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The number of scam brokerages has increased tenfold in the last few years, as there is heavy traffic in the financial markets. With more people taking an interest in online trading, it is not surprising that criminals have also doubled their efforts to scam them. This means that traders have to up their game as well and make an effort to ensure they are choosing the right brokerage for their trading journey. Even a slight miscalculation can result in dire consequences. Some brokers, like this ELV Markets review highlights, are good at hiding their true nature, but this does not mean it is not possible for you to distinguish them from others.
The key is to remember that you should never take a company’s word for what it tells you. It is always smart to do your own research and make sure that everything is as advertised. You may have to dedicate some time and effort to this task, but you will be able to find the truth and make the best decision in the long run. Isn’t that the goal? No matter how good a story they might tell, scam brokers will give away the truth in one way or the other.
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You just have to be thorough enough to find it, regardless of how impressed you might be with their offerings. As long as you do not let yourself be blinded with tall claims, you can make the right choice in terms of a brokerage and enjoy the opportunities the financial markets have to offer. When you come across ELV Markets in your search for a professional forex and CFD broker, it leaves quite the impression. It claims to be just the platform you need to make good returns in the financial markets, as it has the technology and features required.
That sounds like quite the promise and many people would want to consider ELV Markets because it also seems to have a decent and clean website with all the bells and whistles you would expect in a legitimate brokerage. Unfortunately, all of this is nothing more than a sham and ELV Markets is just another scam. Why? Let’s find out;
No licensing and regulation
The first reason that makes it obvious that ELV Markets is not the right choice for you is the lack of regulation and licensing of the brokerage. When you go through its website, you will find an address that puts the company in London, United Kingdom. To operate in the UK, a broker needs a license from the Financial Conduct Authority (FCA) and this requires them to meet a lot of requirements.
The FCA is known as one of the strictest regulatory bodies in the world, but a search of its online register turns up empty when you look for ELV Markets and this indicates the broker cannot be based in the UK. Even if it is, then it means that ELV Markets is operating illegally and this does not give the company any credibility. Moreover, if you check out its Terms and Conditions, you will find that it complies with the laws of Saint Vincent and the Grenadines.
Again, this is not helpful at all because SVG has the reputation of being a scam haven and the fact that ELV Markets is registered there shows that it has a lot to hide. The financial authorities of the offshore jurisdiction have made it clear that they do not regulate brokerages, so you cannot trust anything that you find on the ELV Markets website.
Lack of functional trading software
Checking out the trading software offered by an online broker is of the utmost importance because it is what you use for executing your trades and it also comes with trading tools that come in handy. Therefore, it is shocking to discover that ELV Markets does not offer you a functional trading software at all. It is the main offering of an online broker and there can be no trading without it, so it is a major problem.
This means that even if you open an account with ELV Markets, you will not be able to engage in trading at all. There is only a dashboard that you will come across on their website that is meant to create an illusion of a trading software. It only gives you the option of making a deposit, which makes the intentions of the broker quite evident.
Conflict of interest
The reason that ELV Markets does not offer you a functional trading platform becomes clearer when you check out its account options and come to know that it is actually offering you several investment plans. This means that you have to deposit you funds and the brokerage will give you good returns by investing and trading on your behalf.
It sounds like a great deal because you can just sit back and make profits, but it is just too good to be true. Anyone who gives you any guarantee about making profits from the financial markets is trying to scam you because they are extremely volatile and unpredictable and even professional traders do not always make profitable trades.
Plus, brokers are market makers by nature, which means when a customer loses a trade, they make profits. Thus, ELV Markets cannot trade on your behalf and make profits because it would man losses for them.
High minimum deposit
You have already found lots of evidence that ELV Markets is not a good broker, but there is more to be found. As it turns out, the broker is demanding that you make a minimum deposit of $5,000 for its basic investment plan and this is just too high. The standard minimum deposit that online brokers usually ask for is around $250. These days, they have chosen to waive this off as well and are allowing their clients to open accounts for as low as $10.
Conclusion
All of these holes in the story that ELV Markets is telling shows that it is not the right choice when it comes to a broker for online trading. This broker shares all the hallmarks of a scam broker.
