EldenFinance.com is a relatively new entrant in the brokerage industry, purportedly incorporated in St. Lucia as EldenFinance. Despite its claims of being a Straight Through Processing (STP) broker with superior trading conditions, several aspects of its operation raise significant concerns. The broker’s lack of regulatory licensing, dubious incorporation status, and overall opacity suggest it may not be a reliable choice for traders.
Incorporation and Regulatory Status
EldenFinance claims to be incorporated in St. Lucia, but a search of the St. Lucia business registry returns no results for EldenFinance. This discrepancy indicates potential issues with its legitimacy and compliance. Specifically:
- Claimed Incorporation Location: St. Lucia
- Verification: Not found in official business registry
- Regulation: None
The absence of regulation is a critical red flag. Operating as an unlicensed offshore broker means EldenFinance lacks the oversight and accountability provided by financial regulatory authorities, significantly increasing the risk for potential clients.
Claims of STP Trading Platform
EldenFinance promotes itself as an STP broker, emphasizing advantages such as:
- Super-Fast Execution: Claims of rapid trade execution
- Tight Spreads: Promises of narrow spreads for cost-effective trading
- User-Friendly Platform: Marketing a WebTrader platform for ease of use
While these claims are attractive, they are common promotional language used by many brokers and do not necessarily reflect the actual performance or reliability of the platform. Without third-party verification or credible reviews, these claims should be approached with skepticism.
Negative Balance Protection and Demo Account
EldenFinance advertises negative balance protection as a key feature. While this is beneficial, it is a standard offering among brokers and does not set EldenFinance apart. Moreover, their demo account promotion appears misleading, with potential issues including:
- Negative Balance Protection: Standard feature, not unique
- Demo Account Restrictions: Requires a deposit to trade on the demo account, which is atypical and suspect
A legitimate broker typically allows prospective clients to fully explore the demo account features without any financial commitment. This requirement to deposit before using the demo suggests ulterior motives, such as pressuring potential clients to commit funds prematurely.
How does it work?
Usually, unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawal process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist on withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all, you need to keep the emails as proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and refuses to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relationship with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Contact us at Forexscamreviews28@gmail.com but do not let your broker know if you have read this article or are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step, you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that, you can prepare a letter or an email describing how you got deceived by them. Make sure you show this letter or email to them and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach us at Forexscamreviews28@gmail.com and we will help you with this step as well.
Is EldenFinance a Licensed Forex Broker?
Forex trading is a heavily controlled industry by financial regulatory agencies closely cooperating with governments and ensuring that every broker complies with relevant legislation.
When a phony broker like EldenFinance doesn’t state its headquarters or any information about the company’s registration, it is hard to determine its jurisdiction. This is done with the purpose to cover up the fact that it is an unlicensed and unregulated business.
The only info about EldenFinance available on its website is a telephone number, which is an Australian phone number according to the dialing code. That brings us to the assumption that this broker might be based in Australia, which is one of the most stringent jurisdictions.
If it is the case, it is impossible to be a legitimate broker without being authorized by the Australian financial authority, ASIC. Not unexpectedly, EldenFinance is not licensed under this or any other financial market regulatory agency.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Unlike unauthorized brokers, certified companies can be trusted with money since they adhere to a strict code of conduct – especially forex providers regulated by top-level supervisory bodies like the Australian ASIC, British FCA, and German BaFin. For example, ASIC’s eligibility conditions stipulate a broker maintain a minimum operating capital of 1M AUD and keep its and traders’ money separated (segregation of funds).
Additionally, traders of licensed brokers are protected by indemnification programs run by supervisory agencies. For example, ASIC covers traders with a 100,000 AUD indemnification in the event of a broker’s bankruptcy. On top of that, legitimate companies implement a range of risk management measures to mitigate trading risks, such as offering negative balance protection (a trader can lose more than deposited), cooperating with first-rate banks, providing reliable trading platforms, and ensuring propitious trading conditions.
So Is EldenFinance a Decent Broker or a Scam?
EldenFinance is an anonymous and unregulated broker running online trading scams and cheating traders from the UK, Canada, Australia, the US, and Sweden.
What Trading Software Does EldenFinance Offer?
Speaking of the EldenFinance portal, a trading platform available here, it is a web trader with limited functionality. This unscrupulous broker claims that its web trader fits the needs of both beginners and experienced traders. However, we are dubious about that since it has generic functions that can’t ensure profitable trading.
As far as that is concerned, your best option is the latest trading programs – MetaTrader 4, MetaTrader 5, cTrader, and Sirix – providing advanced tools such as expert advisors, stop loss, fast execution, unlimited pending orders, copy trading, and more.
Make sure you leave reviews about EldenFinance on other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you have fallen victim please leave a review and a comment on this site in the comment section. Also, when these people change their website they tend to call the old clients, so if they call you from a new website please write it down on the comment or let us know by contacting us. That would be really appreciated by us and families all over the world. Also if you get phone calls from other companies please put the name of these companies also in the comment or send it to us. We will expose them too.
Transparency and Trading Conditions
A critical issue with EldenFinance is its lack of transparency regarding key trading information:
- Account Types: Not disclosed
- Trading Conditions: Undefined
- Fees and Spreads: Unclear or undisclosed
- Commissions: Not mentioned
The absence of these details prevents prospective clients from making informed decisions and indicates a deliberate omission to obscure potential drawbacks or costs associated with trading through EldenFinance.
Fabricated User Numbers and Trustworthiness
EldenFinance’s user numbers and claims of being an established STP broker since March 2024 appear fabricated. Given the short duration of its operation, it is improbable that they have amassed substantial credibility or user trust. Common issues include:
- User Numbers: Likely exaggerated or false
- Trustworthiness: Questionable due to inconsistencies and lack of verification
New brokers typically undergo a growth phase where they build a user base gradually. EldenFinance’s assertions of widespread use and success are likely inflated to create a false sense of credibility.
Conclusion
EldenFinance exhibits multiple characteristics of a potentially unreliable and dubious broker:
- Questionable Incorporation: Alleged incorporation in St. Lucia is unverifiable, suggesting possible deception.
- Lack of Regulation: Operating without any regulatory license raises substantial risks for traders.
- Promotional Claims: Standard claims of fast execution and tight spreads without concrete evidence.
- Opaque Trading Conditions: No clear information on account types, fees, or trading conditions indicates a lack of transparency.
- Misleading Features: The demo account requirement for a deposit undermines trust.
- Fabricated Trust Indicators: User numbers and operational claims appear exaggerated and unsubstantiated.
Given these red flags, potential clients should approach EldenFinance with extreme caution. The combination of unverifiable incorporation, lack of regulatory oversight, and obscure trading conditions suggests that EldenFinance may not provide the reliable and secure trading environment it purports to offer. If you have further questions or need advice on the withdrawal process, don’t hesitate to reach out to us at Forexscamreviews28@gmail.com. Remember, it’s always best to trade with regulated and trustworthy brokers.
