Elon-Mining is a contract for difference (CFD) broker officially registered on June 15, 2023. This broker offers a multitude of trading markets through platforms such as MT4, MT5, and cTrader, including forex, commodities, indices, bonds, cryptocurrencies, stocks, futures, and more. It does not operate in the United States, Canada, Israel, New Zealand, Iran, and North Korea.
Company Registration Information and Regulatory Status:
Public information on the Elon-Mining official website shows that its business entity registered in Seychelles is Elon-Mining Ltd, which is authorized and regulated by the Seychelles Financial Services Authority (FSA) with the license number SD018.
Upon verification, it has been found on the official website of the Seychelles Financial Services Authority (FSA) that the business entity with the license number SD018 is actually Raw Trading Ltd, which is the business entity of broker IC Markets registered in Seychelles. Moreover, its FSA-approved websites are https://www.icmarkets.sc and https://www.icmarkets.com. Therefore, Elon-Mining is a scam website impersonating IC Markets.
Additionally, the website design of this broker is identical to the fraudulent brokers Continentaloptionslive, ExpertSync, Limexx, Venosvista, Fenext, Linoxx, and others, all of which have plagiarized the official website of IC Markets.
Account Opening:
To open an account with Elon-Mining: visit the broker's official homepage. Users need to click "Client Login" in the top right corner to access the login page, then click "Create account" at the bottom of the login form to go to the account registration page. Follow the instructions to fill in personal information such as name, email address, phone number, and set a password to submit. Once submitted, the account will be successfully registered.
Trading Accounts:
Elon-Mining offers three different types of trading accounts: cTrader Account, Raw Spread Account, Standard Account.
cTrader Account:
- Trading platform: cTrader
- Trading commission (per lot): $3.0 (round turn $6.0)
- Spread: From 0.0 pips
- Minimum initial deposit: $200
- Trading leverage: 1:1000
- Maximum open orders per account: 2000 lots
- Server location: London
- Micro lot trading (0.01): Supported
- Currency pairs: 61
- Indices CFD trading: Supported
- Margin call level: 50%
- One-click trading: Supported
- Islamic account: Supported
- Allowed trading methods: All
- Order distance limit: Unlimited
- Programming language: C
Raw Spread Account:
- Trading platform: MetaTrader
- Trading commission (per lot): $3.5 (round turn $7.0)
- Spread: From 0.0 pips
- Minimum initial deposit: $200
- Trading leverage: 1:1000
- Maximum open orders per account: 200 lots
- Server location: New York
- Micro lot trading (0.01): Supported
- Currency pairs: 61
- Indices CFD trading: Supported
- Margin call level: 50%
- One-click trading: Supported
- Islamic account: Supported
- Allowed trading methods: All
- Order distance limit: Unlimited
- Programming language: MQL4
Standard Account:
- Trading platform: MetaTrader
- Trading commission (per lot): $0.0
- Spread: From 0.6 pips
- Minimum initial deposit: $200
- Trading leverage: 1:1000
- Maximum open orders per account: 200 lots
- Server location: New York
- Micro lot trading (0.01): Supported
- Currency pairs: 61
- Indices CFD trading: Supported
- Margin call level: 50%
- One-click trading: Supported
- Islamic account: Supported
- Allowed trading methods: All
- Order distance limit: Unlimited
- Programming language: MQL4
Trading Platforms:
Elon-Mining claims to offer trading platforms such as MT4, MT5, and cTrader, but it does not provide any download links. Moreover, the broker named Elon-Mining cannot be found on these platforms.
Deposits and Withdrawals:
Elon-Mining supports deposits and withdrawals through credit/debit cards, electronic wallets, and bank transfers.
Conclusion:
Traderknows Encyclopedia warns investors that Elon-Mining is actually a scam website that clones the broker IC Markets. Investors are advised to choose brokers who are transparent, strongly regulated, and have a good reputation for investment activities to avoid unnecessary financial losses.
Currently, this broker is marked as "suspected of fraud" on Traderknows.
