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The WikiFX Score of this broker is reduced because of too many complaints!

ELAN FINANCIAL

United Kingdom|5-10 years|
Regulated in United Kingdom|Investment Advisory License|MT4/5 full license|The server is only located in China.|Suspicious Overrun|High potential risk|

http://www.99elon.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

1
Server Name
ELAN-Server MT4
Server Location China

Contact

info@99elon.com
http://www.99elon.com/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

ELAN FINANCIAL GROUP LIMITED

Company Abbreviation

ELAN FINANCIAL

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 3
Previous Detection : 2024-03-29
  • The number of the complaints received by WikiFX have reached 8 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!

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Expose

    ELAN FINANCIAL · Company Summary

    Aspect Information
    Company Name ELAN FINANCIAL (Yilong Financial Group Limited)
    Registered Country/Area United Kingdom
    Founded Year 1996
    Regulation Exceeded FCA Regulations
    Market Instruments Forex (22 major currency pairs), Spot Gold, Spot Silver
    Account Types Standard, Islamic, ECN
    Minimum Deposit Standard: $100, Islamic: $200, ECN: $1,000
    Maximum Leverage Up to 1:500
    Spreads Standard: Starting from 0.1 pips for EUR/USD, Islamic: Starting from 0.1 pips for EUR/USD, ECN: Starts from 0.0 pips
    Trading Platforms MetaTrader 4
    Customer Support QQ: 800005651, Email: info@99elon.com
    Deposit & Withdrawal Credit/Debit Cards, Bank Wire Transfer
    Educational Resources Unavailable

    Overview of ELAN FINANCIAL

    ELAN FINANCIAL, established in 1996, operates as the UK headquarters of Yilong Financial Group Limited. Specializing in diverse trading assets, the platform offers 22 major currency pairs in Forex and real-time trading of precious metals like gold and silver. With competitive leverage reaching up to 1:500 and two account types to cater to different traders, ELAN FINANCIAL provides opportunities for varied investment strategies.

    However, regulatory concerns emerge as the platform exceeds FCA regulations, impacting trader confidence. Additionally, challenges with customer support reliability and inaccessible educational resources present drawbacks for users.

    Is ELAN FINANCIAL legit or a scam?

    ELAN FINANCIAL has surpassed the regulatory standards set by the Financial Conduct Authority (FCA) in the United Kingdom, holding an Investment Advisory License with License No. 489701.

    While the FCA is recognized for its stringent oversight, the fact that ELAN FINANCIAL has exceeded these regulations raises concerns for traders. Although having an Investment Advisory License implies a commitment to adhering to financial regulations, surpassing these standards may imply a deviation that could affect trader confidence.

    Traders on the platform may experience heightened uncertainty about the adequacy of regulatory oversight, potentially impacting their trust in the platform's adherence to financial laws and ethical practices. As regulatory compliance is a crucial aspect of a trader's risk management strategy, the revelation that ELAN FINANCIAL has exceeded regulated standards may prompt some traders to approach the platform with caution and consider alternative options with clearer regulatory adherence.

    Is ELAN FINANCIAL legit or a scam?

    Pros and Cons

    Pros Cons
    Diverse Trading Assets The platform has exceeded FCA regulations
    Two Account Types, catering to both entry-level and experienced traders. Customer support may be unreliable
    The maximum leverage of 1:500 empowers traders to control larger positions Inaccessible Educational Resources
    Competitive Spreads & Commissions Limited Security Measures on Trading Platform
    MetaTrader 4 Trading Platform. Limited Information due to Inaccessible Official Website

    Pros:

    1. Diverse Trading Assets:

    • ELAN FINANCIAL offers a wide range of trading assets, including 22 major currency pairs in Forex and real-time trading of gold and silver. This diversity provides traders with opportunities for varied trading strategies across different markets.

    2. Two Account Types:

    • ELAN FINANCIAL provides two account types, Standard and ECN, catering to both entry-level and experienced traders. The availability of distinct account types allows users to choose based on their experience and trading preferences.

    3. Competitive Leverage:

    • The platform offers a maximum leverage of 1:500, allowing traders to control larger positions with a relatively smaller amount of capital.

    4. Competitive Spreads & Commissions:

    • ELAN FINANCIAL provides competitive spreads, starting from 0.1 pips in the Standard account. The commission structures are designed to suit different trader preferences, offering flexibility in trading costs.

