Forex Royals proudly proclaims itself as the “#1 Forex Robot Developer in South Africa,” offering automated trading software and opportunities for financial freedom. However, as is often the case with trading bots and “get rich quick” schemes, things may be too good to be true.
But is Forex Royals scam or legit? In this honest review, we will analyze Forex Royals, evaluating evidence from various sources to determine if the claims are legitimate or if there are signs this organization may be a scam. Let’s begin.
Table of Contents
Quick Overview of Forex Royals Scam Review
To start our analysis, let’s gather some background details on Forex Royals:
- Website: forex-royals.com
- Launched: February 2022 (domain registered February 22nd, 2023)
- Location: Pretoria, South Africa
- Offerings: Automated trading software/bots, trader education, Crash500 synthetic currency trading
The site looks slick and professional at first glance. However, launching in early 2023 makes Forex Royals a very new company still building trust and reputation.
Note: Scam services often use temporary websites created quickly to grab money fast then disappear. Legitimacy requires persistence over many years. This alone does not prove guilt but is a first watchpoint.
Now that we know the basics, let’s dive deeper into reviews, complaints, and scam investigation techniques to uncover the reality behind Forex Royals.
Forex Royals Reviews & Complaints
Next, we search out independent consumer perspectives across the web. Are there reviews praising exceptional service or exposing unsatisfied customers and issues indicating a potential scam?
Forex Royals Site Reviews
Checking the testimonials on Forex Royals itself shows 3 positive reviews:
- Shawn M. claims to have earned his money back in 6 weeks then continued profiting
- Ludwick VDM says Forex Royals is the first profitable trading bot he has found
- Marius VA made over R50k in profits after initial skepticism
However, some red flags arise here:
- Very few reviews overall for a service open nearly a year
- No specific details on products purchased or experience
- No last names or location details beyond country
- Reviews sound very similar in structure and content
Without further verification like social media profiles or full names, these reviews could easily be fabricated for marketing purposes. More evidence is needed to confirm legitimacy.
Real reviews should have plenty of specifics on services ordered, performance over time, features, ease of use, etc. Generic glowing praise is common with fake testimonials.
External Review Sites
Expanding our search outside Forex Royals itself, one site providing external reviews is ScamAdviser. Their findings show:
- Trust score is fairly low
- Site owner details hidden
- Few visitors so far
- Domain only 10 months old
- Flagged for being high risk financial product
While ScamAdviser doesn’t outright declare Forex Royals a scam, lack of history and transparency does raise some doubts. But again, we need more thorough analysis before deciding.
An additional concerning factor is no reviews found yet on mainstream sites like TrustPilot or even discussions on trading forums. For a company actively promoting its products for almost a year, lack of visibility among real traders is odd.
With authentic services, we expect to see dozens of reviews on TrustPilot and active discussions on trading communities like ForexPeaceArmy or Reddit’s r/Forex.
Addressing Common Forex Scam Tactics
Our background checks reveal some early warning signs consistent with shady operations. Now let’s analyze some specifics against common tactics employed by fishing Forex scams. These include:
1. “Get Rich Quick” Empty Promises
The Forex Royals site prominently displays messages like:
“Prepare to embark on an extraordinary journey where innovation intersects with boundless opportunities, transforming your trading aspirations into tangible and extraordinary results.”
“Make the smart choice and join us on the path to success.”
“Experience the Remarkable Accuracy of Our Trading Software”
Language like this is advertised to recruit unsuspecting victims rather than provide an honest, nuanced depiction trading. Creating unrealistic expectations of fast, guaranteed profits contradicts the reality where 95%+ of day traders lose money.
Legitimate businesses may optimistically showcase top success stories but also provide balanced expectations grounded in risk and dedication. They emphasize the investment of time and effort rather than overnight millions.
2. Miraculous Claims of High Accuracy
Forex Royals boasts an exceptional accuracy rate averaging 90%, superior to competitors. In reality, such precision is extremely rare. Even advanced algorithmic trading funds managed by data scientists and quantitative analysts struggle surpassing 60%.
If the Forex Royals software could genuinely achieve such accuracy, it would represent an earth-shattering advancement drawing in enormous investment and media coverage from financial institutions across the world. Instead, we only have a website in isolation making bold, unsubstantiated assertions.
Exceptional claims require exceptional evidence.
3. Synthetic Currency Trading
A core part of the Forex Royals package includes access to “Crash 500” for algorithmic software trading. As per the site, Crash 500 is:
“A synthetic currency that operates using the algorithms of the Forex Market. What sets Crash 500 apart is its remarkable stability and safety, as it remains unaffected by external variables and news events that typically impact the traditional Forex Market.”
