Royal Diam Scam: Authorization Lies, No Payouts, Traders Left with Worthless Figures

A client complaint stating, "I lost my capital in Royal Diam," along with a review accusing, "Royaldiam broker is a big scam, I was a victim I lost my hard earned money," has sounded the alarm. Despite its self-proclaimed reliability and professionalism, Royal Diam, a Forex and CFD trading broker, has been identified as a scam under our investigation and scrutiny.

Client Account Shows Fake Assets: “My account shows 0.21 BTC for 5 ETH but they are worthless”

In early December, a Finland client submitted a complaint stating that a broker advisor directed him to invest at Royal Diam and he invested approximately 0.11 BTC. Initially, his withdrawal seemed successful. However, the 4.89 ETH received in his account was actually worthless fake tokens. Subsequently, a so-called "smart activation" was required by a third party, who demanded a total of 5 ETH to activate the account. The client made the payment and his account showed 5 ETH for 0.21 BTC, but unfortunately, it was just a number without any value. Worse still, the client reported that the third party involved in the smart activation disappeared and could no longer be contacted.

The client lost a total of 0.11 BTC and 5 ETH, amounting to a devastating loss based on current cryptocurrency prices.

Client Misled to Believe in Royal Diam's “Legitimacy”: “They never had any intention to give me any money”

A client called out Royal Diam as a big scam, debunking the broker's lies of legitimacy and reliability by sharing his serious frustration over failed withdrawal attempts. 

Although the client was promised his money back, the financial advisor kept on delaying the withdrawal process; Despite being informed of huge profits, the broker never paid any funds; Promises of secure and fast withdrawals were unfulfilled, as submission of requests and calls to support services went unanswered; assurances of 24/7 customer support proved deceptive, as no one responded.

The client was initially misled into believing Royal Diam is an authorized and regulated market leader and he was engaging in legitimate investment opportunities. Ultimately, he realized that everything the company promised was a scam, “they never had any intention to give me any money their goal was to get me to pay more and more hard earned money over to them,” stated the client.

Unregulated Royal Diam: Authorization Lies Exposed 

Royal Diam’s regulatory claims include authorization from the so-called “European Financial Commission” under reference number 412724 and registration with the so-called “Canadian Financial Industry Regulatory Authority (CADFIRA)” under number 241758. However, the hyperlinks redirect to inaccessible pages. Additionally, regulators named the European Financial Commission and the Canadian Financial Industry Regulatory Authority are non-existent, indicating that Royal Diam is presenting false information to mislead individuals into believing it is licensed to operate as a financial services provider.

On 18 April 2024, the Federal Financial Supervisory Authority (BaFin) issued a warning against royaldiam.com, stating that Royal Diam is providing financial and investment services on the website without the required authorization. This is a major warning signal that Royal Diam is illegally offering financial services.

Bottomline

Client complaints have revealed Royal Diam's fraudulent practices and its unauthorized operations have been confirmed. Avoid engaging with unregulated brokers and protect your money from scams.