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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6 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.

    1. I invested what is probably a paltry amount to some – £250. Robert H was my contact by WhatsApp phone/message. So many calls that in the end I stopped answering.

      I asked that my account be closed as it seemed to be losing money all the time. Robert H said it could take 2 days or 2 weeks. He wasn’t very polite to me. I left it for a While and when I checked my account it was 19 of whatever currency it was. Contacted Robert who was quite rude to me and advised that the account was now closed. Obviously has done this straightaway.

      So out of my £250 I had absolutely zero return. Checked my bank account in the hope that he might have transferred what the balance of my account was, but zilch.

      What an absolutely con. He tried very hard to get me to invest £1200 and never stopped going on about how much money you could make. Would you like to earn a million in a year he asked.

      Regret the day I read the article on Bitcoin and even more elcurrency. I hadn’t expected to be contacted by them or anyone as thought it was something I did. How ignorant I was.

    2. Yo tambiés estoy siendo estafado
      De vez en cuando me hablan y me dicen que hay que esperar a cerrar las operaciones.
      Pero siguen abriendo y pasando de mi.
      Cada vez me contestan menos.
      En fin que también lo doy por perdido.
      No se sabe donde tienen sus oficinas ni nada, no?

  3. SCAMMERS, THEY WILL KEEP YOUR MONEY AND ASK YOU FOR MORE. THEY WILL SEND YOUR MONEY AND YOUR PROFIT TO A THIRD PARTY (HSBC Bank in Switzerland-Zurich) AS THEY SAY, WITHOUT YOUR CONSENT AND ASK YOU TO PAY A COMMISSION ON THE PROFIT (WHICH I NEVER DENIED paying) BUT BEFORE THEY WILL LEAVE YOU WITH NOTHING. Mind you it was ALL DONE WITH INSURANCE AND CONTRACTS, I HAVE PLENTY HERE, I COULDN’T WITHDRAW MY MONEY WITHOUT THEM AUTHORIZING IT WHICH IS AS WELL FALSE PROPAGANDA ON THEIR WEBSITE (another crime)
    NOT MENTIONING THEY HAVE ALL MY DATA, PASSPORT AND SO ON THAT I DON’T KNOW WHAT THEY ARE DOING WITH IT, WHICH FALLS UNDER THE TERRORISM ATTACK LAW IN UNITED KINGDOM.
    And besides, THEY HACKED COINBASE (the biggest Bitcoin Traders in the world where I have almost nothing but couldn’t get in my own account because moved Countries forgot 2-way verification etc) THEY HACKED IN FRONT OF MY EYES IN A BLINK, THEY SAID THEY WERE RELATED AND I WAS ABLE TO GET INTO MY ACC AT COINBASE.
    THEY TOOK THE MONEY I WORKED REALLY HARD FOR YEARS TO BUY MY ONLY HOME, NOW I’M LITERALLY HOMELESS DESPERATE TO GET A JOB AT THIS TIME OF THE YEAR, HAVING TO LEAVE ON FAVORS FROM FRIENDS. THEY CAN ROT IN HELL AS FAR AS I’M CONCERNED.
    IF YOU HAVE BEEN SCAMMED BY THEM GET IN TOUCH HERE., THE MORE THE BETTER.

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