Digitalelitemarkets review – 5 things you should know about digitalelitemarkets.com

Beware! Digitalelitemarkets is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Digitalelitemarkets is yet another reincarnation of a well-known fraudulent scheme disguised as a forex broker. This website is identical to many other fake brokers we have reviewed, for example UnlimitedWorldwide WinningPlatform, Ultimatefxworld, Iclivetrade, Godlight trading and SwiftPayOptions.

In this review, we will show you how to recognize such scams and how you could find a trustworthy investment intermediary.

Digitalelitemarkets Regulation and safety of funds

When you visit the website of a legitimate broker you can expect to find clear and detailed information about the company that owns and operates it, where it is based and what regulatory regimes it is subject to. Licensed financial services providers are also required to provide a comprehensive set of legal documentation.

Digitalelitemarkets is exposing itself as a scam because it does not disclose which company is behind the website and does not provide access to the Terms and Conditions, Customer Agreement and other required documentation. If you don’t know who you are dealing with and what terms you are agreeing to, it would be very unwise to put your money on the line.

Digitalelitemarkets  claims to have offices in the United Kingdom and the United States.

This cannot be true because such an anonymous website cannot offer financial services in regulated jurisdictions. The British financial authorities confirm this.

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 Financial Conduct Authority (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.

Digitalelitemarkets Trading software

Digitalelitemarkets doesn’t have any trading software at all, so it can’t really offer the services it claims.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

Digitalelitemarkets Trading instruments

Digitalelitemarkets provides further proof that it is not a genuine broker based in the UK by claiming to offer cryptocurrency trading. The FCA prohibits brokers licensed in the country from offering crypto derivatives trading to retail customers.

Digitalelitemarkets 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. Instead, Digitalelitemarkets promises investments with guaranteed returns.

A genuine broker will not and cannot promise you guaranteed profits. In fact, licensed companies are obliged by regulators to warn their clients about the high risk of losses when trading financial instruments.

Digitalelitemarkets Maximum leverage

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. 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.

Digitalelitemarkets Deposit and withdrawal methods

Digitalelitemarkets only allows the deposit of funds with cryptocurrencies. Scammers prefer cryptocurrencies because these transactions are not subject to refunds.

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. If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.

Digitalelitemarkets Minimum deposit

Digitalelitemarkets requires a minimum investment of 500 USD. For a significantly lower amount, sometimes as little as 5 USD, you could open a starter trading account with a leading brand.

Digitalelitemarkets Withdrawal requirements

Since Digitalelitemarkets does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.