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Elite FX

United Kingdom|5-10 years|
MT4 Full License|Regional Brokers|High potential risk|

http://elite-fx.biz/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

1
Server Name
EliteBrokers-Server MT4
Server Location United Kingdom

Contact

info@elite-fx.biz
http://elite-fx.biz/

Licenses

No valid regulatory information, please be aware of the risk!

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

Single Core

1G

40G

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Contact number

Broker Information

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Company Name

Elite Financial Brokers

Company Abbreviation

Elite FX

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

Expose

Check whenever you want

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Warning: Low score, please stay away!
Previous Detection : 2024-06-18
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

WikiFX Verification

Elite FX · WikiFX Survey

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Elite FX · Company Summary

Note: At this time, we only have a cursory look at Elite FX as the company's official website (https://elite-fx.biz/ ) does not open properly.

Risk Warning

There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved. Therefore, you should consider carefully whether or not this sort of investment activity is right for you.

The information presented in this article is intended solely for reference purposes.

General Information

Elite FX Review Summary in 10 Points
Founded N/A
Registered Country/Region United Kingdom
Regulation No license
Market Instruments N/A
Demo Account N/A
Leverage 1:500
EUR/USD Spread Fixed from 3.0 pips
Trading Platforms MT4
Minimum deposit N/A
Customer Support email

What is Elite FX?

Elite FX is registered in the United Kingdom and appears to be a fraudulent broker without any credible regulation, with a history of no more than 5 years. Unfortunately, we could not find any more detailed information about this broker on the internet. Therefore, we recommend that you do not deal with such a low-information broker right off the bat and always consult WikiFX to get at least a basic understanding of a broker.

When choosing a forex broker, you should know that a regulatory license does not necessarily guarantee the reliability of a broker as it may be an expired or cloned regulatory license, but a broker without any regulatory license has a high probability of being unreliable.

Pros & Cons

Pros & Cons
Pros Cons
• Multiple account types offered • No regulatory license
• Leverage up to 1:500 for all account types • No segregated accounts
• Supports MT4 trading platform • Website is unavailable
• Islamic (swap-free) accounts available • Scam exposures from their users
• Wide fixed spreads (3 pips)
• Limited payment options (only Bank Transfers)
• High minimum deposit requirement for some account types

Elite FX Alternative Brokers

    There are many alternative brokers to Elite FX depending on the specific needs and preferences of the trader. Some popular options include:

    • AvaTrade - a reliable broker with competitive trading conditions and a wide range of markets and trading platforms;

    • Swissquote - a well-regulated broker with a solid reputation and a wide range of trading products and innovative technologies;

    • HotForex - a popular broker that offers low spreads, multiple account types, and a wide range of trading instruments.

Is Elite FX Safe or Scam?

Elite FX does not have a regulatory license, does not offer segregated accounts, and there are scam exposures from their users. Additionally, their website is currently unavailable. These factors raise concerns about the safety and legitimacy of Elite FX. Without proper regulation and security measures, there is a higher risk of fraud and financial loss. Therefore, it is advisable to exercise caution and consider alternative brokers with a better reputation for safety and reliability.

Market Instruments

As the website of Elite FX is currently unavailable, it is not possible to provide specific information about the market instruments offered by the broker. However, it is common for brokers to offer a range of financial instruments for trading, including forex, commodities, indices, and shares. As Elite FX offers trading through the MT4 platform, it is likely that clients are able to trade a variety of financial instruments through this platform. However, without access to their website or further information, it is not possible to provide a more detailed analysis of Elite FXs market instruments.

Accounts

Elite FX offers three account types - Micro, Mini and Standard. The minimum deposit for the Micro account type is unknown, while the Mini account requires a minimum deposit of $2,000 and the Standard account requires a minimum deposit of $5,000. The broker also offers swap-free (Islamic) accounts for those who follow Shariah law. The availability of multiple account types allows traders to choose an account that best suits their trading needs and budget. However, the lack of information regarding the minimum deposit for the Micro account type may be a concern for some traders.

Leverage

Elite FX offers a maximum leverage of 1:500 for all account types. This high leverage can be attractive to traders looking to amplify their potential profits, as it allows them to control a larger position with a relatively small amount of capital. However, it also increases the risk of large losses, especially for inexperienced traders. It is important for traders to understand the risks associated with high leverage and to use it judiciously.

Leverage

Spreads & Commissions

Based on the information provided, Elite FX offers fixed spreads starting from 3 pips on EUR/USD pair for all account types. It is important to note that while fixed spreads may provide traders with predictability, they may also be wider than variable spreads. Elite FX does not provide information on commission charges, which could impact the overall cost of trading. It is recommended that traders carefully review all fee structures before opening an account with Elite FX.

