Thinking of getting into business with ElbrobaxFx? Here is what you must know about this broker. Carefully read this review to find out if elbrobaxfx.com is the trading platform you will want to trade with.
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About ElbrobaxFx
ElbrobaxFx is an offshore brokerage company with a lot of promises for traders. The broker address shows California, USA.
There are different account types the broker offers. See below.
Added, it trades on the following instruments like forex, stocks, commodities, metals, crypto and indices.
To clarify, regardless of the trading instruments ElbrobaxFx claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
elbrobaxfx.com: Reasons to Avoid This Broker
Firstly, elbrobaxfx.com is a platform with no financial authority overseeing its financial services. ElbrobaxFx is not worth your money as we have dug deep into the NFA and the CFTC database for the broker, but nothing is known about the broker.
Secondly, we noticed elbrobaxfx.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
ElbrobaxFx leaves us with no specific information on processing days nor withdrawal fees. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
ElbrobaxFx minimum deposit is pegged at $500.
As for the payment methods, the broker accepts only Cryptocurrency. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
ElbrobaxFx Platform
ElbrobaxFx offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, the broker discusses nothing for traders. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
ElbrobaxFx Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Conclusion: Is elbrobaxfx.com a Reliable Broker?
No, elbrobaxfx.com does not seem like a reliable broker for traders even though it promises offers that look good to be true. The broker has shown to downplay the relevance of legal documents.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
We owe our readers the duty to fish out scam forex brokers as well as share reasons to avoid fraudulent schemes. Meanwhile, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.