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ELITECM INTERNATIONAL Broker Review: High Risk (Suspected Fraud)

TraderKnows
TraderKnows
05-13

ELITECM INTERNATIONAL, founded in 2022, is a forex trading platform. This article evaluates its regulatory licenses, trading varieties, software, fund security, deposit/withdrawal channels, leverage ratios, etc.

ELITECM INTERNATIONAL Company Introduction:

ELITECM INTERNATIONAL is a forex broker registered in Australia on April 13, 2022. The company primarily offers financial trading services, including forex, precious metals, and futures, to investors. The headquarters is located in Maribyrnong, Australia. The legal entity of ELITECM INTERNATIONAL is ELITECM INTERNATIONAL PTY LTD, with its registered address at Suite 450, 22 Devonshire Road, SUNSHINE VIC 3020, and an ABN number of 63 658 757 772.

ELITECM INTERNATIONAL

Is ELITECM INTERNATIONAL Compliant and Legal? Does it Hold Relevant Financial Regulatory Licenses?

The entity of ELITECM INTERNATIONAL applied for authorization as WHOLESALE INVESTOR SERVICES PTY LTD (AFSL 530128) enterprise representative on April 21, 2022, with CAR license number 001296415. This entity is regulated by the Australian Securities and Investments Commission (ASIC). After the initial authorization expired, a second authorization was applied for on August 16, 2022, and granted on November 18, 2022. ELITECM INTERNATIONAL PTY LTD obtained authorization from MGF CAPITAL PTY LTD on August 24, 2023, with CAR license number 001305408. It's important to note that ELITECM INTERNATIONAL PTY LTD neither acts as a product issuer for over-the-counter derivatives nor engages in trading with clients as principals. In reality, the broker is authorized solely to provide financial services to wholesale clients. Therefore, the financial services offered by this broker are not regulated.

ELITECM INTERNATIONAL

ELITECM INTERNATIONAL

ELITECM INTERNATIONAL

ELITECM INTERNATIONAL

Trading Products Offered by ELITECM INTERNATIONAL:

According to the official website of ELITECM INTERNATIONAL, the broker provides financial asset trading services, including forex, precious metals, and futures.

Trading Software Provided by ELITECM INTERNATIONAL:

On the ELITECM INTERNATIONAL official website, the downloadable software provided is the MetaTrader 5 (MT5) trading platform.

ELITECM INTERNATIONAL

Fund Security:

ELITECM INTERNATIONAL has not disclosed any third-party fund regulatory information on its official website, raising concerns about the security of user funds. TraderKnows warns that the broker's official website is currently inaccessible, indicating potential withdrawal issues.

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Deposit and Withdrawal Channels:

ELITECM INTERNATIONAL has not disclosed any information about user deposit and withdrawal channels. The platform's deposit and withdrawal methods may have some risks. Typically, reputable platforms offer common withdrawal methods such as credit cards, UnionPay, wire transfers, and e-wallets. However, on this platform, users are required to contact customer service and brokers for deposit and withdrawal, which may involve broker control or intervention in user transactions.

ELITECM INTERNATIONAL

Leverage Ratio:

ELITECM INTERNATIONAL offers real and demo accounts to investors, with the broker advertising leverage ratios ranging from 1:100 to 1:400. In contrast, generally compliant brokers offer leverage ratios ranging from 1:10 to 1:100.

ELITECM INTERNATIONAL

Summary:

ELITECM INTERNATIONAL holds an ASIC-issued AR license, which is characterized by relatively weak regulatory and penalty enforcement. Simultaneously, the broker operated without a license for almost half a year during the CAR license transition. The broker has not disclosed critical information regarding user fund security, deposit and withdrawal channels, among other key details. Currently, the broker is marked as "Suspected Fraud" on TraderKnows. We strongly advise exercising extreme caution with ELITECM INTERNATIONAL. The platform poses a high risk in forex trading, and we recommend avoiding it to prevent potential financial losses.

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Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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