Overview of Element
Element is a brokerage firm based in the United States and established within the past year. The company operates under the name “Element” and currently lacks valid regulation. The minimum deposit requirement is not specified, leaving potential traders uncertain about the initial investment needed to open an account. However, Element offers a maximum leverage of 1:500, allowing traders to control larger positions with a smaller amount of capital.
In terms of trading platforms, Element supports the popular MetaTrader 5 (MT5) platform, which provides advanced trading tools and features for a seamless trading experience. Traders can access a diverse range of tradable assets, including stocks, futures, crude oil, gold, Bitcoin, and various currencies.
Element offers two main account types: the Demo Account and the Live Account. The Demo Account is a valuable tool for traders to practice their strategies and familiarize themselves with the trading platform without risking real money. On the other hand, the Live Account is designed for traders ready to engage in real-money trading.
Customer support is available through online chat, although some traders may experience delays in response time due to potential time zone differences or limited service hours. The specific payment methods accepted by Element are not specified, which may create some uncertainty regarding funding and withdrawal options.
Pros and Cons
Element offers several advantages to traders, including the availability of a demo account for practicing trading, a wide range of tradable assets, and the high maximum leverage of 1:500 is another attractive feature. The support of the MT5 trading platform also offers advanced trading tools and features.
However, one notable concern is the lack of valid regulation, which can be considered as the biggest potential risk. Additionally, Element does not specify a minimum deposit requirement, which can make it difficult for traders to gauge the initial investment needed to open an account. The lack of transparency on spreads and fees is another limitation. Furthermore, some traders may find the slow responsiveness of the customer support team to be a hindrance, especially if timely assistance is required.
Is Element legit or a scam？
Element claims to be entwined with the esteemed National Futures Association (NFA) in the United States. However, upon closer inspection, it becomes apparent that this broker's embrace of the NFA license is but an illusion.
User Experience of Element
TTraders may have varying opinions and experiences when interacting with the brokerage. Factors such as platform usability, customer support responsiveness, available trading tools, and overall satisfaction can shape the user experience.
Some users may find the platform to be visually appealing and easy to navigate, with a user-friendly interface that allows for smooth trading operations. The availability of the popular MT5 trading platform offers convenience and flexibility to traders, enabling them to access their accounts and execute trades from various devices.
However, it is important to note that there may be mixed reviews regarding the user experience of Element. Some users might express concerns about the lack of clear and detailed information on the website, particularly in areas such as spreads, fees, and payment methods. And its slow customer support service adds much inconvenience for clients who need to address their problems instantly.
Market Intruments
Element offers a wide range of market instruments, allowing traders to diversify their investment portfolios and explore various trading opportunities. The broker provides access to a selection of popular financial instruments, including stocks, futures, crude oil, gold, Bitcoin, and currencies.
By offering stocks, Element enables traders to participate in the equity markets and invest in shares of well-known companies.
Futures trading is another prominent feature offered by Element, allowing traders to speculate on the future price of commodities, indices, or currencies.
For those interested in the energy sector, Element offers the opportunity to trade crude oil.
Precious metals enthusiasts can engage in trading gold, a popular safe-haven asset known for its value and stability. Trading gold allows individuals to hedge against market volatility or take advantage of price fluctuations.
Element also caters to cryptocurrency traders by including Bitcoin among its market instruments. This digital asset has gained significant attention in recent years, offering potential for high volatility and speculative trading opportunities.
Lastly, Element provides access to a wide range of currency pairs, allowing traders to engage in forex trading.
Account Types
Element offers a demo account and a live account for traders to choose from. The demo account is an ideal option for those who wish to practice their trading strategies and explore the platform's features without risking real funds. With a virtual capital of $100,000, traders can simulate real market conditions and gain valuable experience in a risk-free environment.
On the other hand, the live account is designed for traders who are ready to engage in real-money trading. By opening a live account, traders can access the full suite of trading features and instruments available on the Element platform. However, it's important to note that specific details regarding account types beyond the demo and live accounts are not explicitly provided on the website, suggesting that these two options are the primary offerings currently available.
Traders interested in opening a live account will need to deposit a minimum amount, which may vary depending on the account type and the trader's geographical location. It's recommended to review the specific account requirements and conditions provided by Element to ensure compliance with their policies.
It's worth mentioning that all bids on Element are settled in USD transactions, meaning that the base currency of the trading accounts is fixed and can not be changed by clients. This information is important for traders to consider, as it influences their trading activities and account management on the platform.
How to open an account？
Opening an account with Element can be done in just a few simple steps:
Visit the official website: Access the Element website using a web browser.
Click on “Real fund account”: Look for the designated button or link to initiate the account opening process.
Fill in the registration form: Provide the required personal information, such as your full name, email address, and contact number.
Read and accept the terms and conditions: Take the time to review the terms and conditions presented by Element and agree with them.
Submit the registration form: After completing the form, submit it for review and await confirmation of your newly opened account.
Once your account is approved, you will be able to proceed with funding it and start your trading journey with Element.
