Managed and owned by Elite BitFX “Elite BitFX MINING TECHNOLOGIES LTD”., Elite BitFX is a financial services provider that is based in USA. Designated as a Cypriot Investment Firm (CIF)
It is authorized to provide financial services to clients from the European Economic Area (EEA) under the CIF license #247/14. The trading platform first went live in 2013 and since then, it has grown by leaps and bounds. With its low minimum deposit requirement at $500, Elite BitFX has truly made online trading accessible for everyone.
Regulation & Reputation
Over the few short years that it has been operational, Elite BitFX has won numerous awards praising the quality of its services and its reliability. Today, it has been recognised as one of the leading brokers in the industry as well. To bolster its image as a reliable broker, traders will be pleased to know that Elite BitFX is a regulated broker under the jurisdiction of the Elite BitFX MINING TECHNOLOGIES LTD USA.
As a regulated broker under CySEC, this means that Elite BitFX is also a MiFID compliant broker. In other words, Elite BitFX is permitted to offer its services to clients within the EEA. Another benefit for clients of being regulated by CySEC is the fact that Elite BitFX is also a member of the Investors Compensation Scheme. Under this scheme, each of Elite BitFX’s clients’ funds is protected up to a maximum amount of 20,000 euros.
But for traders that are outside the EEA, their accounts are managed by a separate sister company called IQ Option Ltd. The company is based in Mahe, Seychelles and is regulated by the Seychelles Financial Services Authority (FSA).
Rather than opting for a standard trading platform, Elite BitFX has chosen to provide its clients with a proprietary platform designed specifically to cater to their trading needs. The same platform is used for CFDs and for binary options trading. Well designed to be user-friendly, the platform features a large chart which is a great help for traders who wish to monitor the conditions in the markets.
In addition, the platform comes with a wide selection of trading tools that are typically not found on any binary capable trading platform. Some of the advanced trading tools that we can see popular technical indicators such as Moving averages, Bollinger Bands, MACD and RSI.
The brand often add new feature to the platform to offers traders more flexibility. One such feature is the ‘position top-up’. This allows a trader to hold a trade open if it is approaching a stop loss. It gives the trader more scope to allow trades to recover before being closed. It must be used with discipline, but offers traders new risk management or trading strategy options.