Editor’s Verdict
Overview
Review
Headquarters | Australia |
|---|---|
Regulators | ASIC, CySEC |
Year Established | 2006 |
US Persons Accepted? |
Royal Financial Trading, known online as RFXT.com is a licensed financial trading firm with offices in Cyprus, Australia and Lebanon. They are licensed by the Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CYSEC) and the Capital Markets Authority (CMA) and Banque Du Libon of Lebanon. These regulations should provide protection to traders who want to make sure their deposits are protected.
ROYAL, as the company refers to itself, was opened in 2006 so there is more information about them online than some newer brokerages. Unfortunately, those reviews are mixed, with some traders noting their positive experiences while many others record their negative experiences in online forums and review websites. As the feedback we found during this ROYAL trading review was mixed, we recommend that you test the brokerage carefully with a small deposit before going all in.
Customers of RFXT.com are offered MetaTrader 4, the most popular trading platform out there. Clients can also take advantage of the VPS hosting services of a few different companies, which can help optimize the trading conditions. In addition to these options, Royal Financial Trading is partnered with two different social trading platforms, MyFXBook and Forex Signals, though ROYAL divests itself from any responsibility of the trades in these platforms with highly visible disclaimers.
Traders who use ROYAL’s services can trade many different products. In fact, their website says that RFXT.com has more than 125 trading instruments in the areas of Spot Forex, commodities and CFDs.
ROYAL’s customers have a choice of two account types. A Standard account has no minimum deposit, though it should be noted that a deposit is required to trade on a live account. It seems from their website that customers with a Standard account are entitled to all of the benefits that ROYAL offers. Spreads are variable, starting at 0.0 pips. The other account type that is offered by this firm is the Pro Account. A Pro account requires a minimum deposit of $1000 and they charge a commission of about $3.50 USD per 100K trade. The spreads for this type of account start at 0.6 pips, and the minimum trade size is 0.1 lot, whereas the Standard account has a minimum trade size of 0.01 lot. We were surprised that there was no information on the website about an Islamic account offering.
RFXT.com boasts its offering of news and market commentary but offers though we found the offerings to be fairly shallow in scope. There was no real educational offering, making the service less-than-ideal for new traders who need some trading guidance.
ROYAL claims to respond to email inquiries within 24 hours. Traders who are logged in can also access 24-hour chat, though we didn’t check if the service is available on weekends.
Overall, Royal Financial Trading is a well-regulated Forex brokerage that offers fairly competitive trading terms, but less-than-stellar educational and market resources. With no obvious mention of a demo, it’s difficult to test them out, which is a red flag on its own.