Located in West Broadway, San Diego, Elite Trade Option is a trade investment company that is designed for people who don’t have knowledge or necessary skills for Forex trading. There is one thing that worries us, though. When you look online, you will find numerous comments from people who opened an account here. Well, most of those people have negative experiences. If we combine that with the fact that Elite Trade Option is an unregulated broker, we can conclude one thing — this is not the safest place for trading.
However, we still wanted to give this broker a chance and see if the offer is worth your time. Behind Elite Trade Option stands a young, dynamic and multi-cultural team (at least that’s what they claim) who created out-of-the-box trading solutions. All of this is great, but we do not like the fact that people who stand behind this broker say they guarantee absolute success. If there is one thing you need to know about the Forex market, it’s the fact that nobody can guarantee you success. This is the market that changes constantly and not a single thing is guaranteed. So, now when we made sure that’s clear, we can continue with our review to see the quality of the offered service.
Quality of Service
Today, we will start with the account types just to see what trading conditions this broker offers. Well, here comes the first disappointment. The most common thing in the Forex market is to ensure clients have a variety of options. This time, you won’t have the luxury to choose. No matter how much money you decide to deposit, you will have the same benefits. There are no perks if you deposit extra money and sadly that’s not something we can approve of. Brokers need to provide different options to clients and if you want to become a VIP member, you should have some custom-tailored benefits, created just for you.
Another problem is that we had our trading conditions. Actually, it’s a fact that we cannot see any of those conditions on the website. The only written thing is that the entry price is between $500 and $2499, the bonus is 10% and ROI is 200%. Needless to say, this information does not cover the basics and we still don’t know the most important things such as leverage or spreads.
An interesting thing about Elite Trade Option is that they will do their best to hide every important information. We realised that with trading conditions, but the same story continues with the trading platform as well. Usually, when a broker offers MetaTrader, that will be clearly visible on the landing page. MT is an excellent platform and brokers do not hide their pride when they provide it. So, we realised that Elite Trade Option offers a unique, web-based platform. Don’t get us wrong, we like to see custom-made solutions, but this time you cannot see anything.
As we already said, everything is hidden here and unless you open an account, you cannot see what the platform looks like. We won’t lie, this is a red flag for us and we assumed that the platform has some serious shortcomings. As it turns out, we were right. Once you open an account and visit the platform, you will realise how slow it works. Also, there aren’t too many tools that will be helpful while trading and if you want to find something, you will need some time. So, this is not a user-friendly platform that you want to have and trust us when we say, the Internet is full of brokers who will provide you great trading experience. There is no need to settle with the less.
Speed of Response
If you have even just one day of experience in the Forex market, you know how important it is to have proper customer support. By proper we mean responsive agents and different methods. Everyone knows that, except Elite Trade Option. Here, you won’t see Live Chat or online form. You won’t even see a separate section for customer support. No, if you need help you will have to scroll down to the end of the landing page and in the left corner at the bottom, you will find information.
This broker left its email and phone number, so you can reach out to them on WhatsApp. Needless to say, this is not enough, nor it seems professional. Since we didn’t have a choice, we tried to reach out to them using that phone number. Well, nobody replied, and we can say that Elite Trade Option managed to fail in this segment too.
It’s a funny thing to speak about transactions when a broker greets you with a message: “ATTENTION PLEASE…NOTE THAT ALL DEPOSITS/PAYMENTS SHOULD BE MADE DIRECTLY TO THE COMPANY ACCOUNT/ BITCOIN WALLET ADDRESS, NO PAYMENTS/DEPOSITS SHOULD BE MADE TO ANY ACCOUNT MANAGER. THE COMPANY WILL NOT BE HELD RESPONSIBLE FOR ANY LOSS THAT COMES WITH MAKING PAYMENTS TO ANY ACCOUNTS MANAGER…THANK YOU FOR YOUR UNDERSTANDING AND COOPERATION” each time you open something.
As you can imagine, there isn’t any information about transaction speed even when you visit the Terms and Conditions page. There is a part about withdrawals, but they keep writing without telling a single thing. Apparently, this broker is a master of hiding things. Everything is questionable here, especially the sentence that Elite Trade Option is not reliable for any delays in receiving the money. When the Terms and Conditions are like that, we can only assume one thing — it’s most likely that you won’t receive a single dollar of your funds.
This broker might omit important information from the website, but when it comes to fees, you will find a very large list that’s not even decently explained. First of all, if you use any currency other than SGD, USD, EUR, MYR or IDR you will be charged an additional 10 USD. There are other commissions that you have to pay but the thing is, we have no clue what the amount is for those fees. It could be any price and you cannot complain about it because if you open an account you automatically accept all those terms.
Well, well… Here comes the part where we need to talk about license and if there is one certain thing in this world it’s the fact that Elite Trade Option is an unlicensed broker. There isn’t a regulation here and you cannot count on help if this broker scams you, which will happen sooner or later. That’s the thing with unlicensed brokers, you cannot complain to any governmental body if something goes wrong.
We do feel a need to emphasize one thing. Not all unlicensed brokers are scammers. Some of them offer great conditions and even better security levels. So, there are times when we say that it’s safe to trade with someone even if there is no license. Unfortunately, today is not that day and the only thing we can say for sure is to stay away from Elite Trade Option. When a broker hides every single thing, there is something wrong.
Variety of Payment Options
Surprise, surprise — there isn’t any information about payment methods. We do know that you can use both Fiat currencies and crypto, but we have no idea what method is available. The only thing we were able to find out is that you can deposit crypto assets directly to your Elite Trade Option Account via the Wallet section. You will receive a unique wallet address where you need to send funds and it’s possible that they will need some time to add money to your account.
The Bottom Line
To be honest, Elite Trade Option managed to confuse us completely. We do see different brokers every day since it’s our job to find good ones for you, but this is a whole new level of unprofessional brokering.
From customer support to trading conditions, we cannot find a single thing that is good and that doesn’t happen often. So, the only thing we can say at the end of this Elite Trade Option review is to look through our website and find another broker that will be able to give you decent service and trading conditions. Otherwise, you might end up losing all the money you deposited.