EllandRoad Forex Broker
Basic Information
South Africa
2-5 years Regulated in South Africa Derivatives Trading License (EP) White label MT4 Regional Brokers High potential riskCompany profile
Pros
Regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, providing a level of legitimacy.
Offers a wide variety of trading instruments, including forex, commodities, cryptocurrencies, and indices.
Provides multiple account types with varying features and competitive spreads, catering to different trading preferences.
Cons
Numerous complaints and warnings about potential risks and scams associated with the broker.
Reports of difficulties in withdrawing funds, leading to concerns about the reliability of their services.
High leverage options (up to 1:400) may pose significant risk, especially for inexperienced traders.
Elland Road Forex Broker - Complete Information Guide
1. Broker Overview
Elland Road Capital, established in 2022, is a forex and CFD brokerage firm based in Cape Town, South Africa. The company operates as a private entity under the name Elland Road Capital Pty Ltd, which is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa. The broker primarily serves a diverse clientele, including individual retail traders and institutional clients, offering a range of financial products and services.
Since its inception, Elland Road Capital has aimed to provide a user-friendly trading experience, catering to both novice and experienced traders. The firm has made significant strides in the online trading space, focusing on enhancing its trading platforms and expanding its product offerings. Key milestones include the introduction of various account types and the provision of educational resources to support traders in their investment journey.
Elland Road Capital operates under the business model of retail forex and CFD trading, providing access to a wide array of financial instruments, including currency pairs, commodities, indices, and cryptocurrencies. The firm's commitment to leveraging advanced technology and secure trading environments has helped it gain a foothold in the competitive online trading market.
2. Regulation and Compliance Information
Elland Road Capital is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, holding the license number 52127. The regulation is valid and ensures that the broker adheres to certain operational standards. However, it is important to note that the FSCA is classified as a tier 2 regulator, which may not offer the same level of protection as tier 1 regulators such as the FCA (UK) or ASIC (Australia).
The broker's regulatory license was issued to provide oversight on its operations, ensuring compliance with local financial laws. However, there have been concerns regarding the effectiveness of such regulations, as some reviews suggest that Elland Road Capital may have exceeded the scope of its license.
Elland Road Capital has implemented a Know Your Customer (KYC) and Anti-Money Laundering (AML) policy to enhance security and protect against financial crimes. The company segregates client funds from its operational funds, ensuring that client deposits are protected in the event of insolvency. However, the broker does not participate in any investor compensation schemes, which may pose a risk to clients in case of financial difficulties.
3. Trading Products and Services
Elland Road Capital offers a diverse range of trading products, catering to various market preferences. The broker provides access to over 50 forex currency pairs, including major pairs such as EUR/USD, GBP/USD, and USD/JPY. Additionally, the firm offers a selection of CFD products, which encompass indices, commodities, stocks, and cryptocurrencies.
The broker's product offerings are designed to accommodate different trading strategies and risk appetites. Traders can engage in CFD trading on popular indices such as the S&P 500 and FTSE 100, as well as commodities like gold, silver, and oil. Furthermore, Elland Road Capital supports cryptocurrency trading, allowing clients to trade popular digital currencies including Bitcoin, Ethereum, and Ripple.
The company is committed to regularly updating its product offerings, introducing new instruments based on market demand and trends. This focus on diversification ensures that traders have ample opportunities to explore various asset classes and enhance their trading strategies.
4. Trading Platforms and Technology
Elland Road Capital provides its clients with access to the widely used MetaTrader 4 (MT4) platform, known for its robust features and user-friendly interface. The platform is available for both desktop and mobile devices, allowing traders to manage their accounts and execute trades conveniently.
In addition to MT4, the broker offers a proprietary web-based trading platform designed to facilitate easy access to various financial markets. This platform is equipped with essential trading tools, including advanced charting capabilities and real-time market data.
Elland Road Capital's trading infrastructure is supported by reliable server locations, ensuring fast execution of trades and minimal latency. The broker also offers API access for automated trading, catering to traders who prefer algorithmic trading strategies.
5. Account Types and Trading Conditions
Elland Road Capital offers several account types tailored to meet the needs of different traders. The Classic account, requiring a minimum deposit of $250, provides access to leverage of up to 1:400 and spreads starting from 2.5 pips. The broker also offers Silver, Gold, and VIP accounts, each with varying features and benefits, including tighter spreads and dedicated account management.
