Elite Trade Ltd Review Is elite-trade.co Scam Or Should I Invest

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Warrior Trading Blog

  • Value For Investors

Summary

For an investment firm that is barely a decade old, Capital Markets Elite Group has grown to be a formidable force. We really like how easy it is to use their platform along with their commission structure choices, not to mention you don’t have to worry about the PDT rule with them!

Pros

  • Multiple software platforms to choose from.
  • No PDT rules.
  • Start day trading with just $500.
  • No commissions on stocks in a standard account.
  • High leverage for accounts above $2,500.
  • Americans can open accounts (if they know what they’re doing).

Cons

  • Software fees can be high, especially for infrequent traders.
  • Short locates can be expensive.
  • Most investment vehicles, including options, aren’t currently offered.
  • It’s an offshore account regulated by Trinidad and Tobago’s SEC.
  • The active account’s commission schedule can be steep for infrequent traders.
  • Inactivity fees for both account types.

Capital Markets Elite Group Broker Review

Capital Markets Elite Group is a fairly new brokerage firm. Launched in 2020, it currently offers trading in stocks only. CMEG customers get to choose from several software platforms, which we’ll look at shortly. Besides trading accounts, CMEG also offers investment advisory and investment banking services.

Regulation and Insurance

Capital Markets Elite Group is headquartered in Trinidad and Tobago, which means there’s no American regulation from FINRA or the SEC. This situation creates both advantages and hazards. CMEG is not a member of SIPC, either.

Services Offered

CMEG’s investment advisory service is aptly called Managed Portfolios. The program offers four portfolio types: core, conservative, moderate, and aggressive. In all four cases, ETF’s are the primary investment option. Mutual funds are available for the core selection. Customers who sign up for the program get to work with a financial advisor, a major plus.

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Self-directed traders right now don’t get mutual or exchange-traded funds. According to CMEG’s customer service, the broker may launch the securities for self-directed trading later in 2020. But as of now, only stocks can be traded.

CMEG does plan to launch options trading in the first quarter of 2020. Other investment vehicles the broker plans to offer at some point in the future include:

  • Futures
  • Forex
  • Contracts for difference
  • Bonds

Day Trading with CMEG

Margin accounts are available, and these of course can be used for day trading and shorting stocks. Direct-access routing is also available on some platforms.

Day traders will love the broker’s rules for short-term trades. For example, there is no pattern day trading (PDT) rule in place. How is this possible? Because the company is located outside the United States, it operates under different regulations.

In order to day trade, CMEG clients need just $500. This is much lower than the $25,000 the U.S. SEC requires.

Leverage

Accounts valued between $500 and $2,499 have the following buying power:

  • 100% maintenance requirement for long stocks priced less than $2.
  • 50% maintenance requirement for stocks between $2 and $4
  • 25% maintenance for stocks above $4.

Accounts with assets of $2,500 or more get more leverage for stocks above $4. The maintenance requirement is just 16%. The other numbers are the same.

Overnight margin is 2:1. Long positions held overnight are subject to an interest rate that varies from 4.5% to 7.5%, depending on position value.

Account Types

There are two account types available to self-directed traders: standard and active. The standard account is the basic (and less expensive) package.

The active account gets better software choices, faster execution, no PDT rules, and ultra-low latency. CMEG also promises better customer service for the active account.

Account Opening for U.S. Persons

CMEG does not solicit U.S. persons to open accounts. It is possible, however, for U.S. persons to open an account with the broker. They simply need to go to the CMEG site (www.cmelitegroup.com) and verify that they haven’t been solicited.

A pop-up window will appear when the site detects a U.S. IP address. Canadians cannot open an account under any circumstances.

Commissions and Fees

The cost of trading with Capital Markets Elite Group varies, depending on which account type you have. Here are the numbers for the standard account:

The standard commission for trading stocks obviously looks great. But the standard account doesn’t come with the same tools that the active account offers. Here are the equity commissions for the active account:

The active account numbers don’t include regulatory or routing fees. There is an inactivity fee of $50 per quarter if an account has fewer than 15 trades in the quarter.

Options should be available in early 2020. They will cost anywhere from 40¢ per contract to 70¢, depending on monthly account volume.

