Beware! EliteFxPro.io 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.
EliteFxPro pretends to be well-known throughout the industry as a trustworthy and reliable broker, regulated by reputable brokers like FCA, CySEC, FSCA, DFSA and SCB. It also claims to provide services in over 196 countries, which means that it needs tens of licenses to call itself legit. In truth, it’s a scam, and we are going to prove it in the full EliteFxPro.io review.
EliteFxPro.io REGULATION AND SAFETY OF FUNDS
As mentioned in the Intro, EliteFxPro.io wants us to believe that it has a global presence and it’s regulated by numerous regulators (FCA included). Well, we researched the register of the British authority but found nothing about such an entity, meaning that it’s not regulated. In fact, it merely wants to mislead customers and take them for a ride- EliteFxPro.io is a scam, and we’ll show you why in the following paragraphs.
The broker talks about regulation because that’s the most important aspect when it comes to trading. In fact, unregulated brokers are no longer considered legitimate as every reputable regulator impose numerous rules aimed to guarantee transparency, security and responsibility. EliteFxPro.io can’t in any way operate in 196 countries- it’s just a scam. So, the absence of regulation implies that EliteFxPro.io is anonymous and unaccountable, meaning that it can misuse or outright misappropriate clients’ money, getting away with the fraud. Avoid!
That’s why you should always stick with companies authorised by trustworthy financial regulators like CySEC (Cyprus) and FCA (Britain). Both mentioned force brokers to keep deposits segregated local banks, thus ensuring that clients won’t lose their capital if something wrong happens. The segregation improves transparency, speeds withdrawals up, makes chargebacks easier and generally helps prevent fraud. What’s more, the European FX companies are covered by deposit insurance funds laid down to compensate clients in case of unforeseen events- CySEC brokers’ clients can claim up to €20 000 per person, while the British guarantees are even up to £85 000.
Eventually, we can only conclude that your money will be in danger if you deposit with EliteFxPro.io because it’s unregulated and a scam we started exposing.
EliteFxPro.io TRADING SOFTWARE
EliteFxPro.io doesn’t have any trading software whatsoever. As the picture below reveals, we couldn’t register due to maintenance issues, but we doubt that’s actually the case. In fact, the brokerage doesn’t offer Forex trading accounts, but some fishy investment plans that are purportedly securing 50% profitability per day- that’s a scam! If it sounds too good to be true, it’s probably is- in reality, even the most powerful banks and investment funds struggle to secure 10% per year when it comes to fixed-income products, let alone 50% per day.
At the same time, though, EliteFxPro.io falsely pretends to offer MetaTrader 5, which is one of the most popular platforms, alongside MetaTrader 4. Both mentioned are market leaders packed with numerous advanced features like Expert Advisors, reliable complex indicators and easy-to-use charting tools. In this particular case, EliteFxPro.io lies once again and aims to take advantage of MT5’s spotless reputation- typical for scammers.
Discussing trading costs (spreads) and risks (leverage) is impossible and actually worthless.
EliteFxPro.io DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $500 via Cryptocurrencies only. The requirement is hefty, but the funding method is more critical- cryptocurrency transactions are anonymous and final, meaning that people have absolutely no chargeback options available. Once you deposit with EliteFxPro.io, you should consider your money gone for good.
As for withdrawals, there is nothing to discuss as the brokerage doesn’t mention anything worth noting. In the FAQ section, EliteFxPro.io claims that each withdrawal will be processed for 2 days, but that’s just another lie- the pretended broker won’t pay. However, EliteFxPro.io doesn’t even have legal documents, which is yet another red flag to raise. That’s a pure scam!
HOW DOES THE SCAM WORK
EliteFxPro.io is a scam we exposed, so you should avoid it no matter what. Also, make sure to avoid any other fishy investment scheme offering unrealistically high returns on investments as all of these are scams and usually operate like Ponzi schemes. In the beginning, they may send some funds but sooner or later will collapse, leaving many people scammed out of their-hard earned money. That being so, we’ll now concisely show you how scammers usually work while carrying out their crooked business.
So, when fraudsters get hold of your contact numbers, you’ll get a call, promised the moon and the stars if you deposit immediately. And to gain trust, those criminals will usually pretend to work for governments, financial authorities, banks, other reputable companies and so on. Scammers will be confident in what they say, so if you don’t see the warning signs, you may end up depositing fascinated by their fake commitment. However, the fraudulent game actually begins after you send the money. Once they have the desired deposit, the cons will distort prices and forge fake reports to make you believe you are on the winning side, manipulating you to start thinking big and consider more deposits.
Then, the fraudsters will continuously ask you to increase the size of the investment and invent stories to make you deposits over and over again. Sooner or later, though, you’ll get determined to withdraw some money, and then the scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise something wrong is going on, and when the scam becomes too apparent, the cons will simply stop answering your calls and e-mails.
WHAT TO DO WHEN SCAMMED
It would be best if you first call your bank to inform it and then deactivate your card to avoid any additional risks, as the scammers may as well have obtained your details.
Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the particular scam, too. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.
Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!