We are shown by ELTM Trading as a reputable forex and CFD broker that can help us with our financial market investments. However, a cursory examination uncovers numerous issues with these claims. There’s no reason to think that ELTM Trading is anything more than a typical internet fraud. We’ll explain in this review why it’s not a good idea to entrust this website with your money and suggest some brokers that are more reliable.
You should anticipate seeing clear and comprehensive information about the business that owns and runs the broker, its location, and the regulatory bodies to which it is subject when you visit the website of a reputable broker. A full set of legal papers is also needed from licensed financial services companies.
On the other hand, ELTM Trading is totally anonymous. There is no mention of the company name, regulatory license information, or even a contact address. The Terms of Use is the sole document that mentions Vanuatu’s authority, which is an offshore zone.
There are no firms with the same name among those that are registered in Vanuatu. We also looked through the Bank of Russia’s registration because the website is available in Russian. We discovered a disclaimer there stating that ELTM Trading lacks a license to offer financial services.
How do they work
Make sure you invest your money through a qualified intermediary and not one of the many con artists that prey on people via the internet before making any financial instrument purchases. You should never entrust your money to such unidentified websites that provide contradicting and incorrect information. Alternatively, you may approach any of the numerous businesses that genuinely operate under the auspices of reputable regulatory agencies such as the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC).
As a client, you will benefit from several assurances such as protection against negative balances and a guarantee for your money up to EUR 20,000 in the EU and 85,000 GBP in the UK in the event that the broker files for bankruptcy. A number of significant regulations, including transaction reporting, are in place in the UK and the EU with the aim of enhancing investor protection and fostering market integrity and transparency. It is mandatory for regulated brokers to keep their own money separate from that of their clients.
Although this platform allows you to place orders with basic functionality, it falls short of what MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have to offer. The fact that these platforms have become the norm in the industry is not by accident. Many customization options, the ability to use numerous accounts, the ability to create and apply custom scripts for automated trading, and the ability to backtest trade methods are just a few of the many features they provide.
It should be noted that the existence of a trading platform does not imply that the purported broker offers actual trading, nor does it lend legitimacy to this website. To trick their victims into thinking their money is being invested, scammers frequently utilize trading software that has been corrupted.
The fact that ELTM Trading solely accepts cryptocurrency as payment was not shocking at all. Most financial scammers use this as their preferred method of payment. This is because, while cryptocurrencies offer a certain level of anonymity, they also prevent the victim of fraud from requesting a return.
Reputable brokers usually provide their customers with a large selection of clear payment options, such as bank transfers, credit/debit cards, and well-known e-wallets like PayPal, Skrill, or Neteller. If you’re looking for reliable brokers who take payments in digital money in addition to traditional ways.
ELTM Trading does not outline any exceptional requirements for withdrawal. However, these kinds of frauds constantly catch you off guard with additional costs and other ruses to keep you from getting your money back. These traps are often linked to the incentives being given.
How to get your money back
Reclaim Your Finances: Unveiling Tactics to Retrieve Funds from Scammers.
Gather Evidence: Collect all relevant documents, emails, receipts, and any communication with the scammer.
Contact Your Bank or Credit Card Company: If you paid using a credit card or bank transfer, report the scam to your financial institution. They may be able to reverse the transaction or provide guidance on next steps.
File a Complaint: Report the scam to relevant authorities such as the Federal Trade Commission (FTC), Consumer Financial Protection Bureau (CFPB), or your local law enforcement agency.
Notify the Platform: If the scam occurred on a specific platform (e.g., social media, online marketplace), report it to the platform’s support or abuse team.
Remember, prevention is key. Be cautious when sharing personal or financial information online and always verify the legitimacy of offers or requests before proceeding.