Beware! ElCurrency is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
ElCurrency is just another one in a plethora of alleged crytpocurrency trading brokers, that claim to hold a secret to a fast and successful route to getting rich via crypto trading. We have reviewed hundreds of these before this one, and all of them share very similar, sometimes identical, elements that reveal just how little they care for its users, and just how far they will go to scam you out of you money. Read the review for our honest opinion, and to see just how far ElCurrency goes to achieve its goals.
Registering was both easy and familiar, the latter of which is not at all a positive sign. We have seen this before, and it all led to a scammer looking user dashboard.
In the case of ElCurrency, however, we were not even able to register.
Without a registration we have to rely on the website for all crucial trading and payment information. Seeing that ElCurrency is most definitely a scam, this info is not to be fully trusted. According to the website, ElCurrency is a cryptop base broker, allowing only for crypto assets to be traded with. The leverage with these kinds of brokers is always low, however ElCurrency has no leverage value indicated on its website.
The languages of the website are German and English.
ELCURRENCY REGULATION AND SAFET OF FUNDS
The footer of the website reveals something that should not come as a surprise to anyone. There it is said that the broker is located in the notorious country of the Marshall Islands. All users and readers have to be aware that this nation does not have a financial regulator, thus any illegal broker can easily register there, but not at all provide legitimate FX trading services. The Marshall Islands is one of many safe heavens for illegal brokerages, due to the country’s more flixible laws, where literally anyone can creat a business, since this is also a developing country.
There is no other regulatory info anywhere on the site, or anything to match such material. So we have no choice but to conclude that ElCurrency is UNLICENSED, and therefore a risk to all!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
Those of you with a keen eye might have noticed the AnyDesk link located in the footer. Do not be lured by this; this software allows a secondary user to access your PC terminal and basically take control over all your operations, as well as access you personal info, like bank account passwords. The inclusion of this, and the way it is presented, as if though helpful, is common among fraudulent brokers.
ELCURRENCY TRADING SOFTWARE
The trading software has not been detailed at all. Not only can we not register and see the platform, but the website does not give any evidence that there actually is one. Seeing just how much this broker is illegitimate, we can safely assume that there if there is a platform at play here, it probably is extremely poor.
The broker will, at its own discretion, limit the user’s ability to place orders or alter the terms under which a transaction is made. Typicall scammer broker stuff here. The clause is much longer, and it goes into detail.
ELCURRENCY DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit according to the website is $500. As per the samesource of info, the payment methods are in reality not indicated. Howevcer, seeing as this is a crypto broker, we assume that most of its available payment gateways are crypto based.
The only base currency is the crypto coin tether.
Unfortunatelly, there is no reveal as to the withdrawal fees. The firm will supposedly repay users their withdrawal amount in 10 days tops. The minimum withdrawal amount for wire transfers is $500.00, and $100 for Credit card / Debit Card withdrawals.
The Terms and Conditions reveal that deposits including profits, and similar, will be used as security to any fees, trading losses, commissions, etc. So exopect that all deposits and possible profits will most definitely be issued numerous unnecessary commissions.
However, further down the T/C reveal that ElCurrency does not charge depost and withdrawal commissions. In this same clause, the broker completely contradicts itself by stating the exact opposite; that it can introduce additional fees, clearly suggesting that it already has applicable charges. What can we say? Common scammer firm stuff.
In a somewhat similar tone, ElCurrency can sahre commissions and charges with unknown associates and third parties, which sounds to us that these undisclosed fees may be charged at a double rate. Furthermore, the broker may share client info with these questionable affiliates.
There is a very confusing clause that we admit to seeing for the first time. What ever “in-the-money” and “pay-out” means, we definitely sense something suspicious. We expalin it as if the broker sets a certain trading limit that the user must achieve. What ever the case is, please keep it in mind.
As is expected all bonuses must pass a turn over requirement of bonus amount + Deposit times 25, in order for the sum to be withdrawable.
It’s odd, but the first notable scammer broker provison that caught our eye in the Terms and Conditions was the indemnification provision. This one will ensure that ElCurrency will not be held accountable for any financial damage it causes a user.
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.