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Royal Review 2024

Written by
Krisztián G.
Fact checked by
Updated
1w ago
Key data
Fees
Safety
Deposit and withdrawal
Account opening
Mobile app
Desktop platform
Product selection
Regulated and trusted. Tested via live trading.
2,893 people chose this broker
Not available in United States; see best alternatives

Why choose Royal

Royal is an Australian forex broker that offers low non-trading fees with no inactivity or account fees. You can use a lot of deposit options and most of them are free of charge. Also, several high-quality research tools are available.

On the negative side, Royal has high trading fees, especially for forex, and it offers a limited product portfolio covering only CFDs and forex. There is a fee charged for most non-wire withdrawal methods, and we missed some educational tools, such as webinars.

BrokerChooser gave Royal a 3.5/5 rating based on analyzing 600+ criteria and testing via opening a live account.

  • Low non-trading fees
  • Many deposit options
  • Great research tools

Explore the key metrics of Royal

Overall score
3.5/5
Minimum deposit
$50
FX fee
High
Index CFD fee
High
Withdrawal fee
$0
Account opening
1 day
Visit Royal

73% of retail CFD accounts lose money

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EURUSD spread
Usual spread in pips

Fees

Score: 2.1/5
Royal has average non-trading fees and it charges no inactivity fee. However, forex and CFD trading fees are high and most withdrawal options other than bank transfer carry a fee.
  • No inactivity fee

We compared Royal's fees with two similar brokers we selected, Eightcap and TMGM. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of Royal alternatives.

High FX fees

Royal charges a forex commmission: $3.50 commission per lot per trade. Spread costs come on top of this, e.g. the EUR/USD spread is 0.2.

Broker
EURUSD spread
FX commission per lot
Royal
0.2
$3.50 commission per lot per trade
Eightcap
0.1
$3.50 commission per lot per trade
TMGM
0.1
$3.50 commission per lot per trade
Royal forex spreads and commissions

High index CFD fees

All index CFD fees are built into the spread. The spread for S&P 500 index CFDs is 1.7.

Broker
S&P 500 CFD spread
Royal
1.7
Eightcap
0.6
TMGM
2.3
Royal index CFD spreads and commissions

Low stock CFD fees

All stock CFD fees are built into the spread. The spread for Apple stock CFDs is 0.3.

Broker
Apple CFD
Royal
$1.6
Eightcap
$0.3
TMGM
-
Royal stock CFD spreads and commissions

No inactivity fee, no withdrawal fee

The broker does not charge an inactivity or account fee. There is also no deposit fee in most cases, but a withdrawal feeis charged on almost all withdrawal methods other than bank transfer. Scroll down a bit for more details on deposit and withdrawal fees.

Broker
Inactivity fee
Withdrawal fee
Royal
$0
Eightcap
$0
TMGM
$0
Royal inactivity, withdrawal and other fees

The deposit and withdrawal fees are different for bank transfers, credit/debit cards and electronic wallets.

Royal deposit and withdrawal fees
Method Deposit fee Withdrawal fee
Credit/debit card Free Up to 2%
Bank transfer Free in most cases* Free**
Neteller, Skrill, NganLuong.vn, GlobePay, Perfect Money, Trustly, UnionPay Free Up to 2%
PayR Free 3%
Interac Free 2%
FasaPay Free for deposits over $1,000 0.5%
Paytrust88 Free for deposits over $1,000 2%
Poli 1% N.A.
OMT Variable Variable
Cheque Free Free
Crypto (BTC, ETH, XRP, USDT) 0.8% 0.5%

*No deposit fees for Westpac, AstroBank and Hellenic Bank wire transfers. In addition, $30 of any intermediary fees on deposits over $500 are also covered.
**Free, but intermediary banks may charge a fee.

Safety

Royal is regulated by multiple financial authorities, including the top-tier ASIC. However, the broker is not listed on any exchange and doesn't disclose its financials transparently.
  • Negative balance protection
  • Investor protection
Read more

Deposit and withdrawal

Score: 4.5/5
Royal's deposit and withdrawal services are user-friendly, with several account base currencies available. On the other hand, withdrawals carry a fee in most cases.
  • Credit/Debit card available
  • Several account base currencies
  • User-friendly
Read more

Account opening

Score: 5/5
The account opening process at Royal is user-friendly and fully digital. On the other hand, it took more than 5 days for us to get our account approved.
  • Fully digital
  • Low minimum deposit
  • User-friendly
Read more

Mobile app

Score: 3.3/5
Royal has a great mobile trading platform, provided by MetaTrader 4. It is well-designed and user-friendly, but lacks a more secure login.
  • User-friendly
  • Good search function
  • Price alerts
Read more

Desktop platform

Score: 3.4/5
In design and functionality, Royal's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts.
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Price alerts
Read more

Product selection

Score: 2.3/5
At Royal, you can trade only forex, CFDs and cryptos. This means that many popular asset classes, like real stocks and ETFs, are not available.
Read more
“I recommend Royal for traders who prefer the MetaTrader platform.”

FAQ

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Author of this review

Krisztián Gátonyi

Forex • Market Analysis • Stock Market

I have 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. I'm actively involved in reviewing the 100+ brokers listed on our site. I personally open accounts with real money, execute trades, test customer services. I hold an MSc in International Business from the University of Middlesex. My purpose is to help people find the best investment provider.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

Visit Royal 73% of retail CFD accounts lose money

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