What is EliteFinFX?
EliteFinFX is a CDF brokerage using MT5 platform. You can also find it on the different websites listed as one of the top Bitcoin HYIP websites, allowing high profit in a short time.
Apparently, the company is based in the United Kingdom, although details and proof about that remain unclear. Just like many other things about this HYIP platform, which we’ll discuss later.
Crypto scams and Ponzi schemes
You’ve probably aware that the crypto space is filled up with scams and Ponzi schemes. The market is still unregulated and packed with people trying to get rich quickly. And these people are the ideal target for scammers.
HYIP websites are one of the recent topics that raised hype in the crypto community. They have flashy websites and promise high returns in no time. For example, recently an HYIP called Change Pro PTY LTD promised a return on 7%-10% on a daily basis, depending on the investment. However, it turned out that the platform scammed people for around $14 million dollars.
Since these types of website started to pop-up on every corner, we decided to do a couple of reviews on them. In this article, we’ll be dealing with EliteFinFX. When researching this platform, we noticed several red flags about this HYIP website. Let’s take a look at them.
Red flag #1: CEO and the team members aren’t mentioned on the website
The first thing that comes up is who actually owns the EliteFinFX? According to the disclaimer at the bottom of the page claims that the platform is owned by Elite Finance Forex Limited. However, further research on the Internet shows that company, registered under that name, doesn’t exist.
Moreover, on the website, and the About page there is no mention about the team members, CEO, or any other people working for the company.
Red flag #2: Welcome bonus
According to its website, EliteFinFX offers $20 as a welcome bonus fee. You should keep in mind that regulatory bodies disapprove such bonuses and that they’re considered to be illegal in Forex trading. Also, the first thing that comes to mind with issuing such bonuses, is getting as many people to sign up.
Red flag #3: Fake testimonials
Most businesses are aware that social proof is extremely important. And EliteFinFX is no exception. On their website, you can find several testimonials from satisfied clients. The pictures of these clients have inserted YouTube logo, so it’s basically a link video. But the thing is that clicking to these links will lead you nowhere. Link page doesn’t open.
Red flag #4: Unrealistic referral system
According to its website, EliteFinFX has a referral program which gives you 15 level commission up to 15% for referrals. Let’s face it: This is unrealistic and a typical sign of a Ponzi scheme.
Crypto market is flooded with Ponzi schemes and scams and HYIP websites are one of the recent ones. EliteFinFX shows some serious signs of a scam. Remember, there are different legitimate ways to earn with cryptocurrencies, and getting involved with such platforms is definitely not one of them.