With cryptocurrency usage now entering the mainstream market, more and more new users are flocking towards the sector. But with little to no experience in buying and selling crypto, trading these digital assets can be a little tricky for such individuals.
If you belong to this group, you may also immediately identify with the intricacies that cryptocurrency trading brings to the table.
That’s where solutions such as Royal Q come into the picture. With its promise of providing an artificial intelligence (AI) powered trading bot, Royal Q touts itself as the best trading platform for beginners.
But how reliable is Royal Q? Isn’t it a scam? How dependable are its features? Most importantly, how much weight do its tall claims hold in the first place?
To help you find the right answers to these as well as other burning questions, here is a quick guide to Royal Q and all that it offers to its users.
⌛ What is Royal Q and How Long Has It Been in Business?
Launched in mid-2021, Royal Q (also stylized as RoyalQ) is an AI-based trading bot. The platform uses a quantitative trading system to perform its functions with the help of hard data. This allows Royal Q to execute its trades automatically.
In turn, the RoyalQ system also enables users to easily set up and launch their trading activities for multiple cryptocurrency exchanges. This happens without the need for users to go through intricate settings or complex feature modifications.
Through Royal Q, you can access a variety of features such as a one-short strategy and one-click replenishment. As the clever names of these functionalities suggest, they revolve around the idea of pulling off everyday trading tasks with a single click on your laptop or a tap on your phone screen.
Since the platform is based on quantitative or automated trading, these one-click tasks are backed by figures and market data. This way, you entrust machine algorithms to handle your crypto trading affairs for you. For beginners, it does provide some convenience and eliminates the need for a steep learning curve before they can begin trading their digital assets.
RoyalQ is also available through mobile apps for both iOS and Android operating systems. This sets it apart from many other platforms that are mostly available as a web-based portal alone.
💡 How Reputable is Royal Q?
Royal Q came to the public eye in 2021. Since then, it has spread its wings across the cryptocurrency community by marketing itself as an AI-supported crypto bot that rides on a quantitative trading mechanism.
But when you look closely, RoyalQ’s claims are the same as many other cryptocurrency bots that use data to perform their expected functionalities. The main difference between Royal Q and conventional trading bots is that Royal Q is highly convenient to use. Even then, the platform is not the first solution to bring this functionality to the masses.
Over the past few months, Royal Q’s name has also been associated with a variety of dubious activities. According to RoyalQ’s official app pages on App Store and Google Play, the company’s official website is royalqs.com. This fact is also verified by the Royal Q Twitter account which has nearly 3,400 followers at the time of writing.
But when you do an online search for Royal Q, you are given a variety of domains where each website at first glance seems like it is the only iteration of Royal Q. It is not until you browse through these websites that it becomes clear how they are not the official Royal Q domain.
This makes the Royal Q platform’s accessibility quite muddled with third parties that seem to be out for making a quick buck. But there are a number of factors that makes it so easy for third-party websites to use Royal Q’s name. For instance, the official Royal Q website does not have an active “About Us” page on its official website, carries no information regarding its team, and offers little to no transparency surrounding the base of its operations.
When put together, these factors establish Royal Q as a risky platform to deal with. However, a recent statement from Royal Q that outlined these issues shows that the platform does have concerns about its reputation. These kinds of notices can be found all across the announcement page for the platform.
In contrast to the bad actors surrounding RoyalQ’s name, the platform’s apps on both App Store and Google Play have high ratings going for them. This is one of the major factors that contributes to a positive reputation for Royal Q. But when you look at recent reviews, the onslaught of negative comments is almost equal to the positive praise that other users seem to shower upon the platform.
👌 Which Exchanges Does Royal Q Support?
Royal Q supports three exchanges, namely Binance, Huobi, and Coinbase Pro. This makes it run behind a plethora of other automated cryptocurrency bots that offer access to several exchanges at once.
RoyalQ allows you to connect to these exchanges by using their respective application programming interface (API) keys. Once you generate the API key from Binance, Huobi, or Coinbase Pro, you may enter it within the Royal Q interface and connect the account accordingly.
💰 How Much Does Royal Q Cost?