    5. MetaTrader 4 Trading Platform:

    • ELAN FINANCIAL employs the widely recognized MetaTrader 4 (MT4) platform, known for its user-friendly interface and advanced features. MT4 offers a familiar and robust trading experience, supporting various trading instruments and strategies.

    Cons:

    1. Regulatory Concerns:

    • ELAN FINANCIAL has exceeded FCA regulations, raising concerns about regulatory adherence and ethical practices. Traders may face uncertainty regarding the platform's commitment to financial regulations, impacting trust.

    2. Negative Customer Support:

    • Customer support on the platform may be unreliable, with limited contact options and potential delays in responses. Traders might experience challenges in obtaining timely assistance for urgent queries or concerns.

    3. Inaccessible Educational Resources:

    • The official ELAN FINANCIAL website is inaccessible, hindering access to crucial educational materials. Traders may face limitations in enhancing their trading knowledge, potentially affecting their decision-making.

    4. Limited Security Measures on Trading Platform:

    • The trading platform lacks certain security measures, such as two-step login and biometric authentication. Users prioritizing enhanced security features might find this absence concerning.

    5. Limited Information due to Inaccessible Official Website:

    • The unavailability of the official website restricts users from obtaining essential information about the platform's services and offerings. Traders may face challenges in accessing critical details needed for informed decision-making.

    Market Instruments

    ELAN FINANCIAL distinguishes itself in the financial market by offering a diverse set of trading assets, addressing the varied needs of different traders. Two key components of its offerings are the Foreign Exchange (Forex) and Spot Gold and Silver platforms, each presenting distinct opportunities for market participants.

    Foreign Exchange (Forex):

    ELAN FINANCIAL presents an extensive Forex offering with access to 22 major currency pairs. This encompasses widely traded pairs such as EUR/USD, USD/JPY, GBP/USD, AUD/USD, and NZD/USD, providing traders exposure to diverse global economies. This variety allows for strategic trading opportunities based on currency exchange rate fluctuations.

    Spot Gold and Silver:

    In addition to Forex, ELAN FINANCIAL facilitates trading in precious metals, specifically spot gold and silver. This feature enables investors to engage in real-time transactions involving these safe-haven assets. Trading in gold and silver serves as a potential avenue for portfolio diversification and a hedge against inflation, enhancing the range of options available to ELAN FINANCIAL users.

    Market Instruments

    Account Types

    ELAN FINANCIAL offers a range of account types tailored to meet the diverse needs of its user base.

    Standard Account:

    The Standard account is designed for traders seeking a balanced and accessible trading experience. It provides leverage of up to 1:500, allowing users to amplify their trading potential. With spreads starting from 0.1 pips for major currency pairs like EUR/USD, the Standard account offers competitive pricing. Traders opting for this account type benefit from a commission structure of $0.02 per side, making it a cost-effective choice.

    The minimum deposit requirement is $100, making it suitable for entry-level traders looking for a straightforward and affordable trading option. The Standard account operates on the MetaTrader 4 platform, providing essential tools for analysis and execution.

    Islamic Account:

    ELAN FINANCIAL caters to traders adhering to Islamic principles with its Islamic account. This account type shares similarities with the Standard account, offering leverage up to 1:500 and starting spreads from 0.1 pips for EUR/USD. The Islamic account requires a slightly higher minimum deposit of $200, accommodating traders who prioritize adherence to Islamic financial principles.

    ECN Account:

    The ECN account is tailored for traders with a more advanced and strategic approach. It provides leverage up to 1:200, with spreads starting from 0.0 pips, offering exceptionally tight pricing. Unlike the Standard account, the ECN account carries no commissions per side, making it a cost-efficient option for high-frequency and experienced traders. The minimum deposit requirement is $1,000, reflecting the account's suitability for traders with a more substantial trading capital.

    Feature Standard Islamic ECN
    Leverage Up to 1:500 Up to 1:500 Up to 1:200
    Spreads Starting from 0.1 pips for EUR/USD Starting from 0.1 pips for EUR/USD Starts from 0.0 pips
    Commissions $0.02 per side None None
    Minimum Deposit $100 $200 $1,000
    Demo Account Yes, unlimited demo account available Yes, unlimited demo account available Yes, unlimited demo account available
    Trading Tools MetaTrader 4 MetaTrader 4 MetaTrader 4

    How to Open an Account?

    Opening an account with ELAN FINANCIAL is a straightforward process, consisting of the following steps:

    1. Visit the Official Website:

      1. Access the official ELAN FINANCIAL website through a secure and reliable internet connection.

    2. Click on “Open Account”:

    • Locate and click on the “Open Account” displayed on the website's homepage.

