Royal Pip Review
This broker offers two account types – Standard & Pro. They both provide variable spreads, leverage up to 1:300, no commission fees, and the chance to trade in micro lots for better risk management on the MetaTrader 4 platform. Since the Pro account provides access to ECN environment, its spreads are tighter and accordingly, in order to access it, one has to deposit at least $5000.
Besides, Royal Pip offers extensive educational materials on its website – as long as you open a demo account, you are entitled to access them.
Unlike most brokers, however, this one does not provide Managed accounts.
The Company. Security of Funds
Royal Pip is a MT4 forex and CFD brokerage, which claims to utilize NDD execution. The brand is operated by Novox Capital Limited, a company specializing in liquidity provision, online trading platform administration, risk management, and online trading services. It also operates the binary options brand OptionBit. Novox Capital Limited is licensed by the Cyprus Securities and Exchange Comission (CySEC) since 2014.
CySEC requires regulated brokerages to hold a minimum of €730 000 (in order to prove their financial stability), to keep client money separately from the company’s operational assets, as well as to report to the Commission on a regular basis.
In addition, all licensed brokers are members of the Investor Compensation Fund, where customers of authorized financial services firms may receive a compensation, amounting to a maximum of 20,000 EUR, if the broker becomes insolvent or ceases trading.
Furthermore, CySEC-regulated companies are authorized to provide its services across the EU under the MiFID regulations.
In 2017, however, Novox was repeatedly fined (€180,000) by CySEC for non-compliance with the Investment Services and Activities and Regulated Markets Law. That is why we reccomend caution whet doing business with Royal Pip.
Minimum Initial Deposit
In order to open an account with Royal Pip, one has to deposit at least $100, which average for the forex industry. Yet, other Cypriot brokers require less: the minimum initial requirement set by FXTM is just $5.
Average Spreads & Commissions
This broker says on its website that it doesn’t charge commission fees and that its typical spreads amount to 1.6 pips on EUR/USD, which is slightly above average. Most brokerages offer spreads for this pair within the range of 1.0 – 1.5 pips.
For example, FXTM offers average spread of 1.5 pips on EUR/USD on its commission free accounts, while its typical ECN spreads are 0.5 pips and involve a commission $4 per standard lot (round turn). For further information, you may look up and compare real-time spreads of 15 leading brokers here.
Royal Pip offers leverage up to 1:300, which is average. Although CySEC proposed default leverage levels to be 1:50, most Cypriot brokers offer higher leverage ratios – FXTM – up to 1:1000 and XM – up to 1:888. You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.
Higher leverage levels may not only multiply traders` earnings on a small deposit, but also lead to losses exceeding initial investments.
This broker supports the industry’s standard MetaTrader4, which comes in all forms and shapes – desktop, web and mobile versions.
The MT4 is preferred by most traders, because it is user-friendly, supports automated strategies, offers extensive back-testing environment and a number if build-in technical analysis tools, as well as advanced charting package. Here is a list of more forex brokers offering MT4 platform.
Methods of Payment
Royal Pip offers its clients the following payment methods:
– Credit cards – Visa, Master Card, Maestro and more.
– Bank wire from around the globe.
– Neteller & WebMoney.
Accounts available in USD, EUR, GBP and JPY base currencies. All withdrawals are free of charge; However, for wire transfers there is a £30 bank charge. The minimum free-of-charge withdrawal amount is £250. Amounts smaller than this are subject to a £50 processing charge.
Royal Pip is a well-regulated forex and CFD broker, that uses the popular MT4 platform and claims to use a No Dealing Desk technology.
Royal Pip Review Conclusion
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