EliomFX – Another SVG-Incorporated and Unlicensed Brokerage Entity

The very first look at this broker’s website suggests lack of information when it comes to the general trading conditions and legal documentation. Right after that come glittery promises of the bright financial future that awaits you there. All you have to do is make a “small” investment that is several hundred times higher than the industry average.

On top of that, it’s a question if you can trade anything at all, given that the web trader is hardly reliable as the advanced stand-alone software. And even then you’re not sure if whatever profit you make on it is real, considering the fact that EliomFX is a SVG company, opened at the end of 2022, without a valid brokerage certificate. No big deal, right? Or is it that just EliomFX acts as if it isn’t?

However, worry not, as our EliomFX review is here to bring the truth to light and expose this corrupted firm in their evil deeds.

Is Eliom FX Legit or Scam?

The Eliom FX legal status is very questionable, to say the least. The SVGFSA database has their info about incorporation, but it’s very well known that this regulator doesn’t supervise brokers anymore. So you can assume why every other newly registered brokerage brand chooses exactly this location as their next home.�

When the main regulator in charge of licensing broker dealers in the area has altogether stopped doing so, anarchy driven by scammers and frauds may rule. We could suspect the same to be the case with Action Sure broker, that doesn’t reveal any location or address at all.

Following such trends, Eliom FX appears to be another one of those firms, without known leadership and any license to sell their products and services, whatsoever. We’ve made sure of that by checking the databases of FCA, ASIC, CySEC, BaFin, NFA and CONSOB. Eliom FX doesn’t show up in any of them, which leads us to believe this broker has never applied for a prestigious license.

Here it is important to mention why only brokers with a Tier 1 license could be trusted. Besides proving to be a stable and self-sustainable corporation, the firm also implements the highest security standards for clients’ deposits. They do so by enabling segregation of funds through separate bank accounts.�

Next in line are the measures for the purpose of reducing the level of clients’ exposure to trading risks. These measures are leverage ratio set at maximum 1:30 or 1:50 and negative balance insurance. Just for the comparison, let us direct your attention to the utterly illegal Eliom FX leverage of up to 1:300! No compensation funds, no transparency or transaction reporting further prove this firm to be an illicit entity. Eliom FX tries its best to push you into risky investments so you can lose!

Where Does EliomFX Mainly Operate?

It’s no secret that Eliom FX targets traders from more developed areas. Considering that their investment capabilities are greater, scammers are led by the thought of trying their luck in those countries. However, they forget that these states are also more heavily regulated. Unfortunately, that doesn’t stop EliomFX from offering unrealistic trading conditions by promising huge returns with very little effort. The list of countries most hit by the scam tactics of this firm is as following:

Personnel that EliomFX uses dirty strategies such as flatter and fake friendliness, or even acting out romantic interest. The single goal and motivation that drives such behavior from the swindlers is to get rich by not investing anything and to do so as quickly as possible. That’s why they’ve set their deposit requirement so high. So they can snatch that investment right in front of a trader and disappear with the snap of the fingers.�

Being unreluctant to then give back that investment, the fraudster keeps their anonymity for a reason. However, there’s always ways to do it, as long as you’re persistent like we are. So if you’ve been defrauded by this or any other sham, do contact us and we’ll secure your stolen capital before you know it.

Traders Reviews About EliomFX

Here comes the tricky part. If you’re a novice trader and not all that knowledgeable of the market flow and general circumstances, you might want to ask for opinions of other traders. And there’s nothing wrong with that. The downside to it is that you may not be completely aware how often it happens that newly registered firms without a proper license want to quickly build their reputation. Main strategy used for such purposes are fake reviews.�

Over a hundred user ratings of Eliom FX at TrustPilot imply that this company has great service in general. However, if you take a closer look at the stats, you can see most of the reviewers were invited or otherwise conditioned to write such feedback. We implore you to always run a double check on your broker with the jurisdictional authorities, and not blindly trust anything that strangers or bots post online.

Leverage, Commissions, Spreads, Fees and Taxes

We’ve already hinted at risks related to investing under excessively big leverage. The exposure to the risk itself proportionally grows with the leverage. Thus that being the main reason why EliomFX offers such a high exposure of up to 1:300.�

Because they represent an incognito, offshore firm, Eliom FX doesn’t explicitly say if they charge trading commission and how much it amounts to per lot traded. Spreads that should be visible from the inside the platform cannot be read on most of the pairs as these pairs are disabled and cannot be traded. Only a handful of instruments are actually available and the spreads on them are higher than the industry average.�

As for the other taxes and charges, Eliom FX holds their customers are solely responsible for covering all incurring fees. Terms and Conditions also state that there’s an annual maintenance fee of $50. Clients are also obligated to pay all the processing, conversion and transaction fees, as well.

