Beware! Elite Market is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Warning! Elite Market is a Forex broker that was officially blacklisted by the Spanish financial authority, confirming that it’s a scam broker that should be avoided. This entity, however, claims to offer a safe and secure environment and Metatrader platform but fails to deliver any of the promises given. There are other red flags that we were able to detect, too, which you can find in the full Elite Market review.
Elite Market REGULATION AND SAFETY OF FUNDS
CNMV– the Spanish financial regulator issued a warning against Elite Market. The warnings issued by the financial authorities are the ultimate scam proof, and you should never trade with blacklisted brokers!
Elite Market is allegedly owned and operated by the offshore Astrica Ltd, which was also blacklisted by CONSOB- the financial regulator in Italy back in October 2020, as well, with another trading name of theirs- Market4FX. The company is said to be registered in the infamous Trust Company Complex in the Marshall Islands, which hosts many other fishy and proven scam Forex brokers. We can safely say that it’s a scammers hub and you should avoid any broker that’s somehow connected with this address! It’s possible because the Marshall Islands poorly regulate their financial sector and doesn’t control the Forex brokers operating there in any way.
Your funds are in danger if you make a deposit with Elite Market because it’s an unlicensed, unauthorised and unregulated blacklisted scam Forex broker which aims to defraud the customers!
If you are looking for a Forex broker you should go for the EU or UK regulated ones, as these are the leaders in the retail FX industry, and also the governing regimes in Europe are the strictest, providing the safest environment for your funds. The health of the system is guaranteed by the compensation funds that protect the deposits made by the clients of financial institutions.
The Investor Compensation Fund in Cyprus guarantees the clients deposits of up to 20 000 EUR per client, while the Financial Services Compensation Scheme in the UK allows you to claim even up to 85 000 GBP per client. Each EU member state is compelled to create and further operate similar deposit insurance funds, which are considered to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
Elite Market TRADING SOFTWARE
Elite Market claims to offer MetaTrader4 accounts; MetaTrader5 is not available for trading. However, upon download, we were unable to register neither demo nor real trading account to test their MT4 distribution. On top of that, we were unable to sign-up because there was a mandatory field Promocode, and we didn’t have one at our disposal at the time. It makes us believe that they are using some non-conventional method to attract customers, probably through unsolicited approaching online or over the phone.
As a result, we have no information about their real spreads and leverage levels. They claim to offer a maximum leverage of 1:400 on their website but doesn’t specify the spreads available. The leverage is a financial tool that allows the traders to amplify the profits, but at the same time, the risk escalates. If misused, the leverage might utterly destroy the balance of the trader within a few minutes. Moreover, EU, UK, USA and recently Australia imposed a leverage cap of 1:30 for the regulated brokers, which means that it’s highly likely that you might end up being scammed if you look for brokers that are offering higher ratios.
The spread is the other fundamental aspect of trading, which forms the trading costs for the clients. The rule says that the lower the spread, the bigger the potential profits.
Elite Market DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit is said to be $250 if you read their legal documents but at the same time the lowest account that they offer require at least a $1000 deposit! It’s information discrepancy and another warning sign. The industry standard is $100 on average, but some brokers will ask for no more than 5 to 10 dollars to start trading.
The funding methods are said to be Credit/Debit cards, Wire Transfers and e-wallets (not specified).
No minimum Credit/Debit card withdrawal amount specified, but the minimum of $100 for Wire Transfers apply. Each withdrawal will be subject of 3.5% charge for bank cards or $30 for Wire Transfers, which is a robbery. The licensed Forex brokers do not pillage the traders’ accounts so ruthlessly and will process the withdrawals for free!
No dormant account policy was found, which is yet another warning sign that confirms the scam nature of Elite Market. It’s a set of rules and requirements that deal with accounts that have stopped being active- no login, trading or deposit/withdrawal occurring. The lack of information points that Elite Market might on their sole discretion freeze the account after a month of inactivity and pocket the funds of the trader!
No bonuses offered at the time. The traders should know that the bonuses and the trading incentives are not free money, but a leverage tool that further increases the risk for the traders. You should avoid brokers that are offering bonuses, because these benefit the broker, not you!
HOW DOES THE SCAM WORK
The scam is a criminal activity, and the scammers are trying to defraud people by making them believe that they can make easy money. In most of the cases, the scammers are hiding behind offshore companies, offshore Forex brokers, trusts and so on, trying to remain anonymous and difficult to trace. There is no or very light FX regulation in the offshore jurisdictions such as Vanuatu, Marshall Islands or St. Vincent and the Grenadines, making them some of the most popular destinations for shady and illegitimate enterprises. Regulation means customer protection and safety, financial authorities such as CySEC or FCA will make it impossible for a scam Forex broker to conduct illicit activities and harm the traders.
