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.
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The next menu is “My Finance” that shows that you have the free $20 in your account but cannot be withdrawn.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.