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EliTrade Review: Beware of this New Scam

EliTrade Review: Beware of this New Scam

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We strongly believe that EliTrade is a scam trading bot. The owner suggests that EliTrade trades stocks very profitably and that it is a legal software to use. It is supposed to generate accurate signals and execute them on your behalf. The weirdest thing, however, is that EliTrade is claiming to give each user $500 for free to start trading with. This money should not be returned and profits must only belong to the user of EliTrade. No questions asked.

At some point, the website is trying to address the question of why they are helping everyone. That answer is neither comprehensive nor persuasive. They say the reason they have decided to help everyone is because their system is very profitable and that they want to make use of its efficiency using their money. That’s not a very convincing explanation.

Moreover, no one can give you $500 for free in the online investment community. Money is hard to come by. Furthermore, even if EliTrade was genuine about the $500, they wouldn’t afford to pay everyone who joins their system. It is not realistic. Everyone wants money and so everyone in the world will sign up for EliTrade to get the free $500. Who pays the cost? That’s the question you should be asking yourself before you get persuaded.

EliTrade Review

Think about it. These people want you to believe that they created a very profitable stock trading software and that instead of selling it, they’ve opted to distribute it for free and also give you $500 for free. That’s not convincing enough. It clearly shows the nature of their target audience. This audience has to be financially naive and illiterate. By the way, have you considered the possibility that this $500 is just free virtual money and not real money? That’s what will happen when you sign up. You are basically signing up to a demo account and later being asked to make a deposit so you can make profit or withdraw any money in your account.

elitrade

So you are basically trading with fake money. That money cannot be withdrawn from the system. It is as good as not receiving the ”free $500” at all.

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Note: If your language is not English, you should use the language dropdown menu at the top of their page to select your language.

This software is surely a piece of scam. We have tested it and we can tell you that this demo account was created in such a way that it can fake results in collaboration with the software. It opens trades but doesn’t say what time those trades were opened. It does not even tell the direction of those trades, whether Put or Call directions were taken. Therefore, this is concrete evidence that the results which you will be getting through the EliTrade are fake. They are misleading and clearly intended at prompting you to deposit real money. In that spirit, you’ll be fooled to believe that you can make as much money as the ones you are seeing in the demo account. It will be too bad for you if you get fooled this way.

If you want to trade with genuine robots, you should explore these options instead. Don’t use any other software that we have not recommended since we may not have tested it yet and we don’t want you to come here later on complaining about how you got scammed and how you’d like to recover your money.

Shady and unregulated

EliTrade is operated by an anonymous entity who is also giving investment advice. When they do so, they are clearly in breach of the laws set forth by the regulators of the industry. It is illegal to promote this kind of trading app because it clearly leads to the loss of funds.

The reason as to why this website is providing an illegal service is that it does not even provide a way to contact them. How exactly are we supposed to contact them or keep in touch with them when we have issues? Figure it out. Only scammers operate this way.

By the way, this is just a shady entity that wants to steal your money. That is why they are not licensed and are not providing any contact information to help prospective users who want to inquire before getting in.

These red flags should ring bells in your head before you can ever think of sending money to whatever broker they will direct you to.

You see, EliTrade is working with an unregulated broker called Utrader. That means you will definitely lose money to this broker because they are not under the watch of any regulator. They can decide to keep your money and nothing will ever happen. Or they can even trade against you because they are not professional either. It is just a hellish experience dealing with such brokers. No one wants to deal with an unregulated brokers for these reasons.

The true intention of this scam

You will be pushed to make a deposit with the said broker. It seems this scam is operating just like many others that we have reviewed here before. The reason you must only use this broker is because they are in collaboration with the scammers who run the Elitrade software. They get paid commissions when they refer you to their platform.

For this to happen, they must persuade you that they have created a very profitable software. What you might not know is that the software loses money and you are also trading with a scam brokerage platform.

By the way, the money which they claim to give you for free cannot be withdrawn because it’s virtual money used for practice. You will need to deposit your own money. The downside, however is that you won’t be able to get it out once you push the send money button.

Our best advice for you

You must stay away from this robot because of the reasons highlighted above. They are valid reasons as to why those who don’t want to lose money are not trading with this robot. It is clearly a scam, and the intentions are crystal clear. Use these robots instead.

Summary
Review Date
Product Name
EliTrade
Author Rating
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