On-line since: 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. Trading conditions 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. Leverage 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. Trading platform 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. Payment methods 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. Advantages:
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I have enjoyed trading with Royal Pip's MT4 platform. As order execution is so fast and they provided live price charts. Here, I found many helpful tools and indicators and I have customized an EA too. I am satisfied to trade with InstaForex and want to say others.
I finally closed my account at Royal Pip. I realize my mistakes in choosing them. I traded with them for 4 months, the first 2 months there was nothing wrong with this broker. But then, I had negative slippage almost every week for 10-15pips and a bad withdrawal process. Till now, they have canceled my six withdrawal request via Web Money. I think I have lost my valuable time with them. Think of changing to the other broker and stopped my trading with Royal Pip.
I can deal perfectly with the RoyalPip platform, As their MT4 platform has NDD execution and I have found a live price quote so far. which is the best for my scalping strategy, while their spread is tight on the Pro account. So I can take the benefit of the platforms with their advanced tools and analysis. I can withdrawal my profit firstly. So I am satisfied with the RoyalPip broker.
The starting capital at Royal Pip is quite reasonable. I think it is enough to decently start a trading journey. However, I find their spread too wide. The lowest spread I had was 5pips. It could even go as high as 13 pips.
I don't like to trade with Royal Pip broker. I'm not pleased with their services and trading system. I use to trade in MT4, but their platform is simply awful. Platform freezes when you close your orders, I experienced requotes and slippages so many times. I lost a lot of money due to their wear system and terrible platform. I decided to close my account at this broker because I don't want to lose my money.
I think RoyalPip is the finest broker for newbie’s, because they have very well structured terminal, which is painless, and also can trade with small lot like 0.01. Their spreads are very low and execution is instant. They also have other huge educational materials on their web site. I always follow their analysis and got some success. I deposited $350 on live account within one and a half months my account grown up to $611. I did not make any withdrawal yet but I will give update.
Opening an account at Royal Pip is absolutely easy. There is also no registration fee except for the fund you are depositing to use for trading. I can say that their platform is also easy to use. However, it is not always stable especially when the market is highly volatile. I also don't like their customer service as the representatives sound too impatient when talking with me. Hope they can work on that.
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