ELV Markets Review: Our Research Uncovers the Scam of This Broker

Who is ELV Markets? Well, they might seem to be legitimate but that could not be further from the truth. They operate from two scammer havens and steal people’s money without any ramifications. 

Read our ELV Markets review to learn their tricks and how we uncovered this scammer to protect you from danger.

Regulation Info

First and foremost, we have to talk about the ELV Markets regulation status. The broker is part of ELV Markets Limited, which is a company based in the Marshall Islands and St. Vincent and the Grenadines.

Their headquarters are extreme red flags, as both places are regarded as having extremely weak regulatory power over brokers. SVG is most infamous for harboring innumerable scammers, which is why we do not recommend SVG brokers to anyone, and the Marshall Islands are not far behind.

You want your broker to have a license from a reputable authority since that is the only way you can be sure a broker will not steal your money. The regulators we recommend come from Colombia, Peru, and Spain, among others, and since ELV Markets does not have any of those licenses, you should not engage with them.

What’s more, the Spanish CNMV even issued a warning against ELV Markets, telling the public this broker is involved in shady activity the CNMV does not condone. This is the only proof you need that ELV Markets is extremely dangerous and not to be approached.

ELV Markets Profile

Found on elvmarkets com, this broker carefully crafted its offer to portray an image of a legitimate option for traders. The first thing ELV Markets did was market its MetaTrader 5 platform. Being the best platform out there, MT5 is a fantastic selling point. It offers reliability, functionality, and a user-friendly interface, making it appealing to both new and seasoned traders.

Next, we have their account section, which is also cleverly put together. Traders have three options:

• Standard – $10
• Raw spread – $200
• VIP – $10,000

The broker does not have a demo account, but the tradable instrument sets are great. But what is it all worth in the end? No platform or affordable conditions can make up for the lack of regulatory oversight, which is why you should not do business with ELV Markets.

Is This Broker Safe?

When talking about the legitimacy of brokers, the be-all and end-all of every discussion is the license. Sadly for ELVMarkets, we put them in the same group with Goldmar and Green Capitalz of brokers we do not trust. 

It does not have a legitimate license and a reputable regulator put them on its blacklist, meaning the broker is extremely unreliable. It cannot promise you fund safety because it is its own regulator and this is the only reason you should need to stay away from them. You would be putting your money at risk with ELVMarkets.

Trader Reviews – Sharing Experiences

Moving on to the most visited section of our articles, let’s look at some trader reviews. They show us what the broker is really about, without any reservations.

You can find ELV Markets on Trustpilot with a 2.9 average rating and 16 total reviews. The reviews are divided into two groups – the extremely positive and extremely negative ones. However, most of them are in Spanish, so we could only bring you the one from the UK.

A victim of ELV Markets gave the broker a 1-star rating and commented: “I had a horrible experience, their display was so clear they are thieves. (After) two months of investing, they blocked the transaction to send profits out. The manager ignored all my complaints.”

How Does the ELV Markets Platform Reach Clients and Who Are They?

From the reviews we read and the broker’s language options on its website, we gathered it mostly targets Spanish and Portuguese-speaking clients. The list of scammed traders includes those from Colombia, Spain, and Paraguay, so be especially wary if you live in these areas.

We could not find how the broker lures its victims into a trap, however. They have a limited social media presence with only Facebook and Instagram profiles. Do not click on any ads you might see from ELV Markets on those platforms and do not engage with them if they send you a direct message.

Deposits and Withdrawal Methods

The deposit and withdrawal section is where this broker shows its true intentions. Why do we say that? Well, for starters, we do not know what payment methods ELV Markets accepts. 

We also have no clue about any potential fees that may occur or anything else regarding withdrawals. This type of behavior is typical for scammers, as this is essential information and no legitimate broker would hide it.

Reasons To Avoid This Company

The main and only reason you should need to skip this scammer is its license situation. They do not have one, meaning you cannot trust them with even one cent! Yes, they do have an extremely enticing offer but that is worth absolutely nothing when you come from SVG or Marshall Islands.

Our Safe Trading Experts’ Opinion of ELV Markets

We hope our ELV Markets Review answered all the questions you might have had and persuaded you to choose a different broker. ELV Markets is nothing but a scammer and you would only lose your funds. Instead, try looking for a reliable broker to start your Forex journey with. 

Thankfully for you, we know a lot of them, so contact us today for our free consultations and let’s find you the perfect broker!

FAQ Section