Forexlive.com Independent Review Royal C Bank
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Forexlive.com Introduction to Royal C Bank
Royal C Bank is wholly owned by Axent Sigma Ltd., a company registered in the Commonwealth of Dominica Reg № 2019/IBC00105. It is involved in providing cryptocurrency trading services, and was created by a small group of professional cryptocurrency traders. They expect to differentiate themselves from other cryptocurrency trading firms and exchanges through their focus on customer service and extensive experience in the cryptocurrency markets.
Royal C Bank has developed its own technology solution which utilizes high-frequency trading (HFT) and innovative technology to uncover trading opportunities.
The team has chosen crypto currencies as their focus because of the fast moving nature of the market, and the opportunity to make excellent profits quickly. They focus on the same traditional technical analysis and apply it to the cryptocurrency markets, meaning strategies such as scalping and swing trading work effectively with cryptocurrency trading.
Forexlive.com Quick Look at Royal C Bank
Our initial look at the Royal C Bank website made us think of an amateur setting up a website as quickly as possible. The site is slim on details to a fault, and there are plenty of references to the experience and knowledge of the team behind the website, and plenty of mention about how they can help you be profitable, but no mention of who these professional crypto traders are, or how they became so experienced.
As part of the research process to write this review, we accessed the trading platform of Royal C Bank to investigate the potential trading parameters. The broker does not offer a demo account for testing purposes. We found more than a dozen cryptocurrencies offered, but there were also index/BTC pairs, commodity/BTC pairs, and stock/BTC pairs. You can also trade each of these against USDT if you prefer.
It was obvious at this point that Royal C Bank is offering trading in CFDs, and this was confirmed in reading their Terms & Conditions. We also found several lines in the T&C that weren’t very encouraging too, including this one:
“When using the Site or the Service you will be exposed to Content from a variety of sources, and we are not responsible for the accuracy, usefulness, safety or intellectual property rights of or relating to such Content.”
Royal C Bank Regulations & Licenses
Royal C Bank is not regulated by any agency, although it is a member of The Financial Commission, an international organization engaged in the resolution of disputes regarding Forex, CFD, and Cryptocurrency trading.
From The Financial Commission website:
“FINACOM PLC LTD. and it’s affiliates, including Finacom LTD. (“Financial Commission”) is an independent self-regulatory organization and external dispute resolution (EDR) body, that is dedicated specifically to Forex, digital currencies and blockchain. While Financial Commission is not regulated by or registered with as an EDR body in any jurisdiction, it operates in a way where transparency, swiftness, and education are the paramount values.”
Here’s how client’s benefit from the membership in The Financial Commission:
- Protection by Commission’s Compensation Fund for up to €20,000 per case
- Access to a neutral and interest-free realm to address any complaint
- A swift and efficient investigation and resolution (as opposed to rigid and bureaucratic regulatory bodies);
- Ability to learn and receive answers, never being “in the dark”.
- An opportunity to choose from more than 30 approved Members
The Royal C Bank website is available in English and German, while the web-based trading platform is also available in both English and German.
Royal C Bank Account types
Retail Trader Accounts
Royal C Bank has six levels of account available to clients, from the Basic account with a £/€/$250 minimum deposit, all the way up to the VIP account, which is for exclusive high-net worth clients only. All of the accounts have access to 24/6 support, daily market review, price alerts, webinars and the education center. Each account level also provides a deposit bonus, which increases as the account level increases.
There is no demo account, but after registering users are able to access the web-based trading platform and have a look around.
Royal C Bank Fees, Costs & Spreads
Royal C Bank has no information on their website regarding fees, spreads, or commissions. Spreads on the platform appeared to be roughly 0.75% to 1% for the cryptocurrencies at the time we were logged in. Of course at times of volatility those spreads are sure to be wider. Spreads for stocks were far smaller, in the range of 0.1% to 0.2% for the most part. This was overnight when markets were closed however, so spreads on stocks could be wider during regular market hours.
Deposits & Withdrawals
Deposits at Royal C Bank can be made via credit card, bank transfer, or via cryptocurrency. Currencies accepted include USD, GBP, EUR, CHF, RUB, JPY, and CNY. Cryptocurrencies accepted include BTC and USDT. There are no deposit fees.
