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ELXI Markets Review - Is it scam or safe?

ELXI Markets Review - Is it scam or safe?

RATING: 3 / 0 REVIEWS ELXI Markets
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Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads 
Standard $100 0.01   1:200 from 0.8 pips on EUR/USD 
Silver  $5000  0.1  1:200 from 0.7 pips on EUR/USD
Gold  $10000 0.1  1:200 from 0.6 pips on EUR/USD
Platinum  $25000  0.1  1:200 from 0 pips on EUR/USD + commission


Clients of ELXI Markets can sign up for one of 4 basic account types, all of which offer floating spreads with No Dealing Desk (NDD) execution and leverage up to 1:200. All accounts except the Platinum one are commission-free.


In addition, ELXI Markets` clients of Islamic belief may opt for Sharia (Islamic) account, which offers interest free swaps on GBP, CAD, CHF, EUR, JPY, XAG and XAU against the dollar and each other.


The Company. Security of Funds


ELXI Markets is a London-based firm, which acts as an introducing broker of Hantec Markets. ELXI Markets provides online financial trading in forex and various CFDs on the most popular trading platform – MetaTrader 4.

The brokerage was founded in 2015 by Ali Homadi, the Managing Director of the Homadi Group of Companies, and Jason Gibson, who was Head of Trading and Sales at TradeNext after having worked at ETX Capital and AxiTrader UK.


Elxi Markets is a trading name of Elxi Limited, an Appointed Representative of Hantec Markets Limited, a company authorised and regulated by the Financial Conduct Authority.


FCA is famous for the strict rules and supervision it applies to license holders. For example, UK-based brokers are obliged to hold at least €730 000 in order to prove their financial stability. What is more, they are subject to the client money rules set by UK’s financial watchdog and are required to keep all client money separated from the company`s own funds into segregated accounts. Licensed companies are also obliged to report to the commission on a regular basis and adhere to a number of standards and procedures.


What is probably most important with regard to safety of funds invested in FCA-regulated firms is the Financial Services Compensation Scheme (FSCS) coverage. In the event of company insolvency, FSCS is able to cover your investment loss up to a maximum of £50,000.


Trading Conditions


Minimum Initial Deposit
The minimum deposit for opening or maintaining a trading account with ELXI Markets is $100, which is average for the market. However, a number of renown FCA-regulated brokerages require less: HYCM demands $50, and Z.com (part of Japanese giant GMO Click) has set no minimum initial deposit, so traders may open an account with just $1. 


Average spreads & Commissions
ELXI Markets offers floating spreads, which vary by account category. The average ones on the Standard account amount to around 1.0 pips on EUR/USD and involve no commission, which is quite competitive pricing.


In comparison, FCA-regulated Trading212 cites as typical a spread of 0.9 pips on EUR/USD on its commission-free accounts. For further information, you may look up and compare real-time spreads of 15 leading brokers may be viewed here


Leverage
The maximum leverage rates at ELXI Markets are up to 1:200. Such leverage is considered standard, although most brokers usually offer higher leverage rates. For instance, leading broker FxPro, holding licenses from both FCA and CySEC, provides leverage up to 1:500. You may look up more forex brokers offering leverage equal to or exceeding 1:500 here.


Keep in mind that higher leverage ratios involve greater risk of losses, which may even exceed initial deposits.


Trading Platform


When trading with ELXI Markets, you will be offered the most popular front-end application in the industry - MT4, available as mobile and desktop versions. It provides all the necessary tools and resources to analyze price dynamics of financial instruments, make the trade transactions, or create and use automated trading strategies (EAs). Here is a list of more forex brokers offering MT4 platform.


Methods of Payment


Clients of ELXI Markets can make deposits to and withdrawals from their accounts via credit/debit cards, bank wire, Skrill, and WorldPay.


Accepted currencies: USD, EUR, GBP.


Conclusion


ELXI Markets is an introducing broker with strong regulation, offering trading in various currency pairs and CFDs on MT4 with NDD execution. In a nutshell, here are the advantages and disadvantages with regards to this broker:

 

Pros  Cons
FCA-regulated Doesn’t have a license of its own
MT4 available No choice of trading platforms
Competitive spreads  
NDD execution  

 

Latest news about ELXI Markets
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Traders` reviews for ELXI Markets

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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