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Elite CFDs doesn't allow me to withdraw. Scam?
Bruce Wayne
Comoros
2023-08-17
ANSWER It is evident that Elite CFDs is a scam as it is not only unlicensed but also has been warned by a financial regulator. Your inability to make a withdrawal is among other common situations in such scams.Elite CFDs claims to be registered with the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA) under Reg number 1379LLC2021. While we did locate a company under the number in the SVG FSA register, the company's name, Tiqfx LLC, appears to have no association with Elite CFDs as we couldn't find any information on the website of Elite CFDs suggesting possible connection between them. As such, we remain suspicious about its SVG FSA registration.Furthermore, the offshore financial watchdog has explicitly stated that entities engaging in forex trading and brokerage are not licensed from this jurisdiction. Therefore, Elite CFDs is not licensed.More importantly, the Financial Conduct Authority (FCA) has added Elite CFDs to its warning list as an unauthorized firm. You can refer here for the full warning.In conclusion, since Elite CFDs is not a legit broker, we strongly suggest you proceed with extreme caution and have no further dealings with it. It is advisable to report it to local authorities. Please do not trust anyone claiming to be able to recover your money, which is a "recovery scam" red-flagged by the FCA either.
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