Overview of EliteTrade Network
EliteTrade Network Limited, established in 2011 and based in the United States, is a forex and CFD broker. Despite its unregulated status, it offers a multiple financial instruments, including 182 forex spot pairs, 140 forwards, and CFDs on over 9000 instruments. Additionally, it provides access to stocks across 36 global exchanges and various commodities. EliteTrade Network features Classic and Platinum accounts along with a demo account. With leverage up to 1:500 and competitive spreads, the broker facilates flexible trading options across multiple platforms, including mobile and desktop. The brokers Trade Academy offers courses on forex trading, advanced strategies, and CFD market insights.
Pros and Cons
EliteTrade Network offers forex, CFDs, stocks, and commodities, with competitive spreads on forex and CFDs. Furthermore, it offers global stock markets and commodity trading options, while the availability of various deposit and withdrawal options adds to the convenience for clients.
However, EliteTrade Network lavks regulation. Additionally, there is limited transparency regarding non-trading fees, which can lead to unexpected costs for traders. The conditions related to deposits and withdrawals are also not clearly communicated, potentially causing confusion and dissatisfaction among clients. The broker imposes high minimum deposit requirements for certain account types, which could be a barrier for some traders. Lastly, the lack of phone support limits the accessibility of customer service.
Is EliteTrade Network legit or a scam？
EliteTrade Network is not regulated by any recognized financial authority. This means the broker does not comply with the stringent standards enforced by regulatory bodies to ensure financial stability, security, transparency, and fair trading practices.
Market Instruments
Forex: With 182 FX spot pairs and 140 forwards, traders can access major, minor, exotic pairs, and metals with competitive spreads from 0.2 pips.
CFDs: EliteTrade Network provides opportunities to trade over 9000 instruments, including indices and commodities, with tight spreads from 0.4 on US500.
Stocks: The broker grants access to 19000+ stocks on 36 exchanges worldwide, offering commissions from $3 on US stocks.
Commodities: Trade various commodities through CFDs, futures, options, and spot pairs with low commissions starting at $1.25 per lot.
Account Types
EliteTrade Network provides two types of trading accounts: the Classic Account with a minimum deposit of $500, and the Platinum Account with a minimum deposit of $1000. A Demo Account is also available.
How to Open an Account with EliteTrade Network
Visit the Website:
Navigate to the EliteTrade Network website and select the 'Sign up' or 'Get Started Now' option.
Fill Out the Registration Form:
Enter your personal details, including username, email, country, mobile number, and password, on the registration form.
Verify Your Email:
Check your email for a verification link and click it to confirm your email address.
Provide Identification Documents:
Complete the verification process by submitting a government-issued ID and proof of address.
Fund Your Account:
After verification, deposit the minimum required amount using payment options such as VISA, MasterCard, Skrill, NETELLER, or PayPal.
Leverage
EliteTrade Network provides a maximum trading leverage of up to 1:500. As the broker is unregulated, offering such high leverage could be a strategy to attract more traders, particularly those with less capital.
Spreads & Commissions
At EliteTrade Network, forex traders can enjoy spreads starting from 0.2 pips, while CFD traders can benefit from spreads beginning at 0.4 pips.
Stock trading commissions start at $3 for US stocks, and commodities trading commissions can be as low as $1.25 per lot. The broker also advertises commissions from 0.08%.
Trading Platform
EliteTrade Network provides flexible trading platform compatible with multiple devices, including Android, Apple, and PC/Laptops. The platform features advanced charting tools and technical analysis capabilities.
Trading Tools
EliteTrade Network's platform includes technical charting tools, helping traders to conduct in-depth technical analysis. Additionally, it offers stock research tools, providing market insights and trade inspiration.
Deposit & Withdrawal
EliteTrade Network offers multiple deposit and withdrawal method. The minimum deposit is set at $100. Available payment methods include VISA, MasterCard, Skrill, Neteller, and PayPal.
Customer Support
Location (HQ):
1074 Beeghley Street, Huntsville, AL 35816 United States of America.
Email:
support@EliteTradeNetwork.net
Educational Resources
EliteTrade Network offers educational resources through its Trade Academy, including:
Beginner Course: This introductory course covers the essential concepts of forex trading, providing a solid foundation for new traders by explaining the market's basics and core principles.
Trading Tools Course: For more experienced traders, this course delves into advanced trading strategies and the utilization of EliteTrade Network's sophisticated trading tools.
Stocks and CFDs Course: This course provides an in-depth look at CFD trading, detailing the intricacies of the CFD market, trading mechanics, and crucial insights into stock trading.
Conclusion
Founded in 2011 and headquartered in the United States, EliteTrade Network is an unregulated broker offering forex, CFDs, stocks, and commodities. With competitive spreads, leverage up to 1:500, and two account types—Classic and Platinum—alongside a demo account, the broker provides multiple deposit and withdrawal methods and educational resources through its Trade Academy. However, the absence of regulatory oversight, unclear non-trading fees, and limited customer support accessibility could pose challenges for traders.
FAQs
Q: Is EliteTrade Network regulated？
A: No, EliteTrade Network is not regulated by any financial authority.
Q: What financial instruments can I trade with EliteTrade Network？
A: You can trade forex, CFDs, stocks, and commodities with EliteTrade Network.
Q: How much is the minimum deposit to start trading？
A: The minimum deposit is $100, with higher amounts required for two account types—$500 for Classic and $1000 for Platinum.
Q: Does EliteTrade Network have a demo account option？
A: Yes, there is a demo account available for practice trading.
Q: Which payment methods are supported for deposits and withdrawals？
A: Supported methods include VISA, MasterCard, Skrill, NETELLER, and PayPal.
Q: How can I reach EliteTrade Network customer support？
A: You can contact customer support via email at support@EliteTradeNetwork.net.
Q: What is the maximum leverage offered by EliteTrade Network？
A: The maximum leverage available is 1:500.
Risk Warning
Online trading poses substantial risks, with the potential for complete loss of invested capital, rendering it unsuitable for all traders. It is imperative to comprehend the inherent risks and acknowledge that the information provided in this review is subject to change due to continuous updates in the company's services and policies.
Additionally, the review's generation date is a critical consideration, as information may have evolved since then. We strongly advise readers to verify updated details directly with the company before making any decisions, as the readers must be aware of and willing to accept the inherent risks involved in utilizing this information.
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