At first glance, some traders might even think that EliteBrokers is legit, primarily because of the offered leverage that fairly complies with Canadian regulations. However, when you realize the company doesn’t reveal any legal information, it’s clear there’s something shady behind the scenes.
That’s why traders have to dig deep into research and find out all they can on time. Even though refund options are often available, you want to avoid trouble first. Therefore, don’t miss a bit in this honest EliteBrokers review.
| Regulated by: | No regulations |
| Is This Company Safe? | No |
| Known Websites: | Elitebrokers.pro |
| Have Warnings from: | AMF, CONSOB, IOSCO |
| Registered in: | Canada (allegedly) |
| Operating since: | 2023 |
| Trading Platforms: | WebTrader |
| Maximum Leverage: | 1:50 |
| Minimum Deposit: | $250 |
| Deposit Bonus: | Available |
| Trading Assets: | Cryptocurrencies, forex, commodities, stocks |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Considering multiple warnings against the company, it’s hardly believable any traders will have good experience with this broker. Therefore, at first glance of a problem, reach our refund team for detailed chargeback advice. |
Legal info: Is EliteBrokers Legit or a Scam?
As a Canadian-based firm, the company should primarily comply with Canadian laws and regulations. These are mainly controlled by IIROC as the main regulatory agency there. However, the company targets other countries, and licenses issued by FCA, CFTC, CNMV, and others would be more than appreciated.
Sadly, this company doesn’t have any. Consequently, their military-grade security is something we’ll all laugh about together. Especially after warnings from AMF, CONSOB, and IOSCO. But that’s not the only reason. There are plenty. One of them is also the fact there are no EliteBrokers reviews even though they claim to have more than 230,000 active traders.
Who are EliteBrokers’s Victims?
Since 2023 this company has spread out fairly quickly all over the world. Marketing nowadays is quite an interesting thing and that’s why nobody’s safe today. Especially traders from:
- United States
- Mexico
- Dominican Republic
- Spain
- Venezuela
But if you read our Etchrg.com and PrimeBanque reviews you will realize other companies have common interests as well. Also, if you have any issues with any of these, reach our refund experts for advice.
Leverage, Commissions, Spreads, Fees and Taxes
One of the ways the company wants to present itself as legitimate is through leverage. Indeed, in Canada and the US, the maximum allowed leverage is 1:50. But if you get anything higher than that, you better run on time.
Nevertheless, the key problem with this company is hidden trading costs, starting with spreads, commissions and fees. Therefore, it’s unclear how the company profits from its services. But be sure, after all the warnings, there’s only one source of their income. It’s your deposit.
Bonuses
Indeed, yes. Once traders complete the EliteBrokers login process and make a deposit, they will be offered a welcome bonus.
In case they accept them, traders have to meet certain requirements to withdraw bonuses and profits generated with it. Thus, those conditions remain unknown to the public and that’s what makes them questionable.
EliteBrokers Trading Features
Obviously, everything about this broker is designed to present themselves as legitimate. Yet, they are failing hard. When they offer trading signals, 24/7 support, and fake testimonials, you know it’s all made up. But the feature that should concern you the most is found in the download center.
That’s where you can see software like AnyDesk, ScreenLeap, and TeamViewer available. The ones that give them access directly to your accounts and crypto wallets.
Trading Platforms Available
Even though the company advertises a state-of-the-art trading system, the truth is a bit different. Such software solutions include platforms like cTrader, Meta Trader, or DAS Trader Pro.
Sadly, this broker doesn’t offer any of those. Instead, there’s only a web-based platform and it’s a huge warning sign already. But with shady EliteBrokers bonus deals and unclear costs, we can’t expect anything more here.
Available Trading Assets
Generally, the company doesn’t clearly reveal all investment possibilities and that might be a deal-breaker. But if we trust them for a brief introduction, we can expect assets like:
- Forex – USD/GBP, EUR/AUD
- Cryptos – BTC, LTC
- Commodities – gold, crude oil
- Stocks – Facebook, Apple
Account Types
The whole idea of all EliteBrokers account types is to allow the company’s experts to manage trading accounts. But that’s only possible with unlicensed brokers. In any case, with manipulative web-based platforms and hidden costs, it’s clear you will be tricked at some point.
After all, that’s why they have account type options like:
- Starter – $250
- Silver – $500
- Gold – $1.000
- Black – Invitational only!
Mobile Trading App
Another big disadvantage is that mobile apps for the platform are not available. Therefore, accessing your account via mobile can be done only via browser. In fact, that’s one of the things you will hate the most if you are a day trader and use advanced strategies and tools.
Demo Account
If the EliteBrokers Forex company was legit, they would also offer a demo account, primarily to explore all the features and trading costs. Unfortunately, it’s not available. And now you know why we always recommend top-tier licensed brokerages.
Education
Even though some of the accounts include weekly meetings with specialists, be sure that’s not proper education. To learn how to trade properly takes years. Thus, this company doesn’t offer any educational resources, webinars, or live sessions.
EliteBrokers Withdrawal
Important to realize is that the company doesn’t reveal any relatable information to withdrawals. But after all the warnings and scamming tricks, we can’t expect anything more from them.
To be fair, even if they provide some information, without a license it’s practically meaningless. That’s why you shouldn’t trust anything related to withdrawal processing time, fees, or methods.
Customer Support
If you look at the company’s support working hours you will also recognize irregularities there. Apparently, the company’s support is available 24/5. Yet, the numbers the company provides are available between 9 AM and 6 PM (GMT -5).
Besides phone lines, you can try reaching them via e-mail and online contact form. But don’t raise much hope for a quick response.
Key Information To Consider About EliteBrokers
Obviously, EliteBrokers withdrawal problems are inevitable. Primarily due to missing regulations, fraudulent web-based platforms, and malicious bonus and withdrawal policies. When problems with these occur, traders should apply for a refund immediately. But with all possible payment options, we strongly recommend all victims talk to our experts first.
In the opening free meeting, you can find out all the steps you need to recover the money. But it’s only up to the victim to decide if they will proceed with it or not. Therefore, we are expecting your message today with a time when you want to get a callback.
FAQ Section
What is EliteBrokers?
EliteBrokers is an allegedly Canadian-based trading company offering FX and CFD trading services since 2023, according to them to more than 230.000 traders.
Is EliteBrokers Legit?
No, EliteBrokers is not legit. Primarily because the company is not regulated anywhere and you can find also three warnings against them.
How to Recover Money From a Scam Broker?
Recovering money depends on the payment solution used. To find out what is your best option, feel free to reach our refund specialists for a detailed consultation.
Source:
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