Warning! Elite Trade FX is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
The fisrt time we opened Elite Trade FX we could quickly see how poor this broker is in terms of delivery and info. Read on to find out more.
Elite Trade FX has no mention of a regulation anywhere on the website, meaning that it certainly is UNREGULTED. The legal documents are non-existent, the info on the website is useless, and the registration process is broken. We clicked on the refister button and were redirected to a completely irrelavnt website.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
As mentioned we were unable to registere, so the info for trading conditions will be taken from the website meaning tha tt cannot be trusted seeing the illicit nature of Elite Trade FX. So, spreads are said to start from 1 pip for the higher leverl accounts, and 3 pips for the higher accounts. The leverage is maxed out at 1:400 for the Mini account. Yet there is another section of the website that claims that the sprad is capped at 1:500. We do not know which source to trust.
The website is only availbale in English.
ELITE TRADE FX LOGIN
Without a registration we were unable to verify if the broker was saying the truth when it claimed to offer the MT5. We assume it does not.
Needless to say, the MT5 still retains some great features that you will want in your trader’s repertoire. MT5 allows for a centralized market trade and is certified by many stock exchanges. There are also improvements in the time frames, Expert Advisors, better charting tools allowing for greater accessibility, and more pending order types for more versatile trading options.
ELITE TRADE FX MINIMUM DEPOSIT
The broker claims on two occassions that the mnimum deposit is either $1 or $100; unfortunatelly we cannot confirm this. The deposit/withdrawal section of the website reveals a huge number of funding/withdrawaw options Skrill, Neteller, WebMoney, PerfectMoney, bitcoin, Visa, Maestro, Wire Transfer and Local Deposit.
Even if users were able to deposit here we would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
ELITE TRADE FX WITHDRAWAL TIME AND FEES
The withdrawal info is virtually non-existent. The same payment methods as mentioned above apply for withdrawals, namely Skrill, Neteller, WebMoney, PerfectMoney, bitcoin, Visa, Maestro, Wire Transfer and Local Deposit.
There is no other withdrawal info.
ADDITIONAL FEES AND TAXES
Since the legal documents are extremely poor, there is nothing really to include in this section.
We nevertheless want to remind readers that many illicit brokers have no intentions of paying you back. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
Elite Trade FX offers nothing to anyone. This is a laughable broker and is not worth even one click. Waste od time and money!