Elev8

Offshore Regulation: Elev8 has a good reputation, but is only regulated by three offshore regulators – Mauritius and Comoros.

• Elev8 Markets, regulated by the FSC Mauritius: Company registration number C186509 and licence number GB21027161.
• Finexis Markets Ltd, regulated by MISA Comoros: Company registration number: HY00623410 and licence number T2023320.

Safety Features: In a show of good faith, Elev8 segregates all funds from the company’s operating capital, and offers negative balance protection to all its clients. Little regulatory oversight also means that Elev8 can offer higher leverage and bonuses, which may be attractive to some

The account opening process at Elev8 is hassle-free and fully digital and accounts are ready for trading immediately. Account verification is only required for withdrawals.

Creating an account is straightforward, the process is fully digital, and accounts are available for trading immediately:

New traders will have to click on the “Open Account” button at the top of the page where they will be directed to register an account.

1. Elev8’s intake form requires clients to register an account with an email address and a password.
2. Next, new traders are directed to fill in their personal details (including name, country of residence, email address, birth date). 
3. Traders then need to select their preferred account type, live or demo account, level of leverage, and account base currency.
4. Once this step is complete, traders can make their first deposit via several payment channels and can start trading. 
5. Traders are only required to submit any verification documents to Elev8 when they want to withdraw funds.These include:
   1. Proof of Identification – Elev8 accepts all government-issued identification documents such as passports, national ID cards, driving licenses, or other government-issued IDs. 
   2. Proof of Address – Proof of residence/address document must be issued in the name of the Elev8’s account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority. 
6. We advise that you read Elev8’s risk disclosure, customer agreement, and terms of business before you start trading. 

Overall, Elev8’s account-opening process is fully digital and hassle-free, and accounts are available for trading immediately.

Elev8 does have 34 cryptocurrencies to trade at 200:1 leverage. This isn’t the largest selection in the world, but it is wider than most other brokers. Leverage is up to 1000:1 for Forex trading. 

All three of Elev8’s accounts require a minimum deposit of only 25 USD, and each account is associated with a different trading platform (MT4, MT5, or Elev8Trader). Trading fees are the same on all three accounts.

Elev8Trader Account: The Elev8Trader Account, available on Elev8’s in-house trading platform, requires a 25 USD minimum deposit. Its trading conditions almost exactly mirror those of the MT4 Account, but traders can trade on an extra 6 indices and equities CFDs.

MT4 Account: The MT4 Account requires a minimum deposit of 25 USD; no commission is charged on trades. Spreads start at 0.6 pips (EUR/USD) and average at 0.7 pips, tighter than other similar brokers. Leverage is up to 1000:1 for Forex trading, and the margin call/stop out is 25%/15%. Energies, Forex, indices, and cryptocurrencies are available to trade, but not equities.

MT5 Account: The minimum deposit is also 25 USD. Spreads start at 0.6 pips and average 0.7 pips on the EUR/USD, and no commissions are charged. The MT5 trading platform has some extra features, including depth of market, an integrated economic calendar, and full-size tick charts. Traders can access Elev8’s full range of financial instruments on this account.

Elev8Trader App

Elev8Trader is a well-designed trading app with a slick and easy-to-use layout. It is available on both Android and iOS.

Easy to use: After downloading the app, we found it easy to open new real and demo accounts, manage our leverage, deposit and withdraw funds, and trade on the charts. 

Trader Tools: The newly added Space tool is a customisable trading feed you can adjust to your trading style and interests. Space offers real-time market insight, pattern analysis and technical and fundamental analysis. Other useful tools include a feed of market news and trading ideas from reliable news sources, and a profit calculator. It also features a market monitor so we could keep tabs on our favourite trading instruments. None of these tools are ground-breaking, but they all worked as expected, and the profit calculator took into account the different swap rates on MT4 or MT5.

Customer Support: Support was available 24/5 from inside the app. We found the customer support team helpful and responsive.

The app also lets you manage any bonuses or contest accounts you have open with Elev8.

Platform Overview:

Elev8 has good platform options, including support for MT4, MT5, and Elev8Trader. 

Elev8Trader

Elev8 offers its own trading platform, Elev8Trader, which is integrated in the Elev8 trading app for a seamless trading experience. This means you don’t have to download separate apps or switch between apps while trading. Deposit, withdraw, manage accounts, trade, read market analysis—everything in one app.

The platform also adopted a charting technology by TradingView. The app features Space, an exclusive feed by Elev8 with technical and fundamental market analysis, trend directions, market news, economic calendar, and more from Elev8 analysts. Space is freely available to all Elev8 traders.

