We have got used to the fact that European brokers conquer Asian markets like in India, Malaysia, Dubai, Hong Kong, etc. But as Forex is an always turning carousel, the Asian conglomerates are also coming to us. Forex can be seen as one global community where everyone is welcome everywhere. There are no borders in the Forex industry, and that is what makes it special. This review deals with a Middle Eastern broker who expanded to the most popular destinations in the world. Royal Forex comes from Lebanon, and it seems that the broker is determined to take over the world. This Royal Forex review will discover how things are done in the Middle East and what it takes for a broker achieve global status.
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History
Royal Forex opened its first office in Lebanon in 2008 only to become a world-recognized broker today. The broker offers services using the latest technological advances, contemporary methods, and the best-known licenses. First, the broker made a name in Australia with the ASIC license, the only valid license in Australia which is issued by the official ASIC commission. In 2015, the broker desired to make a breakthrough in the European market, and we all know that Cyprus is not only the heart of the Forex industry but also a geographically strategic destination linking Europe and Asia. The broker recognized Cyprus’ potential and made themselves comfortable in Limassol, Cyprus after they applied and secured the CySEC license. With the license, the broker can finally focus on expansion throughout Europe. The broker is one of the biggest names in the Middle East, and there is no doubt that it soon will be equally known in Europe. In its home country Lebanon, the broker is supervised by the Capital Markets Authority and by the Central Bank of Lebanon. According to traders, this broker is one of the good ones who offer transparent services and are genuinely interested in fair treatment.
Platforms
Royal Forex seems to have done their homework and prepared well for the European market. They offer two platforms which are the most popular in Europe.
- Meta Trader 4
- CTrader
The MT4 will certainly attract new clients with its unlimited charts quantity, offering a variety of timeframes, expert advisors and a large number of indicators, etc. The MT4 is also SSL secured which means that traders’ data are protected from external intruders. Traders get to enjoy real-time data and built-in programming features and settings. The cTrader is especially suitable for ECN/STP trading with very fast execution, and a full range of orders, technical analysis tools, one-click trading, etc. The cTrader can also be customized and personalized by traders and help them develop their own trading style. Traders can also enjoy mobile trading with Royal Forex by downloading the Royal Forex mobile apps for both platforms in order to be all-around equipped for true royal trading.
Account Types
The broker offers ECN services as well as dealing desk services. There is a Standard and an ECN account. The Standard account is available at $2,500 with spreads from 1.8 pips. The broker recently reduced its spreads form 2 pips, which many customers considered a little bit too high. With the ECN account, spreads are even more competitive starting form 0.7 pips, where by ECN account commission is very low, i.e. only $2-$5 per trade size. The minimum trade size for the Standard account is 0.01 and for the ECN 0.1. Maximum leverage is 1:400. Besides this, the broker also offers MAM accounts for all financial advisors and fund managers, as well as swap-free accounts for the Middle-Eastern Muslims. You can also trade stocks, options, indices, futures, ETFs, and commodities form any Royal Forex account. The broker offers over 30 currency pairs for trading, and hedging and scalping are allowed.
Royal Forex Bonus
The promotion run under the name Forex Mission can bring you in a 20% discount on commissions for each friend referred. Your friend has to deposit $100 and send a verification of your recommendation and enjoy your 20% rebate. The Royal Forex Booster Bonus promises to reward you for trading large volumes. You will get a 20% discount on your brokerage fee. Your account turnovers are supposed to surpass $10,000 in one month. This bonus seems to ask for too much since there are not many traders, except professionals, who will spend $10,000 in a month on Forex trades.
Deposits and Withdrawal
The broker has a lot to offer as we see, but regarding deposits and withdrawals, the broker completely excludes e-wallets. The only ways to deposit and withdraw are wire transfer and credit card payments. We hope that the broker will soon accept at least several e-wallets to make it easier for traders and themselves as well.
Customer Support
According to traders’ feedback, the customer support is friendly and resolves issues very quickly. You can call the Royal Forex support team, e-mail them, or contact them via online support on their website.