ANSWER Royal Fx Bank is not regulated by any governing body.The company it purports to be associated with, Banks Associates Limited, has been dissolved, according to the Companies House (CH). Despite Royal Fx Bank's assertion of having a UK office, our search in the Financial Conduct Authority (FCA) register found no matching results. It's worth noting that the Cyprus Securities and Exchange Commission (CySEC) has flagged Royal Fx Bank as an unauthorized entity in Cyprus.These findings confirm that Royal Fx Bank lacks the necessary licensing. The lack of regulatory oversight raises the risk of fraud and identity theft. As such, we strongly advise investors to steer clear of Royal Fx Bank to avoid these potential risks. We recommend choosing fully regulated brokers with established reputations instead.
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