Trading Features of Eliom FX

Conditions of trading, as well as the general features offered by EliomFX are not in the least attractive. Firstly, let us tell you that the single trading software is the MT4 webtrader. Then there’s such a poor instrument offer to choose from, it’s completely underwhelming. On top of that, there’s neither a wide range of personalized account types to pick between. Eventually, there’s just an option for the Demo account but that doesn’t fix the fact the rest of the offer is so bad and shallow.�

�Trading Platforms Available

As previously mentioned, the trading software enabled at EliomFX is the MT4 webtrader. Quite characteristic for scammers to go with this choice. What we’ve seen at EliomFX is even better than what most fraudsters these days use. FuturBTC is surely one of them.

Webtraders are commonly used by every other fraud for their structure that is easy to manipulate. That way, EliomFX controls the statistics shown in the platform and can mend with the values to show profit or loss. Whatever fits their devious strategy. Instead of exposing yourself to manipulation and financial abuse, we’d recommend you to choose a broker that enables prestigious platforms that have options for other devices.

Available Trading Assets

The choice of tradable asset groups at Eliom FX is not in any way impressive or attractive, either for retail traders or long-term investors. As a matter of fact, it appears no more than two dozen products are available. However, this is the information we could read directly from the Demo account on the MT4 web trader available. Perhaps the offer extends after you make an initial deposit. For a start, these are the financial instruments available for risk-free trading:

• Forex (AUD/USD, GBP/USD, USD/CAD, NZD/USD, USD/JPY)
• Crypto (BTC, ETH)
• Indices (UK100, SPA35, JAP225, ITA40)
• Commodities (Silver, Gold)
• Shares (Pepsi Co, Facebook, Microsoft, Bank of America, Apple, Amazon)

Account Types

The only two packages present at EliomFX are the live and the demo account. Registering for a live trading account will cost you a remarkable $5 000.�

Considering some broker powerhouses offer Micro accounts at $5, what this swindler demands is up to several thousand times more expensive than what we’d call affordable.�

Apart from that, the website doesn’t give any particular input on how the account works, what it features and why should the clients open an account with that broker specifically. All this can be taken as yet another evidence of this broker’s tendency to remain anonymous about every single aspect of their illicit conduct and limited offer.��

Demo Account

Surprisingly enough, Demo accounts are an available feature at EliomFX. Upon signing up and verifying your email address newcomers can choose trial-trading. The free margin you can pick goes up to $1 000 000 and you can use these virtual funds to buy and sell instruments during a limited time. The starting leverage is set to 1:100. As aforementioned, the range of trading instruments is quite poor and many given ones are disabled.�

Is Profit Withdrawal Possible?

The EliomFX withdrawal is a dreadful process to comprehend. Firstly, the trader has to go through the trouble of choosing the preferred payment option. But if they guess wrong, EliomFX, as stated in their Terms and Conditions, has the right to ask of the customer to pick another payment method. Such illegal actions against the funds’ safety and customers’ privacy are against any and all regulatory policies.�

At that, the broker denies any responsibility to partake in covering transaction fees. Clients who submit the withdrawal requests have to send in the appropriate documentation and pay every possible fee. Even then EliomFX claims to have the right to deny and reject any payout inquiry if they see it unfitting to their policies. These docs are completely fictitious and do not appear on the website.�

Those are just some of the examples of illegal brokerage agencies misusing the clients’ trust. Not only could they deny or reject the payout complaints, but they casually turn a cold shoulder if they do not find you any more useful for vulturing.�

Customer Support

Some of the more recurring problems that ex EliomFX users are having is difficulties communicating with the support team. This is not in the least shocking, as they’re only helpful and dedicated to victims as long as they have use of it. If the agent that was your best buddy finds out you have drained your bank accounts, they will just walk away without looking back. You could try tirelessly to call or send emails, but do not expect a reply.

The only way to contact the EliomFX support is via several emails. We doubt anyone even opens them, let alone reads any of the complaints and cries for withdrawals. You could also leave your ID info along with a phone number and the description of your problem. Dedicated and superbly diligent crew supposedly calls back immediately. Another claim we’re reluctant to believe. Unless, of course, you’re a brand new investor looking to spend thousands of dollars.

Key Information About EliomFX�

A highly suspicious and undoubtedly fraudulent-prone company, EliomFX, is an offshore small-time scammer from SVG. Their illicit business is best described as a textbook attempt of fraud. While we haven’t found a single positive aspect of investing here, there’s more than a several negative ones to watch out for. Not that the broker is just anonymous and focused on scamming, they’re ruthless in every step of the way.

So, if you’re one of their victims and you’re struggling to start a chargeback, feel free to get in touch with our legal experts. We employ some of the most well-trained professionals who are educated to bring these cyber criminals to their knees. With your information and knowledge, we can help you gather enough evidence to start a legal process against the thief. Let’s join forces and catch the criminal, but also recover what was once stolen from you.