EliteForexTrade is a platform offering CFD trading on forex, stocks, indices, futures, precious metals, energy, and cryptocurrencies. According to the platform's website, it claims to be a UK-registered entity and offers multiple types of trading accounts. However, investigations reveal that the platform does not have a real corporate entity, and there are several dubious points regarding its information.
Company Background
The EliteForexTrade homepage states that the platform is a UK registered company with the company number 12233090, and claims 23 years of experience in financial trading. Additionally, the website displays a UK company registration certificate showing the company name as ELITE FOREX ORGANISATION with registration number 09743785.
Upon checking with the UK Companies House, the company with registration number 12233090 is actually GOLDFIELD LIMITED, and the company with number 09743785 is ELITE FOREX ORGANISATION LTD. Neither of these companies is authorized by the UK Financial Conduct Authority (FCA), and neither is directly associated with EliteForexTrade.
Furthermore, the "ABOUT US" page on the website states that the company was registered in Australia in 2013, a historical detail actually copied from the broker TMGM's website.
Website Information
The platform's domain name, eliteforextrade.com, as revealed by a Whois lookup, was registered on May 2, 2024. Despite the claim of 23 years of trading experience, the short registration period indicates no long-term operational history.
Trading Software
The platform does not specify the trading software it supports; users can only trade via its self-developed web-based trading system. Unlike mainstream trading software like MT4 and MT5, the platform's software information is opaque and lacks public verification channels.
Account Types
The platform offers four different account types: Premium PACKAGE, FLEXIBLE PACKAGE, Bronze PACKAGE, and PROMO PACKAGE. Each account type has different minimum deposit amounts, leverage ratios, spreads, and trading conditions, as follows:
Premium PACKAGE
- Minimum Deposit: $300
- Maximum Deposit: $2,499
- Leverage: 1:10
- Spread: from 1.9 pips
- Suitable for: Short-term and long-term trading
- Additional Services: Comprehensive IT support, referral bonus, hedging, real-time chart support
FLEXIBLE PACKAGE
- Minimum Deposit: $2,500
- Maximum Deposit: $25,000
- Leverage: 1:5
- Spread: from 1.7 pips
- Suitable for: Short-term and long-term trading
- Additional Services: Comprehensive IT support, referral bonus, hedging, real-time chart support
Bronze PACKAGE
- Minimum Deposit: $25,000
- Maximum Deposit: Unlimited
- Leverage: 1:10
- Spread: from 1.4 pips
- Suitable for: Short-term and long-term trading
- Additional Services: Comprehensive IT support, referral bonus, hedging, real-time chart support
PROMO PACKAGE
- Minimum Deposit: $1,500
- Maximum Deposit: $50,000
- Leverage: 1:15
- Spread: from 1.1 pips
- Suitable for: Long-term trading
- Additional Services: Comprehensive IT support, referral bonus, hedging, real-time chart support
Trading Conditions
The platform claims that its trading spreads start at 0 pips, with a maximum trading leverage of 1:500, and the minimum deposit amount is $500. However, these conditions are extreme within the industry, lacking backing from authoritative regulatory bodies. No fees or hidden costs are disclosed on the website, making it less transparent.
Deposit and Withdrawal Methods
The website does not specify its supported deposit and withdrawal methods, nor does it disclose processing times or potential fees, which could impact the security of investors' funds.
Regulation Information
The platform claims on its website to be regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (FSC).
Upon verification, the ASIC regulatory license number 436416 actually belongs to TMGM's registered entity Trademax Australia Limited in Australia.
Additionally, the Vanuatu regulatory entity Trademax Global Limited shown on the website is also part of the TMGM Group. This information indicates that EliteForexTrade is not actually regulated by either ASIC or FSC.
Company Address and Staff Information
The site's listed company address is 76-78 Wolverhampton Road, Cannock, England. However, a UK Companies House search shows no active companies registered at this address. Furthermore, no company member information is disclosed on the site, and no relevant employee information can be found online.
Website Traffic and Template Usage
According to Semrush analytics, the website's monthly traffic is less than 100 visits, indicating almost no usage of the platform.
Additionally, the platform's website design is the same as several known scam platforms (such as AstralFXTrade, TradesHorizon, EquinoxForexMarket) suggesting it may be a template site production shared among multiple suspicious platforms.
User Reviews and Brand Exposure
No user reviews or news reports related to EliteForexTrade can be found online. The lack of market recognition and user feedback casts doubt on the platform's credibility.
Contact Information and Social Media
The website provides only email contacts ([email protected] / [email protected]) and does not maintain official accounts on major social media platforms like LinkedIn, Facebook, Instagram, Twitter, or YouTube, which is inconsistent with the operation of legitimate financial institutions.
Risk Report
Based on the above information, EliteForexTrade presents significant risks in several areas:
- Questionable Corporate Entity: The claimed UK registered company does not exist upon investigation, and the company numbers listed are unrelated to EliteForexTrade.
- Dubious Regulatory Information: The website claims to be regulated by ASIC and FSC but actually uses license information from TMGM, not its independent regulatory credentials.
- Opaque Trading Software: Failure to disclose MT4/MT5 or other industry-standard trading software, with users limited to a web-based system with dubious security.
- Fund Security Risks: Lack of disclosure on deposit and withdrawal methods, fees, or processing times undermines transparency.
- Unclear Company Information: Invalid address, missing staff information, making it impossible to verify company authenticity.
- Low Market Acceptance: Extremely low website traffic and absence of user reviews suggest poor market reputation.
- Similarity to Other Suspicious Platforms: Sharing identical website templates with known scam platforms raises concerns of mass production.
In conclusion, EliteForexTrade's operational transparency is lacking, with several questionable details; investors should exercise extreme caution and thoroughly verify its authenticity before considering its use.
