Beware! Elite Trade Fx is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Elite Trade Fx is an extremely poor broker, that does the bare minimum in trying to deceive its users. Read the review if you want to see for yourself.
ELITE TRADE FX REGULATION AND SAFETY OF FUNDS
In the midst of all the information, there is not one mention of a regulation. The closest thing that we found is a location in London, which does not concern us at all, for the FCA (UK’s regulator) will never include a sloppy broker like Elite Trade Fx in its ranks. We can very easily conclude that Elite Trade Fx is 100% UNLICENSED, and very probably a scammer broker utilizing the scheme that we have indicated below. Want more proof? There are not Terms and Conditions, all of the registration/log in buttons are broken, and to top it all, most of the information provided on the website contradicts with itself.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
ELITE TRADE FX TRADING PLATFORM
It’s unsurprising that, given the broken registration process, we were unable to access a real trading platform, if one truly does exist. The website mentions an MT5, which if were true, would be the best and only good thing about Elite Trade Fx. Needless to say there is no way to verify this claim. Even the trading conditions given by the website are nor favorable to the user, with spreads up to 3 pips, as if the people behind this scammer scheme are not aware that this cost of trade is actually unappealing to traders. The leverage is said to be capped at 1:400, (or 1:500 according to another sub-page )solidifying this broker as 100% offshore.
ELITE TRADE FX DEPOSIT/WITHDRAW METHOD AND FEES
The minimum deposit is either $1 or $100. There is no way to confirm either numbers – they were taken from two different places of the website. Yet another piece of confusing information. The website reveals a huge number of funding/withdrawal options: Skrill, Neteller, WebMoney, PerfectMoney, bitcoin, Visa, Maestro, Wire Transfer and Local Deposit. Our honest opinion is that out of these, only one or two are actually been used. There is zero info on fees.
We strongly advice traders to not deposit! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.