MT4 and MT5

The main benefit of using third-party platforms such as MT4 and MT5 is that traders can keep their own customised versions of the platforms should they choose to migrate to another broker. Both MT4 and MT5 are available for Windows, Android, iOS, and web browser.

Overall, Elev8’s platform support is about average when compared to other brokers. Additionally, MT4 and MT5 are generally more difficult to set up and are less user-friendly than the web-based platforms available at some other brokers. 

Elev8 does not allow funding to or from third parties like most brokers. All withdrawal requests from a trading account must go to a funding source in the trader’s name.

Accepted Deposit Currencies: Elev8 only allows trading accounts to be denominated in EUR and USD. Always check the exchange rate when converting from from other currencies, as hidden conversion fees can make trading expensive and affect profitability. 

Funding Methods: Elev8 does not charge any withdrawal fees, and withdrawals are generally completed within a few hours.

Elev8 runs several promotional schemes for clients – some of which you don’t even have to spend any money to benefit from:

50% Deposit Bonus

Elev8 offers a deposit bonus scheme (up to 50% of your deposit), though withdrawing the bonus is conditional on trading activity.

Alongside industry standards such as an Economic Calendar, Profit, and Trading Calculators, Elev8 also offers an Account Monitoring.

Account Monitoring Tool: The Account Monitoring tool allows traders to monitor any other Elev8 trader’s account and sort by Balance, Gain, Trades, and Account Type. This tool also allows you to dig into the history of an account so you can learn how the account holder has managed their success. Accounts are only represented by numbers, so all holders remain anonymous.

Like its education section, the market analysis materials available at Elev8 are better than most other brokers. 

Market Insights: Elev8 has an excellent Market Insights section which is updated frequently. Regular posts include a Daily Forecast, a Daily Review, and Weekly Review. These posts frequently offer predictions of future market movements – but be cautious and do your own research before acting on any predictions.

Elev8 YouTube Channel: The Market Insights section also has a daily video series, uploaded to the Elev8 YouTube channel, called Market in a Minute, which covers all the big news from the Forex markets for the preceding trading day. In addition to all these regular updates, there are irregular short pieces published in reaction to trading events with detailed technical insight.

Forex News: Elev8 also hosts a Forex News section, with short briefings on all the major news stories affecting the Forex markets, this is updated over the weekend and the articles are well-written and concise. These briefings are offered without any suggestion of how the events will affect the markets.

Elev8 Telegram Channel: Elev8 has a special analytics channel called Elev8 analytics that is aimed at helping traders stay on top of important market events and market trends. Users can check the most likely trading scenarios and discuss them within the community. Elev8 also posts messages dedicated to market insights and service updates.

The educational material at Elev8 is good but focused on new traders; for more experienced traders, there is little in the way of educational support. Customer support is competitive but where Elev8 really shines is in the research and market analysis available.

YouTube: Elev8 offers numerous free resources to help you learn trading. Elev8 is very active on YouTube, with a range of live trading sessions and webinars taking place regularly. In addition, a workshop for novice traders is held every Saturday in different languages. You can also watch the recordings of the past webinars, as they are saved on YouTube and always available.

Videos and Articles: The Elev8 website has an extensive education section with videos and articles for beginner and intermediate traders. The education section is anchored by a collection of articles collectively called Forex Basics. Article topics range from explainers on ECN trading and Risk Management to Technical Analysis and Trading Strategies and more advanced concepts such as Pair Correlations and Fibonacci Retracements. These articles are detailed and well-written and offer valuable advice for new and intermediate traders.

Tutorials: There is a short Tutorial section covering the MetaTrader platforms, CopyTrading, Autochartist, and CFDs, and a Video Tutorial section focused on getting started with MetaTrader. Finally, there is a FAQ section and a useful glossary of Forex trading terms. The education section also links the Manuals for the different platforms Elev8 supports. 

Elev8 also offers a free Telegram channel with strategies, trading ideas and other exclusive materials from experts.

Finally, Elev8 offers Space where trading experts and analysts share daily market analytics and trading strategies to help you achieve your investment goals.

Overall, Elev8’s educational materials are some of the best in the industry, but it could include content that is more suitable for advanced traders.

Additionally, the Finance Department is open from 06:00 – 22:00 (EET), and the customer verification department is open from 08:00 – 17:00 (EET) for account setup and troubleshooting queries.

We found the support team very responsive but uninformed.