The fraudsters will also actively work in social media to attract new customers. Facebook and Instagram are full of scam pages and groups showing a lush lifestyle and promises for big, guaranteed profits. The scammers will downplay the risks associated with trading, making the prospective traders believe that it’s a market that’s suitable for everyone. In reality, the opposite is true. Then, at some point, the scammers will push the traders to open an account with a scam Forex broker and make a deposit. The end is always the same, a defrauded trader that failed to recognise the scam, trying to get back his funds. You need to understand how to detect scammers and avoid them. Stay safe and always do thorough research before you decide to deposit with a Forex broker.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, and anyone can fall into the trap. Scammers are always looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
It’s also important not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. These will most likely ask for an advanced payment, but will do nothing to help you recover your losses!
Share online your experience; it’s important to protect others, as well. Be responsible!
Yes, it is totally true, they are cheaters, they just have chetead me recently, I didn’t know it. How to do to get back my money???
Dah Blaq Widoe Wiid
I tried to withdraw but it says it still pending and yet the person who recommended me for that is nowhere to be found after she tried to get R3500 for me to get my money
It also happened to me as well, she asked me to pay R2500.00 inorder to get a profit of R25000.00, I didn’t do that
Period, there are scammer around, mostly catching peaple from Instagram. Coming as helpers but they will put you to deep deep poverty. Just recently I lose $1000 plus some dolars. I wish i made research first before then to save my self from this big mess. To peaple out there avoid some followers. They are beast in sheep clothing.
This happened to me as well. Please confirm if it is, Elire Market or Elite Trust Market?
Yes this has happened to me invested then after they want me to pay another money they said it’s for releasing my profit now they want me to invest again while I haven’t received any from last investment
Nomawonga Patricia Mzwakali I
Hi they scammed me also early this month the 9-08-22
Yes I googled because they scam me so guys be careful about this eliterustmarkert
Hoo IAM so worried I look like a stupid I don’t know what to do where to go as I invested in In Elite trust Market this lady introduced herself to me she send me a map on how much can you invest is from R2000 and you get your profit she contacted me I told her I was not ready I contacted her as I wanted to have extra cash for my Botle Buthle Business IAM running before she only showed me the map of if you invest so much you get so much profit than after paying the R2000 there came this that I have to pay is like the charges they charge you from Elite than they say you will get your profit I send the money and what made me wonder the lady does not talk before you deposit the money and will be after you when are you depositing and always say don’t disappoint me I deposited until I had a problem of money I even borrowed just to deposit because my stress is to get my money back and pay my depths of taking people’s money this was not my aim but now I got worried of getting my profit everytime she would say deposit so much after you deposit and will promise you to get your profit in last week I deposit R10000 she said is the centre bank not she wanting the money some one borrowed me after depositing she say centre bank wants R5000 because I took long to deposit before she said I should leave R2000 in my bank that day I thought I will be getting my profit there she came up with the R5000 I said I don’t have is not my problem she should soort it with centre bank than she said sorry it will not happen again she will gather R3000 I Should relax the following day she said I should deposit R2000 I said I don’t have she said you said you have R2000 in the bank I said but you said I should have R2000 in my bank centre bank said so she said deposit that R2000 when I ask her when IAM I getting my profit she keeps on telling me about centre bank said I should deposit R5000 and strange if I deposit is not in the same account if you may help me
Nomawonga Patricia Mzwakali I
So we can’t get our money back from this pple from Elitetrustmarket tjooo I’m stress about this pple to rob us like that
Do you still remember the account number that you sent the money to
I do have everything the proof and every reciet i sent sent or deposited money to
I was a fool coz every time they ask more money, I give them, it just happened now 17 November
I also was told that I have to deposit R2000 before the money can be unlocked into my acc. I then saw that I have been scammed
I was told to pay withdrawal fee before i get my profit
Tjooo i feel like am stupid to deposit that R2700 i don’t know how to get back my money please help me
Nomawonga Patricia Mzwakali I
So we can’t get our money back from this pple from Elitetrustmarket
Is there anyone who is able remember the account number that you deposited to
I still got the account on my app
Yooh it seems like this people are good in what they do. I invested R1500 then whe i withdraw i got notification saying i should pay R8200 to upgrade my account(the trading one) so that i can recieve my profit. After paying the money i was sure that i will recieve my profit. Then boom another notification that i should pay R15200 for IT expert fee to prevent cyber loss.so i didn’t pay it. And you deposit money they give you a different account number.
I have the same situation right now she too my R6700 now she still want R5000 to release my profit but i can’t get it
How about elite market cap?
I have the same problem so they say I have to pay R5250 to finish the processing I don’t know what to do I just want to hear if u did receive your money
I hv the same problem I lost 42,800 this ppl they scarmmers they keep on saying put more money to process ur profit bt dololo