Beware! Elgran Markets 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.
Broken links and lack of essential information is what you find on Elgran Markets website. Ask yourself would a reputable broker tolerate this on its website?
Elgran Markets Regulation and safety of funds
In the footer of the company’s website, we see an address in Dubai, UAE, so we search the register of the Dubai Financial Services Authority (DFSA) to see if the company exists there. It does not! This broker is not registered, therefore, it is not legit and trading with it will put your funds at risk.
If you are interested in trading with brokers from UAE, you should know that they are strictly regulated and must have a proper license to operate legally. The minimum initial capital is the equivalent of $275,000 which is quite substantial and is sure to serve as a barrier against scammers. In addition to that, transparency of transactions and safety of clients’ funds is a priority.
Also, we advise you to explore other well-established jurisdictions, such as the EU and the UK, where the conditions for forex trade are excellent. To be licensed, forex brokers must deposit an initial capital of no less than 730,000 EUR and deduct funds towards a compensation scheme or fund from which their clients can be compensated in case of bankruptcy. The amount of compensation can reach up to 85,000 GBP per client in the UK if the broker is regulated by FCA and participates in the local Financial Services Compensation Scheme. In the EU, the conditions for compensation are similar, but the amount of compensation can reach is 20,000 EUR if the broker is regulated by CySec and contributes to the local Investor Compensation Scheme.
Elgran Markets Trading software
From whatever information is available on Elgran Markets website, we understand that the trading software is the MetaTrader 4 platform. We tried many times to open either a live or a demo account but due to the many broken links in the system, all our attempts were in vain. No reputable and a self-respecting legit broker will have such mishaps on its website.
MetaTrader 4 happens to be one of the best trading platforms in the forex trade and despite its old age of 15 years, it is still very popular among forex brokers thanks to its excellent package of trading tools and instruments that include an auto trading option, VPS, code base with customs scripts, trading signals, an app market, etc. One of the many reasons why it is still so popular is the package of charting options that contains a rich choice of charts, time frames and colours, as well as the option of creating personalised templates. Last but not least, we should mention the technical analysis indicators, such as Fibonacci retracement, moving averages, Bollinger Bands, etc., that this platform offers and that help traders predict the future direction of exchange rates and make a profit.
However, a platform is as good as its broker is reliable and here is not the case. We are not able to verify how the parameters for this platform are set by the broker. In the information about the ECN account, we saw that the spread can be as low as 0.8 pips. If this is true, then it’s beneficial for traders as the cost of transactions will not be too high. However, as it was not possible to open a live account, we cannot confirm that this is the real spread.
Also, on the company’s website, we found out that the leverage can reach 1:500. Using such high leverage is extremely dangerous for the safety of traders’ funds. Sure, it looks attractive because it gives the impression of amplifying traders’ potential for making a big win but that impression is illusory given the fact that around 70% of traders suffer losses in transactions. Keeping this mind, trading with high leverage is sure to plunge you in a big financial loss rather than a big win. Please remember this while selecting your broker. Also, it is useful to know that licensed brokers in the EU and the UK have a capped leverage which cannot exceed 1:30 as a measure for preventing traders to expose their hard-earned money to risk.
Elgran Markets Deposit/Withdrawal methods and fees
Again we were disappointed to find out how little information is available on Elgran Markets regarding trading accounts and deposit and withdrawal information. The links for the deposit and withdrawal policy are broken and so are the links to the terms of business document.
In the account types information, we saw that there is an ECN account and Swap Free account. However, in neither of those, there is a mention of the minimum initial deposit.
In the footer of the company’s website, we see that the payment methods for deposits and withdrawals include credit card, bank transfer, Skrill and Neteller.
In the FAQ section, we find out that the minimum amount to withdraw via bank transfer is $200 and $50 for other withdrawal methods. Also, the broker does not allow withdrawal via credit card and ePayments.
How does scam work?
A lot of people get scammed every day, not because they are naive or stupid, but because scammers are inventive and they are masters of manipulation. Often, as you scroll up and down on the Internet or social media, you come across ads for a quick and easy profit which sometimes sound too tempting not to fall into their traps. So you deposit some money into the account and what happens next is the incessant calls of the scammers. First, they congratulate you for taking the first steps towards becoming rich and next, they try to convince you to invest even more money into their ‘profitable’ business. What you probably don’t know is that your money has just gone as a commission to some scammers. And so, you wait and build the sandcastles of your dreams for a better and ‘richer’ future. And you wait, and you wait, for the money to come. But where is it? Now is your turn to call the scammers and to ask what’s going on. They try to placate you and ask you to be more patient. But have had enough and all you want is to get your money back. The scammers kind of promise, but now they are asking you to provide this document or fill out that form, etc., etc., all done in an attempt to delay you from filing for a chargeback.
What to do if scammed?
If this happens to you, our advice is to act immediately and if you have paid your deposit via credit/debit card, to file for chargeback which is retroactive cancellation and refund of your previous transaction. Visa and MasterCard give you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
