ElCurrency is a forex broker that is supposedly located in Dominican and licensed by the authorities of the Marshall Islands . In the review below, we take an in-depth look at the features elcurrency.com allegedly offers. This review basically answer the questions: is elcurrecy legit ? Is elcurrency.com good? The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about elcurrency forex broker.
Table of Contents
Elcurrency.com Trading Platform
This broker does not so much as give information about the trading platform it supports and since we were unable to sign up, we still don’t know.
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Along with things that we don’t know are their leverage as they neglect to mention that too.
ElCurrency Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea how a broker might work.
After checking, we discovered that this broker has
ElCurrency Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
The payment section only provides a crypto method for funding. We do not advise you to send any funds to them as transactions with crypto are hard if not impossible to trace or reverse
This broker claims not to have any withdrawal fees.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume to be eligible for withdrawal. They do this to stop traders from making a withdrawal.
Is Elcurrency Licensed?
Licensing is another important part because we can trust a regulated broker to some extent not to do anything fraudulent. We do this part ofAlgerians the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it regulates said brokerage.
Aside from the fact that elcurrency doesn’t give any licensing information, we cannot ignore the fact that this Broker resides in the Marshall Islands. Marshall Islands is a place that attracts shady brokers because of their lack of proper licensing laws and a regulatory body.
To Know if a body licensed a broker. Traders should check regulatory bodies such as the FCA in the UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy, and many others.
We have seen our fair share of unlicensed brokers this week, read our review on BSB Global to get more insight as to how they operate
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Conclusion
We wouldn’t recommend using this forex brokerage, they do not impress us with the vague information they have provided.
In conclusion, we would not advise or recommend you to trade with elcurrency.com , as they don’t give any valid information concerning if they are a regulated broker, Leading us to the conclusion that they are not.
Trading with them would likely result in you losing your money. There is a tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading option.