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Royal Alternatives

Written by
Krisztián G.
Fact checked by
Tamás D.
Updated
Jan 2024

The best alternatives to Royal are

  1. Eightcap - Global forex broker
  2. TMGM - Global forex broker
  3. Fusion Markets - Australian forex broker
  4. IC Markets - Global forex broker

Let's see in a bit more detail how the Royal alternatives compare to Royal and each other:

Royal alternatives comparison
Overall score
3.5 stars 4.2 stars 4.1 stars 4.3 stars 4.5 stars
Fees score
2.1 stars 4.2 stars 4.0 stars 4.5 stars 4.4 stars
Account opening score
5.0 stars 5.0 stars 5.0 stars 5.0 stars 5.0 stars
Deposit and withdrawal score
4.5 stars 4.4 stars 4.2 stars 4.2 stars 4.9 stars
Web platform score
2.8 stars 3.1 stars 2.8 stars 2.8 stars 2.8 stars
Markets and products score
2.1 stars 1.8 stars 2.3 stars 2.3 stars 2.4 stars
Visit broker
74-89% of retail CFD accounts lose money
Visit broker
80.26% of retail CFD accounts lose money
Visit broker
74-89% of retail CFD accounts lose money
Visit broker
74.32% of retail CFD accounts lose money

Why are these brokers considered good alternatives to Royal? There are many areas based on which Royal can be compared with others. When we say a given online broker is a good alternative to Royal we mean these brokers are comparable in the following areas:

  • The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
  • The type of clients they target, i.e. beginners, experienced investors, or day traders.

Royal alternatives recommendations

Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:

  • Royal is recommended for traders looking for low forex fees and preferring the metatrader platform
  • Eightcap is recommended for forex traders who prefer the metatrader platform
  • TMGM is recommended for forex traders who prefer the metatrader platform
  • Fusion Markets is recommended for forex traders looking for low fees and a chance to use the metatrader 4 platform
  • IC Markets is recommended for forex and cfd traders who value easy account opening and free deposit/withdrawal options

Important factors of finding Royal alternatives

So far BrokerChooser has reviewed 101 online brokers in detail, which gives this comparison a solid starting point.

Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we

  • open a live account
  • check over 100 criteria, with weighting based on readers' preferences
  • refresh data regularly

Whether Royal or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:

Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. Royal is considered to be a rather expensive broker. This gives you a good chance to cut your costs by choosing a cheaper Royal alternative.

Account opening. To open an account some brokers require at least €50,000 to be invested, while others don't set a minimum first-time deposit. The time it takes to open your account can be very different as well. At Royal this is not a problem as you can have it ready on the same day you registered.

Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you can make a deposit with a credit card at Royal, this might not be the case at its alternatives.

Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.

Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given Royal alternative is a must.


Now let's dive into the details of how Royal and its alternatives perform in the most important areas!

Eightcap

Eightcap is definitely worth a try if fees are more or less your only concern when choosing a forex broker. Its forex fees are the lowest among Australia-based forex brokers, withdrawals are free, and there is no inactivity fee.

Account opening is super fast, and the $100 minimum deposit is reasonable for a forex/CFD-only broker. As a plus, Eightcap offers a great lineup of crypto products, making up for a poor CFD selection and generally basic services when it comes to research, education or customer support.

Like many of its peers, Eightcap uses the popular MetaTrader platforms.

Recommended for forex traders who prefer the MetaTrader platform

Visit broker
74-89% of retail CFD accounts lose money

Eightcap vs. Royal: Trading fees
FX commission per lot
$3.50 commission per lot per trade $3.50 commission per lot per trade
EURUSD spread
0.1 0.2
GBPUSD spread
0.2 0.4
AUDUSD spread
0.3 0.5
USDJPY spread
0.2 0.5
USDCAD spread
0.3 0.4
Eightcap vs. Royal: Minimum deposit, time to open an account
Minimum deposit
$100
$50
Time to open account
1 day 1 day

If you are interested more in Eightcap minimum deposit, this overview will help you.

Eightcap vs. Royal: Withdrawal options
Bank transfer
Yes Yes
Credit/debit card
Yes Yes
Electronic wallets
Yes Yes
Withdrawal fee
$0
$0
Web trading platform of Eightcap, a Royal alternative
Eightcap vs. Royal: Trading platform scores
Web platform score
3.1 stars 2.8 stars
Mobile platform score
3.3 stars 3.3 stars
Desktop platform score
3.4 stars 3.4 stars

Learn more about Eightcap's web trading platform in the detailed Eightcap review.

