Elland Road: customer reviews about the company’s performance in 2023
Elland Road is an organization that offers its clients the opportunity to trade CFDs on over 160 assets. However, before making a final decision to collaborate with them, it is advisable to carefully review the opinions of other investors, as there are many negative reviews about them online. Let’s conduct an independent evaluation of the company to understand whether it is worth investing in it.
Evaluation of Information
Elland Road does not provide detailed information about its work experience, roadmap, or management team on its website. Based on WHOIS data, the ellandroadcapital.org site was launched in August 2022. Considering the recent establishment of the resource, the company’s reliability in the financial markets becomes questionable.
The broker claims to originate from South Africa and is subject to the country’s regulatory authorities such as the FSCA. In reality, there is a company called Elland Road Capital PTY LTD, whose license was issued in the previous year (FSP 52127).
However, it is worth noting several important points. Firstly, the difference between the site registration date and its launch date is more than six months, casting doubt on the authenticity of the information and the company’s operations. Secondly, the information indicates that Elland Road Capital PTY LTD belongs to the group of companies NEWBLOCK TRADING LIMITED. Its license in Cyprus (document №ΗΕ439204), however, upon checking the Cysec registry, it was found that it did not receive this license.
Trading Offer
Elland Road offers clients comfortable conditions for trading CFDs on various assets, including currency pairs, stocks, stock indices, commodities, cryptocurrencies, and futures.
The minimum deposit on the platform is 250 EUR/USD. Among the advantages of the trading conditions are:
- leverage up to 1:400,
- protection against negative balance,
- free educational trading materials,
- spreads from 0.9 pips on the EUR/USD currency pair,
- minimum position size – 0.01 lots,
- margin call – 100%,
- stop out – 20%,
- the possibility to refer to an account manager in some cases.
Balance replenishment on the platform is done through various methods, including the use of credit/debit cards, APM, and bank transfers. However, the company does not specify official withdrawal rules and commission fees.
Client Reviews
Elland Road actively seeks to improve its reputation by posting positive reviews about its activities. However, it is important to remember that a company without a license is not able to honestly describe all its actions.
Real client reviews can be found online, with most complaints revolving around deception after a significant account deposit. There are also many complaints about managers who stop responding when a client refuses to invest more money.
Fraud Scheme
Elland Road attracts newcomers with demo accounts and promises of highly qualified support. However, the company’s goal is to lure real money from its clients. After unsuccessful trades, managers will insist on further investments, and in the absence of personal funds, they will offer the client to take out loans, which can lead to even greater losses.
In addition, the company may approach the client with offers for chargeback services from fake numbers. This is a scam aimed at deceiving additional funds. After receiving the advance payment, the scammers disappear without a refund.
Expert Conclusion
Elland Road employs various fraudulent schemes targeting inexperienced traders. Financial market professionals recommend being vigilant and not accepting offers from such companies that lack proper legal basis and are only capable of simulating trading. Avoid risks and choose truly reliable partners with a good reputation.
I am extremely disappointed with my experience dealing with Elland Road in 2023. Their customer service was far from acceptable, lack of attentiveness left me feeling ignored and unappreciated. Furthermore, they showed an insufficient level of expertise in the field, providing me with misleading advice. They failed to keep me informed about my investments, acting with a nonchalant attitude and demonstrating a clear lack of communication. I was charged with hidden fees that they never clarified or explained beforehand. There was no transparency, which comes across as highly unprofessional. I will be taking my business elsewhere where it will be valued and treated with respect.