Stock locates cost $25 per occurrence. Some stocks may also have a per-share fee. Short positions that are held overnight incur a fee equivalent to 0.5% of the stock’s market value.

Directly routing an order will generate fees and rebates from the various market venues. These vary by market maker. Currently, orders that add liquidity sent to ARCA NYSE cost $0.002 per share. And orders that take liquidity receive a rebate of $0.003 per share.

Software Fees

Traders who sign up for the active account get to use either Sterling Trader Pro or Direct Access Software (DAS). Sterling costs $99 per month, while DAS is $90. Both software platforms offer rebates for generating high levels of monthly commissions.

The platform for the standard account is free.

Software

The broker’s customers can place orders (and perform many other functions) on one of several platforms.

Standard Account

The standard account comes with the Traders Elite Terminal (TET). This is the same desktop platform that Interactive Brokers uses. Active accounts at CMEG can’t use it.

Some of the highlights on CMEG’s version of the platform include Level I streaming data, charting with tools, headline news articles, and watch lists. The software has option chains and several advanced option tools.

During our testing of the platform, we found charting to be on a very advanced level. There are close to 100 technical indicators, right-click trading, and several drawing tools. The program incorporates only 2 graph styles, though: candlesticks and OHLC bars.

The trade ticket on TET offers some really nice features. Bid and ask numbers can be displayed in different versions. These include % of spread, +/- tick, and price line. This last option is the default view. Order types include on-the-close, snap, trailing, and stop.

Standard Account: Mobile Trading

Also included in the standard account is a mobile platform called Handy Trader. It functions on both Apple and Android devices. Once again, it is the same software that Interactive Brokers uses.

The mobile app offers a lot of excellent features, including horizontal charting with up to 5 years of price data. A gear icon in the upper-right corner of a chart is where customizations and tools are found.

In addition to a regular trading ticket, the mobile software also has something called a wheel order entry system. To access it, just tap on “wheel” on a stock’s profile. There are prices in the far-left column. Tap on one to set the limit price.

Quantity has its own wheel on the right-hand side, and on the far-right side is dollar amount. The software will convert it to number of shares. Then simply tap on buy or sell to create the order.

Active Account: Sterling Trader Pro

Sterling Trader Pro is available both as a desktop platform and a mobile app. The desktop software has some really robust features. These include Level II quotes, hot keys, a stock locate tool, several order types, and direct-access routing.

One issue we didn’t care for was the fact that the software doesn’t have a single window by default. The work space is actually composed of several small windows, which can be connected.

The software’s charting performance is on a high level. During our investigation, we found roughly 100 technical indicators and multiple drawing tools. There are Darvas Boxes, Heikin Ashi price style, and up to 19 years of price data.

It is possible to expand a graph the full width of the monitor. Missing in the charting package is right-click trading. There is a drop-down menu that appears with a click of the mouse, but there’s no trade button. There are also no trade buttons anywhere in the charting window.

A Level II window makes an appearance on the platform, and advanced traders will definitely want to use this. We liked the tool’s use of color-coded price action, which groups the same prices into one color.

The Level II box is also where traders will find the software’s order ticket. The buy button is blue, not green. And there is a dedicated short button for shorting. There are several order types, including extended hours, IOC (immediate or cancel), and FOK (fill or kill).

Although it’s not part of the default layout, an options order entry window is also available. It sits in the platform’s menu, which oddly is in the lower-left corner.

The options trading tool also offers color-coded Level II data across multiple venues. A drop-down menu can be used to specify open or close. A destination menu incorporates many venues.

Active Account: Sterling Trader Mobile

Sterling also has a mobile app that CMEG clients can use. During our testing of it, we found it user-friendly. The default tab is a layout of the day’s biggest movers. Tapping on a tile produces a stock profile page with the following features:

  • Charting
  • News articles
  • Option chains
  • Market Depth. This last choice is Level II data.

The software’s order ticket has market, limit, stop, and stop limit choices. Time-in-force options include GTC, extended hours, and day. We found no fewer than 7 venues for direct-access routing.

Sterling’s app also has alerts and a watchlist.

