No Withdraw! Account Balances at Royal Diam Are Just a Bunch of Meaningless Numbers

The investor's dream of fortune turns into a nightmare when it comes to Royal Diam. The company, which appears to be a financial services broker offering a wide range of investment instruments, is actually a scam.

The investor Esko was a client of Royal Diam and invested in cryptocurrencies. However, the broker repeatedly prevented him from withdrawing his funds.

According to the investor, he invested 0.11 BTC (about $10,000) based on the advice of his investment advisor and earned some profits. In order to verify whether the platform was running normally, he tried to withdraw part of his funds. Although the system showed that the withdrawal was approved, he received some “facing tokens” with no real value.

Not only that, Esko paid 5 ETH (about $16,000) for the “smart activation” of his account, as requested. After he paid the money, the person who requested the activation could no longer be contacted. Although his account balance showed 0.21 BTC and 5 ETH, these were worthless figures that could not be withdrawn into his bank account.

*Please note that cryptocurrency prices can fluctuate.

In addition to cryptocurrencies, Royal Diam also claims to provide investors with currency pairs, stocks, futures, and other investment options. Although the broker says that its services are open to European and Asian clients, it does not have any financial services licenses in either region. If a broker can't even guarantee the safety of its clients' funds, how can you trust it?

Royal Diam claims to be regulated by ‘the European Financial Comission’ and ‘the Canadian Financial Industry Regulatory Authority (CADFIRA)’, and provides a so-called reference number. However, the two are not real regulatory bodies.

_{Royal Diam claims to be regulated}

On April 18, the German financial regulator BaFin investigated Royal Diam and warned that the broker was not regulated by BaFin.

“BaFin has information that the company is offering banking business and/or financial services on its website royaldiam.com without the required authorization. The company is not supervised by BaFin.”

_{BaFin warning}

The financial markets bring wealth as well as risk. If you want to avoid the risks as much as possible, the first step is to avoid working with unregulated brokers and prevent being scammed.