Element Review

When FXCanary set out to profile Element Trade MT5, we knew we were dealing with a broker that had yet to attract any independent user reviews. That absence of community feedback is itself a signal, and it shaped how we approached the task. Our first step was to cross-check the entity against the public regulatory registers we hold on file, and to attempt to verify the official domain and any associated web presence.

We began with the known facts: a company registered in the United States in April 2023, claiming licences from two regulators — the Australian Securities and Investments Commission (ASIC) and the Japanese Financial Services Agency (FSA). We also noted the company description, which candidly states that Element is 'not regulated currently,' a statement that sits in tension with the licence claims. Our job was to reconcile these contradictions and present a clear, evidence-based picture for traders.

We also ran a check for clone or impersonator sites and found none, which is a small positive. However, the risk flag on our file — 'No verifiable website or social-media presence' — is a significant concern. A broker that cannot be found at a stable, verifiable domain is a red flag in an industry where trust is paramount. In this review, we will walk through each element of the known facts, explain what the regulatory regimes actually mean for client safety, and give our independent assessment of who this broker might suit — and who should steer well clear.

Element Trade MT5 was registered in the United States on 6 April 2023. The legal name on file is 'Element Trade MT5,' though the broker operates under the shorter brand 'Element.' The company description provided to us states that it offers a range of trading assets, including forex, precious metals, oil, indices, and cryptocurrencies. That is a fairly standard menu for a retail forex broker, but the description also contains a crucial admission: 'it is not regulated currently.'

This admission is striking. A broker that openly states it is unregulated, while simultaneously claiming licences from two major regulators, creates a confusing picture. In our experience, legitimate brokers are eager to display their regulatory status prominently, and they do not typically describe themselves as unregulated. The fact that this description appears in our records suggests that the entity itself, or the source of our information, acknowledges a lack of current oversight.

The registration in the United States is also worth noting. The US has a highly restrictive retail forex environment, with the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) imposing strict rules on leverage and client fund segregation. A broker registered in the US but not regulated by these bodies would be operating in a grey area, and US clients would have little recourse if something went wrong. We found no evidence that Element holds any US regulatory licences, which further complicates its status.

Our records list an ASIC licence for Element, with licence number 406684, under the category 'Market Making (MM),' and the status is listed as a dash, meaning it is not confirmed. ASIC is the corporate regulator in Australia, and it oversees retail forex brokers under the Corporations Act. A legitimate ASIC licence requires the broker to meet strict capital requirements, hold client funds in segregated accounts, and adhere to a robust dispute resolution process.

However, we must be cautious here. The licence number 406684 is on file, but we have not been able to verify it against the public ASIC register in this review. The status being a dash rather than 'active' or 'current' is a red flag. In our experience, a legitimate licence would show a clear status, and the broker would typically display it on its website. We found no verifiable website, so we cannot confirm that Element actually holds this licence.

Furthermore, even if the licence were active, ASIC's regime has specific protections. Since 2021, ASIC has imposed a leverage cap of 1:30 for major forex pairs for retail clients, and it requires brokers to provide a Product Disclosure Statement (PDS) and to belong to an external dispute resolution scheme. If Element were truly ASIC-regulated, it would be subject to these rules, and clients would have access to the Australian Financial Complaints Authority (AFCA) for disputes. Without confirmation, we cannot assume these protections apply.

The second licence on file is from the Japanese Financial Services Agency (FSA), with licence number 関東財務局長（金商）第1662号, also under 'Market Making (MM).' The FSA is one of the most stringent regulators in the world, and a Japanese licence is a mark of high compliance. Japan's retail forex market is tightly controlled, with leverage capped at 1:25 for major pairs, and brokers must hold client funds in trust accounts with Japanese banks.

However, we must apply the same scrutiny as with the ASIC licence. The licence number is on file, but we have not been able to verify it against the FSA's public register. The status is again a dash, which is not a confirmation of active status. Moreover, the fact that the broker is registered in the US and claims a Japanese licence is unusual, as the FSA typically licences entities that operate within Japan or target Japanese clients.

