Don't Engage with Royal Q! This Scam Broker Won't Give Your Money Back

On August 15, BrokersView published an article exposing Royal Q's fraudulent practices. The two clients who previously submitted complaints were defrauded by the scam broker in April and July respectively, and in August, another victim was swindled out of her money by the scammers.

It was another scammer contact at Royal Q who added the client to its Telegram group. Like before, this client was impressed by the group's sharing about the investment profits and showed interest in dealing with the platform.

The scammer explained their investment packages to the client. The fake investment packages offered by Royal Q remained unchanged, the minimum deposit is still RM300, which corresponds to a profit of RM5,000, the larger the deposit amount, the higher the profit, up to a maximum profit of RM450,000. The client chose to deposit the lowest amount of RM300 to start trading. Then, did her trading account really make a profit of RM5,000?

According to the screenshot of the account details provided by the client, it does show a profit of nearly RM5,000, it happened just a few hours later, the client said. But whether it can be withdrawn or not is a question, because at that time the scammer asked her to pay a transaction fee in order to withdraw the money. So she immediately realized that he had been scammed.

What's fortunate is that the client was able to keep her wits about her and avoid being further defrauded.

BrokersView Reminds You

Royal Q was founded in 2021 to provide auto trading of currencies by AI robots, claiming to start quantitative trading with one click. In 2021, Royal Q was warned by the Securities Commission Malaysia for offering illegal investment schemes promising high returns in a short period of time and for conducting unlicensed capital market activities.

Royal Q's website does not present any information about its regulatory status. The truth is that the broker is not regulated by any regulatory body.

In addition, some users realized that Royal Q is a scam. One user pointed out that trading in Royal Q actually results in more losses than profits, but Royal Q has a wide network of MLM marketing where users who share positive reviews are given an opportunity to attract new users via referral codes and are thus rewarded to make up for their losses, which is why few people have shared poor ideas about Royal Q.

We strongly advise investors not to get involved with Royal Q. If you have any concerns about your potential broker, please ask us a question and BrokersView will answer for free.