Read our Crypto Elit Fx review to see if this broker is a scam or legit. Just to clear doubts, this is a cryptoelitfx.com review.
Anyone who wishes to engage in online trading should make it a priority to find a reliable and trustworthy broker for their needs. These brokers are in high demand, as people are delving into the financial markets in droves. But, you have to remember that this is the perfect opportunity for criminals to take advantage of everyone’s eagerness and consequently con them out of their money.
People end up signing for a scam broker because they fall for their claims and this is what you need to avoid. You can go through this Crypto Elit Fx review to understand exactly the kind of claims you have to be wary of.
There have been countless incidents where people were eager to begin and realized too late that they had opted for a fraudulent platform instead of a legitimate one. It can be devastating to find out that you have been fooled and no one wants to have that experience. So, how can you make sure it does not happen to you?
First and foremost, you should bear in mind that the decision to open an account with a broker should never be made in a hurry. Skimming a company’s claims and trusting them to tell the truth is a big mistake when it comes to the internet.
You do not know who is on the other side, so it is always best to do your research. No matter how tempting a broker’s claims may appear, you have to refrain yourself and always confirm the details. This is how you can make the right decision that will help you achieve your financial goals and also keep you safe from scams.
The scammers make a good amount of effort to convince people that they are legitimate, something that Crypto Elit Fx is also doing.
In fact, you will find that it goes to great lengths to convince people that it is an authorized and licensed brokerage. Plus, Crypto Elit Fx is also offering access to forex pairs, indices, cryptocurrencies, commodities, indices, shares and oil. The variety can undoubtedly be appealing, but you need to research rather than believe their claims. When you do that, you will discover the following issues:
Lies about licensing and regulation
The first and most prominent claim that is bound to draw people to Crypto Elit Fx is that it is licensed virtually everywhere.
It claims to have a license from an entity named the US Financial Services Authority, along with the Maltese Financial Services Authority (MFSA), the Financial Conduct Authority (FCA) in the UK, the Italian CONSOB, BaFIN in Germany, the financial authorities in Denmark and Spain and also the National Securities Market Commission (CNMV) in Spain.
The fact that Crypto Elit Fx is regulated by so many regulatory bodies would truly make it an exceptional broker, one that you should trust blindly. However, you cannot take anything for granted in this age, which means you have to verify all these licenses.
But, a check of their online registers do not show Crypto Elit Fx listed anywhere. It has mentioned two companies in its presentation, one is P240 Ltd and the other is NFSX Ltd and none of them are listed either.
Plus, P240 Ltd has been associated with some other scam brokers as well, which is all the proof you need that you are dealing with a fraudulent platform. In addition, Crypto Elit Fx has not even gotten the name of the US regulatory authorities right, because there is no such entity as the US Financial Services
Authority. The regulatory bodies are named the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).
No trading platform
The next claim that you need to verify about Crypto Elit Fx is regarding their trading platform, which is the most important offering of any online broker. After all, this is the software you use for doing your trading activities and there can be no trading without it. The platforms that are advertised by Crypto Elit Fx are the industry standard MT5, along with a web-based platform.
But, when you actually try to access the Crypto Elit Fx platforms, you will not be able to do so. This means that they are not offering a functional trading platform at all, which shows that it is not a genuine company at all and has no intentions of offering you trading services.
Poor trading conditions
Going over the trading conditions of a brokerage is a must because your aim is to make profits and the conditions will play a vital role in it. You will find that the trading conditions at Crypto Elit Fx are downright poor. The spreads are high, starting at 1.9 pips, which are just not competitive enough. You want really tight spreads if you want to make a profit.
Next comes leverage and when you check out the ratios offered at Crypto Elit Fx, you will see another problem. They go as high as 1:200, which it shouldn’t be offering, given that it claims to be regulated in the UK and Europe, where there is a cap on the amount of leverage that can be given to retail traders.
The limit is around 1:30, but as obvious, Crypto Elit Fx is offering a lot higher ratios, confirming that it is not a legitimate entity.
Discrepancy in minimum deposit
Another issue that you will uncover with Crypto Elit Fx is the discrepancy in the minimum deposit it asks for. You will find that it advertises a minimum deposit requirement of $300, which is a tad higher than the average $250. In fact, a lot of platforms are opening accounts for as low as $10 these days.
But, the real issue is that when you open an account and try to make a deposit, you will find that the minimum deposit requirement is actually $500. Thus, the brokerage is clearly not being honest and this makes it even less trustworthy.
The Verdict
It is evident that Crypto Elit Fx is only trying to mislead and fool people, so you should not fall for their claims and proceed cautiously.
