ELITECM INTERNATIONAL is a forex broker that was registered in Australia on April 13, 2022. The company is primarily focused on providing financial trading services, including forex, precious metals, and futures, to investors. Their headquarters is located in Maribyrnong, Australia. ELITECM INTERNATIONAL operates globally, and their official website is available in English at https://www.elitecmin.com/.
Company Background and Regulatory Status:
ELITECM INTERNATIONAL PTY LTD is the registered entity, and their registered address is Suite 450, 22 Devonshire Road, SUNSHINE VIC 3020. They have an ABN (Australian Business Number) of 63 658 757 772.
The company applied to become an authorized representative of WHOLESALE INVESTOR SERVICES PTY LTD (AFSL 530128) on April 21, 2022, with CAR license number 001296415. This authorization is granted by the Australian Securities and Investments Commission (ASIC). After the initial authorization expired on July 22, 2022, they reapplied and received a second authorization on August 16, 2022, which expired on November 18, 2022.
On August 24, 2023, ELITECM INTERNATIONAL PTY LTD obtained authorization from MGF CAPITAL PTY LTD, with a CAR license number of 001305408.
Account Types:
ELITECM INTERNATIONAL offers both real and demo accounts to investors. They provide leverage ranging from a minimum of 1:100 to a maximum of 1:400, with a margin call level of 150% and a stop-out level of 100%. The trading execution type is market execution.
Trading Platform:
ELITECM INTERNATIONAL provides the MT5 trading platform for investors.
Deposits and Withdrawals:
The broker claims to theoretically support all banks for deposits. To deposit funds, investors can apply to fund their accounts through the platform's customer service. When withdrawing funds from the account, users are required to contact the platform's broker, who will assist investors in withdrawing the funds from their accounts.
Customer Support:
Users can contact ELITECM INTERNATIONAL via phone at +61 391003702 or through email at support@elitecmin.com. Additionally, investors can use the "Contact Us" feature on the platform's website to get in touch with customer support through online forms and chat.
Summary:
Traderknows reminds investors that although ELITECM INTERNATIONAL holds an AR license issued by ASIC, this type of license is subject to weaker regulatory oversight and enforcement. Additionally, the platform's deposit and withdrawal methods may carry certain risks. Reputable and legitimate platforms typically offer common withdrawal options such as credit cards, bank transfers, online wallets, etc. However, on this platform, users are required to contact customer service and brokers for deposit and withdrawal, which could potentially allow brokers to exert control or interfere with users' financial transactions. Furthermore, it's worth noting that this broker operated without a license for a significant portion of the time when changing CAR licenses.
As of now, this broker is flagged as "suspected of fraud" on Traderknows.
