Element

Element, operating under the legal name Element Trade MT5, is a trading entity that was registered in the United States on April 6, 2023. According to our records, the company provides access to a range of trading assets, including forex, precious metals, oil, indices, and cryptocurrencies. However, the official domain listed, user.wamsm.com, is not a conventional brokerage website and raises questions about the firm's public-facing operations.

Our review found that Element currently has no verifiable website or social-media presence, which is a significant concern for a financial services provider. The company's registration in the United States does not automatically confer regulatory oversight, and our records indicate that it is not regulated at present. This lack of transparency makes it difficult for potential clients to assess the legitimacy and reliability of the firm.

Element's regulatory status is complex and warrants careful examination. Our records list two licences on file: one from the Australian Securities and Investments Commission (ASIC) with licence number 406684, and another from Japan's Financial Services Agency (FSA) with licence number 関東財務局長（金商）第1662号. Both are classified as Market Making (MM) licences, but the status of each is marked as '—', indicating that their current validity is unclear.

Despite these licences being on file, the company description explicitly states that Element is 'not regulated currently.' This contradiction suggests that the licences may be inactive, suspended, or not applicable to the entity's current operations. We cross-checked the licence numbers against public registers where possible, but the lack of a functional website and the absence of any verifiable operational presence make it impossible to confirm their status. In FXCanary's assessment, this ambiguity is a red flag for traders.

According to the known facts, Element offers a variety of trading instruments, including forex, precious metals, oil, indices, and cryptocurrencies. This multi-asset offering is typical of many retail forex and CFD brokers, but without a live website or detailed product documentation, we cannot verify the specific trading conditions, such as spreads, commissions, or leverage.

Our records do not provide specific figures for these parameters, and we do not import numbers from external sources. As a result, we can only describe the instrument range qualitatively. The inclusion of cryptocurrencies suggests a modern approach, but it also carries additional risks due to the volatility and regulatory uncertainty of digital assets.

The legal name 'Element Trade MT5' indicates that the platform is likely MetaTrader 5, a widely used trading platform. However, our records do not specify the account types offered, such as standard, mini, or Islamic accounts, nor do they detail the funding methods or minimum deposit requirements.

Given the absence of a verifiable website, we cannot confirm the availability of demo accounts, educational resources, or customer support channels. In the absence of such information, traders should approach with caution, as the lack of transparency is itself a warning sign. We recommend that any potential client seek independent verification of the broker's offerings before committing funds.

Element was founded in 2023 in the United States, but the company has no employees on record. This is unusual for a financial services firm and suggests that the entity may be a shell company or a small operation with limited resources. The lack of a physical address or contact details further complicates due diligence.

Our records indicate that no clone or impersonator sites have been found, which is a positive note, but it does not offset the overall lack of verifiable information. The FXCanary Scam Risk Score for Element is 42 out of 100, categorized as 'Guarded.' This score reflects the absence of a verifiable website and social-media presence, which are critical for establishing trust in the online trading industry.

Trading with an unregulated or poorly documented broker carries significant risks. Without regulatory oversight, clients have limited recourse in the event of disputes, and the broker is not bound by the same standards of conduct as regulated entities. The lack of a functional website also makes it difficult to assess the security of client funds or the reliability of trade execution.

In FXCanary's assessment, the combination of an unregulated status, zero employees, and no online presence makes Element a high-risk choice for traders. We advise extreme caution and recommend that traders only consider brokers with clear regulatory standing and a transparent operational history. The information provided here is based on our records, but the absence of independent public information is itself a cautionary signal.