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Essem Trading (essemtrading.com) is a jack of all trades kind of platform. We have a platform that doubles up as a cloud mining service provider and forex trading. The platform claims to guarantee fast payouts and an ROI of 95 percent. However, before we go further, we must inform you of the warning from the Financial Conduct Authority. The FCA has already banned the use of this platform. Here’s more in our exclusive ESSEM TRADING REVIEW.
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According to the about us page, Essem Trading was founded by a team of Blockchain experts. However, there’s no mention of who these team members are or their specific areas of expertise. And the information posted would indicate a professional team is behind the platform.
Essem Trading is nothing but a scam that will take your funds. After investing with the cloud mining service, the store won’t bother giving you any rewards. The profit remains with the platform, and no one gets to withdraw.
One of the first red flags we spotted with the platform was the web design. The website wasn’t completely based on the investment design. Instead, these websites are largely associated with online scam artists.
None of them has the time to come up with a professional-looking website. The aesthetics alone should be a sign that nothing’s good will come out of it. Navigating through the website is another problem that we must expose.
Before you invest in any online venture, we recommend doing some due diligence. Try and find out what others are saying before committing funds. It will help you make a better decision and give you an insight into what to expect.
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There are several acceptable funding methods with the platform. These include bank and wire deposits. The platform also accepts crypto deposits which is what’s preferred. However, we don’t recommend funding any account with the store.
Withdrawing funds from the store remains the biggest problem facing investors. You won’t get to enjoy your cloud mining contract or trading. And this is why we have to expose the store. What we have is a blatant disregard of investors’ welfare.
Essem Trading offers five different cloud mining contracts. However, the platform seems to offer one account for all when it comes to forex trading. The five cloud contracts include Test, Gold, Professional, Smart, and Diamond.
Here’s a closer look at each of the accounts;
Test
It’s the most basic cloud mining contract available on the platform. The contract comes with a minimum hashrate of 1111.11.Gh/s. You have to deposit 100 to 150 worth of BTC. The contracts suggest users make a guaranteed 2 percent ROI.
Gold
The deposit amount is the same as the test account for the gold account holder. You get a hashrate of 9188.89 Gh/s. The contract guarantees 2 percent ROI after investing for 20 days. It’s also a one-time plan.
Professional
You get a hashrate of 10 Gh/s in 24 hours with the minimum deposit set at 150 BTC. Members get a promise of making a guaranteed 4 percent for 45 consecutive days. The account promises daily withdrawals within the vesting period.
Smart
The platform makes a bold statement for the smart account of offering 3 percent ROI for 22 days. The deposit amount is the same, a minimum of 150 BTC. You get a hashrate of 10 Gh/s with a guaranteed profit of $35,000.
Diamond
It’s the most executive account, with investors getting a guaranteed 6 percent ROI. In addition, you get the same hashrate as the smart account. The platform also offers daily payouts for this account during the vesting period.
Before investing in cloud mining contracts, you need to consider the vesting period. The minimum vesting period in a normal cloud mining contract is four months. However, we have a platform promising ROI within a span of 20 days.
These are some red flags that most investors will fail to spot. As a result, most of them fall for the high-profit margins promised by the platform. Sadly, after depositing funds, no one gets to withdraw profits.
We haven’t seen or heard of anyone making any profit with the platform. And this means we are dealing with a shoddy store. If the platform were legit, most crypto investors would have heard about EssemTrading.
There are no known features such as leverage and spreads when it comes to forex trading. Despite offering the same account for forex, the minimum deposit remains unknown. You should know that regulators have set $250 as the acceptable minimum deposit.
High leverage for forex trading assets is another issue. The platform has minimum leverage of 1:500. It’s putting your funds at risk, which is a huge problem. We have to expose the platform’s glaring disregard of trading regulations.
Despite claiming to reside in the UK, there’s no official business registry. The company or entity behind this platform doesn’t have any valid license. We also don’t know the people running the show behind the curtains.
And this makes Essem Trading an anonymous cloud mining contract provider. If there are risks in investing, anonymity has to be one. So we have to expose the platform’s anonymous nature. Those who engage with the store are likely going to lose funds.
You will notice that the platform fails to provide a valid investment opportunity. We have a platform that doesn’t want any interaction with the victims. There’s no direct access to the people behind the platform.
One would expect the platform to list a business phone number. There’s none as the platform opts for written communication. You have to send an email and wait for a response, which might not come.
Essem Trading is not a valid cloud or forex trading platform. As we said earlier, there’s a warning from the Financial Conduct Authority. Most of the people behind this platform are losing funds right, left, and center.
Without a valid license from authorities, it means there’s no legal cover. The platform is free to operate as they deem necessary. We have a platform that will likely go to steal your funds.
You need to check with regulators to confirm whether a platform is legit. Some known regulators include ASIC, BaFIN, CFTC, CNMV, CONSOB, CySEC, NFA, and the SEC. These regulators work to ensure all parties adhere to a strict protocol.
Your funds are far from safe with a platform that doesn’t offer insurance coverage. Without a valid license, it’s clear your funds are far from safe. The platform is likely storing funds in a personal offshore account.
Segregation of accounts for forex trading is not happening. So if the platform goes under, there’s no one to compensate investors. And this is why we have to expose the platform for its dubious acts.
After exposing all the red flags, you should stay away from the store. But, unfortunately, we have a store that fails to offer any insurance cover.
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