Withdrawals can be made through credit card or through bank transfer. In either case the minimum withdrawal amount is £/€/$100. Credit card withdrawals can take 2 business days to process and up to 10 business days to appear in your account. Bank transfers are approved within 2-3 business days and it can take up to 5 business days for the funds to appear in your account. There are no withdrawal charges.
Royal C Bank Trading Platforms
Royal C Bank provides traders with a web-based trading platform only. The charts are responsive enough, although there were a few pauses. There aren’t a whole lot of bells and whistles. It’s possible to change the look of the chart, choosing a bar chart, line chart, dark or light background, etc. There are 15 preloaded indicators that can be applied to the chart as well. These indicators are:
- Average True Range
- Bollinger Bands
- Exponential Moving Average
- Ichimoku Kinko Hyo
- Price Envelopes
- Rate of Change
- Simple Moving Average
- Zig Zag
There are also buttons to the left of the chart for Live TV, News, Gainers & Losers, Favorites, Alerts, and Activities. The Live TV was streaming new from RT News when we looked. The news section has a variety of cryptocurrency related news from finance.yahoo.com. Gainers & Losers focuses on the gains and losses from the cryptocurrencies available on the platform. Favorites can be added from the trade screen by clicking the small star in the upper right. Alerts can also be set from the trade charts based on the price level you’d like to be alerted at. There seems to be no way to send the alert to an email address or SMS however, so it isn’t very useful if you’re logged out of the platform. Finally the activities button has quick links to deposit, withdraw, and various trade actions.
One other thing we noticed is that prices would hang occasionally, and we would receive an “Internal Server Error” message.
Royal C Bank does have a good number of assets available to trade. Those interested in cryptocurrencies can trade 16 different altcoins against BTC and USDT. There are also 4 Ethereum (ETH) pairings and 2 Ethereum Classic (ETC) pairings, as well as a single Ripple (XRP) pairing.
Traders will also find 10 index/BTC pairings, 12 commodity/BTC pairings, and well over 100 stocks pairings. All of the same assets can also be traded against USDT.
Traders can choose from three types of orders: limit orders, market orders, and stop loss orders. Royal C Bank also allows for the use of leverage up to 1:10 on the Basic account. Greater leverage may be available with larger accounts, but we did not make a deposit to test this.
Notification and Alerts
The alerts tab allows you to track various price levels of assets you’d like to watch, however when we tested it there was no facility to send the alert to an email or SMS, and we didn’t even get any type of alert when price crossed the alert level we set.
Risk Management Tools
You are able to speak with the account managers at Royal C Bank, who are all said to be professionals in the cryptocurrency markets. They are able to recommend certain strategies and actions to minimize your risk or to reach certain profit targets.
From the website:
“Secondly, we can neutralize all the risks thanks to the services of professional brokers who are working with Royal C Bank and you as a client. With the help of these pro traders, we can guarantee that your assets will be in safe hands.”
Royal C Bank Tools and Analysis
Other than the indicators on the trading charts there are few other analysis and trading tools offered within the ROYAL C BANK platform. There is the news feed, but since it is exclusively Yahoo news you could easily look that up yourself. Interestingly there is a News section in the Education Center of the website and it contains far more information from a wide variety of sources.
The alerts could be useful if they were sent to either email or preferably SMS. The education center helps give traders some direction and could spark some ideas of where to go for more market analysis.
Royal C Bank Education and Training
Royal C Bank provides an Education Center on its website with videos, ebooks, news, and charts. It is all accessible by both clients and non-clients. While it is quite extensive, unless you’re a beginner in cryptocurrencies and trading it isn’t extremely useful. Much of it isn’t even geared towards trading but is more of an education on cryptocurrencies in general.
Royal C Bank Customer Support
You can reach support by emailing firstname.lastname@example.org or by calling local support numbers in Singapore, London, or Switzerland.
Forexlive.com Independent Opinion & Rating
Based on our experience Royal C Bank could be difficult for some traders to work with, although others may find it refreshing to focus on cryptocurrencies versus other assets. We could wish the website were more detailed regarding the services offered, however it’s understandable that the broker is just getting started and could take some time to finalize all details.
If you’re looking for a broker that has its eyes focused intently on the cryptocurrency markets, then Royal C Bank could be perfect for your needs.