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
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
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.
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:
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.
See the trading platform comparison table below:
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
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.
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)
