Update: Elitefinfx has been confirmed a scam. In fact the fraudsters have moved on to a new scheme called EFX 2.0.
We previously wrote that the site had improved on its user interface, but we are still skeptical because they seem not to have a financial license to trade such instruments. So we are not recommending this business due to the risks posed investors.
For a safe and secure investment platform, check this regulated firm.
What would you do when you want to invest in a site but there are contrasting reviews about it? This is what you’d experience if you’ve come across Elitefinfx.
There are many sites that pay people to give them positive reviews while there are some that get such reviews organically because the reviewer has made profit from the business.
For such sites, your best approach is making a deeper search and possibly sign up to know how things are done by the owners of the business.
A first-hand experience enables you to give an authentic review. This is exactly what I did with Elitefinfx, the investment site that promises free $20 for all new users of the site.
What is Elitefinfx?
Elitefinfx is an investment company that did not quite explain exactly what it does even on its website elitefinfx.com. However, a new improved site shows that this is a forex trading platform that accepts investment from non traders and pay them profit.
The risk with such businesses is that they could walk away anytime with the investors’ funds and there’s little most investors would do about that.
From its name, it is clear that it is a company that is involved in FOREX trade and the owners did make some effort to provide hard evidence for proof in form of screenshots showing daily profit.
Nevertheless, this information could come from anywhere. In fact, these could be scammers just waiting to get your deposits and exit scam.
On the home page there is a prompt sign up and receive $20 free. I was curious how this would work out but when I did sign up, the $20 was expectedly locked up pending when the account accumulates up to $100.
The $20 was used by the company to trade for me pending when the revenue accrued is $100. Haha… it got more interesting because they expect you to make deposit which could well be throwing your money down the drain.
On the dashboard the top menu is the “Make Deposit” which when clicked prompts the user to make a minimum deposit of $10 promising up to 15% monthly profit.
The next menu is “My Finance” that shows that you have the free $20 in your account but cannot be withdrawn. Then there’s a weird “Daily Profit” page that shows screenshots of daily FOREX trades made purportedly made by the company.
15% Monthly ROI
A summary of the Elitefinfx site seems to be that investor funds are traded while they receive 15% monthly profit which is not a bad ROI. However, there are a few disturbing issues about the company and its investment plans.
The older site is so unprofessional that a new investor would be at a loss what it is about. There is no clear explanation how the company makes money except that the investor makes the guess using the name.
Asking people to invest in a business they do not understand and which doesn’t make any effort to explain what is going on behind the scene is amateurish and there are no guarantees that such a venture with a shoddy site has the capacity to make gains for investors.
The new site is better organized and leaves no one in doubt on how to find what they need. Nevertheless, sending your money to strangers online isn’t smart.
Risk of Random Investments
Even if it can, how is the investor assured that they would get their investment back? These are some of the questions that Elitefinfx has to answer before anyone sends them their cryptocurrencies to manage.
Who Are the Owners of Elitefinfx?
A Whois search shows that the site domain was registered on July 6, 2018. The owner’s identity was protected by the service.
Ordinarily any site that is involved in financial service should show evidence that it is authorized to render such services. Sometimes, showing the identity of the owners especially their social profiles helps put a face to the business and assure people that they are dealing with a legitimate entity.
Focus On Recruitment
A critical view of the website shows that the emphasis of the company is getting referrals. There is a page that displays the leading affiliates in terms of recruitment.
There is another for marketing materials and yet another that titled “My Partners”. All point to the suspicion that this may be a Ponzi scam hunting for deposits to pay the early investors.
That the site has lasted half a year could be due to its moderate interest rate. The good news is that the site isn’t offering outrageous profit which is a feature of scam investment sites. The bad news is that if the owners are dubious, they would accumulate much funds from people and steal them as another exit scam.
Elitefinfx has not got our approval even with the improvement on the site. But our reservation is that it doesn’t seem to have approval to trade for investors.
Unregulated businesses pose the highest risks to people. Remember that sending your cryptocurrencies to sites that do not have online reputation could result in losses.
Elitfinfx has been in operation for many month and the business model elicits some confidence that if the fellows behind it are honest and competent managers, the business could operate long into the future. To avoid risks, I recommend another site instead of Elitefinfx. A regulated investment site makes you even better profit and keeps your funds safer.
Have you invested with Elitefinfx? Please share your experience with us in the comment box below.
6 thoughts on “Elitefinfx Review – This Site Poses Some Risks To Investors”
i’ve registered but haven’t invest with them:i wonder the updates on thier wall,
but i’m also checking out on this website if it is a scam.
thank you for helping us know the legit or scam platforms.
We always tell advise investors to avoid serviced that are not regulated. The reality of these is that they can become exit scams whenever they want. A regulated service is one that protects investors funds and you can check our recommendation here. Even if you do not have trading and investment experience, you can copy experts here.
I invested with EliteFinFX about 9 months ago.
In that time frame, I had cause to contact support on a couple of occasions. Most recently, it will be two weeks this Wednesday with this being Monday that I contacted them with a simple request. No response!
They tout they pay out 15% per month. That is a total bogus claim! If they are paying 1% per month, you’re lucky!
They are transitioning over to a new way of doing business. Instead of paying out via bitcoin as before, they have invoked their own cryptocurrency. RED FLAG! This will help delay paying out cash because all of their payouts will be in their cryptocurrency. And you can’t trade it anywhere!
I requested to withdraw my money and close my account. Surprise! No response.
Please, please, please…..DO NOT INVEST in this scam. They are not licensed as a financial institution. BIG RED FLAG!
They are desperate for new investors to keep their ponzi scheme going.
Just beware of this scam! Find something more creditable to invest in.
YOU’VE BEEN WARNED!
Scam. Invested in January but after six months couldn’t withdraw, questioned that on the telegram group and was told it’s 180 working days not six months and was chucked out of the group. 180 days gone now and still can’t withdraw. Money down the drain
Elitefinfx is a definite scam that has morphed to another fraud. Keep away from it. Check a genuine site here.
I experienced the same treatment. When I questioned their integrity I was banned from the telegram group. The 180 days is in working days they said not total days. That’s utter nonsense!
I had over $100 in my account. I requested to withdraw over two months ago. Still pending.
And Admin doesn’t reply to inquiries. Top notch scam! BE AWARE!