Professional Review: Elite Forex Trades – A Fraudulent Forex Signal Scam Telegram Channel

Forex trading is a world full of opportunities—and equally many pitfalls. Of the most perilous are scam signal providers that entice traders with the promise of easy gains while providing nothing but losses. Elite Forex Trades, a Telegram group with more than 20,000 subscribers, squarely fits into this description. What seems on the surface to be a professional trading community is, in fact, an expertly crafted scam founded upon deception, manipulation, and psychological trickery.

Channel Overview

Telegram Channel Link - https://t.me/eliteforextrades

Category	Details
Channel Name	Elite Forex Trades
Launch Date	7 August 2023
Subscribers	20,240 (claims to be a "big channel")
Posts Per Day	~6 (active, but mostly low-quality signals & luxury bait)
Avg. Views Per Post	~3,400 (indicates real subscribers, but likely botted engagement)
Website/Social Media	Yes (but no transparency on who runs it)
Free Signals Provided	1-2 per day (poor structure, terrible risk-reward)
Main Market	Forex (EURUSD, GBPUSD, etc.)
Trading Style	Scalping (short-term, high-risk)
Win Rate (Backtested)	27% (73% of signals lose money)
Trading Sessions	Mostly London & New York sessions
Free Education?	❌ No
Paid VIP Service?	✅ Yes (no bot, manual payments—high scam risk)
Real Person Behind It?	❌ No (anonymous, no face, no credibility)
Luxury Lifestyle Bait?	✅ Yes (cars, cash, vacations—classic scam tactic)

The Illusion of Success

The strategy of the channel relies on the creation of a false illusion of profitability. A typical post will feature a MetaTrader screenshot showing profits of thousands, accompanied by images of luxury cars, expensive watches, and exotic vacations. Each of these images is carefully chosen to tug at the heart of the viewer desiring wealth, reinforcing the illusion that trading their signals will lead to financial freedom.

But the truth is much more sinister. A seven-month backtest of their free signals shows a dismal 27% win rate, with almost three out of four trades losing money. Even worse, their signals have a manipulative pattern that is meant to inflate success and obscure disastrous losses. For instance, a trade may have a 100-pip stop loss but take profit levels at 20, 50, and 100 pips. By trumpeting "TP1 hit!" aggressively while silently brushing off the much greater losses, they build a false perception of reliability.

The Psychology of the Scam

Elite Forex Trades applies textbook scam tactics used in hundreds of other scam ventures. The constant stream of luxury lifestyle updates serves no other function but to manipulate emotions. It exploits the human tendency to confuse wealth with legitimacy, even when there is no substance to back it up. The anonymous individuals behind the channel know that if they can get traders jealous, they can get them subservient—willing to overlook red flags in the hopes of attaining the lifestyle being marketed.

The other necessary component of the scam is the lack of transparency. There is no trader name, no record that can be verified, and no proof that real accounts are being traded. The MetaTrader screenshots can easily be from demo accounts or even photo-shopped, yet they are presented as evidence of success. Meanwhile, the lack of free educational content speaks volumes—a service to educate traders is not what this is, but a way to get money from traders in the form of VIP subscriptions.

The VIP Trap

Elite Forex Trades' end game isn't to send quality signals—it's to get free followers to pay up and become VIP members. If their free signals are this bad, there's no reason to think the paid signals are going to be any better. If anything, the opposite is probably true: after paying, users might even get worse trades, stuck in a vortex of losses while being spammed with even more fabricated success stories.

Unlike legitimate services that handle subscriptions using automated bots, Elite Forex Trades handles payment manually, which contributes to the risk of fraud. There are no refunds, warranties, or responsibility—just a one-way flow of money from desperate traders to anonymous scammers.

Free Signals Check

Let's examine an example of a free signal that is provided:

📈 BUY EURUSD @  1.16280

✅ TP1: 1.16480 ✅ (20 pips)

✅ TP2: 1.16780 ✅ (50 pips)

✅ TP3:  1.17280 ✅ (100 pips)

❌ SL:  1.15280 ❌ (-100 pips)

The trade has 100 pips stop loss.

Partial close is applied after a test of each TP level.

Even if the price reaches all 3 TP, real reward for that trade will be less than a half of a risk.

It is a terrible reward to risk ratio that you should never ever trade with.

The close distance of TP1 to entry level lets this group manipulate the results and statistics by "🔥 TP1 hit @ 1.16480 🔥".

While is it really hit, the profit from that hit is way too low.

Conclusion: A Channel Based on Deceit

Elite Forex Trades is not a legitimate signal provider—it's a psyop disguised as a trading channel. From the misleading signals to the luxury bait, everything in the channel is geared towards exploiting traders rather than helping them. The 27% win rate alone should be enough to frighten anyone away, but combined with the lack of transparency, Photoshopped profit screenshots, and aggressive VIP upselling, this channel is one of the worst scams on Telegram. 

0/10 TRUST SCORE

For those traders who are looking for actual opportunity, the best thing to do is to steer clear of Elite Forex Trades altogether and instead look to proven, transparent instructors who offer actual proof of success—not flashy gimmickry. When it comes to forex, if it seems too good to be true, it nearly always is.