Overview of Elite Trade FX
Elite Trade FX, established in the United Kingdom in 2020, offers a wide array of trading assets, including forex pairs, commodities, indices, and cryptocurrencies. Its user-friendly platform, MetaTrader 5, facilitates seamless trading experiences. Leverage of up to 1:400 is available, offering potential for amplified trading opportunities.
However, the platform operates without regulation, raising concerns about investor protection and platform integrity. Traders may face higher risks due to the absence of regulatory oversight. Nonetheless, Elite Trade FX's transparent fee structure ensures clarity in trading costs, benefiting traders seeking straightforward fee management.
Is Elite Trade FX legit or a scam？
Elite Trade FX operates without regulation from any financial authority. This lack of oversight can lead to uncertainties regarding the platform's adherence to industry standards and investor protections. Traders may face higher risks due to the absence of regulatory safeguards, impacting their confidence in the platform's integrity and the safety of their investments. Without regulatory oversight, traders may also encounter challenges in resolving disputes or seeking recourse in case of malpractice or financial irregularities.
Pros and Cons
Pros:
Diverse Range of Assets: Elite Trade FX offers a diverse selection of assets for trading, including forex pairs, commodities, indices, and cryptocurrencies. This variety allows traders to explore different markets and diversify their investment portfolios, potentially maximizing trading opportunities.
User-friendly MT5 Platform: The MetaTrader 5 (MT5) platform provided by Elite Trade FX is known for its user-friendly interface and intuitive design. Traders can easily navigate the platform, execute trades, and access a range of analytical tools and indicators to enhance their trading experience.
Leverage up to 1:400: Elite Trade FX offers leverage of up to 1:400, allowing traders to amplify their trading positions with a relatively smaller amount of capital. This can potentially increase trading opportunities and potential returns for traders who understand and manage leverage effectively.
Cons:
Unregulated: Elite Trade FX operates without regulation from any financial authority. This lack of oversight raises risks regarding investor protection and platform integrity. Traders may face higher risks due to the absence of regulatory safeguards, impacting their confidence in the platform's reliability and the safety of their investments.
High Fees: Elite Trade FX may impose high fees compared to other brokers, including spreads, commissions, and withdrawal charges. These fees can diminish traders' profits and potentially affect their overall returns, especially for frequent traders or those with smaller account sizes.
Limited Customer Support: Traders may encounter limited customer support from Elite Trade FX, potentially leading to delays or challenges in resolving issues or inquiries.
Limited Trading Tools: The trading platform provided by Elite Trade FX may offer limited trading tools and features, restricting traders' ability to conduct in-depth analysis and execute complex trading strategies. Traders may miss out on advanced charting tools, technical indicators, and customization options available on other platforms, limiting their trading capabilities.
Market Instruments
Elite Trade FX primarily focuses on providing currency exchange services for businesses and individuals, not direct trading for speculative purposes.
Major Currency Pairs:
Elite Trade FX deals with major currency pairs, including EUR/USD, USD/JPY, GBP/USD, and others. They offer competitive exchange rates for these commonly traded currencies.
Emerging Market Currencies:
Customized Solutions:
Elite Trade FX can provide tailored foreign exchange solutions for businesses with complex currency exchange requirements. This could involve forward contracts, hedging strategies, and other risk management tools.
Account Types
Elite Trade FX provides 3 account types for the users as below:
The ECN Pro + Commission account type offered by Elite Trade FX provides traders with a maximum leverage of 1:200, making it suitable for those seeking amplified trading opportunities. With a minimum deposit requirement starting from $1000 and above, this account caters to traders with a moderate to substantial capital base. Featuring spreads ranging from up to 1 pip and support for Expert Advisors (EAs), this account appeals to individuals who prioritize flexibility and advanced trading strategies, willing to pay commissions for potentially tighter spreads and enhanced trading conditions.
Similarly, the ECN Pro Premium account at Elite Trade FX maintains a maximum leverage of 1:200 and a minimum deposit requirement of $1000 and above. With spreads starting from up to 1 pip and compatibility with Expert Advisors (EAs), this account type suits traders seeking competitive trading conditions with a moderate capital investment. It appeals to individuals who value reliability and efficiency in their trading activities, offering access to a range of financial instruments and market opportunities within a controlled risk environment.