It is also worth noting that the FSA has a public list of unlicensed or 'gray' brokers that it warns against. We did not find Element on that list, but that is not a positive confirmation of legitimacy. The FSA's regulatory regime is designed to protect Japanese retail investors, and if Element were truly licensed, it would be subject to strict reporting and client protection rules. Without verification, we cannot assume these protections are in place.

The most significant issue in this review is the contradiction between the claimed licences and the company description stating that Element is 'not regulated currently.' This is not a minor inconsistency; it goes to the heart of client safety. A broker that claims to be licensed but admits it is not regulated is either misrepresenting its status or has lost its licences. Either scenario is a serious red flag.

In our assessment, the most likely explanation is that the licences on file are either expired, suspended, or were never actually held. The dash status on both licences supports this view. Alternatively, the company description may be outdated, but that would still indicate a lack of current regulatory oversight, which is what matters for a trader.

We also note that the FXCanary Scam Risk Score for Element is 42/100, which we classify as 'Guarded.' This is not a 'high risk' score, but it is far from a clean bill of health. The score reflects the lack of verifiable website, the absence of user reviews, and the regulatory ambiguity. For a trader, this means that while there is no evidence of an active scam, there is also no evidence of a trustworthy, regulated broker. The burden of proof is on the broker, and Element has not met it.

Our known facts do not provide specific details on account types, minimum deposits, or leverage. This is a significant gap, as these are the first things a trader looks at when evaluating a broker. Without this information, we cannot assess whether the broker is suitable for beginners, scalpers, or high-volume traders.

We can infer from the company description that Element offers a range of assets, which suggests it may have multiple account types to cater to different trading styles. However, we have no data on spreads, commissions, or swap rates. In the absence of this information, we must advise caution. A broker that does not disclose its trading conditions is not being transparent, and transparency is a cornerstone of a trustworthy broker.

We also note that the broker's name includes 'MT5,' which suggests it offers the MetaTrader 5 platform. MT5 is a well-regarded platform with advanced features, but the platform itself does not guarantee the broker's reliability. Many unregulated brokers use MT5 because it is widely available and familiar to traders. We would want to see evidence of a live trading environment, a demo account, and clear execution policies before recommending any broker.

The broker's name, 'Element Trade MT5,' strongly implies that it offers MetaTrader 5 (MT5). MT5 is a multi-asset platform that supports forex, CFDs, and futures, and it is known for its advanced charting tools, algorithmic trading capabilities, and market depth. If Element does offer MT5, traders would have access to a professional-grade platform, which is a positive.

However, we could not verify the platform's availability because we could not access the broker's website. The official domain on file is user.wamsm.com, which is not a typical broker domain. This subdomain structure is often used for white-label solutions or affiliate tracking, and it is not a professional domain for a standalone broker. This raises questions about the broker's infrastructure and whether it is operating on a stable, secure platform.

We also found no evidence of additional tools such as a mobile app, web trader, or social trading features. In today's market, traders expect a seamless experience across devices, and a broker that lacks a verifiable web presence is unlikely to offer a robust mobile experience. For a trader who relies on mobile trading, this is a significant drawback.

According to our records, Element offers forex, precious metals, oil, indices, and cryptocurrencies. This is a broad range of assets, which could appeal to traders looking to diversify their portfolios. Forex is the most common asset class, and the inclusion of cryptocurrencies is a modern addition that many brokers now offer.

However, we have no details on the specific currency pairs, the number of CFDs, or the trading hours. We also do not know whether the broker offers swap-free (Islamic) accounts, which are important for some traders. Without this information, we cannot assess the depth of the product offering.

We also note that the broker's registration in the US, combined with the claim of a Japanese licence, suggests it may target international clients. However, the lack of a verifiable website makes it impossible to confirm which jurisdictions are served. Traders should be wary of brokers that do not clearly state their target markets, as this can lead to issues with deposit and withdrawal methods, and with legal recourse in case of disputes.

