Updated on March 27, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Elite Trading due to the issues we've identified.
Is Elite Trading Scam or Legit Broker? ▲
Trading with Elite Trading is not advisable, as it is an unregulated entity. Owned by Netbit Services and Solutions Limited, with a registration number of 14718830 and located in Tallinn, Estonia, Elite Trading lacks the necessary regulatory oversight to offer its services legitimately. Despite claiming to be based in Estonia, no evidence of regulation by the Estonian Financial Supervision Authority was found, which is a major red flag.
Moreover, the inclusion of Austrian and British contact numbers, despite the absence of physical offices or regulatory compliance in these countries, adds to the concerns. Adding to the alarm, Elite Trading has been blacklisted by the Belgian regulator, the Financial Services and Markets Authority, further emphasizing the risks associated with this broker.
Registered in: Estonia
Type of License: No License
Is Elite Trading safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
Elite Trading markets itself as a premier financial services provider, boasting a high-tech trading platform that allegedly allows clients worldwide to invest in over 1,000 top-tier assets, including forex, stocks, commodities, and indices. It claims to offer zero commissions and fees on trades made through its advanced trading platform, which is accessible on desktop, mobile, and tablet. However, given the lack of regulatory compliance, these claims should be viewed with skepticism.
Our comprehensive analysis leads us to strongly advise investors and traders to steer clear of Elite Trading and other unregulated brokers. For those looking to engage in trading, it is crucial to opt for brokers that are well-regulated by reputable authorities such as the FCA in the UK or ASIC in Australia. Reliable brokers like FXTM and XM are recommended for their adherence to stringent regulatory standards, providing a safer trading environment.
Furthermore, it is important to note that the Elite Trading website is currently inactive, indicating that the broker has ceased its trading services. Despite this, we urge potential traders to remain vigilant and avoid any future propositions that may arise from this broker or similar unregulated entities, to protect themselves from potential financial risks.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Elite Trading Review 2024