    3. Fill in Personal Information:

    • Complete the online registration form with accurate personal details, including your full name, contact information, and residential address. Ensure the information matches your official identification documents.

    4. Choose Account Type:

    • Select the preferred account type based on your trading preferences, such as Standard, Islamic, or ECN. Consider factors like leverage, spreads, and minimum deposit requirements associated with each account type.

    5. Submit Identification Documents:

    • Follow the instructions to submit necessary identification documents, including a valid government-issued ID, proof of address (utility bill or bank statement), and any additional documents required for account verification. This step is crucial to comply with regulatory standards and enhance the security of your account.

    6. Fund Your Account:

    • After successful verification, proceed to the “Deposit” or “Fund Your Account” section on the website.

    • Choose a convenient payment method, such as wire transfer, credit/debit card, or e-wallet.

    • Follow the prompts to deposit funds into your trading account. Ensure the deposited amount meets or exceeds the minimum deposit requirement associated with your chosen account type.

    Upon completing these steps, your ELAN FINANCIAL trading account should be successfully opened, verified, and funded, allowing you to access the trading platform and start executing trades. It's essential to carefully read and understand the terms and conditions, as well as risk disclosures, before initiating the account opening process. If you encounter any difficulties or have questions, ELAN FINANCIAL's customer support is available to provide assistance.

    How to Open an Account?

    Leverage

    The maximum leverage offered by ELAN FINANCIAL is up to 1:500.

    This means that traders using ELAN FINANCIAL's trading platform can control positions in the market that are up to 500 times the amount of their trading capital. While higher leverage can amplify potential profits, it also increases the level of risk, as losses are also magnified.

    Traders should approach the use of leverage with caution, considering their risk tolerance and employing risk management strategies to mitigate potential downsides associated with high leverage.

    Spreads & Commissions

    ELAN FINANCIAL offers competitive spreads and commissions across its various account types, providing traders with flexibility based on their preferences and trading styles.

    In the Standard account, traders can benefit from starting spreads as low as 0.1 pips for major currency pairs like EUR/USD. Additionally, the Standard account charges a commission of $0.02 per side, making it a cost-effective choice for those who prioritize tight spreads and are comfortable with a nominal commission structure.

    For traders interested in Islamic accounts, ELAN FINANCIAL maintains similar conditions with spreads starting from 0.1 pips for EUR/USD, and no commissions are applied.

    On the other hand, the ECN account offers even more competitive conditions with spreads starting from 0.0 pips for major currency pairs like EUR/USD. Importantly, the ECN account operates on a commission-free model, making it suitable for traders who prefer zero commissions and prioritize ultra-tight spreads. However, the ECN account requires a higher minimum deposit of $1,000, making it better suited for experienced traders who can meet the elevated deposit threshold.

    Spreads & Commissions

    Trading Platform

    ELAN FINANCIAL utilizes the MetaTrader 4 (MT4) trading platform, a widely recognized and popular choice in the financial industry. The MT4 platform is known for its user-friendly interface and robust features that cater to both novice and experienced traders. It offers advanced charting tools, real-time market data, and a variety of technical analysis indicators to aid traders in making informed decisions.

    The MT4 platform employed by ELAN FINANCIAL provides a seamless and customizable trading experience. Traders can access a diverse range of financial instruments, including major currency pairs, commodities, and indices. The platform's versatility allows for the implementation of various trading strategies, and its availability in multiple languages ensures accessibility for a global user base.

    One notable feature of the MT4 platform is its support for algorithmic trading through Expert Advisors (EAs). This enables automated trading strategies, allowing users to implement pre-defined algorithms or develop their own scripts. While this can be advantageous for some traders, it's essential to note that algorithmic trading carries its own set of risks and complexities.

    Despite the positive aspects of the MT4 platform, it's important to consider potential drawbacks. The absence of certain security measures, such as two-step login or biometric authentication, may be a concern for users prioritizing enhanced security features. Additionally, the platform lacks some modern functionalities that newer trading platforms may offer.

    Trading Platform

    Deposit & Withdrawal

    ELAN FINANCIAL offers a variety of convenient payment methods for funding your trading account. The specific methods available may vary depending on your country of residence. Here are some of the most common payment methods accepted by ELAN FINANCIAL:

    1. Credit/Debit Cards: Visa, Mastercard, Maestro, American Express, Discover

    2. Bank Wire Transfer: A secure and reliable way to transfer funds directly from your bank account to your trading account.