Visit broker
74-89% of retail CFD accounts lose money

Eightcap vs. Royal: Markets and products
Stocks
No No
ETFs
No No
Forex
Yes Yes
Funds
No No
Bonds
No No
Options
No No
Futures
No No
CFDs
Yes Yes
Crypto
Yes
Yes

TMGM

Australia's TMGM is a good choice if you are content with only CFD/forex trading and prefer the MetaTrader platform.

It has a very strong selection of stock CFDs and a decent offering of forex pairs, all at low fees. It’s easy to open and fund your account, and the $100 minimum deposit is reasonable.

Still, the lack of assets outside forex, CFDs and crypto will likely deter long-term investors, and the MetaTrader platform is not everyone’s favorite due to its poor design and limited functionality.

Casual traders will be stung by a steep inactivity fee that kicks in after six months or if your account balance is too low.

Recommended for forex traders who prefer the MetaTrader platform

Visit broker
80.26% of retail CFD accounts lose money

TMGM vs. Royal: Trading fees
FX commission per lot
$3.50 commission per lot per trade $3.50 commission per lot per trade
EURUSD spread
0.1 0.2
GBPUSD spread
0.2 0.4
AUDUSD spread
0.2 0.5
USDJPY spread
0.2 0.5
USDCAD spread
0.2 0.4
TMGM vs. Royal: Minimum deposit, time to open an account
Minimum deposit
$100
$50
Time to open account
1 day 1 day

If you are interested more in TMGM minimum deposit, this overview will help you.

TMGM vs. Royal: Withdrawal options
Bank transfer
Yes Yes
Credit/debit card
Yes Yes
Electronic wallets
Yes Yes
Withdrawal fee
$0
$0
Web trading platform of TMGM, a Royal alternative
TMGM vs. Royal: Trading platform scores
Web platform score
2.8 stars 2.8 stars
Mobile platform score
3.3 stars 3.3 stars
Desktop platform score
3.4 stars 3.4 stars

Learn more about TMGM's web trading platform in the detailed TMGM review.

Visit broker
80.26% of retail CFD accounts lose money

TMGM vs. Royal: Markets and products
Stocks
No No
ETFs
No No
Forex
Yes Yes
Funds
No No
Bonds
No No
Options
No No
Futures
No No
CFDs
Yes Yes
Crypto
Yes
Yes

Fusion Markets

Fusion Markets is a zero-fuss broker for anyone wishing to trade forex, CFD and crypto. It has low trading and non-trading fees, account opening is a breeze and there is no minimum deposit required.

You can only use the MetaTrader 4 platform, which is a favorite with many forex traders but has outdated design and UX.

Among its drawbacks, Fusion Markets does not provide investor protection, and popular assets such as real stocks and ETFs are not available.

Recommended for forex traders looking for low fees and a chance to use the MetaTrader 4 platform

Visit broker
74-89% of retail CFD accounts lose money

Fusion Markets vs. Royal: Trading fees
FX commission per lot
$2.25 commission per lot per trade $3.50 commission per lot per trade
EURUSD spread
0.0 0.2
GBPUSD spread
0.0 0.4
AUDUSD spread
0.0 0.5
USDJPY spread
0.0 0.5
USDCAD spread
0.0 0.4
Fusion Markets vs. Royal: Minimum deposit, time to open an account
Minimum deposit
$0
$50
Time to open account
1 day 1 day

If you are interested more in Fusion Markets minimum deposit, this overview will help you.

Fusion Markets vs. Royal: Withdrawal options
Bank transfer
Yes Yes
Credit/debit card
Yes Yes
Electronic wallets
Yes Yes
Withdrawal fee
$0
$0
Web trading platform of Fusion Markets, a Royal alternative
Fusion Markets vs. Royal: Trading platform scores
Web platform score
2.8 stars 2.8 stars
Mobile platform score
3.3 stars 3.3 stars
Desktop platform score
3.4 stars 3.4 stars

Learn more about Fusion Markets's web trading platform in the detailed Fusion Markets review.

Visit broker
74-89% of retail CFD accounts lose money

Fusion Markets vs. Royal: Markets and products
Stocks
No No
ETFs
No No
Forex
Yes Yes
Funds
No No
Bonds
No No
Options
No No
Futures
No No
CFDs
Yes Yes
Crypto
Yes
Yes

IC Markets

Australia’s IC Markets is a worthy option if low-cost forex/CFD trading is all you’re after and you’re not very picky about your choice of platform.

It has a competitive product selection that includes crypto, and a flexible fee structure offering very tight spreads with a reasonable commission. You can set up your account in no time and enjoy various deposit and withdrawal options, all free of charge.