On the other hand, the Mini Benchmark account type targets traders with a more significant capital base, requiring a minimum deposit starting from $5000 and above. With a maximum leverage of 1:200 and spreads ranging from up to 2 pips, this account offers a balanced approach to trading, appealing to individuals seeking a conservative yet diversified investment strategy. It suits traders who prioritize risk management and stability in their trading endeavors, providing access to a variety of assets and trading tools to support their financial objectives.
Leverage
The maximum leverage offered by Elite Trade Fx is 1:400. Leverage allows traders to control larger positions in the market with a relatively smaller amount of capital. A leverage ratio of 1:400 means that for every $1 in the trader's account, they can control up to $400 worth of positions.
Spreads & Commissions
Elite Trade Fx offers competitive spreads and commissions across its account types. The spreads typically vary depending on the account type chosen by the trader.
For example, the ECN Pro + Commission account may feature spreads starting from as low as 0.1 pips, coupled with a commission fee charged per lot traded.
On the other hand, the Mini Benchmark account might have spreads starting from around 1.5 pips, without additional commission charges.
Trading Platform
Elite Trade Fx exclusively offers the MetaTrader 5 (MT5) trading platform to its traders.
MT5 is a widely recognized and established platform known for its advanced trading capabilities and user-friendly interface. With MT5, traders have access to a comprehensive suite of trading tools, including advanced charting features, technical analysis tools, and customizable indicators. The platform supports various order types, allowing traders to execute trades efficiently and effectively.
Additionally, MT5 offers access to a wide range of financial instruments, including forex, commodities, indices, and cryptocurrencies. Its multi-asset functionality makes it suitable for traders with diverse investment preferences.
Deposit & Withdrawal
Elite Trade Fx provides traders with a variety of payment methods for both deposits and withdrawals.
These options include Skrill, Neteller, WebMoney, PerfectMoney, bitcoin, Visa, Maestro, Wire Transfer, and Local Deposit.
This diverse selection caters to the preferences and convenience of traders, allowing them to choose the method that best suits their needs and circumstances. Whether traders prefer traditional banking methods like wire transfers or digital payment platforms like Skrill and Neteller, Elite Trade Fx ensures accessibility and flexibility in funding and withdrawing from their trading accounts.
Customer Support
Elite Trade Fx provides customer support via phone and email.
Traders can reach out to the support team at +447452371287 or through email at support@elitetradefx.comfor assistance with their trading inquiries, account-related issues, or any other concerns they may have. While specific details regarding the responsiveness and effectiveness of the support provided are not available, traders can expect to receive timely assistance and guidance from the Elite Trade Fx support team to address their needs and queries regarding the trading platform and services offered.
Exposure
Users' exposure to Elite Trade FX indicates instances of dissatisfaction and frustration with the platform's services.
One user experienced delays and lack of communication regarding fund transactions, highlighting deficiencies in the platform's customer support system. Despite attempts to address concerns via email and phone, the user encountered unresponsiveness, exacerbating the situation.
Another user expressed allegations of fraudulent practices, claiming that their withdrawal request led to pressure from the account manager to deposit more funds, ultimately resulting in the closure of their account.
Such experiences underscore potential risks and challenges faced by traders on the platform, impacting their trust and confidence in Elite Trade FX. These instances may deter traders from engaging further with the platform, affecting its reputation and credibility in the trading community.
Conclusion
In conclusion, Elite Trade FX presents traders with a mixed bag of advantages and disadvantages. On one hand, the platform offers a diverse range of trading assets and leverages up to 1:400, potentially amplifying trading opportunities. Additionally, its user-friendly MetaTrader 5 platform ensures ease of navigation for traders.
However, the absence of regulation poses significant risks to traders, leading to concerns regarding investor protection and platform reliability. Limited customer support availability further exacerbates potential issues, hindering traders' ability to address urgent concerns promptly.
FAQs
Q: What trading assets does Elite Trade FX offer？
A: Elite Trade FX offers a diverse range of assets, including forex pairs, commodities, indices, and cryptocurrencies.
Q: What is the maximum leverage available？
A: The maximum leverage available on Elite Trade FX is up to 1:400.
Q: What deposit methods are accepted？
A: Elite Trade FX accepts various deposit methods, including Skrill, Neteller, WebMoney, PerfectMoney, Bitcoin, Visa, Maestro, Wire Transfer, and Local Deposit.
Q: Is Elite Trade FX regulated？
A: No, Elite Trade FX is not regulated by any financial authority.
2024-02-01 10:15
2022-12-14 16:57
