FX-Elite Trading – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
FX-Elite Trading - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://fx-elitetrading.com
Founded: 2023
Regulations: No License
Languages: English, All Translate Languages
Deposit Methods: Cryptos
Minimum Deposit: Unspecified
Free Demo Account: Not Available
Number of Assets: Unspecified
Types of Assets: Stocks, Forex, Crypto
Trading Accounts and Conditions
FX-Elite Trading does not offer their clients any choices on the types of trading accounts. You simply register for one single trading account with this broker. Furthermore, this broker has not provided us with any trading conditions.
FX-Elite Trading – Advantages
There are no advantages to trading with FX-Elite Trading.
FX-Elite Trading – Disadvantages
FX-Elite is unfortunately a scammer and here is the proof:
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No Regulation
The first sign that a broker is a scammer is their lack of regulation. To be regulated, a broker needs to be registered with and authorized by the financial regulator/regulators in whose jurisdiction(s) they operate. And if they are regulated, brokers will ensure that all the information that any visitor to their website needs to verify their claim of regulation can be verified.
The information needed to verify a broker’s legitimacy includes their corporate information (company name, location address, contact information) as well as regulation information (registration number, license number, etc.) Once this information is made available on their website, it is very simple to check on most financial authorities’ online registers and find out if that broker is, in fact, regulated by them.
With FX-Elite Trading, we are given incomplete information on both counts. We do not know the name of the company that runs this online brokerage. We are given an address in the United States, but only when we check their Support page. The email address is to a company called Page Fx Signals. The contact number is a UK-based number. And there is absolutely no information on their regulation status.
If a broker gives us a US address, we can assume that broker is based in that country. To operate in the US, brokers need to be authorized by not one, but two financial authorities – registration with the CFTC (Commodities Futures Trading Commission) and membership with the NFA (National Futures Association).
This broker is not authorized by either of these authorities.
Next, a UK number would mean being based in that country. And to be based in the UK means that the broker would be authorized by the FCA (Financial Conduct Authority). Once again, we checked. And came up with the same results; this broker is not authorized by the FCA either.
This broker is completely unregulated. And this means that FX-Elite Trading is operating illegally, which makes them a scam operation.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by FCA
The FCA has also picked up on FX-Elite Trading’s scam. In fact, the authority, which is one of the most respected in the world, has issued a public warning against this broker. The FCA announced that FX-Elite Trading is operating without proper authorization in their jurisdiction and that dealing with this broker would be dangerous.
There could be no greater indication of this broker’s scam than a financial regulator’s public warning.
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Possible Serial Scammer
We believe that FX-Elite Trading is a part of a serial scamming operation. When we checked their Support page, we found the email address of a completely different broker given there. We checked up on that brokerage – Page FX Signals.
This is clear proof of a serial scam. Page FX Signals’ website is exactly the same as FX-Elite Trading – down to the very last word and design. And this broker too has been exposed as a scammer.
It seems that the people behind this online brokerage is setting up multiple domains with the same content in a bid to scam as many people as they possibly can before they get shut down.
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No Legal Documents
Another red flag is the complete lack of legal documents on FX-Elite Trading’s website. Even on the registration page, where the I Agree button is for registering, there is no link for the Terms and Conditions.
All legitimate brokers are required by law to present their legal documents clearly on their website. These are the documents that define the relationship between the broker and the trader – their contract. It tells us what we can expect from the broker – their services, their terms and conditions, their privacy policy, AML policy, their fees, etc.
If these documents are not in place and you have already signed up with a broker, then that broker can very easily scam you. And there will be no authority that will be able to help you with your case.
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Issues with Trading Platform and Trading Conditions
There are only two offerings a broker has – their trading platform and trading conditions. These two offerings go hand-in-hand. If there are issues with either, then that broker cannot be trusted.
With FX-Elite Trading, there are issues with both. Their trading platform is a poorly constructed, web-based software that barely functions. And when you consider that this is key product a broker offers, such poor quality is a huge red flag.
The trading conditions are how the broker makes money. So, they need to be specified – their cost of trades (spreads + commissions), their risk (leverage ratios), their order execution methods and so on.
We have none of this information with FX-Elite Trading. In fact, we do not even know what the minimum deposit is! This is a clear indication that things are not right with this broker.
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Issues with Payments
The only way that you can make a deposit is via cryptocurrencies. There are no other payment options available. And this clearly tells us this broker is a scam. Crypto transactions are anonymous and permanent, so there is no way to trace your money or get it back once it is gone. Which is why it is such a favorite with scammers. So, if this is the only payment options provided by a broker, you know you are dealing with a scammer.
Conclusion
FX-Elite Trading is a scammer and should therefore not be trusted.
FX-Elite Trading
Pros
- None
Cons
- No Regulation
- Blacklisted by FCA
- Possible Serial Scammer
- No Legal Documents
- Issues with Trading Platform and Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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