When you visit Royal Q’s website, the platform’s costs are tricky to figure out. It is because the FAQ section has no information about the charges, and the handful of automatic voiceover videos that are uploaded to the site also do not outline these details from the get-go.
But when you move forward with the subscription, you can find that the app has an annual charge of $120. It also has a $20 charge that it puts in the wallet to cover gas fees.
This makes the fees fall right in line with some of the more popular cryptocurrency bots, without the extensive features that they offer under their banners. But if you are looking for a bot solution that launches with one click and bases its trading on AI, you might be tempted to cover these charges.
😎 How Easy to Use is Royal Q?
The biggest appeal behind RoyalQ is that it is extremely easy to use. With its minimalist interface, simple features, and straightforward setup, the platform also holds true to all of its claims about letting beginners get a taste of cryptocurrency trading.
The setup itself is as easy as signing up from the website or through one of the mobile apps. Once you are through the subscription part, you can also connect your exchange account by binding its API key to the Royal Q account.
From there, you may copy the strategies of other traders on the platform and let the bot decide the best approach based on historical data. Since the bot starts working with its automated functions and provides you with the details of its activities, you don’t have to move mountains to tweak your strategy every now and then.
With that being said, navigating through the scarcely populated knowledge base or FAQs is more difficult than it should be. These sections also do not have some basic information such as pricing details available for users. The RoyalQ instructional videos that are uploaded to the website are also poor quality and offer minimal information that leaves a lot to be desired.
🛡️ What Kind of Security is Offered?
For account logins, Royal Q offers basic security that is powered by two-factor authentication (2FA). You can use this feature with an app such as Google Authenticator. However, the platform does not showcase this feature as much as it should.
RoyalQ also offers the foundational security feature of connecting to your exchange account through an API instead of your exchange login details. This allows you to keep your exchange account safe from unauthorized access. While the feature is nothing out of the ordinary for automated cryptocurrency bots, it is still commendable for every bot platform to have it at hand.
👨💻 How Good is Royal Q Customer Support?
Royal Q customer support trails behind many of its competitors. The knowledge base and FAQ section is not descriptive about all the topics that the platform’s potential and existing users need to know regarding their chosen crypto bot.
Options such as live chat and phone support are also not available. While the latter is a rarity for trading bot platforms, the former option of chatting with support personnel online is considered a standard by many. That is why Royal Q’s customer support does not fulfill the expectations that you may hold from a platform of its kind in this day and age.
With that being said, RoyalQ does have a Telegram channel and a WhatsApp group where you can catch up with other users of the platform. This gives some support to those who are looking for answers to burning questions about the platform.
💸 How Profitable is Royal Q?
Royal Q does not claim to generate a specific percentage of profits. But at the time of writing, it does outline on its official page that it has raised more than $1.1 billion in profits.
This type of practice is common for cryptocurrency bots, but since Royal Q uses a lot of big words with no tangible results to back them up, they only seem to raise the alarm for anyone who has been dealing with platforms in the financial, trading, or cryptocurrency sectors.
While many users on Reddit as well as other platforms claim to have profited from Royal Q, other individuals cannot stop complaining about minimal profits against the charges of $120 per year. Some even go as far as to give logical reasons about why Royal Q is a scam with no transparency and no special features behind it.
This outlines the need for you to be extremely cautious about choosing RoyalQ for your own trading requirements and not get dazzled by the amount of profits that it claims to have generated on its website.
📢 Conclusion
Royal Q might seem like a beginner trader’s dream come true. But that is where you need to remind yourself that all that glitters is not gold. With its lack of information, obfuscation of basic details about its operations, and poor coverage of the type of technology or techniques that it uses, RoyalQ fails basic tests of reputation and functionality.
The fact that bad actors can easily prop up a site with Royal Q’s name only adds to the negative perception of the brand. While Royal Q does offer notices about these instances on its website, its soft approach against such websites raises a lot of questions.
Overall, if you are looking for an easy-to-use trading bot, it is better to look elsewhere than RoyalQ. But the final decision completely depends upon you as well as your assessment of this cryptocurrency bot.