Active Account: DAS

Like Sterling Trader Pro, DAS has a lot of useful features for day and swing traders. A market view window displays the day’s bid and ask numbers along with high and low figures. Time & sales data make an appearance along with a news window. This latter box has a really useful feature that will actually read the news article to you.

The order ticket on DAS provides color-coded Level II quotes for any entered ticker symbol. There is no sell button if you don’t currently hold a position. Instead of a sell button, there’s a red short button. Duration choices include a few options that aren’t on Sterling, such as day+ and a few minute varieties.

Charting on DAS offers a right-click menu. Here, a chart’s colors can easily be adjusted. There are also drawing tools here. A chart can be saved or expanded full screen. Unfortunately, we counted less than 50 technical studies.

In the top menu, there’s a YouTube icon. Clicking on this will take you to DAS Trader’s video channel. Here, we found lots of helpful tutorials for the software.

Final Thoughts

Capital Markets Elite Group does an excellent job of eliminating PDT rules. Global traders have the opportunity to day trade with less than $25,000. This service comes at a price, however. Day trading is only possible in an active account. Fees and software charges can be steep, especially for occasional traders.

Granted that the U.S. SEC hasn’t always done a perfect job, but Trinidad and Tobago’s regulation has to raise some concerns. CMEG’s customer service is English speaking (English is the official language of the country). But we didn’t find the customer support to be overly spectacular in our trials of it.

The broker promises to launch options trading soon. But it’s been in business for several years. One has to wonder what the hold up is there. Even ETF’s can’t be traded right now.

Bottom Line – CMEG Broker Review

We can recommend CMEG for day trading stocks. For everything else, we will wait and see.

Make sure to check out the exclusive rebate on commissions you get when you purchase a Warrior Trading course!

*Not Available to Canadians*

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4 Comments

Shawn McDonald

Thank you Russ and the Warrior Trading family

CS

Don’t trade with cmeg..cant reach them. been trying for 3 weeks..no one answers the phone nor do they respond to voice mails. I sent all my docs and nothing..hoping I can find a broker that actually answers the phone.

Horia Albu

Thanks Russ and the Warrior Trading Group for all the info provided

Samuel

Hi, I watch your live video and it said cme group doesn’t have restrictions in Canada but it won’t let me access there site and says they don’t accept Canadians. Just would like some clarification! Thank you

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1-530-723-5499

If you do not agree with any term of provision of our Terms and Conditions you should not use our Site, Services, Content or Information. Please be advised that your continued use of the Site, Services, Content, or Information provided shall indicate your consent and agreement to our Terms and Conditions.

Warrior Trading may publish testimonials or descriptions of past performance but these results are NOT typical, are not indicative of future results or performance, and are not intended to be a representation, warranty or guarantee that similar results will be obtained by you.

Ross Cameron’s experience with trading is not typical, nor is the experience of students featured in testimonials. They are experienced traders. Becoming an experienced trader takes hard work, dedication and a significant amount of time.

Your results may differ materially from those expressed or utilized by Warrior Trading due to a number of factors. We do not track the typical results of our current or past students. As a provider of educational courses, we do not have access to the personal trading accounts or brokerage statements of our customers.

Available research data suggests that most day traders are NOT profitable.

In a research paper published in 2020 titled “Do Day Traders Rationally Learn About Their Ability?”, professors from the University of California studied 3.7 billion trades from the Taiwan Stock Exchange between 1992-2006 and found that only 9.81% of day trading volume was generated by predictably profitable traders and that these predictably profitable traders constitute less than 3% of all day traders on an average day.

In a 2005 article published in the Journal of Applied Finance titled “The Profitability of Active Stock Traders” professors at the University of Oxford and the University College Dublin found that out of 1,146 brokerage accounts day trading the U.S. markets between March 8, 2000 and June 13, 2000, only 50% were profitable with an average net profit of $16,619.

In a 2003 article published in the Financial Analysts Journal titled “The Profitability of Day Traders”, professors at the University of Texas found that out of 334 brokerage accounts day trading the U.S. markets between February 1998 and October 1999, only 35% were profitable and only 14% generated profits in excess of than $10,000.

