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Elite Finance Forex Review - is it scam or safe?

Elite Finance Forex review - Is elitefinfx.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz Elite Finance Forex
Elite Finance Forex is an offshore broker. Your money is not safe.

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Elite Finance Forex claims to be a forex and CFD broker, but basically offers to manage your account on your behalf. The practice is highly controversial and is avoided by all legit brokers as it basically implies conflict of interest. On top of that Elite Finance Forex is not regulated by the Finance Conduct Authority (FCA) in the UK, where it is based.

 

Elite Finance Forex Advantages:

 

MetaTrader5 supported

 

One of the few positive points about Elite Finance Forex is probably the fact they support the MetaTrade5 platform. We say probably, because we were not able to download the platform and open a demo account. Anyway MT5, along MetaTrader4 is one of the most widely used trading platforms, preferred by professional and beginner traders alike. It has over 80 in-build market indicators and customizable trading bots, with which one can run automated trading sessions. And besides, the platform has excellent charting tools, so here you may check our list of brokers, offering MetaTrader5 as well:

 

>>MT5 brokers<

 

You can invest just 10 USD

 

We should mark this as a positive point as well – the minimum deposit requirement is just 10 USD, although some big well established brokers like FBS and IG do not have a minimum deposit requirement at all.

 

Elite Finance Forex Disadvantages:

 

No license

 

To start with Elite Finance Forex does not have a forex license to provide financial services in the UK or any other regulated market for that matter. The company behind the broker Elite Finance Forex Limited  is registered in the UK, but is not authorized by the Finance Conduct Authority as we already noted. 

 

Have in mind that trading with unregulated brokers is highly risky as most often than not such entities are involved in scam.

 

Properly regulated brokers on the other hand do guarantee the safety of your funds because of the strict regulatory oversight they are subject to.

 

And besides, with a FCA broker you will have the additional protection of a client compensation fund – basically your funds will be insured up to 50 000 GBP, and you will not have to worry about whether you will be able to withdraw even in the unlikely case your broker files for bankruptcy. Here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

The broker is offering managed accounts

 

Elite Finance Forex is offering to manage your money for 180 days – yes you will not be able to withdraw for that period – and they promise you returns of over 500%. 

 

 

Apart from the fact that such profits are highly unrealistic, you should bear in mind that the concept of a managed account with a forex broker is flowed by default.

 

 

The problem is that almost all forex, CFD and binary options brokers, with the exception of few really big international brokers that partner with big investment banks, act as market makers. That means the broker makes money when traders lose and vice versa. So if you let a broker manage your account, the broker will have the incentive to mismanage your money – in other words “to lose them for them selves”.

 

Unusual withdraw conditions

 

We already mentioned that. If you deposit money with Elite Finance Forex you will not be able to withdraw for at least 180 days. 

 

Financial pyramid style bonus scheme

 

That is also something we should note. Elite Finance Forex offers bonuses, which can be payed to you only if you bring more people into the scheme. That is called old style financial pyramid:

 

 

No credit card payments or payments with popular e-wallets like Neteller and Skrill

 

For the moment Elite Finance Forex accepts payments solely with bitcoins, although on a latter stage they say would be accepting some e-wallets like Payeer and Perfect Money. 

 

No credit cards like VISA and MasterCard are accepted and that is notable, because in case you are scammed you can always file for a charge back with you credit card provider. No payments with Skrill are accepted either and that is also worth noting, because recently Skrill adopted a new anti scam policy, according which only brokers, holding legit licenses will be able to offer Skrill to their clients - at least on regulated markets like EU.

 

Conclusion:

 

It is pretty obvious to us that Elite Finance Forex is trying to run a scam scheme, so we will repeat our general advise in such cases – trade only with brokers holding legit licenses by official regulators such as the FCA in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

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Traders` reviews for Elite Finance Forex

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Beware of EliteFinFX

I invested with EliteFinFX about 9 months ago.
In that time frame, I had cause to contact support on a couple of occasions. Most recently, it will be two weeks this Wednesday with this being Monday that I contacted them with a simple request. No response!
They tout they pay out 15% per month. That is a total bogus claim! If they are paying 1% per month, you're lucky!
They are transitioning over to a new way of doing business. Instead of paying out via bitcoin as before, they have invoked their own cryptocurrency. RED FLAG! This will help delay paying out cash because all of their payouts will be in their cryptocurrency. And you can't trade it anywhere!
I requested to withdraw my money and close my account. Surprise! No response.
Please, please, please.....DO NOT INVEST in this scam. They are not licensed as a financial institution. BIG RED FLAG!
They are desperate for new investors to keep their ponzi scheme going.
Just beware of this scam! Find something more creditable to invest in.
YOU'VE BEEN WARNED!

Dennis Sorensen 08/12/2019

Elite Finance Forex is not regulated

As you mentioned about Elite Finance Forex that is not registered at FCA. I asked admin in the EliteFinFX Telegram group if they got authority from FCA in UK and then they banned my nick and now I can not join back this group anymore.

This Elite Finance Forex site is scamming people. Pls alert to people,

Thanks!
Chan

Chan 06/01/2019
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