Once we noticed Electrum24 and their website, the broker looked ideally. Nice design, UK-based, WhatsApp contact. The website is operating since 2017. What more could you ask from a brokerage? Oh, wait! A regulation. That’s why we were digging about Electrum24 in our review. Here’s what we found.
| Broker status: | Unregulated |
| Regulated by: | No regulation |
| Scammers Websites: | https://electrum24.com/ |
| Blacklisted as a Scam by: | FCA |
| Owned by: | N/A |
| Headquarters Country: | UK |
| Foundation year: | 2017 |
| Supported Platforms: | Web trader |
| Minimum Deposit: | 500 EUR |
| Cryptocurrencies: | Yes / NA about the variety or the number |
| Types of Assets: | Cryptocurrencies, commodities, stocks, FX, indices |
| Maximum Leverage: | 1:500 |
| Free Demo Account: | No |
| Accepts US clients: | No |
Electrum24 Regulation and Security
After a more careful examination of the Electrum24 website, we’ve noticed that the company owner is not listed anywhere. Sounds a bit suspicious for a UK brokerage. Another thing, despite the headquarters, the broker didn’t list any regulations. Any brokerage based in the UK needs FCA approval for conducting financial services. This regulation means having a deposit of over 700,000 GBP with a regulator that will be used to refund clients in case of a scam.
Since the broker is clearly not regulated, we’ve searched further. Who Electrum 24 actually is?
Warnings From Financial Regulators
The broker has been blacklisted by the FCA instead of being regulated. According to the FCA, the broker is a clone firm of the FCA regulated company Electrum Capital Limited, listed on the address the false brokerage provided.
Funds Withdrawal Issues with Electrum24
Since many clients are reporting withdrawal issues with Electrum24, we’ve checked these allegations.
For a start, we need to report that the company is using a web trader. This is the least secure platform of all. Any competitive broker on the market should offer at least one version of the MetaTrader, either MT4 or MT5.
Another thing we need to say, the website doesn’t function properly, and we cannot verify the diversity of trading instruments. We could confirm that the leverage goes up to 1:500 while the lot size for the Black account is 1.5 lots. That’s a tremendous high comparing the fact that most regulated brokers allow you to open a position with a 0.01 lot.
The minimum deposit is 500 EUR which is again too high compared to regulated brokerages. The payment methods are not listed anywhere, neither are fees or commissions you need to pay.
Hence, having withdrawal issues does not surprise us. Be aware of all the facts when opening an account with Electrum24.com.
Scammed by Electrum24?
If you were misled or scammed by Electrum24, do not hesitate to report it. There were many people in your situation who successfully recovered their funds.
Do not hesitate more, file a complaint, and request a chargeback.
But what is a chargeback? It’s a process of refunding your card in case you were a victim of an online scam.
Contact our support team now and get guidance on how to file a dispute!
What is Electrum24?
Electrum24 is an online trading brokerage with no regulation.
Is Electrum24 a scam?
Electrum24 is a broker with no regulation, blacklisted by the UK FCA.
Is Electrum24 regulated?
Electrum24 is not regulated by any authority for providing financial services.