Our records do not contain any information on deposit methods, withdrawal processing times, or fee structures. This is a critical omission. A broker that does not disclose its fees is a red flag, as hidden fees can erode trading profits. We also do not know whether the broker accepts credit cards, bank transfers, or e-wallets, which are common methods.

In the absence of this information, we cannot advise traders on the cost of trading with Element. We would expect a legitimate broker to publish a clear fee schedule, including spreads, commissions, and any withdrawal or inactivity fees. The lack of such information suggests that the broker may not be operating with full transparency.

We also note that the risk flag on our file mentions 'No verifiable website or social-media presence.' This means we could not find any official communication from the broker about its services. In the event of a dispute, a trader would have no clear channel to contact the broker, which is a serious concern. We strongly advise traders to only use brokers that provide clear, accessible customer support.

Given the limited information and the regulatory ambiguity, we must be cautious in recommending this broker to any specific type of trader. For a beginner, the lack of a verifiable website and the absence of educational resources would make it difficult to learn and trade effectively. Beginners need a broker with a strong support system, clear guides, and a demo account, none of which we could confirm.

For a scalper or high-frequency trader, the lack of information on spreads and execution speed is a deal-breaker. Scalpers rely on tight spreads and fast execution to make small profits, and a broker that does not disclose these details is unlikely to meet their needs. Similarly, a swing trader would need reliable charting and order management tools, which we could not verify.

In our assessment, the only traders who might consider this broker are those who are willing to take a high level of risk and who have done their own due diligence. However, we would advise even these traders to exercise extreme caution. The absence of a verifiable website, the contradictory regulatory status, and the lack of user reviews all point to a broker that has not established a track record of trustworthiness.

In FXCanary's assessment, Element Trade MT5 presents a guarded risk profile, with a Scam Risk Score of 42/100. This score is not a definitive 'scam' label, but it reflects significant concerns that traders should not ignore. The primary issues are the lack of a verifiable website, the contradictory regulatory claims, and the absence of any independent user reviews.

We cross-checked the licences on file against the public registers we have access to, but we could not confirm their active status. The dash in the status field is not a confirmation, and the company's own description states that it is 'not regulated currently.' This is a fundamental problem. A broker that is not regulated is not subject to the oversight that protects client funds, and traders have no recourse if the broker fails or disappears.

We also note that the official domain, user.wamsm.com, is not a professional domain and does not inspire confidence. A legitimate broker would typically have a dedicated domain that reflects its brand. The use of a subdomain suggests that the broker may be operating on a white-label platform or may not have invested in a proper web presence. This is not necessarily a scam, but it is a sign of a low-budget operation.

Our advice to traders is clear: if you are considering Element Trade MT5, you should proceed with extreme caution. Do not deposit funds you cannot afford to lose. Look for a broker that is clearly regulated, has a verifiable website, and has a track record of positive user reviews. The absence of these elements is a red flag, and in the world of forex trading, it is better to be safe than sorry.

In conclusion, Element Trade MT5 is a broker that we cannot recommend at this time. The combination of an unverifiable website, contradictory regulatory status, and lack of user reviews makes it a high-risk choice for any trader. While our Scam Risk Score of 42/100 is not the worst we have seen, it is far from reassuring, and the potential downsides of trading with an unregulated broker are severe.

If you are determined to explore this broker, we urge you to take the following precautions. First, verify the regulatory status independently by checking the ASIC and FSA public registers using the licence numbers we have on file. If you cannot confirm the licences are active, do not trade.

Second, try to find any independent reviews or testimonials from other traders. The absence of reviews is a warning sign. Third, start with a minimal deposit that you are prepared to lose, and test the withdrawal process early.

If you encounter any delays or difficulties, that is a major red flag.

Finally, consider whether the potential rewards are worth the risks. There are many well-regulated brokers in the market that offer transparent trading conditions and robust client protections. Choosing an unregulated broker like Element Trade MT5 is a gamble that most traders should not take. FXCanary's role is to provide you with the facts and our independent assessment, and in this case, the facts point to caution. We will continue to monitor this broker and update our review if new information emerges.