    The minimum deposit amount required to open a trading account with ELAN FINANCIAL is $100 for standard accounts, $200 for Islamic accounts, and $1,000 for ECN accounts.

    It is important to note that there may be processing fees associated with certain payment methods. Please refer to the ELAN FINANCIAL website for the latest information on processing fees. Here are some additional details about the most popular payment methods:

    Credit/Debit Cards:

    • This is the fastest and most convenient way to fund your trading account.

    • ELAN FINANCIAL accepts all major credit and debit cards, including Visa, Mastercard, Maestro, American Express, and Discover.

    • The minimum deposit amount for credit/debit cards is usually $10.

    • There may be a processing fee of 2-3% for credit card deposits.

    Bank Wire Transfer:

    • This is a secure and reliable way to transfer large amounts of funds.

    • There may be a processing fee of $25 for bank wire transfers.

    Deposit & Withdrawal

    Customer Support

    ELAN FINANCIAL's customer support exhibits significant drawbacks, characterized by potential challenges in obtaining timely assistance.

    Users can reach out through QQ with the ID 800005651 or via email at info@99elon.com.

    However, the unreliability in response times and the limited avenues for support may frustrate users seeking assistance with urgent queries or concerns.

    The absence of more traditional and widely recognized customer support channels raises concerns about the platform's commitment to ensuring prompt and efficient resolution of user issues. Traders should exercise caution and consider alternative platforms with more reliable customer support services.

    Customer Support

    Educational Resources

    ELAN FINANCIAL's official website is inaccessible, and as a consequence, the availability of educational resources and trading materials cannot be verified or accessed.

    The inability to open the official website suggests a critical limitation for users who seek educational content and resources to enhance their trading knowledge. An unresponsive website impedes users from accessing essential learning materials and may hinder their ability to make informed investment decisions.

    It is crucial for users to have a functional and accessible website to benefit from educational content, and the current unavailability may negatively impact users seeking such information from ELAN FINANCIAL.

    Conclusion

    ELAN FINANCIAL offers traders a diverse range of market instruments, including Forex with 22 major currency pairs and spot trading for gold and silver. The platform provides three account types - Standard, Islamic, and ECN - catering to varying trader preferences.

    While ELAN FINANCIAL boasts competitive features such as a maximum leverage of 1:500 and tight spreads, it has faced regulatory scrutiny for exceeding FCA regulations, raising concerns about adherence to financial standards.

    The platform's unreliability is evident in its inaccessible official website, limiting users' access to educational resources and impeding informed decision-making. Additionally, concerns arise regarding customer support reliability, potentially leaving traders with inadequate assistance in critical situations.

    These limitations, coupled with regulatory uncertainties, urge traders to approach ELAN FINANCIAL with caution, considering alternative platforms with more transparent practices and robust support systems.

    FAQs

    Q: What is ELAN FINANCIAL's maximum leverage?

    A: ELAN FINANCIAL offers a maximum leverage of 1:500, allowing traders to control larger positions with a relatively smaller amount of capital.

    Q: What are the available payment methods for deposit and withdrawal?

    A: ELAN FINANCIAL supports credit/debit cards (Visa, Mastercard), bank wire transfer, and e-wallets (availability may vary by region) for deposits and withdrawals.

    Q: Can I open a demo account with ELAN FINANCIAL?

    A: Yes, ELAN FINANCIAL provides unlimited demo accounts for traders to practice and familiarize themselves with the platform.

    Q: What trading platform does ELAN FINANCIAL use?

    A: ELAN FINANCIAL utilizes the MetaTrader 4 (MT4) trading platform, known for its user-friendly interface and robust features.

    Q: Is ELAN FINANCIAL regulated?

    A: ELAN FINANCIAL holds an Investment Advisory License regulated by the Financial Conduct Authority (FCA) in the United Kingdom.

    Q: What is the minimum deposit requirement for ELAN FINANCIAL accounts?

    A: The minimum deposit varies by account type - $100 for Standard, $200 for Islamic, and $1,000 for ECN accounts.

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    FX1565211327
    more than one year
    ELAN FINANCIAL has become non-operational for almost two months now, with no withdrawal options and no customer support available. Despite the platform's apparent issues, finding negative news online is surprisingly difficult. I'm unable to retrieve my funds, and there's no information or progress on the situation. It's a concerning experience with no clear resolution in sight.
    2023-12-20 19:08
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