Leverage
Element offers flexible leverage options, ranging from 1:100 to 1:500, providing traders with the opportunity to amplify their trading positions. Leveraging allows traders to control larger market positions with a smaller amount of capital, enhancing their potential for profits.
For instance, a leverage ratio of 1:100 enables traders to control positions worth up to 100 times their available capital. This means that with just $1 of capital, traders can open positions worth up to $100. Similarly, a leverage ratio of 1:500 allows traders to control positions worth up to 500 times their capital.
High leverage ratios, such as those offered by Element, can be attractive to traders looking to maximize their potential profits. With higher leverage, traders can take advantage of small price movements in the market to generate substantial returns. However, it is important to note that leverage is a double-edged sword. While it amplifies potential gains, it also magnifies losses.
Spreads & Commissions (Trading Fees)
When discussing the spreads and commissions offered by Element, it is important to highlight that there is limited transparency regarding this aspect on their official website. While the broker asserts that their product spreads are significantly lower than the industry average, it is advisable to approach these claims with a discerning mindset.
The lack of specific figures or comprehensive details makes it difficult to fully assess the accuracy and credibility of the broker's statements. It is plausible that the emphasis on competitive spreads is primarily intended to entice prospective clients or serve as a promotional strategy. Nonetheless, the absence of clear and verifiable information introduces an element of uncertainty.
Trading Platform
Element stands out by offering the highly regarded MetaTrader 5 (MT5) trading platform to its traders. Renowned for its advanced features and comprehensive trading tools, the MT5 platform provides a seamless and intuitive trading experience. Traders can take advantage of its user-friendly interface, powerful functionality, and extensive charting capabilities.
With the MT5 platform, traders gain access to a wide range of technical analysis tools, indicators, and charting options. This empowers them to conduct thorough market analysis, identify trading opportunities, and make well-informed decisions. The platform supports various order types, including market orders, limit orders, and stop orders, enabling traders to execute trades with precision and flexibility.
One notable advantage of Element's MT5 platform is its versatility. Traders can conveniently trade multiple financial instruments, such as stocks, futures, crude oil, gold, Bitcoin, and currencies, all from a single interface. This streamlines the trading process, eliminates the need for multiple platforms, and enhances overall efficiency.
The MT5 platform also caters to traders who utilize automated trading strategies. Through the use of expert advisors (EAs), traders can automate their trading decisions, execute trades based on predefined rules, and take advantage of market opportunities without constant manual monitoring. This feature enhances convenience and allows traders to explore different trading styles.
Deposit & Withdrawal
When it comes to the deposit and withdrawal processes at Element, it is unfortunate that the broker's platform lacks clarity and detailed information. The lack of transparency regarding the methods, fees, and processing times for these financial transactions may raise concerns for potential clients. It is crucial for traders to have a clear understanding of the available payment methods, any associated fees, and the expected processing times to make informed decisions and manage their funds effectively. It is advisable for traders to reach out to Element's customer support or consult the broker directly to obtain accurate and up-to-date information regarding the deposit and withdrawal procedures.
Customer Support
Element offers customer support through online chat, allowing traders to instantly connect with their support team. However, it's worth noting that the responsiveness of customer support staff may occasionally be affected by factors such as time zone differences or service hours.
Traders can also reach out to Element's customer support team by sending an email to support@elementrader.com. However, the reliance on email may present certain limitations in terms of immediate assistance and real-time communication. Unlike brokers that provide phone support or live chat options, Element's customer support response may take longer due to the nature of email correspondence.
To assist their clients, they offer a basic section on their platform that addresses basic common problems. This section serves as a resource where clients can find answers and solutions to their queries without the need for immediate assistance from customer support. Additionally, the availability of a demo account provides an opportunity for users to practice and test their trading strategies without risking real funds.
Conclusion
In conclusion, Element is a relatively new brokerage firm operating in the United States. While it offers advantages such as a wide range of tradable assets, support for the popular MT5 platform, and the availability of a demo account, there are certain aspects that require careful consideration. The lack of valid regulation raises concerns about the company's credibility and oversight. Additionally, the absence of specified minimum deposit requirements and limited information on spreads may leave potential traders uncertain about the financial commitments involved. Customer support, although available through online chat, may suffer from delays in response times. Furthermore, the lack of direct phone support adds to the limitations in terms of accessible assistance.
FAQs
Q:Is Element a regulated broker？
A:No, Element is not regulated by any regulatory authority.
Q:What assets can I trade on Element？
A:Element offers a range of tradable assets, including stocks, futures, crude oil, gold, Bitcoin, currencies, etc.
Q:Does Element provide a demo account？
A:Yes, Element offers a demo account for users to practice trading strategies and familiarize themselves with the platform.
Q:What payment methods are accepted by Element？
A: Element does not specify the accepted payment methods on their website.
Q:What is the maximum leverage offered by Element？
A: Element provides a maximum leverage of 1:500 for trading.
Q:Does Element offer managed accounts？ If so, what is the minimum deposit and fees？
A: This broker does not offer managed accounts at the moment. But they have a multi-account management system.
2023-12-07 12:17
2023-12-06 14:06
