Today we will look at a signal provider called EliteTraders, sounds cool, but are they really elite? Let's see. The provider has a website, social networks and a Telegram channel.
On the first page of the provider we are greeted with the title: "Join the fastest growing trading community!".
On the next page they show their services. All services related to the education of beginners. Everything is ordinary except for the offer "Elevate your trading with our institutional traders." Institutional traders? Who are they? There's no information about them on the website.
Traders can access the "Elite Club" service by purchasing a 1-month subscription costing $59. For a yearly subscription $649 and for a lifetime subscription they ask for $2499. All subscriptions offer the same services except the last one where they added 1-1 calls and exclusive giveaways if you have an EliteTraders Lifetime subscription.
Next, they show reviews. Of course, there are no neutral reviews. For some reason they removed the links to Trustpilot. Although they do have reviews on that platform. But more on that later.
The provider has an Instagram account with more than 50,000 people subscribed to it. On the main channel there are posts devoted to education and motivation. Instagram is run by the creator of ForexxJamess. As can be seen audience engagement is at a low level and it is equal to 0.28%.
There is also a Ticktok account with over 18,000 subscribers. Here everything is the same as Instagram. Posts are duplicated in tiktok from instagram or vice versa.
There is a link to the account at X. to the profile of the founder of EliteTraders.
There is a Discord server. What to expect from this server and what is there? Well they show right away what's inside the server and what you can expect from it.
Telegram is not the main source of signals. It has a small number of subscribers. There are only 2,085 people. In the description they wrote the following: "Get forex signals mentorship videos, market news, and expert analysis - all in one app". As it is written in the report, the main source is the Discord. Although they have an app for signals.
There are no signals there are only forecasts in the Telegram channel and Discord server. So, we will try to analyze from the telegram channel predictions. On the Telegram channel there is a signal on October 8, 2023 to sell GBP/USD at the price of 1.23075. Stop loss as seen from the screenshot is 1.23987 and profit is 1.18585.
As you can see the price still did not reach the target. The price fluctuated for almost a whole month and reached the stop loss. As you can see the price still did not reach the target. The price fluctuated for almost a whole month and reached the stop loss. The provider used 200 EMA and RSI overbought for confirmation.
Another trading idea was on October 6, 2023. The signal was to buy USDCHF at the price of 0.91011. Stop loss at 0.89314. And take profit at 0.98569. The risk to profit ratio is good. After the trade was opened, the price immediately went down. The trade would have closed with a loss.
Let's move on to looking at reviews of this provider on Trustpilot.
The company has only 16 reviews and the average score is 4.4. This is not surprising, 81% of reviews give the provider the highest score. Most people compliment the company on their education and knowledge.
Negative reviews make up 13% of the total. That's 2 negative reviews. The 2 reviews are the same almost and they say the same thing.
SCAMADVISER tells us to be careful of the provider's website.
Other than Trustpilot, no other reviews were seen.
EliteTraders has a small number of followers on the Telegram channel. There are no such signals here. There are very few reviews on Trustpilot, despite the fact that the majority of reviews are positive. Provider gives us track record to see the trading results. But again, we would like these results to be verified by third-party platforms.