Note: At this time, we only have a cursory look at ELITE CRYPTO TRADE as the company's official website (https://elitecryptotrade.com/ ) does not open properly.
Risk Warning
Online trading involves huge risks and you can lose all 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 contained herein is for general information purposes only.
Screenshot time: 02/09/2023
WikiFX provides dynamic scoring, it will track the broker's dynamic real-time scoring, the current time screenshot scores do not represent past and future scoring.
General information and regulations
ELITE CRYPTO TRADE is registered in Australia and appears to be a fraudulent broker without any credible regulation, with a history of no more than 5 years. Unfortunately, we could not find any more detailed information about this broker on the internet. Therefore, we recommend that you do not deal with such a low-information broker right off the bat and always consult WikiFX to get at least a basic understanding of a broker.
When choosing a forex broker, you should know that a regulatory license does not necessarily guarantee the reliability of a broker as it may be an expired or cloned regulatory license, but a broker without any regulatory license has a high probability of being unreliable.
Pros and Cons
ELITE CRYPTO TRADE, as an unregulated cryptocurrency trading platform, presents a challenging landscape for traders. While it offers a variety of trading instruments and account types that cater to different needs, its lack of regulatory oversight is a significant drawback. This absence of regulation raises substantial concerns about the security of funds and the transparency of its operations, making it a risky choice for traders. Additionally, the platform's leverage, though potentially advantageous, can lead to significant losses if not used with extreme caution. While ELITE CRYPTO TRADE provides flexibility in deposit methods and offers two trading platforms, its customer support options are limited, and the availability of services like live chat or 24/7 support remains unclear. Traders should carefully weigh the potential benefits against the considerable risks before considering this platform for cryptocurrency trading.
Trading Instruments
Elite Crypto Trade is a cryptocurrency exchange that offers a variety of trading instruments, including:
Cryptocurrency pairs: Elite Crypto Trade offers over 100 cryptocurrency pairs to trade, including Bitcoin, Ethereum, Litecoin, and Dogecoin.
Cryptocurrency futures: Elite Crypto Trade offers futures contracts on a variety of cryptocurrencies, allowing traders to speculate on the future price of a cryptocurrency.
Cryptocurrency options: Elite Crypto Trade also offers options contracts on a variety of cryptocurrencies, giving traders the right, but not the obligation, to buy or sell a cryptocurrency at a certain price on or before a certain date.
Here is a comparison table of trading instruments offered by different brokers:
Account Types
ELITE CRYPTO TRADE offers three account types: Standard, Premium, and VIP, each tailored to different trader preferences.
Standard Account: Designed for beginners or those with limited budgets, the Standard account requires a minimum deposit of 100 USD. Traders get access to ELITE CRYPTO TRADE's trading tools, including charts, indicators, and risk management features, along with 24/5 customer support.
Premium Account: Geared towards traders seeking more benefits, the Premium account necessitates a minimum deposit of 500 USD. It includes all Standard account features plus a dedicated account manager, daily market analysis, and reduced trading fees.
VIP Account: The VIP account, intended for experienced traders or those with significant capital, demands a minimum deposit of 10,000 USD. VIP members receive Premium benefits as well as a VIP account manager, weekly market strategy sessions, and even lower trading fees.
Leverage
Elite Crypto Trade offers leverage of up to 100:1 on cryptocurrency pairs. This means that traders can borrow up to 100 times their account balance to open a trade.
Leverage can be a powerful tool for traders, but it is important to use it carefully. Leverage can amplify both gains and losses, so it is important to have a good understanding of risk management before using leverage.
For example, if a trader has an account balance of 1,000 USD and uses 100:1 leverage to open a long position on Bitcoin, the trader will be able to control a position worth 100,000 USD. If Bitcoin price increases by 10%, the trader will make a profit of 10,000 USD. However, if Bitcoin price decreases by 10%, the trader will lose 10,000 USD.
It is important to note that leverage can also lead to margin calls. A margin call occurs when the trader's account balance falls below a certain threshold. If a trader receives a margin call, they will need to deposit more funds into their account or close some of their trades.
Here is a comparison table of maximum leverage offered by different brokers:
Spreads and Commissions
ELITE CRYPTO TRADE offers spreads and commissions for cryptocurrency trading. For major cryptocurrency pairs like BTC/USD and ETH/USD, spreads are typically around 0.1%. Commissions vary based on the account type and trading volume.
- Standard Account: Spreads at 0.1% and commissions at 0.05%.
- Premium Account: Spreads are 0.05% with commissions of 0.04%.
- VIP Account: Features spreads as low as 0.02% and commissions of 0.03%.
