Elondex has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Elondex has no proper customer support. The live chat is a bot. The phone number goes to a call center that cannot access your account. Email takes two weeks. When I had a real problem they were nowhere to be found.
Pros: Easy withdrawals|Regular updates
Cons: Would like more payment methods|Mobile app could be improved
I gave Elondex a fair chance. After for close to eighteen months of usage, I can say with confidence that there are far better options available. The interface is clunky, the fees are higher than competitors, and the customer support team seems overwhelmed or understaffed.
Pros: Wide product range|Portfolio tracking tools|Reliable uptime|Smooth onboarding
Cons: Withdrawal takes 1-2 business days|Inactivity fee applies after 12 months
I am in a dispute with Elondex over a trade that was clearly erroneous. The price shown was wrong, I closed at a profit, and they reversed the trade and took the money back. They said it was a system error. So I lose and they keep? Unacceptable.
Pros: Social trading features|Two-factor authentication|Great customer service|Regular updates
Cons: Email notifications too frequent
The mobile app from Elondex is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Market news feed|Transparent fees|Automated trading options|Quick verification
Cons: Desktop app not available on Linux|Live chat only during business hours