The range of results in these three studies exemplify the challenge of determining a definitive success rate for day traders. At a minimum, these studies indicate at least 50% of aspiring day traders will not be profitable. This reiterates that consistently making money trading stocks is not easy. Day Trading is a high risk activity and can result in the loss of your entire investment. Any trade or investment is at your own risk.

Any and all information discussed is for educational and informational purposes only and should not be considered tax, legal or investment advice. A referral to a stock or commodity is not an indication to buy or sell that stock or commodity.

This does not represent our full Disclaimer. Please read our complete disclaimer.

Citations for Disclaimer

Barber, Brad & Lee, Yong-Ill & Liu, Yu-Jane & Odean, Terrance. (2020). Do Day Traders Rationally Learn About Their Ability?. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2535636

Garvey, Ryan and Murphy, Anthony, The Profitability of Active Stock Traders. Journal of Applied Finance , Vol. 15, No. 2, Fall/Winter 2005. Available at SSRN: https://ssrn.com/abstract=908615

Douglas J. Jordan & J. David Diltz (2003) The Profitability of Day Traders, Financial Analysts Journal, 59:6, 85-94, DOI: https://www.tandfonline.com/doi/abs/10.2469/faj.v59.n6.2578

Copyright © 2020 Warrior Trading™ All rights reserved.

Capital Markets Elite Group Review – An In-Depth Look

Posted by Dave | Jul 19, 2020 | Broker Reviews | 5

Capital Markets Elite Group Review
  • Commissions and Fees

Summary

If you’re in the market for an online trading brokerage then you may have stumbled upon Capital Markets Elite Group. CMEG is an offshore, online trading brokerage that has the industry buzzing. Does Capital Markets Elite Group have what you need? Read our in-depth review to find out what you need to know.

About Capital Markets Elite Group

CMElitegroup.com (CMEG) is an offshore online trading brokerage that provides access to over 100 global markets in 24 countries and financial trading instruments from stocks, options, bonds, futures, CFDs, and forex. Since the broker is licensed by the Trinidad and Tobago Securities and Exchange Commission as a broker-dealer and investment advisor, the PDT rule doesn’t apply. This means that traders with accounts as small as $500 can trade with margin up to 6-to-1 for accounts above $2,500 USD. They also offer managed portfolios, personal investment advisors, and trader/investor education.

CMEG Commissions and Fees

CMEG has so many products that it can be overwhelming at first. Keep in mind there are three types of accounts : Standard, Active, and Fund Management:

The Standard Account is suited for self-directed and active investors provider full access to research, analysis, education, and Traders Elite Terminal trading platform, which is basically the Interactive Broker’s Trader Work Station (TWS) whiteboard. Minimum deposit is $2,500 USD. Standard Account commissions for U.S. equities are $8.95-per trade and $0.0075-per share.

The Active Account is suited for active traders with direct access routing and up to 6-to-1 margin intra-day for accounts over $2,500 USD and 2-to-1 overnight margin. A $500 minimum deposit is required. Traders get access to multiple platform choices, including Traders Elite Pro with DAS Trader and Sterling Trader interfaces. Active account commissions start at $3.95 per-trade and $0.007-per share on monthly volume up to 350,000 shares and drop to $1.95-per trade and $0.0035-per share on monthly volume over one-million shares. There are also ECN rebates and pass-through fees for direct-routing to consider. This account is “not

Intended for U.S. citizens or residents”. It’s also important to pay attention to the maintenance margin requirements, which range from 100% for accounts under $500 to 16% for accounts above $2,500.

The Fund Management Account is a personalized portfolio management service where an experienced portfolio manager constructs ETF Asset Allocation Model Portfolios for clients. The investments have a two-year time horizon, but clients have full access, transparency, and control to manage the account as there are no lock-in periods or penalties. There is a $5,000 minimum investment and a 2.5% annual management fee.

HTB Short-Sell Locates and Fees

Active accounts can short-sell stocks but must meet margin policy rules. Stocks that are hard-to-borrow (HTB) incur a per-share locate fee (IE: 0.05-per share locate on 200 shares incurs a $10-fee) in addition to a $25 service charge. Overnight shorts incur a Short Position Overnight Fee of 0.5% of the value of the position. CMEG doesn’t offer margin or short stocks under $5-per share.

