EliteCFDs Review 2023 – Things You Have Missed About The Broker

The first thing you notice is that this broker doesn’t reveal ownership details. With St. Vincent and Grenadines headquarters, we don’t expect from them. Especially since they are claiming to be regulated there.

Many things don’t add up about this broker. But to see them all, you’ll have to read this EliteCFDs review carefully.

Legal Info: Is EliteCFDs Legit Or A Scam?

As mentioned, the company claims to be regulated by Financial Services Authority (SVG).  However, this institution is not issuing FX and CFD trading licenses for a long time. There you go, the first lie. 

The only licenses you should trust, are Tier 1 ranked, such as FCA, BaFin and ASIC. But EliteCFDs doesn’t have any of those. Instead, they were slapped with a warning from the FCA. And voila, the scam is exposed.

Who Are EliteCFDs’s Clients?

Who.is reveals that the Elite CFDs domain was registered in February 2023. But after a couple of months, they were exposed. Surprisingly, the company already managed to reach out to all parts of the world. But mostly scammed victims come from: 

• Lithuania
• Australia
• New Zealand
• United Kingdom
• Netherlands

Trading fees, commissions, spreads and leverage with EliteCFDs

The company doesn’t reveal any trading costs. Of course, they give discounts on spreads. But that’s just a trick to get you into the higher deposit. As for the leverage, it remains unknown.

But be aware, that anything above 1:50 is not something a Tier 1-regulated broker would offer you as a retail trader. Also, swap rates, commissions and other fees remain undisclosed.

Bonuses

Bonuses are great tricks to motivate traders. But only the greedy ones. Also, newbies. However, if you accept the bonus, make sure you read the bonus policy. Elitecfds.com doesn’t have transparent bonus offer. So we are warning you upfront. To see how the bonus policy scam works, read our Coin2FX Review.

EliteCFDs Trading Features

EliteCFDs services are all based on bogus lies. Starting with regulation and trusted software. They claim to offer MT4. Yet, there’s no download option or demo account. Not to mention mysterious trading conditions. But still, you should trust them on their word. 

Is EliteCFDs Legit?

Not in a 1000 years. The company operates without any licenses. With offshore registration, they keep their anonymity on the highest levels. With shady conditions and platforms, you can’t expect anything genuine. Therefore, the best option is to avoid such brokers.

Available Trading Assets

As for the tradeable assets, there are plenty. At least according to the broker. You can choose between: 

• Forex – USD/AUD, NZD/HKD
• Commodities – gold, crude oil        
• Indices – DAX30, FTSE100
• Shares – Amazon, Nvidia
• Cryptocurrencies – BTC, LTC, ETH

Account Types

EliteCFDs investment plans are divided into 5 categories. Of course, the benefits are minor and most likely non-existent. Since the whole company is fake. Anyway, 5 account types are: 

• Basic – $250
• Gold – $25.000
• Platinum – $50.000
• VIP – $150.000
• Diamond – $250.000

Mobile Trading App

Any company that really uses MT4, should have a mobile app as well. But with EliteCFDs scam broker, that’s not the case. Most likely, they are only using plain web trader with only basic functions. In general, something that you want to avoid because of manipulation potential.

Demo Account

Another warning sign is the missing demo account.  As a standard package of MetaTrader, this broker should give you insight into the platform. Thus, they don’t.

Education

As can be seen, the company doesn’t have any educational program. Not even basic articles about trading. Not to mention something exclusive like live sessions or webinars.

EliteCFDs Withdrawal

One of the worst nightmares with scam brokers is withdrawals. Since they are offshore broker without transparent funding methods,  you need to be extremely cautious. On top of all, the company claims to have fees but they don’t reveal percentages.

But all the fees, taxes and requests from the broker are completely fictive. Like the whole company. But to find out what tricks brokers are using to prolong your withdrawal, check our CFDGlobe review.

Customer Support

Generally, offshore brokers love to keep their anonymity on the highest level. For that reason, they don’t offer traceable contact options. Such as legitimate phone lines. Instead, this broker only has 2 contact options. Those are e-mail and web forms. Not something to brag about. Anyway, plenty of space for them to ignore you.

Key Information To Consider About EliteCFDs?

Primarily, the company is unregulated and doesn’t provide any protection to traders. Their trading conditions are completely misleading and non-transparent. After all, the warning from the FCA is the final dealbreaker.

That’s why overall, you should trade with Tier 1 licensed brokers. But if you already got caught by scammers, don’t sweat. Our chargeback team is equipped with knowledge and tools to help you in those situations. Book your free first consultation already today!

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