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Electrum24 is one of the worst forex brokerage scams in the market. The company has no business boasting about the quality of its services. The founders are operating an unlicensed operation without any care. Worse, they are using lies to get people to invest.

Electrum24 Review, Electrum24 Company

Such a company is not trustworthy when it comes to fund safety. The founders can easily disappear with people’s funds. We already know that they do not respect the law. Avoid such companies at all costs. They have short stints in the market where they wreak havoc and vanish. Then they reappear under a different name.

For your own sake, only invest in companies with years of experience in the market. Such companies have a proven and professional track record. For that, they have the trust of millions of investors.

In the meantime, here is our review of Electrum24.com.

Electrum24 Review

This firm promises clients access to a variety of assets. Seemingly, you can trade assets in the forex, cryptocurrency, commodities, and stock markets. Unprecedented access to a variety of markets is always a good thing. This is because it allows investors to spread the risk of investment.

Unfortunately, there is to celebrate here. You can never be comfortable trading any markets using a shady broker. Sadly, Electrum24 is precisely that. A dishonest broker with no experience in the market. Furthermore, the trading platform that this firm avails is not appealing. It is a web-based platform with little functionality.

Worse, this company lacks transparency. There are two services this company offers that particularly thrive on transparency. These are trading education and account management services. The company needs to introduce the educators as well as the account managers. That is the only way investors will trust its services.

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Moreover, no professional company would leave out such important information. The team behind Electrum24 is full of amateurs who do not know what they are doing. You should not leave your money in the hands of such individuals. After all, these markets are very delicate and require near-perfect execution. You need to have professionals serving you if you want to make any returns. Check out these transparent forex brokers as well.

Electrum24 Investment Plans

This website has four main investment plans. These include the Bronze Silver, Gold, and Black plans. The minimum investment for the smallest account is €500. On the other hand, the minimum investment for the largest account is €25,000. These are some of the most expensive investment plans in the market.

Electrum24.com Review, Electrum24.com Accounts

Unfortunately, they are one of the worst forex brokers in the market. There is no reason why you should pay more to invest in a shady company. There are better companies that will offer you better services while requiring smaller investments.

Additionally, there are no reasons why you should invest in a subpar trading platform. A platform that lags in functionality can ruin your whole investment experience. Professional brokers will provide you with a platform that gives you an edge in the market. The best platforms to trade using include the MetaTrader 4 and 5 platforms.

Electrum24 Regulation Status

The regulation status of this company poses perhaps the biggest red flag about the company. We can confirm that this firm does not have a license from a regulator. It is operating with full disregard of the law. The founders do not care about legal requirements.

Even worse, we found some damning evidence that this is a scam. While researching the FCA’s registry, we found a warning against this company. The FCA confirms that this company is a clone of an authorized platform.

Evidently, these are criminals using every tactic to get their hands on people’s money. Such a company cannot assure you of your funds’ safety. In fact, the founders are the ones who will steal your money.

There are just too many ways to lose your funds to such a company. After all, it does not have segregated accounts in a Tier-1 bank. Further, the platform does not have systems’ protection. This means that hackers can easily access and steal your money as well as your data. Avoid this website at all costs.

The People Behind Electrum24 

It is very common for criminals to hide their faces from the public. As such, we are not surprised that there is no introduction of the founders on this website. There are no names nor faces to associate with the operation. Additionally, the firm does not have a social media presence. These people are running the company completely from the shadows.

You should never invest in companies operated by anonymous individuals. There are too many risks involved in doing that. Such people can easily take off with your money. In such a case, you will have no one to turn to. Remember that the FCA already issued a warning against this firm.

The only good thing is that they provide an address for their offices. Sadly, we cannot verify that this is genuine. The company is already lying about other things. There is no reason why it wouldn’t lie about this too. Moreover, we already know that they are operating in the UK illegally.

Customer Reviews

This company boasts of having over 100,000 active traders. Therefore, we expect that there are tons of clients posting reviews about the company online. Unfortunately, this is not the case. There are barely any reviews about this company online. This tells us that the firm is lying about its customer base.

Furthermore, even the positive reviews about this company on Trustpilot are fake. The genuine reviews are from people like Valentin. This customer tells of a horrible tale. They deposited $250 to start with. When they decided to withdraw, the process never went through. This is what scammers do. They never allow investors to make withdrawals.

Domain Insight

The official domain for this company is electrum24.com. The online footprint of this website dates back to the 2nd of February, 2021. This means that the platform has only been around for a mere three months. Yet, the company places 2017 at the bottom of the website. This is there to make customers think that it has years of experience.

Additionally, this website’s registration expires on 2nd February 2021. This means that it only has a one-year life expectancy. This is very common in fraudulent operations. They have very short stints in the market. You can never expect them to stick around for long. Run while you still can.

After all, this is still a new company. At the very least, it cannot compare to companies with long track records. You are better off waiting it out before you invest.

The Bottom Line

Evidently, this is not a legal operation. The FCA already issued a warning against it. Investing here will be like throwing your money in a fire pit. This is why the founders are hiding their identities. These are not professionals that value transparency.

Moreover, we do not know their educators nor their account managers. We do not know how these people expect us to trust them. We cannot recommend such a firm to you.

For your peace of mind, invest only in professional forex brokers with regulations. Only such companies can provide you with professional investment services. They will help you protect your money as you trade. Sign up with legit investment brokers today.

Who is the founder of Electrum24?

