EliteXCapitals review – 5 things you should know about elitexcapitals.com

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Beware! EliteXCapitals is an offshore broker! Your investment may be at risk.

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It took us a while to realize that EliteXCapitals was up to no good. This broker is a part of a few selected ones, that have put some evident effort into hiding their true identity. This is expressed in a decent website, at times too good, that had us fooled for a while. But, once we started doing our thing, we quickly came back to reality and were once again face to face with a broker whose values are centered around its own greed. The following review sees us explaining what went wrong with EliteXCapitals, and answers the question of whether users should invest in it.

After a couple of minutes dealing with the registration process, we were led to a brick wall, in the digital form of awaiting approval from the support team of the firm. It goes without saying that we were never approved, for we are not here to invest. Thus, we could not log into a user area. And so, we are left with no choice but to take all the trading and payment details straight from the website.

Note that not everything is certain with shady brokerages!

As seen on the site, users can supposedly trade with forex currency pairs, bonds, indices, futures, stocks, commodities, and cryptocurrencies, which is a decent enough list if one trusts it. The average EUR/USD spread is said to be 0.1 pip, which is too goo to be true. There is always a commission hiding behind these good spreads. The max leverage one can use is 1:500.

The site is available in English.

ELITEXCAPITALS REGULATION AND SAFETY OF FUNDS

The broker is very unconvincing in its regulatory claims. It suggests that it’s licensed by ASIC in Australia, and located in the UK. While this duality is somewhat possible, we are sure that EliteXCapitals is not of the kind to be to do so.

This is because, first of all, the broker, if registered in the UK, is operating there illegally without a license because it is not overseen by the FCA! And second, ASIC’s databank of regulated entities shows no result for one EliteXCapitals. So, the broker is neither located in Australia, nor in the United Kingdom.

At one point, we found a vague claim that the firm is licensed by the British Securities and Investments Commission (BSIC), which, according to our research, does not exists, or existed before but is currently under a different brand.

And moreover, there seem to be no legal documents!

No, EliteXCapitals  is NOT LICENSED to provide legit FX services. It’s a risk to all investments, and probably a scam!

To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.

ELITEXCAPITALS TRADING SOFTWARE

The company promotes not one, but three superb trading softwares: MT4, MT5, and a cTrader.

Yet, all download or similar links lead to the account creation tool, and seeing that we were unable to open an account, we had no way of actually making sure that either one of these was available.

Unlicensed brokers have lied before about their trading software!

ELITEXCAPITALS DEPOSIT/WITHDRAW METHODS AND FEES

All the following payment info is taken from the website, As far as we’re concerned, this information is not trustworthy, but for the sake of the review, we have included it.

The alleged minimum deposit is $200, and the alleged payment methods are the common ones: credit card, debit cards, bank transfer, and a range of alternative payment methods, as well as a crypto wallet. How many of these are the actual payment gateways, we do not know.

Withdrawal before 12:00 Midday AEST / AEDT are processed the same day. There is no other withdrawal information revealed anywhere, which is not too surprising seeing the nature of the broker.

As a conclusion we just want to add that all money invested here will be lost!

How does the scam work?

The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.

Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.

In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.

The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.

Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.

The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!

What to do if scammed?

The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.

Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.

As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!

And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-11

Reviewed Broker

EliteXCapitals

Broker Rating

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