Elcomercio24 seems to be one of the brokers with the most regulatory warnings against the brand in 2021. Therefore, we’ve decided to warn you about this trading fraud and bring up all the schemes and techniques the brokerage uses to scam its clients. Read our Elcomercio24 review and find it all out.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||FI, CONSOB, CNMV, BCSC, DFSA|
|Owned by:||8 DOTS LTD|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Minimum Deposit:||500 EUR|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
What About Elcomercio24 Regulation?
Elcomercio24 is a brand of 8 DOTS LTD from Saint Vincent and the Grenadines. It’s located in the notorious Griffith Corporate Center, along with many other scams such as CCXMarkets, Capital Investment Broker, and more.
Since this country has no official regulatory body, instead directs brokers to opt for the regulation in the country of service, we’ve checked Tier1 registers. And instead of the Elcomercio24 regulation, we found many warnings.
It was just the first among many red flags related to this trading scam.
Elcomercio24 Warnings From Financial Regulators
As aforementioned, Elcomercio24 broker tends to be awarded for the most fraudulent firm of the year. Official warnings were issued by several regulators, among which the first was Spanish CNMV.
Afterwards, we got the same warning from the Swedish FI. Also, it was followed by the one from the Italian CONSOB.
Canadian regulator BCSC issued a warning related to Elcomercio24, marking it as an unregulated scam.
The last warning came from Danish DFSA, stating the same – stay away from Elcomercio24 at all costs.
Fund Withdrawal Issues With Elcomercio24
As you can conclude, based on all of the warnings, Elcomercio24 was established with one goal. To extort as much money as possible and disappear. The brokerage was blacklisted by many authority bodies and exposed as a scam that offers the AirSoft platform, one of the most notorious trading software technologies.
By using this platform, the broker is actually able to access all of your trades and funds. Furthermore, there is a link to download AnyDesk on the broker’s website so that the account manager can access your desktop and via desktop your online banking.
Once you request a payout, expect your money to disappear from your account.
Areas Of Elcomercio24 Scam
Based on Elcomercio24 reviews, most scammed clients come from the:
However, as you can tell from all the warnings, nobody is safe. Beware of the Elcomercio24 scam and avoid offers coming from this company by any means.
Also remember the names of the IGC Markets, Altman Finance and FlawlessTradeFX trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
Traders About Elcomercio24 Scam
After everything being said, traders had a negative impression of the broker. Everyone involved was pressured to download AnyDesk and to make an initial investment using Bitcoin and other cryptocurrencies. The broker claims it’s a wise investment that protects both sides. However, crypto transactions are hard to follow, and chargeback is impossible, so if you are planning to make investments, the safest method would be using your credit card with the possibility to reverse the transaction later.
How Does Online Trading Scam Work?
Different brokers have different ways of scamming. When it comes to Elcomercio24, everything starts with an ad about cryptocurrencies showing insane amounts of profit. Of course, clients are pressured to start immediately so they wouldn’t miss some alleged event or the trading opportunity.
Once you get yourself involved, you will be asked for more and more money, while payouts will be nearly impossible to get.
If you have had any issues with the brokerage, let us know.
Scammed by Elcomercio24? – Tell Us Your Story
If you were scammed by Elcomercio24 or a similar illicit brokerage, let us know. Our chargeback specialists will be more than happy to assist you with this matter and help you with the chargeback process.
But What Is A Chargeback?
This is a way for your bank to reverse the fraudulent transaction. Get in touch via online chat, book a free consultation, and let’s get your money back!
What Is Elcomercio24?
Elcomercio24 is an online trading Forex and CFD brokerage.
Is Elcomercio24 A Scam Broker?
100% Yes. Broker has been blacklisted in Spain, Denmark, Sweden, Canada, and Italy for fraud.
Is Elcomercio24 Regulated?
No, company is not regulated and provides financial services illegally.