Beware! Elitetradeltd 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.
Elitetradeltd presents itself as a regulated forex and CFD broker, but in reality it is just another online scam trying to cash in on the hype around cryptocurrencies. In this review, we’ll take a detailed look at how to identify this and other similar scams and will present trustworthy alternatives for investors.
Elitetradeltd Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.
According to the homepage of the website, behind this broker is a company called Elitetradeltd Trading Limited, which is based in the United Kingdom and is authorised and regulated by the Financial Conduct Authority (FCA).
However, we do not find a licensed broker with these details on the register of this regulator.
A certificate of incorporation in England is attached to the website but it is in the name of a different company, Bitstocks Trading Limited of Bitstocks Ltd.
There is a company named Bitstocks Ltd on the FCA database but it has a different address and registration number to those listed on the Elitetradeltd website.
This company is also not a forex broker but an EMD Agent. There is no evidence whatsoever that this company is actually affiliated with Elitetradeltd.
Elitetradeltd’s Terms and Conditions are on behalf of Elitetradeltd Trading Limited, a legal entity that we are not sure even exists.
Before investing your money in financial instruments, it is imperative to make sure you do so through a licensed intermediary and not one of the many scammers lurking online.If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK.
These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the FCA. They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.
Elitetradeltd Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|cTrader||40+ indicators||✅||✅||Android and iOS|
The website mentions the MetaTrader 4 (MT4) trading platform, but there are no links to download the software anywhere.
All features on the Elitetradeltd dashboard are blocked if the account is not verified. Because of this, we were unable to determine if Elitetradeltd has any trading software.
It should be noted that the presence of some kind of trading software is no guarantee that this is a genuine broker. Financial scammers often use rigged trading platforms to fool their victims that their money is actually being invested. However, this trading is entirely fictitious and the money goes directly into the scammers’ pockets.
There are more than enough licensed brokers offering clients the MT4 experience and/or the newer version of the software MT5. These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
Elitetradeltd Trading instruments
Elitetradeltd states that it offers trading in Forex, Stocks, Commodities and above all Cryptocurrencies.
This is actually further proof that we are dealing with a scam because the FCA prohibits brokers from offering crypto derivatives trading to retail traders.
Elitetradeltd Spreads and cost of trading
Legitimate forex brokers offer a variety of trading account types tailored to the needs of clients with different capital and investment intentions. These brokers also provide clear and detailed information on trading parameters – leverage, spread, commissions, order execution method, etc. This information is completely missing from the Elitetradeltd website.
Elitetradeltd Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.
Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.
If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.
Elitetradeltd Deposit and withdrawal methods
At the time of writing this review the deposit menu was not active. We were therefore unable to ascertain what payment methods were available.
Experience has shown that fake brokers routinely advertise conventional payment methods, but actually steer their potential victims towards cryptocurrency transactions. This not only guarantees them anonymity, but also deprives the defrauded of the option to request a refund or chargeback.
Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill, or Neteller.
Elitetradeltd Minimum deposit
If you work with a duly licensed forex broker you will be able to take advantage of offers for Micro and Cent accounts with a very low minimum deposit.
Elitetradeltd Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Elitetradeltd||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
The Elitetradeltd Terms and Conditions are generic in content and do not provide clear information on withdrawal conditions. But such shady websites always surprise with hidden fees and extortionate terms to block any download requests.