Estimated reading time: 5 minutes
Traders Elite (traderselite.com) is a scam that claims to have the secret of identifying the exact millisecond to enter and exit trades. They also sell a bunch of tutorial videos and reports which they claim will get you started easily. We also figured out that they were masquerading as a signal service where members were required to subscribe in order to receive what they called ”reliable signals”.
Now, the saddest thing is that Traders Elite has not been fulfilling what they said they’d help traders achieve. In fact, users who have subscribed to this false signal service have complained of how they lost huge amounts of money from day 1 of signing up with this rogue system.
These complaints have warranted us to do a negative review on the same. If you don’t want to fall for their dirty tricks, then here are things which you ought to know about them.
The number one fact about Michael Nurok and fellow internet gangsters is that they cannot trade. This has resulted in a huge number of extremely poor trades from users who follow them blindly.
We heard that they introduced a ”managed account service”, and immediately those who subscribed to this package experienced a whooping -85% loss in their account in a span of one month.
Not only is this a losing signal service, but it is also purposeful in its quest to dupe traders. Even though they claim to make individual members between 2000-3000 pips each month, that has not been the case since users reviews are saying otherwise.
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Note: If your language is not English, you should use the language dropdown menu at the top right hand side of their page to select your language.
If you actually get inside this system, you will see that for every successful trade you’re making, 3X of that profit is lost. When a stop loss of 45 pips is hit, it is chalked up as 45 pips loss. This means that every individual position is 1/3 of the whole position.
When a position ends in the money, all the 3 positions or pips are added up as opposed to being divided by 3. This has given traders the illusion that winning trades always scoop 3X the amount of profit. Well, this isn’t true 99% of the time.
Traders need to wake up to avoid falling into the hands of a smooth operator that Michael Nuron is. They apparently run a copy trade service too, which they claim will extract mega pips from the market to make you wealthy each month.
With only 2 months of running this copy trade service, users were reported to have lost 2050 pips on average — which is not normal. Now, in July and September, this service published false performance that it had gained between 4000-5000 pips.
No wonder this system has been accused for stealing their clients’ monthly subscription based on false promises and performance. You wouldn’t wish to sign up for a system like Traders Elite because it comes with lots of losing streaks. This will definitely cost you, not to mention the monthly subscription fees which can quickly add up if your investment capital is included.
They have a trade copier system which is very easy to setup if you have used an expert advisor before.
Besides that, money/risk management settings are equally within reach. Do do not be fooled to think that these things will add any value to your trading experience. If anything, this system will only subject you through hell because your losses will be magnified each minute, despite having these features intact.
We also wish to point out that Traders Elite has a ticketing system that serves no purpose either. Don’t be glad about this feature anyway because they will never answer your emails. You can take this warning to the bank.
Equally, the false packages which they are selling to unsuspecting victims are ”affordable”. But you aren’t going to get value for money because they are not affordable in both short and long term.
Traders Elite claims to offer a user guide for purposes of learning how things work in their platform. Apparently, this user guide is so badly written, which is an indication that no one took his time to write something that would add value to the buyer.
After all, they are here today and probably gone by tomorrow. So why invest heavily in small things such as user guides?
Another thing we have against Traders Elite scam is that their Gold symbol was mentioned as ”Gold”. However, their website used XAUUSD, which is a completely different thing. And the fact that this was not pointed out in their badly written user guide was enough to make us label it a scam.
Once you subscribe to this false system, you will begin to notice a weird pattern. We do not know whether they are just too busy, trying to generate signals or discussing how to make price changes since their support never attend to any question or concerns.
The provider never reports all trades to Myfxbook for reasons unbeknown to them. Furthermore, even if they make reporting, most of it is never honest. Results never tally. That’s a red flag.
They claim to have 3.3k users on Facebook. We actually checked out that Facebook page here https://web.facebook.com/traderselite/?_rdc=1&_rdr and saw that it was devoid of user activity.
We believe that a Facebook page with such a following wouldn’t have problems with user engagement. How come no one is commenting or talking about this product there?
Traders Elite is obviously a false product that you should keep away from. While good training systems like Forex Mentor exist, the bulk of what we are being sold on the internet is just scam. Traders Elite has painted a bad picture on its name. It is never to be trusted again especially now that it has caused traders to suffer massive losses in the past.
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