Today’s review is about a company called Elite Currensea aka Tarantula FX. The only service which they do not offer is managed trading accounts.
But of course they’re busy making EAs and indicators. They provide market commentary and education.
So our review wants to determine whether their products can command a spot in our list of the most recommended trading products.
The company’s website (elitecurrensea.com) was registered in November 2013 to provide “Industry leading market research, trading systems and education”.
They provide software tools for trading various markets like Forex & CFDs, Options and Spreads.
The vendor also wants the community to know that Elite Currensea offers Award winning trading and education and have won multiple awards.
They claim on their website that they won the UK Forex Awards in 2016.
On top of this, the vendor listed additional awards which the founders of the company won from sites like FXstreet and Forex Factory.
While these awards show the level of excellence that this team upholds, they don’t guarantee the effectiveness of the company’s trading systems and strategies. It’s upon us to do our due diligence before any purchase decisions can be made.
And some marketers also use these “achievements” to deceive less exposed traders.
With regards to ownership information, Elite Currensea discloses that the company was founded by Nenad Kerkez & Chris Svorcik in 2014.
They’re operating from Lasnamäe linnaosa, Peterburi tee 47, 11415, Tallinn, Estonia.
Traders interested in contacting the team can do so using the official company email firstname.lastname@example.org.
We appreciate this level of transparency because at least we can verify their past to see whether it matches with the promotion on the sales page.
Elite Currensea review
The vendor’s website is professional but overwhelming due to the huge number of products they sell.
This vendor is also offering certain products for free, which is a good thing for those who have time to try out their quality and effectiveness.
It appears that the most popular trading systems by Elite Currensea are Ultima EA, Rush EA as well as a trade setup and market insight service called “Live”.
When we browse the “tools and strategies” section of the website, I end up being ushered to a Walmart of trading products. These include:
1.Bullseye Target…………… Fibonacci and Zigzag indicator for MT4
2.wizz.Pro….. Fibonacci sequence levels indicator
3.Fractals……. indicator for identifying trends, retracement and breakouts
4.Murreymath……Fibonacci levels drawn according to Murray Math
5.macd.Pro…… momentum indicator
6.camarilla.PRO……. indicator for determining levels on 2 time frames
And so much more…..
Most of the trading tools on this landing page are listed as free products.
The vendor’s FAQ page also states that they charge an “admission fee” to use their CAMMACD and SWAT systems.
We’re not quite sure whether this applies to Elite Currensea’s free products.
Breakdown of Elite Currensea products
- Type of product: Trading tools, strategies and education
- Price range: €14.95-€899 (other products use a subscription pricing model)
- Strategies: Technical analysis
- Market: Forex, CFDs, Options and Spread
In addition to the above, Elite Currensea runs a Telegram channel that focuses on education and market research for US stocks.
This appears to be the company’s most expensive service at the moment as the joining fee is €899.
The company has two myfxbook accounts. The first account was created under the name EliteCurrenSea.
This myfxbook account has a portfolio of trading systems while the second account, Tarantula, only has two trading systems.
The first thing I noticed is that this company does not verify their track record on either of their myfxbook accounts.
Myfxbook marks it with a red X, but assuming they had verified their track record, it would have been marked with a green tick instead
The best trading product vendors will verify everything so that their myfxbook account has two green ticks for maximum transparency.
For more information on how doggy vendors use myfxbook to deceive traders, you can read this piece of information.
Due to the fact that both of Elite Currensea’s myfxbook accounts aren’t verified, we won’t discuss their results either since it’s clear there is some sort of manipulation going on.
Elite Currensea customer feedback
There are multiple reviews of this vendor’s products in forums like Trustpilot and FPA.
Of course Trustpilot is doing what they know best. So they’ll entice companies like Elite Currensea to “claim their profile” by paying a monthly fee.
This gives vendors a chance to moderate feedback in their favor.
This means that doggy vendors can use this tool to deceive the less experienced consumers.
While the FPA is much more transparent that Trustpilot, both companies still operate the same business model.
So don’t be surprised that Elite Currensea has a lot of positive reviews even when their myfxbook accounts are clearly not verified.
Now, one user caught my attention on the FPA forum. They bought the company’s most popular EA, the Ultima EA.
Their statement implied that Ultima EA results on myfxbook were super good but they could not replicate the same results.
As always, the internet marketers at Elite Currensea countered his complain by saying they are 100% transparent and any mismatch in results should be blamed on myfxbook. Really?
At this point, I can’t help but conclude that Elite Currensea is manipulating their myfxbook results to sell their premium products.
If this is not the case, why are consumers not replicating those results?
And of course we can’t rely on all the 5 star ratings as some of these doggy vendors will even hire freelancers to rate their products.
At first, Elite Currensea comes across as a professional company that makes wonderful trading tools.
However, when we investigate performance, we realize that the company’s results are not matching those of their customers.
So we have to question this phenomenon or is it that our review is wrong?
If so, the company should consider verifying their myfxbook accounts so we can take a fresh look at their results.
This is why we said all of those awards are useless. They are only used as marketing tools.
Anybody who falls for this sort of marketing will always lose money. But consumers who do their due diligence will always spare themselves from unnecessary heartache.