Elcurrency.com is a Crypto currency trading platform. The brokerage claims that they are providing attractive trading conditions and that their platforms is safe and secure to use. They are also providing multiple trading accounts which should be convenient for people who are looking for specific features in a trading account. The site has been around since August 2017 but according to their sales page, elcurrency.com has been around since the creation of Bitcoin. This is definitely a lie because if you check out who.is for background records such as date of registration and such like details, you will discover that the site was actually registered in 2017.
Elcurrency claims that they are also offering trading signals and strategies too. Details of these trading signals and strategies have not been divulged. They also claim that their trading signals are always profitable. To ascertain the truth, we need to know if this site has been tracking the performance of their trading signals.
The platform boasts of providing different types of assets to trade as well as 24/7 customer support for their users. This essentially means that their customer support can attend to your needs even on weekends. Upon testing this platform, we discovered that this broker was providing commodities and stocks for trading. These assets are always provided in pairs in relation to Crypto currencies. The minimum deposit that this broker wants is $500 and deposit bonuses also apply. They also claim that they are providing managed account services. This means that they should seek to be regulated or authorized to provide managed account services to investors. But nowhere on the website of Elcurrency did they mention that they are regulated.
What we know is that the broker is based in the Marshall Islands but has offices in the UK. This means that they should have the authorization of the FCA in order to legally operate this business. But this is not the case, which is why we have already concluded that Elcurrency is an illegal brokerage. If you’re looking for reliable brokers who are regulated, you should sign up with these ones. Otherwise, you need to avoid
Elcurrency is operating like a broker who has been licensed to provide trading services to members of the public, and that’s the main problem with this broker. They are obviously not a Crypto currency exchange. This broker offers contract for difference because traders can also trade commodities and stocks. This is obviously not a place to exchange your Crypto currencies but a place to trade CFDs. Because they are offering derivatives, they need to obtain a license from the FCA since they are based in the UK. This means that they are a broker who are not authorized to provide their services to citizens in the UK.
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This broker is obviously targeting residents of the EU. EU requires this business to be regulated. What is more, this broker offers a deposit bonus which is also illegal in the EU. This broker does not offer any protection for your money. One of the benefits of trading with a regulated broker is that funds are always kept in a segregated account. This means that your money will be kept in separate account from the company’s operational capital. In case the company goes under, traders can be insured up to a certain amount of money. This is the security and assurance that traders who use regulated brokers have. As for those who risk trading with unregulated brokers, the obvious is bound to happen. The unregulated broker does not often feel responsibility towards treating their customers professionally. So you can imagine that you can also lose your money here without a chance of ever getting it back.
Elcurrency offers managed accounts as well. Before members of the public can invest in this product, they need to consider the reputation of this broker and whether they have demonstrated proficiency in producing results. Moreover, they need to publish information pertaining to what we should expect to earn on a monthly basis and whether or not there are management fees which are levied based on the high water mark principle. This brokerage does not provide sufficient information to their clients regarding this service.
Moreover, for a broker to offer this type of service, they need to prove that they are regulated and have been generating consistent returns to investors who have been using this service. Unfortunately, there is no proof of successful trading anywhere on the site and yet they still expect us to trust them with funds. You should not let a broker like Elcurrency manage your portfolio because their dubious nature is quite apparent.
To get started with Elcurrency, you should be able to afford at least $500 which is far above what regulated and professional brokers are always asking for. By the way, you should know that sending $500 to this broker is like gambling with your money while odds of winning are against you. Sending them this money will most likely result in a big loss on your side because you will not reap any returns from their services. In addition to this, you will end up losing the deposit. Brokers who are not established in the industry are known to refuse to process withdrawal requests. This one is no exception.
To avoid such headache, our advice is that you should not transact any business with this broker.
Elcurrency’s credibility suffers because they are not authorized to provide the service which they are providing. This defiance is working against them. In addition to this, there are no customer reviews that endorse this brokerage’s services. If you combine these things with the high minimum deposit which this site is asking for, you will see that the risk is just not worth it. There are good places that you can invest $500. You can invest with this brokers for example and you’ll be happy that they handled you professionally. We hope you know how to trade on your own.
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