Elys FX Trade is a forex broker whose official website domain was registered on March 30, 2022, primarily offering investors the trade of financial derivatives such as forex, stocks, indices, energy, metals, and ETF contracts for difference. This broker does not provide services to jurisdictions where it may violate local laws or regulations.
Registration Information and Regulatory Status:
Public information on the Elys FX Trade official website indicates that the broker operates through several corporate entities and is regulated by multiple regulatory bodies. Among them, Elys FX Trade Ltd is authorized and licensed by the Cyprus Securities and Exchange Commission (CySEC), with license number 1780019. Elys FX Trade (registration number HRB11677B) is a designated agent of Ultra Booster Trade Ltd registered with the German Federal Financial Supervisory Authority (BaFin). Additionally, the broker was authorized by the Mauritius Financial Services Commission (FSC) as an investment dealer on October 2, 2017, under license number C17554381. TVH Ltd is authorized and regulated by the Seychelles Financial Services Authority (FSA), with license number SD0175.
However, upon verification of its publicly disclosed information, the Cyprus Securities and Exchange Commission (CySEC), the German Federal Financial Supervisory Authority (BaFin), the Mauritius Financial Services Commission (FSC), and the Seychelles Financial Services Authority (FSA) do not have any regulatory registration information for this broker.
Opening an Account:
To open an account with Elys FX Trade: navigate to the broker's official website, click on “SIGN UP FOR FREE” on the homepage or “SIGN UP” at the top right corner of the page. Enter personal information such as name, email address, set a login password, and submit. Once the application is submitted, the account will be successfully registered.
Account Types:
Elys FX Trade offers a demo trading account and four different types of trading accounts: STARTER, BASIC, PRO, and EXECUTIVE. However, information regarding spreads, trading leverage, margin calls/stop-out levels, contract sizes, trading commissions, minimum/maximum trade volumes, maximum open positions/orders, and minimum price precision is not disclosed on its website.
Trading Platform:
Elys FX Trade offers a proprietary trading platform for its users.
Deposits and Withdrawals:
Elys FX Trade supports deposits and withdrawals through local banks, e-wallets, or cryptocurrencies.
Summary:
Traderknows reminds investors that Elys FX Trade is a scam platform providing false regulatory information, with its website design and content identical to those of brokers such as Sterling Asset, FS Main, Venus Mining, Upfront Fx Trade, Safe Invest Trades, and Reliable Bitcoin Mining. Traderknows advises investors to choose brokers that are transparent, strongly regulated, and have a good reputation for their investment and trading activities to avoid unnecessary losses to their assets.
Currently, this broker is marked as "Suspected Scam" on Traderknows.
