FX EliteTrader Review 2023 – Is forex trading good with this broker?

FX EliteTrader Review

FX EliteTrader presents itself as a forex and CFD broker that will help you take the first step towards financial independence. It doesn’t take much effort to reveal that this is actually a scam website that aims to get your money out of your pocket.

FX EliteTrader regulation and safety of funds

The first red flag is that it is not clear which legal entity owns and operates this website. Such anonymity is unacceptable for any legitimate business, let alone a broker who asks you to trust it with your money.

No company name is listed on the website or in the legal documentation. This in itself is reason enough not to believe the claims that the FX EliteTrader is based in the Netherlands and operates under Dutch law. Indeed, a check of the Netherlands Authority for the Financial Markets (AFM) database shows that there is no such licensed broker.

It is interesting to note that although the FX EliteTrader website is available only in English and German, part of the account registration form is in Russian.

FX EliteTrader provides many other indicators that it is not a legitimate broker, but the lack of a license is reason enough to avoid this site. If you want to trade the financial markets without risking being scammed, you need to confirm that you are using the services of a licensed broker.

Brokers authorised to operate in the European Union must meet all the requirements of the European Securities and Markets Authority (ЕSМА). They must maintain a minimum net capital of at least EUR 730,000, which ensures that the company is financially stable and has a serious long-term approach. Whenever clients deposit money into their trading account, it is kept separate from the broker’s operating funds in separate bank accounts. This ensures that clients’ money remains protected in the event of a mishap such as broker bankruptcy.

All licensed brokers in the EU are members of the Investor Compensation Fund, which can cover a maximum of 20,000 euros per person in the event of broker insolvency. Licensed European forex brokers are obliged to report their clients’ transactions on a regular basis. This requirement is intended to enhance investor protection and promote market integrity and transparency.

How Online Trading Scams Work?

Online trading scams usually start with an overpromising advertisement showing the life you could have if you started investing. Combined with other news you hear every day, such as Bitcoin price or the price of Tesla shares, you start believing that your dreams are just around the corner. Unfortunately, many companies that advertise themselves are nothing but bogus operations, such as FX EliteTrader, established with an utmost goal of taking as much money as possible and disappearing. It’s not uncommon for these companies to suddenly close their website or relocate to another offshore country. Some of them keep existing with another domain, pretending to be not related to a similar-named scam.

Once you fall for the story and invest your money, you will be assigned with an account manager. He will do anything in his power to help you make money. Of course, that money will be only virtual and only on your screen. You will be persuaded to invest more because there’s always a better market opportunity.

Suppose you decide you cannot afford further investment and want your funds back. You will discover that your account manager is no longer available and your account is no longer accessible.

It’s a common scam offshore brokers are conducting. Report anything suspicious and never let scammers run with your funds!

Got Scammed by FX EliteTrader?

There’s a chance you have been scammed by FX EliteTrader or any other illicit brokerage. Yes, it happens, and it’s not the end. There’s always a solution! You need to file a dispute and request a chargeback.

A chargeback is a way for your bank to reverse the transaction if you can prove you have been a victim of an online scam. Since FX EliteTrader is offshore, such a process requires knowing international processors and international banks. For assistance with this matter, contact professionals.

With years of experience, we’re here to assist you and help you get a positive dispute resolution. Don’t hesitate, get in touch now and let’s get back to what’s rightfully yours!

FX EliteTrader Review 2022 – Is forex trading good with this broker? (Video):