The trading conditions across different account types vary, with the VIP account offering the most competitive spreads starting from 0.9 pips. The broker allows a minimum trade size of 0.01 lots, enabling traders to manage their risk effectively. Additionally, Elland Road Capital provides a demo account for clients to practice trading strategies before committing real funds.
6. Fund Management
Elland Road Capital supports various deposit methods, including bank wire transfers, credit/debit cards, and alternative payment methods (APMs). The minimum deposit requirement is set at $250, which is standard for the industry. Deposits are processed quickly, with most methods offering instant transactions.
Withdrawal methods mirror the deposit options, allowing clients to withdraw funds using the same method they used to deposit. However, the broker charges a withdrawal fee of 3.5% for credit card transactions and a flat fee of $30 for wire transfers. The withdrawal process typically takes 8 to 10 business days, depending on the local bank's processing time.
7. Customer Support and Educational Resources
Elland Road Capital provides customer support through multiple channels, including email, phone, and live chat. The support team operates from Monday to Friday, ensuring that clients have access to assistance when needed. The broker offers multilingual support in 19 languages, catering to its diverse client base.
In terms of educational resources, Elland Road Capital provides various materials, including webinars, tutorials, and market analysis reports. These resources aim to enhance traders' knowledge and skills, helping them make informed trading decisions.
8. Regional Coverage and Restrictions
Elland Road Capital primarily serves clients from various regions, including India, Brazil, Turkey, Switzerland, and Japan. However, the broker does not accept clients from the United States due to regulatory restrictions. This limitation ensures compliance with local laws and regulations, protecting both the broker and its clients.
In summary, while Elland Road Capital presents itself as a regulated forex broker with a range of trading products and services, potential clients should exercise caution due to the numerous complaints and concerns raised by traders regarding withdrawal issues and overall service quality. It is advisable to conduct thorough research and consider alternative options before engaging with this broker.
EllandRoad Similar Brokers
Latest Reviews
Max2358
Thailand
Because I trusted the company's website and the recommended staff, I trusted them and agreed to deposit money to open the account. But when opening an account, it cannot be traded and the demo account cannot be used. So I decided to withdraw the money I added, concluding that I would have to wait 3-4 business days to withdraw the money. So I feel like it shouldn't be a list to choose from when opening an account.
Exposure
2023-11-25
Mona2940
India
Allandroad account is: (*******)Will share details step by step in few weeks since it is in scrutiny. But if there was rating in Negative I would have put -5.Not because of loss/profit, but overall their modus of operandi. Will suggest to all to be cautious, if you are sharing credit card details at international level and pressurized to add more money showing temporary some profits.If you start noticing your holding in loss after some profit please stop it there itself and withdraw your remaining amount immediately, and change you credit card immediately.Even if you show the Trustpilot/other review and asked them,they will give you examples of some know national Company negative review.This is a trap. Please don't go for it.You will be in loss,not because of shares., but you will never receive your invested money back as they don't have any withdrawal process on its own. You need to get their approval which will only be for first time to gain your confidence (that too after few reminders) and next time your money will be gone. Not sure if its really getting invested in Market itself.This is screenshot of same card from which fraudulent international transaction did happen. Apart from this I have also share some Audio recordings which was always on internet and attachment( email by their account /sales manager "*******@ellandroadcapital.com ") to "*******@ellandroadcapital.com>" email. I need my money back since I am sure it was not at all a loss which they want to proof. IN fact I can say that was not trading but trap, to get our hard earned moneySteps how I faced the number of fraudulent issues after registering to Ellandroad:1) You just click the URL and curiously enter the email Id details2) Their person will immediately call you and insist very politely to complete your registration and they will add credit of amount $50(This is 1st trap) to convince you. The minimum amount is 250$ to get yourself registered They will also insist to use credit card only as the other payment option will not work.3) They will very humbly help you to enable your international transaction feature (This is 2nd trap)4) Immediately their sales person will start calling you on Zoom meeting to start trading. He will get familiar to you and also some of your monetary related issue5) You will be happy to see some positive trading for 2 to 3 days.