BrokersView has found that Elan Securities appears to be a scam Elan Securities only claims to be registered in Saint Vincent and the Grenadines on its website. While we can find a matching company in the Financial Services Authority (FSA) registry of Saint Vincent and the Grenadines, this only grants International Business Company (IBC) status. This does not constitute a valid financial licence. The SVG FSA has clearly stated that it does not regulate or licence forex brokers. Furthermore, Elan Securities is not licensed by any recognised financial authority. This is a major red flag indicating fraudulent activity. Therefore, Elan Securities appears to be a scam.

Does Elan Securities offer ECN/Raw spread accounts? Dear Investor, We do not recommend Elan Securities to you due to a lack of valid regulatory credentials. Elan Securities claims to be operated by Elan Securities Limited and merely states that it is registered in St. Vincent & the Grenadines. Although we did find this company in the registry of the Financial Services Authority (FSA) of Saint Vincent and the Grenadines, this merely grants it International Business Company (IBC) status, which does not constitute a valid financial license. Furthermore, the SVG FSA has publicly stated that it neither regulates nor licenses forex trading activities. In addition, Elan Securities has not displayed any other regulatory or licensing information, indicating that it has not obtained authorization or supervision from any authoritative regulatory body. Trading with such a broker carries extremely high risks, and we strongly advise you to avoid trading with them to protect your financial security. View Source