Element Account Types & How to Open

When we set out to review the account offering at Element Trade MT5, we expected to find a standard menu of retail trading accounts — perhaps a standard account, a premium tier, and an Islamic swap-free option, as is common among MT5 brokers. Instead, our records show that Element does not publish any account tiers, minimum deposits, spreads, or commissions. The company description is thin, and the official domain, user.wamsm.com, is a subdomain that does not resolve to a conventional broker website. In FXCanary's assessment, the absence of published account specifications is itself a red flag for any trader considering this broker.

We cross-checked the regulatory entries on file — ASIC licence no 406684 in Australia and FSA licence no 関東財務局長（金商）第1662号 in Japan — but the company description explicitly states that Element is 'not regulated currently.' This contradiction is important. A broker that claims to hold licences but simultaneously admits it is unregulated is not presenting a coherent picture. For a trader, the first question should be: which account am I actually opening, and under what legal protection? Without published account details, that question cannot be answered.

Our records list two regulators for Element: ASIC in Australia and the FSA (Financial Services Agency) in Japan, both with a Market Making (MM) licence type. However, the status for both is listed as a dash — meaning we have no confirmation that either licence is currently active. The company description goes further and states plainly that Element is not regulated. In our experience, a broker that holds a valid ASIC licence would prominently display it on its website and would be subject to strict Australian financial services laws. The fact that Element's own description contradicts the licence data suggests the licences may be outdated, suspended, or simply not applicable to the entity operating under the Element Trade MT5 name.

For traders, this is a critical distinction. An ASIC-licensed broker must meet capital requirements, follow client money handling rules, and offer access to an external dispute resolution scheme. A Japanese FSA licence would impose even stricter leverage limits and operational rules.

If Element is not actually regulated, none of those protections apply. We advise traders to verify any licence directly with the regulator's public register before depositing funds. In this case, the licence numbers on file — 406684 for ASIC and 関東財務局長（金商）第1662号 for the FSA — should be checked against the official registers, but given the company's own admission, the likelihood of active regulation appears low.

The legal name of the broker is Element Trade MT5, which strongly suggests that the MetaTrader 5 platform is the intended trading interface. MT5 is a widely used platform that offers advanced charting, automated trading via Expert Advisors, and a range of order types. However, we could not verify that Element actually offers MT5 to its clients. The official domain, user.wamsm.com, is a generic subdomain that does not appear to host a live trading platform or a client login page. In our review, we found no verifiable website or social-media presence for Element, which is a significant risk flag.

A broker that cannot present a functional website or a clear platform download page is not ready for retail clients. Even if MT5 is the intended platform, traders would need to know the server name, how to open a demo account, and how to fund a live account. None of that information is publicly available. We recommend that traders only consider brokers that offer a transparent platform experience, with clear instructions for downloading the terminal and connecting to a live server. Element, as it stands, does not meet that basic standard.

One of the most basic questions any trader asks is: how much money do I need to open an account? For Element, we have no data on minimum deposits. The known facts do not list any deposit figures, and the web search results did not provide any reliable information. In the absence of disclosure, we cannot say whether Element requires $10 or $10,000. This lack of transparency is concerning because it prevents traders from assessing their own risk exposure.

Funding methods are equally unclear. We found no information about bank transfers, credit cards, e-wallets, or cryptocurrency payments. A broker that does not disclose its funding options may also be unclear about withdrawal procedures. In our experience, brokers that are vague about deposits and withdrawals often have poor client service and may delay or deny payouts. Until Element publishes clear funding and withdrawal policies, we advise traders to treat any deposit as high-risk.

Leverage is a double-edged sword. It can amplify profits, but it also amplifies losses, and unregulated brokers often offer leverage that is dangerously high. For Element, we have no published leverage figures. However, given that the company is not regulated, it could theoretically offer leverage of 1:500 or even higher, which is common among offshore and unregulated brokers. In contrast, ASIC-regulated brokers in Australia are limited to 1:30 for major forex pairs, and the Japanese FSA imposes even stricter limits, typically 1:25 or lower.

If Element were truly regulated by ASIC or the FSA, its leverage would be capped at those levels. But since the company admits it is not regulated, there is no such cap. Traders who open an account with Element could be exposed to extreme leverage without the safety net of regulatory oversight. In FXCanary's assessment, this is one of the most significant risks. We strongly advise traders to avoid brokers that do not disclose their leverage and are not subject to a reputable regulator's limits.

Spreads and commissions are the primary costs of trading. For Element, we have no information on either. The known facts do not include any spread or commission figures, and the web search results did not provide any reliable data. This is a major gap in our review. Without knowing the cost structure, traders cannot compare Element to other brokers or calculate the potential profitability of their strategies.

Some brokers advertise 'raw spreads' or 'zero commissions' as a selling point, but Element makes no such claims. The absence of any cost disclosure suggests that Element may not have a well-defined pricing model, or it may be hiding high costs. In either case, traders should be wary. We recommend that traders only consider brokers that publish their spreads and commissions transparently, ideally with live quotes available on their website. Element does not meet this standard.

A demo account is an essential tool for testing a broker's platform and conditions without risking real money. For Element, we found no evidence that demo accounts are offered. The official domain does not provide a demo login or a registration form. This is a significant omission because a broker that does not offer a demo account may not be confident in its own trading conditions, or it may be trying to push traders into depositing funds immediately.

In our experience, reputable brokers always offer a free demo account, often with no time limit, to allow traders to practice and evaluate the platform. The lack of a demo account at Element is another red flag. Traders who are considering Element should ask themselves: if the broker cannot provide a risk-free way to test its services, how can I trust it with my real money? We advise against depositing with any broker that does not offer a demo account.

The account opening process at Element is, as far as we can determine, non-existent or at least not publicly documented. We found no registration page, no KYC requirements, and no steps outlined for opening a live account. Typically, a broker would require a trader to fill out a form, provide proof of identity and address, and then choose an account type. None of that is available for Element.

This opacity is deeply concerning. A legitimate broker would have a clear onboarding process, often with a step-by-step guide and customer support to assist. Element's lack of any such process suggests that it may not be operational, or it may be operating in a way that avoids regulatory scrutiny. In FXCanary's assessment, traders should not attempt to open an account with Element until it provides a transparent and verifiable process. The risk of losing funds is simply too high.

In summary, Element Trade MT5 presents a minimal public profile with no verifiable website, no account details, and no clear regulatory status. While our records list ASIC and FSA licences, the company itself states it is not regulated. The FXCanary Scam Risk Score of 42/100 reflects a 'Guarded' stance, but given the lack of transparency, we would advise traders to treat Element as high-risk.

We cannot recommend Element to any trader at this time. The absence of published account types, minimum deposits, leverage, spreads, and a demo account means that traders would be entering into a completely opaque arrangement. Until Element provides clear and verifiable information, we advise traders to look for brokers that are properly regulated, transparent about their costs, and offer a reliable trading platform. In the world of forex trading, information is your best protection, and Element provides almost none.