Ellipsys Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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The platform is decent, quite suitable for beginners like me, and the app is also easy to use. But seriously, is the customer support team nonexistent? I've called numerous times for inquiries, and not a single call has been answered.
Ellipsys has garnered attention as a forex broker based in Mauritius, but its unregulated status raises significant concerns for potential traders. While it offers a range of trading instruments and a user-friendly platform, the absence of legitimate regulatory oversight might deter many from engaging with this broker.
Note: It's essential to consider that geographic differences can influence the regulatory status of brokers like Ellipsys. This review aims to present a balanced view based on various sources to ensure fairness and accuracy.
| Criteria | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 5 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 3 |
| User Experience | 5 |
We rate brokers based on a combination of user feedback, expert opinions, and factual data.
Founded approximately 2-5 years ago, Ellipsys Financial Markets operates without valid regulation, which poses a risk to traders. The broker provides access to a variety of trading platforms, including Zen Trader and Vertex, but does not offer the industry-standard MT4 or MT5 platforms. Ellipsys allows trading across multiple asset classes, including currencies, commodities, and indices, but its unregulated nature casts a shadow over its operations.
Ellipsys is based in Mauritius and operates without any recognized regulatory body overseeing its activities. This lack of regulation is a significant red flag, as it means that traders have no formal recourse should issues arise. According to various sources, including WikiFX, the absence of regulation increases the potential risk for traders, making it crucial to conduct thorough research before investing.
Ellipsys supports several deposit and withdrawal methods, including credit cards and UnionPay. However, specific details about the supported currencies or cryptocurrencies are not readily available. The minimum deposit required to open an account is relatively low at $50, which might attract novice traders looking to enter the forex market.
Currently, there is no information available regarding any active bonuses or promotions offered by Ellipsys, which may limit its appeal compared to other brokers that provide incentives for new traders.
Ellipsys offers a diverse range of tradable assets, including CFDs, forex pairs, futures, and stock indices. This variety allows traders to engage in different markets, but the unregulated nature of the broker raises concerns about the safety of trading these instruments.
The spreads offered by Ellipsys are reported to be relatively wide. For example, the spread on the EUR/USD currency pair is around 2 pips, while GBP/USD and USD/JPY pairs have spreads of 3 pips. The lack of detailed information regarding commissions further complicates the cost structure, making it difficult for traders to assess their potential profitability accurately.
Ellipsys provides a maximum leverage of 1:100, which can amplify both potential profits and losses. While high leverage can be attractive, it also increases the risk of significant losses, especially for inexperienced traders.
The primary trading platforms offered by Ellipsys are Zen Trader and Vertex. These platforms provide a user-friendly interface and essential trading tools, but the absence of MT4 or MT5 may deter traders who prefer these widely-used platforms.
There is limited information regarding specific regions where Ellipsys is restricted, but potential traders should be cautious and verify whether they can legally operate with this broker in their respective countries.
Ellipsys offers customer support in English, with contact options available via phone and email. However, the overall quality of customer support has received mixed reviews, with some users expressing dissatisfaction with response times and service quality.
| Criteria | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 5 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 3 |
| User Experience | 5 |
Account Conditions (5/10): The minimum deposit of $50 is appealing, but the lack of regulation raises concerns about account safety.
Tools and Resources (6/10): The availability of demo accounts is a plus, but the absence of MT4/MT5 may disappoint some traders.
Customer Service and Support (5/10): While customer support is available, user experiences indicate inconsistencies in service quality.
Trading Setup (Experience) (6/10): The trading platforms are user-friendly, but the overall trading experience may be hindered by the unregulated status.
Trustworthiness (3/10): The absence of regulation significantly impacts trust, making it crucial for traders to exercise caution.
User Experience (5/10): User feedback indicates mixed experiences, highlighting both positive aspects and areas needing improvement.
In conclusion, while Ellipsys offers a range of trading options and user-friendly platforms, its unregulated status poses significant risks. Potential traders are advised to conduct thorough research and consider alternative brokers with established regulatory oversight to ensure the safety of their investments. Always remember to weigh the potential risks against the rewards before making any trading decisions.
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