Archives: Brokers

Is Elite Trading Scam or Legit Broker?

No, it is not safe to trade with Elite Trading as it is not regulated. Elite Trading is owned and operated by Netbit services and solutions limited, Reg. Number 14718830, Address: Harju County, Tallinn, Estonia. 

• The broker doesn’t provide any information about its regulation or license and it actually seems it doesn’t have any. As it claims to be registered in Estonia, it was supposed to be regulated by the local regulator Estonian Financial Supervision Authority. We didn’t find the mentioned above registration number in the FSA’s register, which means Elite Trading is not regulated to provide its financial services in Estonia as well as other EU countries.

• The company mentions Austrian and British contact phone numbers without having offices there or more importantly, without being regulated in those countries. Also, the broker has been blacklisted by the Belgian regulator Financial Services and Markets Authority

What is Elite Trading?

Elite Trading claims to be a world-renowned financial services provider offering a range of investment products, including Online Trading and FX. Its high-tech trading platform offers clients across the globe an opportunity to invest in over 1,000 world-class assets including forex, stocks, commodities, and indices. Elite Trading allows trading forex, stocks, commodities, and indices with zero commissions and fees on its unique next-generation trading platform (desktop, mobile, or tablet).

Elite Trading Review Conclusion

We advise all investors and traders to avoid Elite Trading  and other offshore brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM and XM.

Elite Trading Update

Based on our findings, the Elite Trading website is no longer active. This means the broker has muted its trading offerings and does not operate, however, we recommend avoiding and staying alert in case of any proposals. 

Is FTE FX  Scam or Legit Broker?

No, it is not safe to trade with FTE FX as it is an offshore broker. Ftefx is operated by Ace Capital Ltd, with registration number: 25324 BC 2019, St. Vincent and the Grenadines. 

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Binomo, JustForex, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is FTE FX?

FTE FX offers traders the following 8 groups of financial instruments: Currency Pairs, Precious Metals CFD, Stock CFD, Commodity Futures CFD, Gold Instruments and CFDs on Crypto Futures. The broker also offers risk-free limitless Demo Accounts.

• According to the website, Ftefx is authorized and regulated in various jurisdictions. However, we couldn't find any legal information about its authorization, which means the broker is unregulated and should be avoided.
• In addition, FTE FX has been blacklisted by Italian regulator CONSOB:

"Consob has ordered the black-out of 7 new websites that offer financial services illegally. The commission used the tools provided in the "growth decree", which gave Consob the power to order internet service providers to block access from Italy to websites offering financial services without due authorisation."

FTE FX Review Conclusion

We advise all investors and traders to avoid FTE FX and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM and XM.com.

FTE FX Update

Recently the FTE FX website remains inactive, meaning the broker mutes its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals. 

Is ItradeFXoption Scam or Legit Broker?

No, it is not safe to trade with ItradeFXoption. The broker doesn't provide any information about the company behind the brand's name as well as any regulatory information and contact details. This is actually a big red flag, as well-regulated brokers always provide information about their regulations, licenses, and locations. 

What is ItradeFXoption?

ItradeFXoption offers Forex, CFDs, and Cryptocurrency trading and claims to be the safest and the best trading platform. However, without disclosing important details about the company and its trading conditions the broker usually cannot be trusted and taken seriously. The website itself doesn't look attractive and professional and also the content has some grammar mistakes.

• We also revealed that ItradeFXoption denies traders withdrawing funds. We have feedbacks from traders that they cannot withdraw money. You can read the feedback here.

ItradeFXoption Review Conclusion

We advise all investors and traders to avoid ItradeFXoption and other unregulated brokers. The lack of information about the broker's regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and XM.com.

ItradeFXoption Update

Our research revealed that the ItradeFXoption website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.