Introduction to EL FX Trading
EL FX is a forex trading broker which appears to be operated from Ghana. We know the company offers the cTrader platform since there is an active cTrader installation under this brand. The company also advertises on its website the availability of MetaTrader 4 and MetaTrader 5, however, we were not able to access their trading servers to verify this. This suggests the company doesn’t have an active license or White Label of these two platforms. Since there are no details on how to actually open an account or deposit money, the company probably operates offline in their local community in Ghana.
The website on the surface looks rather professional. Except as you take a closer look, the website significantly lacks substance. There are many links that don’t work and pages that don’t exist. For the sections of the website they did manage to write, the content mostly appears to plagiarised from TopFX, FxPro, Spotware and CM Trading websites.
It’s not immediately clear what areas EL FX Trading is focusing on. Considering that their “About Us” page has been entirely copied and pasted from another broker, it’s hard to speculate what this broker’s objectives are. Things, unfortunately, go downhill from there.
Avoid EL FX Trading
EL FX presents too many red flags. Check these cTrader brokers who are well known, regulated and have a proven track record lasting years.
EL FX Warnings
At first, we thought EL FX Trading was just an amateur operation. As we explored the company in more detail we saw aspects which are far more concerning. Of course, we are not suggesting any intentional wrongdoing by EL FX, only their incompetence. But these things are definitely worth looking into.
EL FX claims to have a company in Cyprus called EL FX Limited and is regulated by CySEC under license number 226/14. This license belongs to a company called Mount Nico Corp Ltd, which operates a number of brands, but none of those brands is EL FX. One of the brands operated by Mount Nico Corp Ltd is called NicoFX, as you visit their website, you get a warning about imitators using their name. The company EL FX Limited doesn’t even exist in Cyprus.
The EL FX website also mentions EL GOLD CAPITAL LIMITED (Ghana) which is apparently licensed and regulated by the Securities and Exchange Commission of Ghana (SEC) as an asset and portfolio management company with license no. 146/15. There is no such company licensed by Ghanaian SEC and the commission doesn’t even reference companies in the format used by EL FX in their website disclaimers.
When looking at the companies legal documentation section of the website, there is a list of documents that you expect to find on a forex brokers website. Privacy Policy, Client Agreement, Risk Disclosure, Best Execution policies are all referenced. However, none of the documents actually exist.
EL FX Trading Platforms
We’ve already established that none of the information on the EL FX website can be considered accurate. Despite three trading platforms being promoted on the EL FX website, its only cTrader seems to be active. Needless to say, EL FX doesn’t offer 2000+ instruments. Looking inside their cTrader platform, we can see that Forex, Metals and Oil CFD products are being offered.
EL FX Review Conclusion
In this day and age, a website is how a company represents itself. Any competent business person should know that a bad first impression will scare away any potential clients. We would be really scared of investing anything with EL FX based on how they represent themselves via their website. In particular, their claims to be regulated appearing to be false is quite frightening. As mentioned at the start of this review, we had a feeling of deja vu while studying this website, which was by no means the only problem we found. The website is covered in false information, copied content, broken links and missing pages. We absolutely do not recommend investing any money with EL FX.
Check our other cTrader brokers, listed here.
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