Software and Exchange Data Fees

The Traders Elite Trading terminal platform is $25-per month. However, real-time quotes and exchange fees are extra depending on the exchanges you select. For intra-day traders, these can also include Nasdaq Total View and NYSE Open Book for deep level 2 data. Combinations and packages are available. Users can also suspend accounts, so they don’t incur data fees when they are inactive. Expect to pay at least $30-to-$60 in exchange and data fees with an Active trading account just for U.S. equities alone. Traders Elite Pro powered by DAS Trader software is $115-per month, and Traders Elite Pro powered by Sterling Pro is $99-per month. Software rebates kick in when generating at least $500 in monthly commissions for Sterling Pro and $650 in commission for DAS Trader. DAS Trader provides a free mobile app while Sterling’s mobile app is an additional $25-per month.

Demo accounts come with each platform, and users can easily switch between them through the order entry window.

Pre-Market and Post-Market Trading Hours

It’s important to remember specific times when using CMEG. The pre-market trading starts at 7:30 AM EST. Unlike mainstream brokers that end the post-market trading session at 8:00 PM EST, CMEG ends post-market trading at 5:30 PM EST. It’s imperative not to overlook the post-market end time since unclosed positions will be taken overnight afterward and can incur overnight position fees on short positions.

Platform Features and Tools

CMEG’s Traders Elite Trading (TET) terminal platform is basically a version of the Interactive Brokers (IB) TWS platform . DAS Trader and Sterling Trader Pro can be connected to TET since they tend to have better charting functionality. Most of the features of IB TWS are available on TET.

Charts

All the Traders Elite Trading platforms have solid charting capabilities with bar, candlestick, and line charts with intervals ranging from 1-minute to months. The trading indicators, including moving averages to stochastic oscillators and Bollinger Bands are standard. Personally, I prefer the DAS Trader platform charting, but Sterling layouts are very comprehensive with detachable windows.

Level 2 and Direct Routing

DAS Trader and Sterling both include level 2 trading data with the monthly subscription fees. However, quote data and exchange fees are required for options data, and any other order books and asset classes. Direct order routing through level 2 window is my preferred method of execution. To speed things up, I like to use and configure hot-keys, especially for open order cancellations.

Traders can toggle between real cash trading accounts and the demo accounts on all platforms. Direct order routing is available with DAS and Sterling platforms. I like how Sterling lets traders’ toggle between demo and live accounts through the level 2 order entry. I find it very useful to toggle, especially when hitting a performance slump. It’s a good way to work out the kinks without drilling a hole in your account.

News Feeds

Standard streaming headline newsfeeds are available on all platforms. Data is pulled from various free sources. Add-on services to Benzinga, Briefing, and FlyontheWall.com are available through the individual platforms.

Scanners

All platforms have configurable scanners. I personally prefer DAS Trader default Hi/Lo Hit List, which immediately streams stocks that are getting the action and hitting screens. Pre-market Gappers are very useful to help plan out your morning watch list. As for configuring exotic scans, Sterling has the edge with that.

The Global Financial Traders Academy

CMEG regularly provides trading and investment educational training content through its Global Financial Traders Academy (GFTA). These are composed of self-paced courses, archived, and live webinars with on-demand education. Some of the features include Zacks-powered stock screener, economic news and calendar, and analysts-on-demand.

Watch Lists

Watch lists enable you to optimize your time by selectively tracking stocks you’re familiar with. All platforms have watch list capabilities. It’s all a matter of how much screen real estate you have. I highly recommend having at least two-monitors to get a macro and micro view of the markets.

CMEG Platform Differentiators

There’s more depth to CMEG than many other offshore online brokers thanks to their partnership and integration of Interactive Brokers framework. The most distinguishing aspect is the ability to open accounts with minimum balances starting at $500 and having up to 6-to-1 margin leverage.

What Type of Trader CMEG Is Best For

This is where it gets tricky. The small minimum account balance requirements are ideal for newbie traders, but the increased leverage and smaller bankroll can vaporize newbies quickly. It’s too easy to blow right through the small balances as there is no room for error either from margin calls or fees. I would say CMEG is best suited for experienced traders that are looking for leverage without PDT restrictions.

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    Free Demo Account! Free Education!

  • Binomo
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