Note: Elliot Tradings official site - https://www.elliottrade.com is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is Elliot Trading？
Elliot Trading, short for Elliot Trading Limited Company, is an Internet-based trading platform based in Mauritius, claiming to offer openings for financial market trading. However, significant concerns arise when attempting to access Elliot Trading's website, as it is currently inaccessible which makes authentication and verification of the broker's regulatory status a challenge. Additionally, it's worth noting that this broker is not under valid regulation from any reputable regulatory bodies.
Our scrutiny of Elliot Trading is set to follow in an upcoming article, from varied angles to we‘ll try to present you with an informative, compact overview. If this sparks your interest, your continued reading is encouraged. We’ll encapsulate this detailed analysis with a brief rundown of pivotal points that serves as a snapshot of the broker's attributes.
Pros & Cons
Elliot Trading has some advantages such as offering the ubiquitous MT4 trading platforms, providing tiered accounts to cater to different trader experiences and expectations, offering flexible leverage ratios for varying risk levels, and floating spreads to manage the cost of trades.
However, there are significant disadvantages that cannot be ignored. Being unregulated remains the firm's major concern along with a lackluster transparency. The inaccessibility of the website poses a great hurdle in exploring the platform and obtaining crucial information. Additionally, there is limited information available on the tradable instruments, which hinders traders from gaining a comprehensive understanding of the possibilities the platform provides.
Is Elliot Trading Safe or Scam？
When considering the safety of a brokerage like Elliot Trading or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
The situation is further compounded by the fact that the broker's official website is currently inaccessible, leading to speculations regarding possible cessation of its operations. These factors collectively amplify the inherent risks associated with investing through this platform.
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User feedback: Read customer reviews from reputable websites and online discussion platforms to understand their experiences with the broker. Collecting data from reliable sources can enhance the accuracy and reliability of the assessment in terms of the company's performance and customer satisfaction.
Security measures: So far we cannot find any security measures info on Internet for this broker.
In the end, the choice of whether to engage in trading with Elliot Trading is a matter of personal discretion. It's essential to meticulously assess the advantages and disadvantages before arriving at a decision.
Account Types
Elliot Trading provides a selection of three accounts, each suited to different trading levels and financial capabilities.
Their Super Pro A Account, designed for high-volume traders, requires a minimum deposit of $3000.
The Pro B Account, suitable for intermediate traders, demands a minimum deposit of $1000.
Lastly, the Standard Account, meant for beginners or those wanting to sample the platform, requires the least deposit, just $100.
This extensive variety ensures the accommodation of diverse needs, preferences and financial capacities of different traders.
Leverage
Elliot Trading provides varying leverage options for the different account types, thus addressing the differing risk tolerance levels among traders.
Their Super Pro A Account offers a leverage of 1:400, offering a substantial potential for return but also needing careful risk management due to possible losses.
The Pro B Account provides a balance with a leverage of 1:300, while the Standard Account, designed with beginners in mind, offers leverage of 1:200, allowing them to gain leverage experience with relatively less risk involved.
These levels of leverage mean traders can effectively control larger positions with smaller initial deposits, potentially amplifying their earnings. It's crucial to stress, however, that while leverage might increase profits, it can likewise magnify losses.
Spreads & Commissions
Elliot Trading provides tiered spread structures according to the account type, which can impact the cost of trades and potentially the profitability.
The Super Pro A Account offers the narrowest spread of 0.7 pips, hence appealing to high-volume traders who regularly transact large volumes. The Pro B Account has a slightly wider spread at 1.0 pips, and the Standard Account presents the widest spread at 1.2 pips. This system caters to different trader segments, from professionals to novices.
However, it's important to note that information on commissions isn't readily available. The lack of transparency could affect cost calculations and demands inquiring directly to the broker for accurate understanding.
Trading Platforms
Elliot Trading provides its clients with the popular MT4 (MetaTrader 4) platform for trading. MT4 is widely recognized in the industry for its user-friendly interface, comprehensive charting tools, extensive back-testing environment, and algorithmic trading abilities. This platform allows both novice and experienced traders to manage their investments effectively and efficiently.
Customer Service
Elliot Trading provides multiple customer service options to assist its clients. Customers can reach out to Elliot Trading through various channels to address their queries and concerns as below:
Phone: +90 212 934 1670.
Email: info@elliottrade.com.
Address: 5th Floor, 355 NEX Tower, Rue du Savoir, Cybercity, Ebene 72201, Mauritius.
Conclusion
Elliot Trading, a Mauritius-origin online trading platform, proclaims its international financial services. However, a closer analysis reveals some concerning traits.
Its unregulated status indicates the broker operates without adherence to regulations from any notable financial institutions, possibly putting traders at risk due to absence of industry norms.
Additionally, ongoing accessibility issues with the broker's website provoke serious concerns about its professional conduct and accountability. These factors can influence user experience and impede effective navigation of the platform.
To prioritize transparency, regulatory compliance, and reliable customer support, potential users are strongly recommended to tread carefully and explore other regulated brokers as alternatives.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