The broker does not reveal its parent company. The firm is operating anonymously.

Does Electrum24 have a license?

Unfortunately, this venture is in the warning list of the FCA.

Does Electrum24 has a trading history?

Unfortunately, this entity does not have performance reports. Additionally, they have been in the industry for a short duration.

Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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Review

Bitcoin had a unstable Tuesday, for a short time

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Bitcoin’s near 50% reduction from all-time highs surprised analysts as China’s crackdown fueled bearish sentiment. Bitcoin had a unstable Tuesday, for a short time it was dipping below $30,000. That was for the first time since January before settling around $33,000 at press time. The world’s largest cryptocurrency by market value, is Bitcoin.  It is still up about 11% year to date, according to CoinDesk 20 data.

“The primary reason for the sell-off has been the crackdown in China on mining operations and banking services,”. The analyst at multi-investment platform eToro who is Simon Peters, talked about this.

Regulatory forces from China is always a very big problem for cryptocurrencies. Which is why the near-50% reduction from all-time highs surprised some analysts.

“The news out of China regarding mining and trading crypto may seem dramatic to newer investors, while those with experience should used to the progression of this news over the past several years,” . This was by Sean Rooney, head of research at crypto asset manager Valkyrie Investments.

The effect of regulatory crackdown

Maybe an exasperated regulatory crackdown was not fully priced in given how the price of bitcoin almost doubled over the past year.

“Today we polled our 950+ person community to gauge their opinion on where the bitcoin bottom may be, and we received split answers for $28,600 and $25,500,” . Nick Mancini wrote about it. He is also the research analyst at crypto sentiment data provider Trade the Chain.

In addition, others stay more hopeful and confident about the future, where bitcoin’s price is going. “Bitcoin is currently trading approximately one-third below its long-term exponential trend line,”. A phenomenon that it has only exhibited for 20% of the time in bitcoin’s history, according to Stephen Kelso.

As the head of markets at ITI Capital said. “Given the market forces and demand for scarcity assets to protect wealth, ITI believes this is an attractive buying opportunity for investors.”

For now, $30,000 remains a key support level, even though technicals show limited upside towards $34,000-$36,000.

MicroStrategy

MicroStrategy’s newest relationship to finance the company’s additional buying of bitcoin is now trading under its face value as the cryptocurrency keep falling and decreasing.

Prices on the $500 million bond, which closed on June 15, fell almost three points after the company said on Monday. That it completed its purchase of 13,005 bitcoin at an average price of $37,617. Bitcoin was trading at around $32,542 as of press time.

At last count, MicroStrategy held 105,085 bitcoins. The company so far issued more than $1.5 billion in changeable notes and junk bonds to fund such purchases. Blockchain data shows low request for transactions over the past few months.

Bitcoin and Ethereum Transfer

“Both Bitcoin and Ethereum experienced dramatic slowdowns in on-chain activity, with active addresses and total transfer volume falling back to 2020 and early 2021 levels,” .Mentioned Glassnode in a newsletter published on Monday.

Bitcoin’s active addresses decreased 24% from the March peak. While Ethereum’s share in falling in active addresses was more. It dropped 30% from peak levels.

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Review

Bitcoin Holds $30K Support After Unstable Tremble; Resistance at $36K

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Bitcoin (BTC) went back to above the $30,000 level on Tuesday. After an unstable trading session this happened. Buyers started stepping in with a fast speed. As oversold conditions appeared on intraday charts. The next level of resistance is around $36,000, which could limit further upside.

The world’s biggest cryptocurrency by market value was trading around $34,000 at press time. And it is up 9% over the past 24 hours.

The near-10% price fall on Tuesday was typical of a tremble. Which signals a period of market uncertainty when sellers surrender.

Bitcoin’s two-month decreasing movement appears exhausted after the relative strength index (RSI) on the daily chart registered a higher low. This means buyers can stay active towards upper resistance levels.

The RSI on the four-hour chart is not yet overbuy. Even though bitcoin is still under the 100-period moving average, offering resistance could be found at $36,000.

Stronger resistance is at $40,000 which is near the superior bound of a month-long range.

Bitcoin looks to have bottomed out

While bitcoin (BTC, +1.73%) looks to found a bottom, a quick rally to record highs looks unprobable. Analysts are talking about that the cryptocurrency now faces price consolidation.

“Bitcoin looks to have bottomed out, having digested most negative news during the recent sell-off from $41,000 to $29,000,” . The trader and analyst Alex Kruger said.

Prices went up to $41,000 early last week before turning south in the latter half after the Federal Reserve’s unexpected hawkish dip on interest rates. Market signal and market value of cryptocurrencies are showing major fall.

Bearish sentiment got stronger on Monday after the People’s Bank of China repeated its crypto banking ban in the wake of the Chinese government’s crackdown on crypto mining. Bitcoin expanded the previous week’s sell-off. It continued hitting five-month lows near $29,000 during early U.S. hours Tuesday.

Stack Funds is also keeping a careful stance in spite of signs of bargain hunting.

“We have noticed that whales (large investors) are re-entering the market as risk appetite returns,” it said in a research noted published Wednesday. Short-squeeze hunters are also exiting the market, it said.

“We believe bitcoin is very close to the bottom, at least in this current wave,” analysts are talking about it. But, “we will keep a close eye on bitcoin’s price post options expiry, and it will be interesting to see how this will unfold in the first week of July, the start of the third quarter.”

Bitcoin price is 33,322.70 at the time of this report.

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