Elcurrency is an ILLEGAL broker – review

Elcurrency brokerRead this review to understand that you should not trade anything with Elcurrency.

Elcurrency is a broker that that will let you trade primarily with cryptocurrencies. There are also some other assets, like commodities and stocks, but they are always traded in pairs with cryptocurrencies.

The minimum deposit is $500 to open a trading account. Elcurrency also offers managed accounts and bonuses on deposits.

The broker is based in Marshall Islands and also has offices in Great Britain.

Stay away

Trading platformThe main problem of Elcurrency is that it is an illegal broker. Here is why.

Elcurrency obviously is not a cryptocurrency exchange. Because you can trade also stocks and commodities with it, it obviously is a broker that is using contracts for difference.

This kind of trading with derivatives is always regulated and requires a licence. But Elcurrency is not regulated at all, it has no licence in the UK nor anywhere else, which makes it a broker that is not allowed to offer investment services.

The companyThe broker is obviously targeting European residents but cannot do it legally. Not only it is not regulated, but it also is offering bonuses on deposits, which is illegal in the EU.

Also, managed accounts is another regulated investment services that Elcurrency is not licensed to provide.

The only safe thing you can do in regards to this broker is to not trade with it all. This broker offers no protection at all.

Conclusion

Elcurrency is an illegal broker, not a cryptocurrency exchange. Deposits are not protected with this broker, stay away from it!

If you want to try financial trading, do it on a free demo with a regulated broker.

If you later decide to trade with real money, be sure to understand the risks.

Summary
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Elcurrency
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2 thoughts on “Elcurrency is an ILLEGAL broker – review

  1. yes, I have very bad experience with Elcurrency . If you want to deposit money you can do that directly and they are calling you from Switzerland and Austria, if you want to transfer money you have to do that to a Polish account (which my bank refused to do as they are on a blacklist) and the company itself is accoording to the website established in Scotland. I am trying to get back my money already for 3 weeks but no response or if you get a response they need to talk to the account manager first……..
    Probably I will never see my 5000 dollar, which is still there, back again.

  2. That you can lose money in a speculation is perfectly normal. And I’m not complaining about that either. The risk was and is known to me and I consciously took it.
    The problem is that ElCurrency sees your money as your money and doesn’t pay out a cent of it anymore, i.e. you can’t just sell and say “The war´s”, but the traders (monthly income 30,000 according to their own statements), tell you very cheekily and directly that only they decide on payouts.
    That’s why I can only warn you at this point to transfer only one cent to this company and these traders (I had three Nicolas B, Robert H. (the worst) and Jason W.), you won’t see him again. If anyone thinks that’s just the rating of a disappointed investor:
    1) at the beginning it went well for me too (the stake) doubled very quickly.
    2) Since the colleagues only communicate by phone and the internal chat system, I copied every chat very quickly and recorded the phone calls. So if you don’t believe it, just let me know.
    To all, who are still in there, to you, to you, to all, who are still thinking about getting in: Invest the money better in cocktails.

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