IC Markets is not recommended for long-term investors, as you can’t trade stocks, ETFs or funds. The MetaTrader platform used by IC Markets has its limitations in design and functionality but will be familiar to many forex traders.

Recommended for forex and CFD traders who value easy account opening and free deposit/withdrawal options

Visit broker
74.32% of retail CFD accounts lose money

IC Markets vs. Royal: Trading fees
FX commission per lot
$3.50 commission per lot per trade $3.50 commission per lot per trade
EURUSD spread
0.0 0.2
GBPUSD spread
0.0 0.4
AUDUSD spread
0.0 0.5
USDJPY spread
0.1 0.5
USDCAD spread
0.2 0.4
IC Markets vs. Royal: Minimum deposit, time to open an account
Minimum deposit
$200
$50
Time to open account
1 day 1 day

If you are interested more in IC Markets minimum deposit, this overview will help you.

IC Markets vs. Royal: Withdrawal options
Bank transfer
Yes Yes
Credit/debit card
Yes Yes
Electronic wallets
Yes Yes
Withdrawal fee
$0
$0
Web trading platform of IC Markets, a Royal alternative
IC Markets vs. Royal: Trading platform scores
Web platform score
2.8 stars 2.8 stars
Mobile platform score
3.3 stars 3.3 stars
Desktop platform score
3.4 stars 3.4 stars

Learn more about IC Markets's web trading platform in the detailed IC Markets review.

Visit broker
74.32% of retail CFD accounts lose money

IC Markets vs. Royal: Markets and products
Stocks
No No
ETFs
No No
Forex
Yes Yes
Funds
No No
Bonds
No No
Options
No No
Futures
No No
CFDs
Yes Yes
Crypto
Yes
Yes

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.

Recommended for traders looking for low forex fees and preferring the MetaTrader platform

Royal alternatives trading fees
FX commission per lot
$3.50 commission per lot per trade $3.50 commission per lot per trade $3.50 commission per lot per trade $2.25 commission per lot per trade $3.50 commission per lot per trade
EURUSD spread
0.2 0.1 0.1 0.0 0.0
GBPUSD spread
0.4 0.2 0.2 0.0 0.0
AUDUSD spread
0.5 0.3 0.2 0.0 0.0
USDJPY spread
0.5 0.2 0.2 0.0 0.1
USDCAD spread
0.4 0.3 0.2 0.0 0.2
Royal alternatives minimum deposit and account open times
Minimum deposit
$50
$100
$100
$0
$200
Time to open account
1 day 1 day 1 day 1 day 1 day

Learn more about Royal minimum deposit here.

Royal and alternatives withdrawal options and fees
Bank transfer
Yes Yes Yes Yes Yes
Credit/debit card
Yes Yes Yes Yes Yes
Electronic wallets
Yes Yes Yes Yes Yes
Withdrawal fee
$0
$0
$0
$0
$0
Royal - Web trading platform
Royal and alternatives trading platform scores
Web platform score
2.8 stars 3.1 stars 2.8 stars 2.8 stars 2.8 stars
Mobile platform score
3.3 stars 3.3 stars 3.3 stars 3.3 stars 3.3 stars
Desktop platform score
3.4 stars 3.4 stars 3.4 stars 3.4 stars 3.4 stars

Learn more about Royal's web trading platform in the detailed Royal review.

Royal and alternatives markets and products
Stocks
No No No No No
ETFs
No No No No No
Forex
Yes Yes Yes Yes Yes
Funds
No No No No No
Bonds
No No No No No
Options
No No No No No
Futures
No No No No No
CFDs
Yes Yes Yes Yes Yes
Crypto
Yes
Yes
Yes
Yes
Yes

Bottom line

Based on our analysis, there are several good alternatives to Royal. They all offer similar products and target similar customers. Here's a recap of the results in a table.

Royal alternatives
Broker intro
Recommended for
Global forex broker Traders looking for low forex fees and preferring the MetaTrader platform
Global forex broker Forex traders who prefer the MetaTrader platform
Global forex broker Forex traders who prefer the MetaTrader platform
Australian forex broker Forex traders looking for low fees and a chance to use the MetaTrader 4 platform
Global forex broker Forex and CFD traders who value easy account opening and free deposit/withdrawal options

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.

Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.

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Author of this article

Krisztián Gátonyi

Method-Man | 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 86.67% of retail CFD accounts lose money
Visit Eightcap 74-89% of retail CFD accounts lose money
Visit TMGM 80.26% of retail CFD accounts lose money
Visit Fusion Markets 74-89% of retail CFD accounts lose money
Visit IC Markets 74.32% of retail CFD accounts lose money

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