Royal Pip review
About the company:
Royal Pip is a brokerage company that uses the NDD technology. The brand is managed by Novox Capital Limited, which has been licensed by CySEC since 2014.
Company. Safety of funds
CySEC requires regulated brokers to keep at least 730,000 euros (to prove their financial stability), store client funds separately from the company's operating assets, and regularly report on their activities.
In addition, all licensed brokers are members of the Investor Compensation Fund, which ensures compensation in the amount of up to 20,000 euros to every client if the broker is unable to fulfill its financial obligations.
However, in 2017 Novox was fined by CySEC for failing to comply with the Law on Investment Services and Activities and Regulated Markets several times. That's why, we recommend to exercise caution working with RoyalPip.
The offered accounts feature variable spreads, leverage up to 1:300, no commission and micro trading. The Pro account provides access to an ECN environment with fixed spreads. To open this account, you need to deposit at least $5,000.
In addition, RoyalPip website offers ample training materials. Clients with demo accounts also have access to these data.
Minimum initial deposit
To open an account with RoyalPip, you need to deposit at least $100, which is a small amount, but there are brokers that require smaller deposits. You can find out more about them in our rating of forex brokers.
Spreads and commissions
According to the information on the RoyalPip website, the broker does not charge commissions, and its usual spreads are 1.6 pips for EUR/USD, which is slightly above average in the industry. Most brokerage companies offer spreads from 1.0 to 1.5 pips for this pair.
Royal Pip offers a leverage of up to 1:300, which is average in the industry. Most Cypriot brokers offer a higher leverage, up to 1:1,000.
A higher leverage can not only multiply the profits of traders with a small deposit, but also lead to losses that exceed the initial investment.
This broker supports the standard MetaTrader 4 platform, which is available for PC, browser and mobile devices.
Most traders choose MT4 as the platform is easy to use, supports automated strategies, offers a broad testing environment, built-in tools for technical analysis, and an extended set of charts.
RoyalPip supports several payment methods: bank cards, bank transfers, Neteller, and WebMoney.
Accounts are available in base currencies: USD, EUR, GBP, and JPY. Withdrawals are free; however, the company charges £30 for a bank transfer. The minimum amount of free withdrawal is £250. Smaller withdrawals require a commission of £50.
Royal Pip 2/10 (votes 2191)