(This is 3rd trap)6) Now sales person will insist to add some more amount.7) You will somehow add minimum again and that is 250$.I have also added.8) Since I had a doubt on overall withdrawal process I tried to withdraw some amount. This sales person has immediately call me to know why I am withdrawing my amount. Not sure why I did not suspicious about it, but you will need to give justification to withdraw your own amount (Why we need to justify not sure). He said that without my approval you cannot. Which should have clicked to me, but he immediately asked that since he is SPOC for me and all my issues will be addressed by him and that is the reason I need to contact only him. He asked me to share the bank account and IFSC code to deposit the money. The account details taken by him is never visible in withdrawal section and also did not see any transaction ID.9) Sales person will leave you alone for some days so that you can do some transaction on you own if you don't add any more money which he has insisted for.10) In my case the transaction was going in loss and hence to sustain I have to add more money.(4th Trap)11) Since I was not taking his call almost for a week and also did not add anymore money, thinking there is some problem around overall process, but was not sure so decided not to add anymore money irrespective if it profile /loss. Vey next week, the day has arrived i.e. 25th July.A) I received the SMS for same card from which I have done the payment to ELLANROAD that about 729$ is deducted without any OTP and so on. And immediately second SMS. Lucky me since I have added the limit in the card. I got my card blocked immediately, but there was loss of 729$ which also reported disputeB) On the same day after blocking my card I tried to withdraw some amount from Ellandroad (so initiated the process) since already was suspicious about the incident and my transaction was showing some profit.C) Shahz immediately call me during office hrs for completing one transaction, and since that day I was little disturbed with overall incidence happening, I think I did realize but till the time I can conclude he has given last blow. He insisted to complete it since will not take much time. In hurry I did not realize this person was not looking for any profit for me but wanted to get my account closed by enabling major loss. Within 5 minutes all my amount got vanished. I have added the details of my last transaction. Within 5 min it was 400+$ loss and that also closed my all other transaction too.I can share the call record logs for 25th July too.I have share all my experience step by step. Hope this can help other to decide wisely. Also somewhere I wish to get my hard earned money back. Not sure how and who can help.
Exposure
2023-08-29
Candido
Brazil
The experience using the platform is very exciting. My initial contact with the brokerage took place with a call I received from Mr. Walker, my manager. Due to insufficient financial resources, we have to go slowly. but I'm learning a lot.
Positive
2023-06-14
Elsa128
Taiwan
I advise everyone to stay as far away as possible, regardless of whether it is a scam or a real investment transaction. This is a bottomless pit. I lost nearly $400000 in total, my life savings. I can only blame myself for being greedy, unwilling, and wanting to earn back after losing, just like gambling. They will have different people tell you, they will help you transfer it back, and they will give you a bonus. But you also need to invest yourself, always wanting you to invest, but in the end, all your positions will be closed and all the funds will be gone. I hope no one will be like me again, this is a very painful price.
Exposure
2023-06-08
Victim5053
India
I have gone through depression after losing 20lacs, Writing this review as I have just recovered from that. My ADVICE(Adding it here before the BAD Review as whoever reads this review will benefit from this. I have lost and I know PAIN.)– Don't panic if you are invested in ELLAND ROAD CAPITAL and then you read all the fraud reviews. Be calm and take your money slowly without making them understand your feelings and mind to withdraw. Once they know you want to withdraw, Trust me the picture will change. Ask for a withdrawal option and transfer a small amount so that your account/credit card will be approved for transfer. Make sure all your Trades are closed on the same day. Don't leave the trade open for a long time as chances of losing money are higher. Avoid opening the trades by not adding a TP. If you wish to withdraw the funds, make sure you don't have trades open and watch them and close even if you have less profit and then make an internal transfer. Never trust your Account Manager once you have decided to withdraw the funds. I feel until our money is in the wallet it may be safe(as I have received 1% of what I have invested refunded to my credit card) as I have noticed the Account manager will go mad if you move the money from trading account. I believe they can't manipulate the amount in the wallet and they have all possible options to make all your equity vanish if the amount is in the TRADING Account. NEVER screen share your bank accounts or personal information. They are professional scammers, they manipulate your investments and if you say no they will stop calling you continuously for a couple of days and again their calls to manipulate you will start and they will ask you to add more capital and show more profit, which they will never do after the funds transfer. If you say you don't have money to invest, they have all the options to manipulate(religiously) you till you go and share the screen with them and they will ask you to take loans and they apply for the loan and then invest