So you’re looking for an online broker and came across OneRoyal. You’ve seen their ads promising low fees, an easy-to-use platform, and access to tons of markets. Sounds appealing, right?
Before you deposit your hard-earned cash, you’ll want to know exactly what you’re getting into. In this full review, we’ll share everything about this platform. So, keep reading this article.
Overview of OneRoyal
OneRoyal is a popular online broker that offers over 250 trading instruments across forex, commodities, stocks, indices, and cryptocurrencies.
Registered in Australia, OneRoyal is regulated by the Australian Securities and Investments Commission (ASIC). This means your funds and data are secure. OneRoyal also participates in the Financial Claims Scheme, insuring your account up to $250,000.
Regulation and Security of OneRoyal
OneRoyal is regulated by top-tier financial authorities like the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the UK. This means your funds and data are secure with OneRoyal.
They utilize state-of-the-art encryption technology and two-factor authentication to protect accounts. Your money is also held in segregated bank accounts, separate from the broker’s funds. If anything were to happen to OneRoyal, your money would be protected.
They are transparent in their operations and trusted by traders worldwide. Your investments and private information are in good hands with their regulations and security measures.
What You Can Trade on OneRoyal
When it comes to trading on OneRoyal, you have a variety of options to choose from. OneRoyal offers CFDs on forex, cryptocurrencies, stocks, indices, commodities, and ETFs. So whether you want to trade major or minor forex pairs, buy and sell shares in top companies, or speculate on the price of gold, you’ll find it here.
Fees of OneRoyal
When funding your OneRoyal account, you have several options for deposits and withdrawals. The minimum deposit to get started is $250. You can fund your account through credit/debit cards (Visa, Mastercard), bank wire transfers, and e-wallets (Neteller, Skrill). Deposits are instant for cards and e-wallets but can take 1-3 business days for bank wires.
Withdrawals typically take 3-5 business days to process and appear in your bank account or e-wallet. The minimum withdrawal amount is $100. OneRoyal does not charge any withdrawal fees, though your bank may charge a small fee for wire transfers. It’s free to withdraw funds through e-wallets and debit/credit cards.
OneRoyal Customer Support
OneRoyal’s customer support is available 24/7 via live chat, email, and telephone. Their support staff are knowledgeable, responsive, and able to assist you in English, Chinese, Malay, and several other major languages.
Whether you have a simple question about funding your account or a more complex issue, OneRoyal aims to resolve all support requests promptly and professionally. Live chat is typically the fastest option, with most inquiries answered within a couple of minutes. Emails are usually responded to within 24 hours.
Alternatives to OneRoyal Brokers
When looking for an alternative to OneRoyal, you have a few good options.
TradeStation is a popular broker for active traders that offers $0 stock and ETF trades. They have powerful trading platforms and tools for technical analysis. Minimum deposit is $500.
TD Ameritrade is one of the biggest US brokers, offering $0 commissions for stocks, ETFs, and options trading. They have excellent trading platforms, education, and 24/7 customer service. The minimum deposit is $0.
E*Trade is another major US broker with $0 commissions and a user-friendly website and mobile app. They offer banking services, retirement planning, and 24/7 phone support. Minimum deposit is $500.
Interactive Brokers is suited for advanced traders and offers low commissions ($0.005/share). They provide powerful trading platforms and tools as well as access to global markets. Minimum deposit is $10,000.
Is OneRoyal Legit or a Scam?
Is OneRoyal legit or a scam? All signs point to OneRoyal being a legitimate broker. They are regulated by top-tier authorities like the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC). OneRoyal also segregates client funds and uses tier-1 banks to hold money, so your deposits are safe.
Pros and Cons of OneRoyal
The major pros of using OneRoyal are:
- Low fees. OneRoyal charges no commission on trades and low spreads. The minimum deposit is only $100.
- Regulation and security. OneRoyal is regulated by top-tier authorities like the FCA and CySEC. Client funds are kept in segregated bank accounts.
- Many assets. OneRoyal offers a wide range of tradable assets including stocks, commodities, forex, indices, and crypto.
The main cons to consider are:
- Limited account types. Only standard trading accounts are available. No options for ECN or managed accounts.
- Limited education. Educational resources are basic. More advanced traders may need external resources.
While no broker is perfect, OneRoyal seems to tick a lot of boxes with competitive fees, a good range of assets, and strong regulation and security. The choice is ultimately up to you and what matters for your priorities.
Hopefully, this review has armed you with all the details you need to make an informed choice. If OneRoyal isn’t for you, there are plenty of good alternatives out there too.