These spreads and commissions cater to different trading preferences, allowing traders to choose what suits them best.
Deposit & Withdraw Methods
ELITE CRYPTO TRADE provides flexibility in deposit and withdrawal methods, accommodating various preferences:
Deposits:
- Cryptocurrencies: You can deposit funds using a range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Dogecoin.
- Fiat Currencies: ELITE CRYPTO TRADE also accepts deposits in fiat currencies like USD, EUR, and GBP.
Withdrawals:
- Withdrawals are typically processed within 24-48 hours. However, the processing time may vary depending on the chosen withdrawal method.
Fees:
- ELITE CRYPTO TRADE does not levy any fees for deposits or withdrawals. Please be aware that your bank or payment processor may impose fees on your transactions.
Trading Platforms
ELITE CRYPTO TRADE offers two distinct trading platforms to cater to varying trader preferences:
WebTrader:
- WebTrader is a web-based trading platform, accessible from any device with an internet connection. It is designed for traders seeking a user-friendly and straightforward trading experience. This platform offers convenience and ease of use, making it an ideal choice for those who prefer simplicity in their trading activities.
MetaTrader 5 (MT5):
- MetaTrader 5 is a robust desktop trading platform that boasts a substantial user base globally. MT5 is renowned for its extensive array of features and tools, encompassing technical and fundamental analysis resources, as well as real-time market news updates. Traders looking for a more advanced and comprehensive trading platform often opt for MetaTrader 5, leveraging its powerful capabilities to enhance their trading strategies and decision-making processes.
Customer support
The support service provided by ELITE CRYPTO TRADE is not very extensive. It can only be accessed via email and an address. Since the company's website is not currently open, we do not know if it offers other services such as live chat, callback, FAQ, 24/7 or 24/5 service, etc.
Below are the details about the customer service.
Email: support@elitecryptotrade.com
Address: 56 Burnley St, Richmond VIC 3121, Australia
Educational Resources
ELITE CRYPTO TRADE offers a variety of educational resources to help its clients learn how to trade cryptocurrencies successfully. These resources include:
Blog: ELITE CRYPTO TRADE's blog features articles on a variety of trading topics, including trading strategies, technical analysis, and risk management.
Webinars: ELITE CRYPTO TRADE hosts regular webinars on a variety of trading topics. These webinars are a good way to learn about trading from experienced professionals.
Trading courses: ELITE CRYPTO TRADE offers a variety of trading courses, both free and paid. These courses cover a variety of trading topics, from beginner to advanced.
Ebooks: ELITE CRYPTO TRADE offers a variety of free ebooks on trading topics. These ebooks are a good way to learn about trading at your own pace.
Glossary: ELITE CRYPTO TRADE offers a glossary of trading terms. This glossary is a good resource for learning the meaning of trading terms and concepts.
Conclusion
In conclusion, ELITE CRYPTO TRADE offers a range of trading instruments and account types to cater to diverse trader preferences. However, its lack of regulatory oversight poses significant risks, making it a less secure choice for traders. The availability of high leverage can amplify both gains and losses, requiring careful risk management. While the platform provides flexibility in deposit methods and offers educational resources, its limited customer support options and uncertain service availability raise concerns. Traders considering ELITE CRYPTO TRADE should weigh the potential advantages against the notable disadvantages and exercise caution when engaging in cryptocurrency trading on this platform.
Users exposures
We have not received any reports of fraudulent activity at this time. However, this does not necessarily mean that this broker is safe and you should remain vigilant to prevent being scammed.
Frequent asked questions about ELITE CRYPTO TRADE
Q: Is ELITE CRYPTO TRADE regulated by any financial authorities？
A: No, ELITE CRYPTO TRADE is not regulated by any recognized financial regulatory authority, which means it operates without oversight from such entities.
Q: What types of trading instruments can I access on ELITE CRYPTO TRADE？
A: ELITE CRYPTO TRADE offers cryptocurrency pairs, cryptocurrency futures, and cryptocurrency options for trading.
Q: What are the account types available on ELITE CRYPTO TRADE？
A: ELITE CRYPTO TRADE offers three account types: Standard, Premium, and VIP, each designed to suit different trading preferences.
Q: What is the maximum leverage offered by ELITE CRYPTO TRADE？
A: ELITE CRYPTO TRADE provides a maximum leverage of 1:100 for cryptocurrency trading.
Q: What trading platforms are available on ELITE CRYPTO TRADE？
A: ELITE CRYPTO TRADE offers two trading platforms: WebTrader and MetaTrader 5 (MT5), catering to different trader preferences.
