Elonedex 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.
Elonedex locked my account without warning and demanded documents I had already submitted. since early this year later I still do not have access to my funds. Their compliance team does not respond to emails. I am considering legal action.
Pros: Social trading features|High security standards|Two-factor authentication
Cons: Currency conversion fee exists|Alert system is basic
I was about to invest with Elonedex but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Financial Markets Authority has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Cons: Listed in warning databases|No transparency|Pressure to invest quickly
Elonedex changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Full transparency|Copy trading available
Cons: Wish they had more educational resources
I joined Elonedex through my accountant's suggestion and from the start, things felt off. The signup process collected far more personal information than necessary, the verification took unreasonably long, and when I finally got access, the platform was nothing like what was advertised.
Pros: Automated trading options|Multi-currency support
Cons: Minimum deposit could be lower
I experienced a security concern with my Elonedex account and reported it immediately. Their response time was inexcusable for a financial platform. It took them four days to acknowledge my report and another week to actually address it.
Pros: Social trading features|Low minimum deposit
Cons: Would like more payment methods
I was contacted by Elonedex through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Cons: Lost entire investment|Reported to authorities|Unresponsive
Opened my account with Elonedex from a review site like this one and regretted it within the first month. The platform crashed during a critical moment, I lost potential gains, and support basically told me it was not their problem. Absolutely unacceptable behavior.
Pros: Clear documentation|Responsive team
Cons: Website design could be more modern|Mobile app could be improved
Do not be fooled by the professional-looking website. Behind the scenes, Elonedex is disorganized and incompetent. I found them from a blog post comparing services and I can only assume the positive reviews are either outdated or paid for because my experience was terrible.
Pros: Economic calendar|Copy trading available
Cons: Slow to add new assets