the money and promise to withdraw them once we see some profits so that you can close the LOAN. (NEVER Spend more time on the call talking with them if you have money and READY to LOOSE then go AHEAD.)Once you invest and if you ask for withdrawal, the picture will take a UTurn. They will call every 10mins until you invest and, on the other hand, they claim they are not simply seating for us and they have 65million people to speak. Then why the hell did they have so much time to call us till late evening 21;00 IST. After investing, when you understand/know about the FRAUD of Elland Road Capital, the next step you do is to withdraw the money or make an internal transfer to your wallet from the trading account – then here comes our heroes(SO Called Account Manager) they will go MAD on your transfer and they called me 50times to 10 emails to pick their call. After that, they will blackmail you saying they will close your account if you don't transfer your money back to a trading account(PS: Don't listen to them and don't transfer your funds from your wallet) and they are very RUDE and say they don't want to do trading with you and promise(FALSE) you to wait till the end they will move all you funds to your account. Once you transfer the funds back to you, the site will temporarily go down and they will not call you and all your money will soon turn into RED. Late evening one of the so-called assistants will call you with a FAKE English accent and he feels we are their servants and ask to open trade as your trades are RED and then you go near to loosing all your money. They will call you for a couple of days to ask you to open trade, which eventually turns into RED making a FLASE promise about withdrawal and DIVERSIFYING. Later you will never receive a call from them and all your trades will be moving, closer to the negative balance, reducing your equity. One fine day, suddenly at night they will call you saying your margin levels are down. I don't know who your account manager is and ask to login to add more capital then claims they are from finance team and they have no connection with account manager and finally says your account manager is on sick leave(Remember the account manager will give you a hint saying he will be on leave after 2 weeks while speaking to you on investing more). As you have already LOST all your money and we can't add more CAPITAL and when we say that, they will disconnect the call and soon all your trade will be closed and you end up LOOSING everything. They will never reply to your emails. You can't call them or contact them. All their calls are from the UK and they are professional scammers sitting somewhere with a FAKE Accent and FAKE Identity.
Exposure
2023-04-03
코코
South Korea
Please. It's unfair. Please help me. I lost a lot of money, about 14,000,000 won, in an instant through a stock investment scam at Elland Road Capital. I suffered so much stress and pain. Once money has been deposited, withdrawal is not permitted even if a withdrawal request is made. The entire investment amount will never be returned. The money is nowhere to be found. Currently, a withdrawal request balance of $2270.00 is requested. Payment is not being approved. (Attachment below) When making a deposit (investment), the deposit is received by changing the bank and depositor to a personal account. The details of the deposit are disclosed. December 2023 Hana Bank - Eunju Jeong 1,035,86323 December 2023 Kookmin Bank - Co., Ltd. Red ticket 1,575,000December 2023 Industrial Bank of Korea - Jaewon Park 1,386,362December 2023 Hana Bank - Eunjoo Jeong 693,181December 2023 Industrial Bank of Korea - Jaewon Park 5,000,000December 2023 Industrial Bank of Korea - Jaewon Park 4,000,000** The account manager is Turkey (Asia) Manager-Met.** When I say that I do not understand why I cannot issue the invested money, he tells me to report it to the police. At first, they say that you can make a lot of profit, and they show you and explain what the Santa Claus Rally is by searching the Internet for Santa Claus Rally. In the stock market ahead of Christmas, data shows that everyone has made big profits starting around Christmas every year for over 70 years. World-famous big companies like Apple, Tesla, and Facebook also explain that they all invest in stocks at Christmas time to avoid paying taxes. Account Manager: This is a story told by Turkey (Asia) Manager-Met. Then, he said he was the team leader and changed the phone call to the woman. She says only about 200 people will be recruited and if she is selected she will not be able to invest. If you deposit at least $10,000, you can all invest together on the same day in time for Christmas. Additionally, your level will be updated to Silver, fees will be significantly reduced, and you will receive $2000.00 in credit, which will allow you to make a large profit of about $1000 or more. They encouraged deposits by showing data that if you invest $25,000, you can earn a profit of about $2000.00 or more by giving $5000.00 in credit. I ended the transaction and requested to withdraw the remaining balance of $8400,00. She called me right away and got upset. I decided to call later and ended the call. An hour later, I got a call from Met, the manager in charge of Asia in Turkey. I was told that if I trade for one day and wait, I can withdraw my money tomorrow. After starting trading, all $8400 was withdrawn within 1-2 days of trading. I am writing this in the sincere hope that there will be no more victims.
Exposure
2023-12-20