• Mon. Apr 15th, 2024

ELV Markets Review (elvmarkets.com) FRAUD EXPOSED – ELV Markets Scam Broker

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Byfraudulentbrokers.com

Jul 13, 2023
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ELV Markets (elvmarkets.com)
Conclusion
After you have done your evaluation of ELV Markets, you can conclude that this brokerage is up to no good and you should look for a different option.
Broker Rating
0.1

ELV Markets Review

Have you decided to jump onto the online trading bandwagon? With the financial markets offering lots of opportunities to everyone and the barriers of entry eliminating, many people are joining the crowds. This means you will require the services of a broker because they are the ones who will open the doors for you. The good news is that there are thousands of companies ready to offer trading services, which means you do not need to worry about shortages. The one thing you do need to worry about is not falling for a scam, which can be hiding in plain sight, as this ELV Markets Broker review reveals.

elvmarkets

 

Most people have heard of scam brokerages even before they enter the market. After all, they have been operating for years and many people have shared their devastating stories about falling for their tricks. The problem is that those who are aware of their existence are confident that this knowledge can help keep them safe. It is certainly not how it works because these fraudsters have gotten very sophisticated over time and can disguise themselves so well that they are indistinguishable from authentic platforms right away.


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You have to actively look for red flags to be able to tell them apart and make the right decision. If you are in a hurry, there is a strong possibility you will miss the signs and end up becoming the latest victim. Hence, proceeding with caution is vital when you are making such an important decision because it will help you see the red flags. It certainly helps in the case of ELV Markets Broker that seems to be the right brokerage for everyone at first glance. The clean and professional design of the website does not give any hints to its true nature.

ELV Markets Broker advertises a ton of trading instruments, including forex pairs, precious metals, shares, indices and commodities and boasts about offering the all-powerful MT5 platform. The promise of being a regulated broker and competitive trading conditions also add to the lure. But, you will discover the red flags when you take a look. Want to know what they are? Check them out:

Lies about regulation

Checking out the regulation of an online broker is the best place to look for red flags. If the company is not regulated, there is no point in moving forward at all. Unregulated ones are mostly scams, or shady, and you do not want to risk your investment with such brokers that are not committed enough to get a license. Companies that do obtain one can offer you security, quality and transparency and you can also hold them accountable if need be.

The fact that ELV Markets Broker claims to be regulated is undoubtedly attractive because it will help with the credibility of the company. However, you should never take anything for granted where the internet is concerned and this applies to the regulation claims of a broker too. It is always smart to verify the license to ensure they are telling the truth and not making a false claim. Doing so pays off in the case of ELV Markets Broker because you will discover that it is blatantly lying about its regulation.

 

According to the ELV Markets Broker website, the company has a license from the Cyprus Securities and Exchange Commission (CySEC), which is one of the top regulatory bodies in Europe. It sounds amazing, but when you run the license number through the CySEC online register, you will not find ELV Markets Broker listed in it. This is proof that the broker is not regulated, but it also means that you are dealing with a virtually anonymous broker.

There is no corporate background, or any other information available on the ELV Markets Broker website, except for an obscure email address that will do you no good.

Lack of trading platform

One of the biggest claims that ELV Markets Broker makes is offering the MT5 trading platform, which has become the industry-standard these days due to its top-notch features and powerful technology. It is the favorite of all traders and will definitely draw people to ELV Markets Broker in order to get access to it. However, this turns out to be yet another lie that the broker is telling because there is no MT5 trading platform available.

As a matter of fact, it becomes apparent that ELV Markets Broker does not offer a functional trading platform at all. When you try opening the trading platform, it opens up a bunch of charts that cannot be used for trading at all and only ask you to make a deposit.

A different business model

The lack of a trading platform is a major red flag because you need this software for actually executing your trades. But, it becomes obvious as to why ELV Markets Broker does not offer a trading platform when you check out its account options. It turns out that the brokerage has a different business model because it seems to be offering investment plans that can give you 30% to 70% returns.

This means that you can invest your money with ELV Markets Broker and they will trade on your behalf to help you make profits. It is the biggest red flag you will come across because even professionals and experts will never guarantee any kind of returns via trading. The financial markets are very unpredictable and volatile, so no profits can be guaranteed. In addition, brokers work as market makers, which means they make profits when their clients lose traders.

Therefore, it means that ELV Markets Broker will never make any profits on your behalf because it would mean losses for them. They are going to lose all your money and you do not want that to happen.

Only crypto payments

Another major red flag you will find at ELV Markets Broker is that it only allows you to make your deposits in crypto, which is a problem because crypto payments are final. They do not give you the option of filing for a chargeback, which means you cannot obtain a refund if there is a scam.

Ending Thoughts

All these red flags make it clear that ELV Markets Broker is not a genuine company and is actually a fraudulent brokerage ready to con people.

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