The FCA has shade a spotlight on CFD Royal UK, a Forex broker that is offering Contract for Difference (CFD) under the Firm Reference Number 191237 (FRN) of another broker.
CFD Royal says that it is operating out of Marshall Islands. However, investigations can clearly reveal that this Forex broker is operating from Bulgaria.
The reason why CFD Royal UK is at loggerheads with the FCA is because they are offering CFD investment products to residents of the UK. The FCA keeps blacklisting unregulated brokers each month, and CFD Royal is the latest victim.
Their features include 1:200 leverage, up to 75% margin loan, monthly market reviews and live stream live webinars.
CFD Royal is offering 5 different account types starting $500 (minimum deposit) all the way to $50,000.
While doing so, they are also cloning another FCA-regulated broker called Royal London Savings Limited.
According to this FCA warning, Royal London Savings Limited is fully registered and regulated. The address of the genuine company is listed as 55 Gracechurch Street London, EC3V 0RL, UNITED KINGDOM.
Their phone number is (44) 02075066500 and the website can be accessed from this domain royal-london.co.uk.
CFD Loyal is not authorized to continue providing investment products in countries that are regulating this service.
The FCA has taken offence and even called them a scam because they are mixing bits of truth with lies.
How to protect yourself
Only use a regulated broker to trade any asset. We have listed some of them here.
To ensure that a broker is regulated, check the footer of the site where they usually publish their registration number. If this information is lacking, then it means the broker in question is not registered, and you will most likely lose your money.
CFD Royal is borderline scam based on these findings. You can’t trust this broker unless they clean their name with the FCA.