Warning Investors Elitefxtraders.net – This entity is likely to be offering financial services to Australian consumers. It does not hold an Australian financial services licence or Australian credit licence from ASIC, and is not authorised by a licensee
Introduction To:
Elitefxtraders.net is a website that claims to be a leading online forex broker that offers access to over 200 financial instruments, including currencies, commodities, indices, stocks, and cryptocurrencies. The website also claims to provide competitive spreads, fast execution, low commissions, and various account types and platforms. However, there is no information about the company behind the website, its location, or its regulatory status. This raises serious doubts about the legitimacy and credibility of elitefxtraders.net.
Regulation and Compliance Of:
According to the ASIC warning, elitefxtraders.net is not registered with ASIC or any other regulatory authority. This means that the website is operating illegally and without any oversight or protection for its clients. The ASIC warning also states that elitefxtraders.net may be involved in a scam or fraud, as it may not have the proper authorization or license to issue, offer or sell securities/derivatives in Australia or elsewhere. Therefore, anyone who deals with elitefxtraders.net may be exposed to significant financial and legal risks.
Customer Support Offered:
The website of elitefxtraders.net provides a phone number and an email address as the only means of contact. However, these may not be reliable or responsive, as many scam brokers use fake or untraceable contact details to avoid accountability or complaints. Moreover, the website does not offer any live chat or online support options, which are common features of reputable and regulated brokers. Therefore, anyone who has an issue or a query with elitefxtraders.net may not receive adequate or timely assistance.
Customer Reviews:
A quick search on the internet reveals that there are very few customer reviews of elitefxtraders.net, and most of them are negative or suspicious. Some customers have reported that they have been scammed by elitefxtraders.net, as they have lost their money or been unable to withdraw their funds. Others have complained about the poor service, communication, and trading conditions of the website. There are also some positive reviews of elitefxtraders.net, but they seem to be fake or paid, as they lack credibility or details. Therefore, it is evident that elitefxtraders.net has a bad reputation and a low level of customer satisfaction.
Measures to Avoid Fraud Brokerages:
If you want to trade forex online safely and securely, you should avoid dealing with unregulated or fraudulent brokers like elitefxtraders.net. Instead, you should look for brokers that are licensed and regulated by reputable authorities such as ASIC, FCA, CySEC, or NFA. These regulators ensure that brokers comply with high standards of conduct and transparency, and provide protection and compensation schemes for their clients. You should also check the reviews and ratings of brokers from independent sources such as Trustpilot or Forex Peace Army. These platforms allow customers to share their honest opinions and experiences with different brokers. Additionally, you should always verify the contact details and terms and conditions of brokers before opening an account or making a deposit. You should also use secure payment methods and avoid sharing your personal or financial information with anyone.
Conclusion:
Elitefxtraders.net is a website that claims to be a forex broker but is actually an unregulated and potentially fraudulent entity. The ASIC has warned against dealing with this website, as it may not have the proper authorization or license to issue, offer or sell securities/derivatives in Australia or elsewhere. Moreover, the website may not comply with the reporting requirements of the relevant laws and regulations. Therefore, anyone who trades with elitefxtraders.net may face significant financial and legal risks. To avoid falling victim to scam brokers like elitefxtraders.net, you should always choose regulated and reputable brokers that offer quality services and customer support.
