Elefin Exposure: They Don't Give Me my

Elefin is the trading name on elefin.com of Elefin Ltd, a company with a registered address in Saint Lucia. If the broker is not releasing your money, two facts matter. First, the licence record lists the regulator as “unregulated,” with an “Offshore” tier, so there is no named financial regulator for you to complain to. Second, there are zero complaints and no regulator warnings on file as of the November 8, 2026 check. That means nobody has filed a complaint here, not that none exist. Neither fact tells you whether a specific withdrawal will be paid.

Elefin company details as listed

• Legal entity: Elefin Ltd
• Registered region: St. Lucia
• Address: Ground Floor, The Sotheby Building, Rodney Bay, P.O. Box 838, Gros-Islet, Saint Lucia
• Website: elefin.com
• Client restriction: No US clients
• Platforms: MetaTrader 4, MetaTrader 5, a web platform and a mobile app

Elefin does not accept US clients. A US resident who opened an account anyway may find the firm treats that account as a breach of its terms. That is a question of Elefin’s client agreement, which you would need to read in full.

Authorization: what licence 2026-00297 does and does not establish

Elefin carries a “Regulated” badge and its broker profile describes it as “Offshore regulated,” yet the licence row names no regulator and labels the entity “unregulated.” These labels conflict. Read the record as listed: a number, 2026-00297, attached to Elefin Ltd, with no supervising authority named beside it.

What that establishes:

• There is an identifier tied to the legal entity Elefin Ltd.
• The entity is placed in the offshore tier.

What it does not establish:

• That a financial regulator authorized Elefin to deal in forex or CFDs. Incorporating a company in a jurisdiction is a separate act from being licensed by a financial supervisor there. A registration number can exist without any conduct rules, capital requirements or client-money rules attached.
• Which body issued the number. No issuing authority is named for licence 2026-00297. Without one, you have no register to check it against and no supervisor to escalate to.
• That the firm is safe, or that it is a scam. A licence never proves safety, and the lack of one does not prove fraud. It changes what recourse you have when something goes wrong.

The regulation sub-score in Elefin’s rating index is 0.8, the lowest of the scored categories. That score is this site’s own metric, built from the licence information above. It is not a regulator’s assessment.

For the general method of confirming a licence, matching the exact legal entity, licence number and website domain against the regulator’s own public register, see the forex broker regulation check guide.

Client protections

Elefin’s client protection score is blank. No protection scheme, segregation regime or compensation fund is attached to Elefin Ltd in the data. That matters most to someone with a stuck withdrawal. The protections people tend to assume come from regulation, not from the broker:

• Segregated client money. In supervised jurisdictions, rules require client funds to be held apart from the firm’s own money. A firm with no named regulator has no supervisor enforcing that.
• Compensation schemes. Some regulated markets run investor compensation funds for clients of failed firms. Eligibility depends on the regulated entity you contracted with. No such scheme is listed for Elefin Ltd.
• Ombudsman or dispute bodies. Many regulators run, or require membership in, an external dispute service. With no regulator named, there is no listed external body for an Elefin dispute.

Any rule about how your money is held, or when Elefin can refuse or delay a withdrawal, will sit in Elefin’s own legal documents (the elefin.com legal pages are among the profile’s sources). Those terms are a contract with a Saint Lucia company, so enforcement runs through that contract rather than through a financial supervisor.

Complaint evidence

Elefin has 0 complaints and no user comments on file, and the regulator warning check found none as of November 8, 2026. That is not a payout record. Zero complaints does not mean zero withdrawal problems, only that none have been logged. “No warnings found” is the result of a check on a date. Regulators often publish warnings only after receiving reports, so a recent or small firm can go unflagged.

The reputation sub-score of 5.1 is also this site’s own index. It does not count verified withdrawal outcomes.

If Elefin is not releasing your withdrawal

There is no regulator to escalate to, so recovery depends on your own records, your payment method and, if the sums justify it, legal action. Do not deposit more money to “unlock” a withdrawal, pay a “release fee” or “tax,” or fund a new account to prove good faith. None of these resolves an open question about the entity or its licence.

Put everything in writing

Send the withdrawal request, and any follow-up, through a channel that leaves a record, such as email or the client portal’s ticket system. Ask for:

1. The current status of the request and a reference number.
2. The specific clause in Elefin’s client agreement relied on if the withdrawal is being refused or delayed.
3. A full account statement showing balance, equity, open positions and all deposits and withdrawals.

Balance and equity are different figures. Balance is closed-trade cash. Equity adds the floating profit or loss of open positions. A withdrawal is usually limited by free margin, so open trades can reduce what you can take out even when the balance looks large. Know which figure you are disputing.

Save screenshots of your account history, the platform statement (MetaTrader 4 and 5 can produce account history reports), and every message from the firm.

Use your payment route

How you funded the account determines your options:

• Card deposits: contact your card issuer about a dispute or chargeback. Issuers apply their own time limits and evidence rules, so act early and supply your written record.
• Bank transfers: ask your bank whether a recall or fraud report is possible. Recall is harder once funds have left the receiving bank, so speed matters.
• Payment processors or e-wallets: use the provider’s dispute process.
• Crypto: transfers are generally irreversible. Your record still matters if you file a police or fraud report.

Report it

Report the matter to the financial regulator and the police or fraud reporting service in the country where you live. They may not have authority over Elefin Ltd, but reports are how warnings come to be issued. You can also add your experience to the complaints section, kept factual: dates, amounts, the method used and what the broker said in writing. That is the gap the record currently has.

Ignore recovery offers

People who lose money with offshore brokers are often contacted by “fund recovery” services, sometimes claiming to be lawyers or regulators, that ask for an upfront fee. This pattern is widely warned about by regulators. A genuine regulator does not charge you to recover funds.

Trading conditions, and losses that look like withheld funds

Some disputes over “missing” money turn out to be stop-outs on highly leveraged positions. Elefin lists two accounts:

At this leverage a small deposit can control a very large position. Here is a hypothetical example to show the mechanics, not Elefin’s terms. Assume EUR/USD at 1.1000 and a USD account. One standard lot is 100,000 EUR, a notional value of $110,000. The margin required is notional divided by leverage:

• At 1:2000: $110,000 / 2,000 = $55
• At 1:1500: $110,000 / 1,500 = about $73

On that lot, one pip is worth about $10. A 5-pip move against the position is a $50 loss, which would wipe out a $50 Standard Account deposit before the trade had moved much at all. A “spread from 1.0 pips” also means the position opens about $10 behind on one standard lot under these assumptions. Spreads labeled “from” are minimums, and actual spreads can be wider.

Pull your full trade history before treating a reduced balance as withheld money. If the history shows trades you did not place, or prices you dispute, that becomes part of your written complaint. To see how leverage and lot size translate into money at risk, the position size calculator runs the same arithmetic with your own inputs.

Unresolved risks before relying on Elefin

• No named supervising regulator. Until a regulator’s own register confirms an authorization for Elefin Ltd and elefin.com, treat the firm as having no external supervisor.
• No listed client-money or compensation protection. Your claim is a contractual one against a Saint Lucia company.
• No complaint history in either direction. Zero entries is not evidence of reliable payouts.
• Very high leverage. Up to 1:2000 means small moves can erase an account quickly.

If you are comparing brokers, compare the legal entity you would contract with, the regulator that authorizes that entity and the protections that regulator imposes. Licence counts and overall scores are not that comparison.