Elit Solutions – Can You Trust Them?

Website URL: https://elitsolutions.co

Founded: 2021

Regulations: Not Licensed

Languages: English, German, Italian

Deposit Methods: Credit Cards

Minimum Deposit: $10,000

Free Demo Account: Unavailable

Number of Assets: N/A

Types of Assets: CFD, Indices, Forex, Cryptos, Shares, Commodities

Trading Accounts and Conditions

Elit Solutions offers various trading accounts and something it calls Savings Accounts:

• Standard: The deposit requirement to open this account is $10,000. You get a 20% Welcome Bonus.
• Bronze: The deposit requirement to open this account is $25,000. You get a 30% Welcome Bonus.
• Silver: The deposit requirement to open this account is $50,000. You get a 40% Welcome Bonus.
• Gold: The deposit requirement to open this account is $100,000. You get a 50% Welcome Bonus.
• Platinum: The deposit requirement to open this account is $250,000. You get a 60% Welcome Bonus.
• VIP: The deposit requirement to open this account is $1,000,000. You get a 70% Welcome Bonus.

Here are the so-called Savings Accounts:

• Silver: The required deposit is €10,000. In this account, for a 6-month deposit period, you get 0.5% interest. For a 12-month deposit, you get 1.2% interest and for a 24-month deposit, you get 1.8% interest.
• Gold: The required deposit is €25,000. For a 6-month deposit, you get 1.2% interest. For a 12-month deposit, you get 1.8% interest and for a 24-month deposit, you get 2% interest.
• Platinum: The required deposit is €50,000 – €100,000. The 6-month interest rate is 1.8%, the 12-month rate is 2.5% and the 24-month rate is 3.2%.
• VIP: The required deposit is €100,000 – €500,000. The 6-month interest rate is 3.1%, the 12-month rate is 3.9% and the 24-month rate is 4.8%.

There is no mention of what the trading conditions are. However, we were able to log into their trading software and found out that the spreads for the EURUSD started at 3.7 pips and that maximum leverage this broker was offering its clients was 1:200.

Elit Solutions – Advantages

We did not find anything positive to say about this broker, so we have not filled in this section of our review.

Elit Solutions – Disadvantages

Here are all the red flags we found while reviewing Elit Solutions:

• Anonymous, Unregulated Broker

The first issue we noticed with Elit Solutions was the lack of corporate information. A legitimate broker will ensure that its identity and location is clearly revealed. With this broker, we do not know the name of the company that runs it. There is also no contact information – no phone number or email ID and definitely no address. This is a completely anonymous broker.

And because it is anonymous, we know that it is not licensed. This means that we are dealing with a scammer.

Plus500

$100

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Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

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• No Legal Documents

Another indication that this broker is a scammer is the lack of legal documents. Legal documents (Client Agreement, User Agreement, Terms and Conditions, etc.) are a must-have since they detail the contract between the broker and its clients. It tells the trader the fees the broker charges for its services, the policies the broker has adopted and whether dealing with the broker is advantageous to them or not.

Thus, the lack of a legal document clearly shows a scam.

• Presence of AnyDesk

Elit Solutions also uses the software called AnyDesk. This is a massive red flag. AnyDesk is a PC-sharing software, allowing users to access another computer and its contents from anywhere in the world. Therefore, if you download this software from this broker’s website, chances it you will leave yourself vulnerable to them – giving them complete access to all the information on your computer, include the bank account, credit card and personal details that may be stored there.

• Poor Trading Software

This broker claims to offers its clients a top-of-the-line trading software. However, when we were finally able to access the software, it turned about to be the usual poorly constructed WebTrader software that we have seen with innumerable scam brokers.

• Poor Trading Conditions

According to the information on Elit Solutions’ trading platform, the spreads offered by this broker for the EURUSD forex pair is 3.7 pips. This is a ridiculously high spread and very disadvantageous for traders. Basically, the higher the spread, the more expensive is the cost of trading. The market average ranges from 0.5 pips to 1.5 pips, so this 3.7 pips is just too expensive.

Added to that, this broker offers a maximum leverage of 1:200. While it is not as high as what many other scammers offer, it is still outside the limits set by the EU and UK regulators, where the maximum allowable leverage is 1:30. We mention this because this broker targets customers in the UK and the EU (specifically, Germany and Italy). Which basically means that a leverage of 1:200 is illegal.

And finally, if you look at the minimum deposit requirement, it is a jaw-dropping $10,000! The market average is $100 – $250 and there are many very good brokerages that require a minimum deposit of just $5!

Thus, even if this broker were legit, we would still not recommend them to any of our readers – their trading conditions are just not advantageous.

• Promises of Returns Through Savings Account

This is a very strange thing that we have seen with this broker – a savings account option. If you put money in with Elit Solutions, you can garner interest within 6 to 24 months. What the mechanics of this savings scheme are, are not mentioned, so we don’t really know what this is. All we can say is that this is not normal, and no broker will hold your money like this.

• Bonuses Offered

This broker blatantly offers massive bonuses to its clients. We would like to point out that such bonuses are banned in most regulated markets because of their unfair terms. And since there are no terms and conditions mentioned here, we don’t know how much of a loss traders will suffer if they accept this broker’s bonuses.

Conclusion

Elit Solutions is a scammer and best avoided.

Elit Solutions

2.3

User Experience

2.0/10

Payment Options

2.2/10

Security

2.2/10

Support

3.0/10

Reputation

2.2/10

Pros

• None

Cons

• Anonymous, Unregulated Broker
• No Legal Documents
• Presence of AnyDesk
• Poor Trading Software
• Poor Trading Conditions