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Caution 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
Overview of elitefxtraders.net
Elitefxtraders.net is a website that claims to offer online trading services for forex, commodities, indices, stocks, and cryptocurrencies. The website states that it is operated by Elite FX Traders Ltd, a company registered in St. Vincent and the Grenadines. The website also claims that it has a license from the Australian Securities and Investments Commission (ASIC), the financial regulator of Australia.
Regulation and Compliance of elitefxtraders.net
However, according to a recent warning issued by ASIC on 24 January 2024, elitefxtraders.net is not authorized to provide financial services in Australia or to Australian residents. ASIC states that elitefxtraders.net has been using a fake Australian Financial Services (AFS) license number and a misleading ASIC logo on its website. ASIC also warns that elitefxtraders.net may be involved in a scam and advises investors to avoid dealing with this broker.
Customer Reviews of elitefxtraders.net
A quick search on the internet reveals that elitefxtraders.net has received many negative reviews and complaints from customers who have lost money or experienced difficulties in withdrawing their funds. Some customers have also reported that they have been contacted by aggressive sales representatives who pressured them to deposit more money or to pay fees or taxes before they could withdraw their profits. Many customers have also accused elitefxtraders.net of manipulating the trading platform, providing false or misleading information, and ignoring their requests or queries.
Products and Services Offered By elitefxtraders.net
According to its website, elitefxtraders.net offers four types of trading accounts: Basic, Silver, Gold, and Platinum. The minimum deposit required for each account ranges from $250 to $50,000. The website also claims to offer various features and benefits for its clients, such as low spreads, high leverage, fast execution, free education, market analysis, trading signals, webinars, bonuses, and rewards. However, these claims are not verified or supported by any evidence or testimonials.
Location of elitefxtraders.net
The website states that elitefxtraders.net is operated by Elite FX Traders Ltd. The website also provides an address in Kingstown, St. Vincent and the Grenadines, as well as a phone number and an email address. However, these contact details are not reliable or trustworthy, as St. Vincent and the Grenadines is a well-known offshore jurisdiction that does not regulate or supervise forex brokers. Moreover, the phone number provided by elitefxtraders.net is not an Australian number but a UK number, which raises further doubts about the legitimacy of this broker.
Customer Service Provided By elitefxtraders.net
The website claims that elitefxtraders.net provides 24/7 customer support via phone, email, live chat, and social media. However, many customers have reported that they have not received any response or assistance from the customer service team of elitefxtraders.net. Some customers have also complained that the customer service representatives were rude, unprofessional, or unhelpful. Furthermore, some customers have stated that they were blocked or banned from accessing their accounts or contacting the customer service after they requested a withdrawal or filed a complaint.
Defensive Measures Against Fraudulent Brokers
If you have been scammed by elitefxtraders.net or any other fraudulent broker, you should take immediate action to protect yourself and recover your money. Some of the steps you can take are:
– Report the scam to your local authorities and regulators.
– Contact your bank or payment provider and request a chargeback or a refund.
– Gather all the evidence and documentation related to your transactions with the broker.
– Seek legal advice or assistance from a reputable lawyer or a recovery agency.
– Warn other investors and traders about your experience and share your review on online forums or platforms.
In conclusion, we strongly advise you to stay away from elitefxtraders.net and any other broker that is not regulated or licensed by a reputable authority. Elitefxtraders.net is a scam broker that has been using a fake ASIC license number and logo to deceive investors. Elitefxtraders.net has also received many negative reviews and complaints from customers who have lost money or faced difficulties in withdrawing their funds. Elitefxtraders.net is not a trustworthy or reliable broker and you should avoid dealing with it at all costs.