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Our Cryptoelitfx.com review exposes why Crypto Elit Fx is a scam. With several errors already seen, the broker plans to block withdrawals. Crypto Elite FX is the full name and was exposed a while ago before changing the domain address.
The few who have had the opportunity to invest and trade with this broker are having a hard time. Withdrawal is impossible despite the account balance showing part of the principal amount. Here’s what you need to know in our exclusive CRYPTPO ELIT FX REVIEW.
The brokerage sells itself as an innovator in trading experiences. Unfortunately, that’s not what you will get when you sign up. Cryptoelitfx.com is a scam waiting to pounce on naïve crypto investors. We have valid proof as to why this broker is a scam.
It would be best to dig deep to find out why most members are unhappy with the experience. The broker has some questions, from withdrawal cuts to accounts blockade. And these are the questions the broker fails to respond to.
Our attempt to reach the broker for comment on the matter hit a snag. The broker doesn’t want to face the harsh reality of what’s happening. And by doing so, it implicates itself in this already exposed liquidity provider.
Note: Are you planning to invest in cryptocurrency? There are legit and proven ways to do so. You need to invest in the best crypto investments backed by experts. Proven and tested, check out coin staking, DeFi, and Masternoding.
Cryptoelitfx.com is one of the brokers who doesn’t know what crypto investments are all about. And as such, it takes advantage of those who sign up. Yet, the broker fails to offer much accountability and transparency despite all these.
You won’t find any member or user heaping praise on the platform. And that’s one way of knowing the broker is out of touch with the crypto niche. Instead, you get a barrage of negative comments from members.
No, your funds are far from safe with a broker who fails to offer transparency. For example, we know the broker doesn’t deposit the minimum required amount with regulators to start a liquidity business. Instead, regulators use this amount as insurance cover for deposits netted by the platform.
There’s also no security on the actual website. The website lacks DDoS protection and SSL encryption. These are the facts you need to know before heading in. The platform is an easy target for hackers, especially targeting crypto wallets.
The broker claims to offer a welcome deposit well above 50 percent in some instances. We also see monthly account holders getting a promise of over 145 percent. All these are insane welcome bonus amounts.
These are the traps we are talking about. The broker enlists high bonus claims to lure investors into depositing a large chunk. There’s no sane broker that would promise double the investment amount. That’s one of the reasons we flagged down the broker.
Cryptoelitfx.com is not a licensed or regulated broker. As a result, those who have signed up with the broker are losing focus on the reality of things. The broker doesn’t have a license to offer liquidity services. And that’s a huge problem for investors.
Without a valid license, the broker doesn’t provide sufficient insurance coverage. Regulators, too, won’t offer any protection to members. So having a legal framework to follow is enticing at all times.
You can check with your local regulator to determine if a broker is fully compliant. We recommended investing and trading with regulators who follow the rules. The best regulators include ASIC, BaFIN, CySEC, and the FCA.
Others include CFTC, CNMV, CONSOB, FINMA, and the SEC. Regulators work to ensure all parties adhere to trading regulations. So you won’t get any mishaps with a broker licensed by any of these regulators.
There are several available methods listed for funding accounts. These include bank and wire transfers. Surprisingly, the broker fails to mention any crypto payments. You can, however, exchange crypto from one of their recommendations.
Withdrawing funds from such brokers is a hard ask. No member has had the opportunity to withdraw funds for the past few weeks. And that has led to several questions over the legality of matters.
Members are also having a hard time trying to pay back the broker’s bonuses. The broker insists you have to pay back in full the bonus offered. It begs the question of why they term it as a bonus in the first place.
There are two types of accounts depending on the time set or vesting period. You can either choose between weekly or monthly accounts. Each of the vesting periods has several accounts to choose from.
Here’s a closer look at these vesting accounts;
Weekly accounts
There are five accounts available for weekly accounts. These include starter, classic, pro, executive, and premium. There’s no mention of acceptable leverage, with each plan having a welcome bonus.
Members get different features in terms of spreads. None of the accounts mention the set leverage, which is another problem. You can start depositing with $300 and $25,000 being the maximum.
Monthly
Traders choose between seven monthly accounts. These include luxury, VIP, VIP luxury, silver platinum, gold platinum, VIP gold platinum, and gold luxury platinum. Most of these accounts offer insane welcome bonuses.
The minimum acceptable deposit is $50,000, with gold luxury platinum holders having to deposit a cool $1 million. Members get a promise of getting daily signals, a financial plan, and scalping. Negative balance protection is also on the cards.
Once you decide which account to use, the broker insists on a deposit method. After trading for a week, you have more funds in your account. When the time comes to withdraw funds, all hell breaks loose.
The broker will refuse access to your account balance. You get an email quoting a direct deposit of the total bonus offered. The broker claims you will gain access to funds after paying the bonus. The broker insists on a new deposit if the account has the balance to reflect the bonus.
Those who mistake depositing more funds end up losing the entire chunk. The broker moves quickly to dismiss any attempt to withdraw funds. That’s how a majority of members have lost their investment.
One of the few enticing features of the broker is having MT5 trading terminals. It’s a world-class trading platform that offers the best quality. You also get advanced tools such as automatic robots and trading signals.
It’s expected that such a platform would offer live chat. That’s not the case, as the broker fails to provide much productivity. You get a platform that is unwilling to offer much support to members.
Even the member dashboard is abysmal at best. Nevertheless, you won’t get far from trading with such a broker. Some of the missing menus include how-to and other educational materials.
We rate this broker a 1/10, be careful when investing with such platforms.
PS: Invest in proven and tested crypto investments.
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