In reality, synthetic currencies have been associated with numerous broker scams due to lack of regulation and volatility manipulation. And entirely avoiding macroeconomic forces that drive real currency fluctuations seems technically dubious.
While Crash 500 may prove legitimate, the concept certainly aligns historically with shady brokerage tactics. We need to dig deeper behind the jargon to understand exactly how Crash 500 works and what protections traders have on the platform. Without transparency, trader funds could easily evaporate overnight.
Owner & Company Background
Thus far, the circumstantial evidence reveals some concerning red flags: fantastic claims without proof paired with promotions reminiscent of scams. Now let’s investigate the company itself and leadership further.
Who is Trunicques Louw?
Trunicques Louw is presented as the Founder of Forex Royals. The site showcases his journey from selling personal belongings to master the Forex market after realizing his corporate accounting career lacked fulfillment. After facing his own struggles, Louw now seeks to guide others to financial freedom.
This inspiring story tugs at the heart strings. Unfortunately, outside tracing Louw’s digital footprint yields little. No LinkedIn profile, biographies, or documentation of past projects exists online.
As the spearhead and face behind Forex Royals, we expect Louw to have an extensive public trail given his self-described passion empowering South African traders.
So who registered the Forex Royals domain? Here’s what the WHOIS record tells us:
- Domain registered: February 22nd, 2023
- Registrar: Tucows Domains Inc.
- All other owner details hidden behind privacy protection
Masking company details contradicts initiatives supporting openness and education for aspiring traders. Between non-existent personal digital trails plus anonymity on official company documents, Trunicques Louw himself arouses more suspicions.
Team & Company Details
Expanding outwards, Forex Royals bills itself as having a team of 2-10 employees on LinkedIn. Yet no named staff whatsoever are listed publicly. Even anonymous employee photos or descriptions of team expertise are nowhere found.
Moreover, the site provides only a mailing address in Pretoria, South Africa with no company registration or incorporation paperwork. Typically we would expect to see certificates of business partnerships, trademarks, tax IDs, and other official licenses.
In summary, Forex Royals is a ghost organization with zero evidence of who actually owns, funds, or operates the company. No leadership, no team, no documents. In the transparent world of business, this is unacceptable regardless of company size or industry.
Customer Support Capabilities
Thus far, Forex Royals checks many boxes flagging possible scam operations. Now we’ll assess its customer support capabilities. Quality trading services require extensive, readily available support via live chat, phone, email, and more. If trader deposits vanish or the software glitches, urgent assistance becomes critical.
Checking current options shows:
- Phone – Provided with Whatsapp. Requires contacting first to enable calling.
- Email – Available, requires contacting first via phone.
- Live Chat – None. Use third party script instead.
- Tickets – Not mentioned.
- Address – Yes but no photos verifying a physical office.
Withholding direct contact methods without prior approval raises withdrawal barriers, limiting trader options if issues arise. Needing to call first before accessing email is highly abnormal.
Although contact options exist on paper, lack of investment into real infrastructure for scaling support implies Forex Royals is not equipped for serving a genuine customer base over the long-term.
The Verdict: Is Forex Royals Scam or Legit?
Weighing all evidence gathered from various angles including background details, owner reputation, business legitimacy, product & service analysis, and infrastructure limitations, Forex Royals exhibits multiple high severity signals pointing strongly to an elaborate scam operation.
Hallmarks of its dubious nature include:
- Too good to be true claims of easy wealth
- No demonstrable proof for exceptional accuracy statistics
- Peddling crash trading on unregulated synthetic currency
- Company registered anonymously masking ownership
- Founder lacking digital footprint or credentials
- No team details despite claims of multiple employees
- Cookie cutter positive reviews, no external discussions
- Limited support options imposing withdrawal barriers
Forex Royals hits effectively all markers we investigate to uncover scams. Until significant changes to transparency, operations, product details, and independent reputation occur, traders should avoid sending funds to this exceedingly high risk platform.
While automated trading holds promise helping beginners, ample regulated alternatives with long reputations exist without such alarming red flags. Please let our guide serve as a precautionary lesson choosing legit trading services instead of falling victim to scams. Stay safe and continue exercising diligence evaluating any software or money manager making bold promises.
Hundreds of real traders have shared their stories and insights across forums and communities. Before investing, seek qualified second opinions beyond the claims of a random website itself. Together we can turn the tide on trading scams spreading false hopes and empty dreams.
Recommended Articles:
