dollars.
Here is where things get really bizarre. If you try to go to the deposit page to check it out, your browser will throw an error at you which seems to imply the site is attempting a redirect to a completely different address. “You attempted to reach www.royaldebank.com, but instead you actually reached a server identifying itself as ssl5270.cloudflare.com. Now, cloudflare.com is a hosting company, so I will go so far as to say this is an internal error and not likely a malicious redirect. But understandably, I did not feel comfortable clicking any further.
Improbable Bonuses and Malicious Withdrawal Terms
Next comes the unbelievable. If you deposit just 500 Euros, you can get 50,000 Euros as a bonus! While this is probably some kind of a typo and not actually a ludicrous attempt to really convince potential customers that they can get this much free money, it only adds to the dubious impression formed by the entire site.
The withdrawal terms in the bonus terms and conditions are very troubling. “Fees of 45 Euros will be charged for any withdrawal of an amount less than or equal to 1000 Euros. 5% fee will be charged for any withdrawal of an amount greater than 1000 Euros.” This seems to imply that no matter how much or little money you attempt to withdraw, you will be charged a fee. Perhaps this only applies to customers who have accepted bonuses, but even that is pretty unacceptable.
Account Types and Trading Features
If for some reason you still felt compelled to try to deposit on this site, you could choose from a number of different account types: Micro, Medium, Silver, Gold, Platinum, Emerald, Royal Club Medium Account, and Royal Gold Club Account. Each includes progressively more features such as a personal broker, personal training, video training, webinars, a trading robot, monthly interest, and so forth.
The only type of trading featured on the site is High/Low. You can trade expiry time as short as three minutes, so short-term trading is also offered here. The platform is something called HelloBinary. To all appearances, it works about the same way as SpotOption or any other more common white label.
Poor Reputation for Customer Service
Customer service includes live chat, regional phone numbers, and email addresses. I did not reach anyone on live chat, despite the company’s assertion that they provide 24/7 customer service. On the account tiers page, they emphasize that if you actually want customer service at any time of day, you have to deposit more money. Otherwise you are limited to customer service once a day or once a week. In fact, customer service isn’t even listed for Micro accounts. So in theory, I should not be shocked that I wouldn’t get a hold of an agent via live chat. As it is, I have my doubts that even if I held a Royal Gold Club Account they would ever staff that desk.
Online, there are numerous customer reviews for this site, the vast majority of which are overwhelmingly negative. Customers report that their emails go ignored, and that they often cannot get a hold of customer service at all. This is the largest number of poor reviews I have seen in a long time for a broker (there are dozens, and you don’t have to go far to find them).
Conclusion: Stay Away
I can give a lot of these companies the benefit of a doubt. I know that sometimes it is hard to start up a business and get site features functioning, and that it is a competitive industry. But Royal de Bank is a very strange site, and their problems go far beyond the norm. Their attitude seems to be that if they state something clearly on their site, they are completely excused and justified for behaving in a malicious way. They clearly state that they charge fees for all withdrawals—so it is the customer’s fault if he or she doesn’t read the fine print. They clearly state that they ignore emails from customers who do not have huge accounts—so once again, it is the customer’s fault.
This is not the kind of company you want to be sending your money to, unless you plan to never see it again. The reviews on third-party sites back up my impression of Royal de Bank. This company wants your money, not your business or your success, and are almost certainly out to scam you.Royal de Bank (Inactive),