Below is a comparison table about spreads and commissions charged by different brokers:

Broker EUR/USD Spread Commission
Elite FX 3 pips N/A
AvaTrade 0.9 pips None
Swissquote 1.4 pips None
HotForex 1.2 pips None

Note: Spreads and commissions may vary depending on the account type, trading platform, and market conditions.

Trading Platforms

Elite FX supports the popular MetaTrader 4 (MT4) trading platform, which is widely used by traders worldwide. MT4 is known for its user-friendly interface, advanced charting capabilities, and wide range of trading tools and indicators. The platform also offers the ability to create and use automated trading strategies through the use of expert advisors (EAs). MT4 is available for download on desktop and mobile devices, allowing traders to access their accounts and trade on-the-go. Overall, MT4 is a reliable and robust trading platform that provides traders with a comprehensive trading experience.

MT4

See the trading platform comparison table below:

Broker Trading Platforms
Elite FX MetaTrader 4
AvaTrade MetaTrader 4, AvaTradeGo, DupliTrade, ZuluTrade
Swissquote MetaTrader 4, Advanced Trader, WebTrader
HotForex MetaTrader 4, MetaTrader 5, HotForex WebTrader

Note: Some brokers may offer additional trading platforms that are not listed above. The table above only lists the main trading platforms offered by each broker.

Deposits & Withdrawals

Elite FX offers limited deposit and withdrawal options, as the broker only supports Bank Transfer. Unfortunately, there is no information available about the minimum deposit requirement or the fees associated with deposits and withdrawals. It is recommended to contact Elite FX's customer support team for more details before making any transactions.

Elite FX minimum deposit vs other brokers

Elite FX Most other
Minimum Deposit N/A $100

Customer Service

Based on the information available, Elite FX appears to only offer email (info@elite-fx.biz) support for their clients, which may not be sufficient for traders who require timely and efficient support. The lack of other support channels such as phone or live chat may also be a disadvantage for clients who need urgent assistance. It is important to note that the quality and responsiveness of the email support cannot be determined without further information or personal experience.

User Exposure

On our website, you can see that some users have reported scams. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

User Exposure

Conclusion

In a word, it is difficult to recommend Elite FX as a reliable and trustworthy broker due to the lack of regulatory oversight, no information on market instruments, unavailable website, and negative reviews from users. While Elite FX does offer a variety of account types and high trading leverage, the lack of transparency and security measures raises red flags. It is important to thoroughly research and consider a broker's reputation and regulation before making any investment decisions.

Frequently Asked Questions (FAQs)

Q 1: Is Elite FX regulated?
A 1: No, it is currently not effectively regulated and you are advised to be aware of its potential risks.
Q 2: Does Elite FX offer the industry-standard MT4 & MT5?
A 2: Yes. Elite FX supports MT4.
Q 3: Is Elite FX a good broker for beginners?
A 3: No. Elite FX is not a good choice for beginners. Not only because of its unregulated condition, but also because of its inaccessible website.

User Reviews

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Comments

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okjn
more than one year
The chart froze again just as news was coming out. Frustratingly, this has happened multiple times, resulting in a loss of over 1500 euros once. Customer support didn't help at all. So, 2 stars. It's not the app itself but Elite FX causing the issue. It's impossible to trade or read charts on the app. The only fix is a refund for the losses due to poor service.
2024-03-25 02:38
Reply
0
0
岁月你慢点
more than one year
The website of this scam company can no longer be opened, and there are still hundreds of dollars in my account that was frozen by them for no reason, and I can't withdraw it until now. I give up and just use the money to buy a lesson.
2023-02-22 11:08
Reply
0
1
Xie82817
more than one year
They tricked me into opening an account on their platform, and I deposited some money into the account. Then not long after, suddenly one day I found out that my account could not be logged in, and they blocked my account. It didn't take long for them to shut down the site. I wondered, am I the last victim of being deceived by them? Or is it normal to shut down websites and platforms, and after a while, they will all return to normal and continue to scam?
2022-11-30 14:36
Reply
0
0
施施
more than one year
They are so scammers. When I wanted to withdraw my rest $880 after several losses, they were so shameless to ask me to pay extra exit fees, that was how they named this thing, or they deducted 20%, that was $800 as a service fee. Robbers! Never, never, never, gonna trade with these guys!!!
2022-11-29 18:22
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0
0
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