ELTM Trading has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to FTP-gsl. We’ve received over 6 complaints against ELTM Trading.
ELTM Trading, an FX and CFD broker, lacks transparency, regulatory compliance, and dependable customer service. They only accept cryptocurrency, have inadequate trading systems, and charge excessive fees. Red flags include a lack of firm information, insufficient regulation, and questionable payment procedures, indicating a risky investment. Select regulated brokers instead.
We suggest working with a trustworthy broker with specialized staff, latest tech and most importantly, customer-centric trading conditions. After reviewing 1000+ brokers, we rank the following company as the best:
Key Takeaways
Is ELTM Trading Regulated? Do They Have a License?
ELTM Trading touts itself as a trustworthy FX and CFD broker that helps individuals trade financial markets. However, closer examination reveals a number of flaws that call these statements into question. This review will explain why it may not be a good idea to invest with ELTM Trading and will provide more reputable alternatives.
When working with a professional broker, you may expect to receive detailed information about the company, its regulatory status, and any legal documents. Unfortunately, ELTM Trading falls short on this front. The website does not include a company name, licensing number, or even a contact address. The Terms of Use are the only document offered, and they reference the sovereignty of Vanuatu, an offshore area noted for its weak restrictions.
In contrast, UK-regulated brokers provide guarantees of up to £85,000, separate accounts, and protection against negative balances. EU-regulated brokers offer precautions such as segregated accounts and guarantees of up to €20,000. Australian brokers likewise have separate accounts to protect against negative balances. US-regulated brokers enforce account segregation and provide some fund protection, but not against negative balances.
A legitimate broker’s website is often filled with information about the company and its adherence to regulatory regulations. The absence of these features from ELTM Trading’s website raises serious doubts about its reliability.
The lack of regulation or the presence of poor regulation is a huge red flag. It means ELTM Trading might be a scam or most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of ELTM Trading, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at ELTM Trading
ELTM Trading provides access to a basic web trading platform for placing orders. However, it falls short of industry-standard platforms such as MetaTrader 4 (MT4) and MetaTrader 5, which provide substantial backtesting, customization, and automation capabilities. MT4 has about 30 indicators, whereas MT5 has over 50. Both platforms feature auto-trading, custom indicators, and mobile apps for Android and iOS. Similarly, cTrader offers over 40 measures and is compatible with mobile devices.
While ELTM Trading provides a trading tool, the availability of such a tool does not imply authenticity. Many deceitful operators employ malfunctioning trading software to provide the appearance of investment.
Starting with ELTM Trading takes a $150 deposit, which is more than many respectable brokers. You might register an account with a legal and reputable broker for a comparable or lower cost. For example, FP Markets has a $100 minimum deposit, XM just $5, while HFM has no minimum payment requirement.
ELTM Trading’s exclusive acceptance of cryptocurrencies is remarkable because these transactions are private and irreversible, both of which are commonly preferred by suspicious entities. In contrast, reputable brokers offer a variety of transparent payment methods, including as bank transfers, credit/debit cards, and popular e-wallets such as PayPal, Skrill, and Neteller.
Deposits made through bank wire transfers typically take 2-5 business days, while withdrawals take 5-10 business days and include costs. Credit card deposits are quick, and withdrawals are free within 24 hours. E-wallet deposits, such as PayPal, Skrill, and Neteller, are processed within an hour, while withdrawals are accomplished within 24 hours for a nominal fee.
ELTM Trading offers low spreads, such as 0.9 pips for EUR/USD, but the feasibility of trading with this broker is dubious. Furthermore, ELTM trade lacks information regarding trade terms, such as potential commissions. In comparison, brokers such as FP Markets, XM, and HFM have somewhat higher spreads but guarantee genuine trading conditions.
ELTM Trading claims to offer high leverage ratios, such as 1:100, which are substantially riskier and surpass the restrictions set by most regulated locations. For example, UK and EU restrictions limit leverage to 1:30 for major currency pairs, and even lower for more volatile assets. Australia has comparable restrictions, but in the United States, the maximum leverage for key currency pairs is 1:50.
These leverage limitations are intended to safeguard retail traders from significant losses. These caps are imposed by regulatory bodies to protect small traders from incurring excessive losses.
The payment methods of ELTM Trading do not follow precise laws, which can be troublesome. Frequently, such arrangements include hidden fees and limitations that prevent fund withdrawals. Reputable brokers do not impose such restrictions and maintain a transparent payout process. Brokers in regulated nations such as the United Kingdom, the European Union, Australia, and the United States usually do not have restrictive withdrawal restrictions, making the transaction simple and secure.
However, it’s worth noting that many forex scams disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, shady forex brokers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
To avoid such scenarios, it’s best to work with a reliable and trusted broker.
ELTM Trading Customer Service: Do They Handle Complaints Well?
When it comes to forex brokers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, shady brokers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Shady brokers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
If you have information on a scam or criminal operation, you can get access to 40+ investigative journalists & news outlets for free. Send us a detailed report here and if you qualify, we will forward your case ahead.
ELTM Trading Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Even if ELTM Trading might not be a scam, brokers like them rely on fake reviews to increase their credibility.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust the online ELTM Trading reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of ELTM Trading, chances are, you wouldn’t find many legitimate reviews.
Another prominent way brokers like ELTM Trading enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “ELTM Trading reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising ELTM Trading.
You should always look out for consumer complaints. In the case of ELTM Trading, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about ELTM Trading? You can share your complaint in the comment section or submit an anonymous tip.
Is ELTM Trading Legit Or a Scam?
ELTM Trading is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind ELTM Trading can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust ELTM Trading?
ELTM Trading has several alarming characteristics that indicate it may not be a trustworthy organization. The lack of available information, the absence of regulatory control, and the exclusive usage of bitcoin for transactions all raise warning flags.
Potential investors should choose brokers authorized by respectable authorities, such as the Cyprus Securities and Exchange Commission (CySEC) or the Financial Conduct Authority (FCA) in the United Kingdom. These organizations provide strong investor protection and transparency in their operations.
All the evidence suggests that ELTM Trading might be a scam. You shouldn’t risk your funds with a broker you don’t fully trust.
That’s why we recommend working with a trusted broker. That way, you can avoid any hiccups and be certain of
Frequently Asked Questions
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