Elite Trade Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
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I had money over $6000 in the company, I lost all my money because the company disappeared. I woke up one morning that neither the company nor my account nor any other interlocutor. Don't be silent. It's the same thing to do business with this company and throw your pocket money into the fire. I will attach information of my real account and deleted balance here.
The overall consensus regarding Elite Trade is overwhelmingly negative, with numerous warnings from experts and users alike about its unregulated status and questionable practices. Key findings indicate that the broker operates without any legitimate regulatory oversight, making it potentially unsafe for traders. Additionally, the lack of transparency regarding fees and withdrawal processes raises significant red flags.
Note: It is crucial to recognize that Elite Trade operates under various entities across different regions, which complicates its regulatory status. This review aims to provide a fair and accurate assessment based on available sources.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service & Support | 2 |
| Trading Experience | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
How we rate brokers: Our ratings are based on comprehensive analysis and user feedback from various sources.
Founded in an unspecified year, Elite Trade claims to be a global financial services provider, offering a wide array of investment products including forex, stocks, commodities, and indices. It promotes a next-generation trading platform that allegedly allows trading without commissions. However, the broker has been flagged for operating without any regulatory license, primarily based in Estonia, and is not compliant with local regulations as confirmed by multiple sources.
The trading platform offered is reportedly a web-based system, but it lacks the user-friendly features and reliability of established platforms like MetaTrader 4 or 5. The broker claims to provide access to over 1,000 assets, but the legitimacy of these offerings remains highly questionable.
Elite Trade operates without any recognized regulatory oversight, which is a significant concern. According to 55brokers.com, the broker is unregulated and has been blacklisted by the Belgian Financial Services and Markets Authority. This absence of regulation means that traders have no recourse in case of disputes or financial malpractice.
The broker does not specify the accepted currencies for deposits and withdrawals, which raises further concerns about transparency. Users have reported difficulties in withdrawing funds, with many complaints highlighting that the withdrawal process is convoluted and often results in delays or outright denials.
The minimum deposit requirement for opening an account with Elite Trade is reported to be $250, which is fairly standard in the industry. However, the lack of a demo account option means that potential clients cannot test the trading conditions before committing real money.
Elite Trade does not appear to offer any legitimate bonuses or promotions, which is often a red flag in the industry. The absence of promotional offers could indicate a focus on transparency, but it may also suggest that the broker is not competitive in attracting new clients.
Elite Trade claims to offer a diverse range of trading options, including forex, stocks, commodities, and indices. However, the reliability of these asset classes is questionable given the broker's overall lack of regulation and transparency.
The spreads offered by Elite Trade are reportedly fixed at 3 pips for major currency pairs, which is significantly higher than the industry average of around 1.5 pips. Furthermore, the broker has been criticized for hidden fees and vague withdrawal conditions, as highlighted by user reviews on various platforms.
Elite Trade offers leverage up to 1:500, which is attractive to some traders. However, such high leverage also increases risk significantly, particularly for inexperienced traders. This potentially creates an environment where traders may incur substantial losses.
The broker does not provide access to widely recognized platforms like MetaTrader 4 or 5, opting instead for a proprietary web-based platform. This lack of established trading software can deter serious traders who rely on advanced tools and functionalities.
While specific restricted regions are not detailed, the general consensus is that Elite Trade operates in a manner that could be considered predatory, particularly targeting individuals in regions with lax regulatory frameworks.
Customer support options are limited, with reports indicating a lack of responsiveness and support channels. Many users have expressed frustration over the difficulty in reaching customer service, which is a critical aspect of any trading experience.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service & Support | 2 |
| Trading Experience | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
Account Conditions (3/10): The minimum deposit is acceptable, but the absence of a demo account and vague withdrawal policies are significant drawbacks.
Tools and Resources (4/10): The proprietary platform lacks the features and reliability of established trading software, limiting traders' capabilities.
Customer Service & Support (2/10): Users report significant difficulties in reaching customer support, with many complaints about unresponsive service.
Trading Experience (3/10): The trading environment is marred by high spreads and unclear costs, which detracts from the overall experience.
Trustworthiness (1/10): The lack of regulation and numerous user complaints indicate a high risk of scams and fraudulent practices.
User Experience (2/10): Overall, user feedback has been overwhelmingly negative, with many expressing frustration over fund withdrawals and service quality.
In conclusion, the Elite Trade review paints a concerning picture of a broker that operates without proper regulatory oversight, making it a risky option for traders. The lack of transparency, combined with numerous user complaints, suggests that potential clients should exercise extreme caution or seek more reputable alternatives.
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