Elcurrency.com Review Is Elcurrency a Scam or Good Broker

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Forex Brokers Checklist

1. Regulation.

It’s common sense that your account should be safer with the regulated brokers, it’s also clear that The Financial Conduct Authority, FCA (UK) or National Futures Association, NFA (US) are preferred regulators to, say, Vanuatu Financial Services Commission, FSC or self-regulatory bodies like FMRPC.

Unfortunately, the strictest regulation does not guarantee a positive trading experience, otherwise we wouldn’t send our members periodic notifications on the outrageous regulators findings like this one.

Advice. To stay informed please Join Forex Peace Army and stay subscribed to our Core Members List, also get our 10 World’s Worst Forex Brokers Report

2. Reputation.

This is the reason why we created Forex Peace Army in 2006. In the past retail forex industry was a barely regulated “wild west” with traders reviews and community discussion as the only source of truthful information about the companies.

We witnessed the very positive changes with regulators in the recent years, but this did not diminish the role of consumer reviews. Our members indicate problems with companies months and even years before regulators step in and dealt with their dirty operations.

What about professional broker reviews some other sites have? Please ask yourself, why would professionals spend time to write these long, well-illustrated, and comprehensive reviews? Additionally, ask yourself, why professional reviews tend to nearly always be overall positive, only occasionally mentioning minor flaws. The obvious answer is that these “professionals” are looking to get compensated for their time.

Traders’ reviews may not look as appealing as professional reviews, but they are unbiased, current (describe what is going on with the company now), and based on actual experiences with the broker. Forex Peace Army is committed to keep its broker reviews as honest as humanly possible; our editors are extremely experienced and have an advanced suite of custom coded tools to enable them to screen out fake, paid, self-promoting reviews as well as fake negative reviews from competitors.

Advice. If you know the name of the forex broker start typing it the “Search by name” box above or browse the list of all brokers. Read the reviews and especially pay attention to the following points:

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  • ease of withdrawals
  • ease of deposit
  • cancellation of profitable trades
  • ease of account opening and verification
  • execution speed and reliability
  • slippage
  • stop hunt
  • professionalism of support

Additionally, please search our Scam Alerts Folder for recent traders complaints, and pay attention to alerts posted on review pages.

3. Conditions.

Carefully reading and understanding trading conditions of a particular forex broker is an important part of research that unfortunately often gets overlooked. Let us give you a few examples:

  • if you are planning to use a scalping strategy, high spreads may render your strategy unprofitable
  • if you are planning to profit on news events, pay attention to special trading condition during major economic announcements
  • if your forex robot requires high leverage and low margin requirements, this combination may not be available with this particular broker

Other important factors to research:

  • Minimum deposit
  • Availability of currency pairs, precious metals, oil, crypto currencies
  • Commissions and Fees
  • Competitive rollover fees
  • Trading restrictions, FIFO, minimum open trade time, news trading restrictions, arbitrage restrictions, etc.

Advice. Always carefully read and understand the forex broker’s trading conditions before opening a trading account. Do not hesitate to ask support if you don’t understand something or have additional questions

Next, practice on a demo account at the broker. Do sufficient testing of your trading strategy, forex expert advisor, forex signal service or whatever else you are planning to use with this particular broker. Remember, profitability on a demo account does not always mean a live account will be profitable. Losses on a demo account may underestimate losses on a live account.

If you are happy with everything so far, open small live forex trading account and test it again (including the withdrawal process). Increase the account size gradually.

Keep an eye on the newer reviews for your broker here on Forex Peace Army. Also, after you’ve tested the forex broker’s live trading system thoroughly, please leave a review to share your experience and help other traders.

4. Trading platforms.

There are a few common trading platforms like Metatrader, cTrader, TradingView Web Platform and also proprietary ones developed and maintained by particular fx brokers like Dukascopy’s Jforex (and others too numerous to name here).

A common trading platform like MT4 or MT5 gives you access to the marketplaces full or free and paid trading signals, expert advisors, and other forms of trading ideas. In-house developed platforms often give you access to broker-specific features (like API access for algorithmic trading or connection with Social Trading applications or Money Managers).

Advice. Common platforms like MT4 are a good start for beginner traders. You can download the software with your PC, Mac, or mobile device. You will be able to try many brokers without additional learning curve of proprietary trading platforms and enjoy extensive array of indicators, and trading strategies available through the marketplace.

5. Bonuses.

Who does not like bonuses, freebies, or promotional offers? We do too, but urge you to read the fine print. Some bonus terms are reasonable while many others are traps designed to keep you from withdrawing your money.

Always read and make a copy of the bonus terms before accepting any bonus from a forex broker.

6. Icing on the cake.

As this niche gets more competitive, to attract traders forex brokers often add free useful (and expensive if purchased separately) tools and services for account holders that may include:

  • Educational materials for novice traders.
  • Market news and webinars
  • Forex expert market commentary
  • Economic calendars
  • Calculators and trading tools
  • Technical analysis tools
  • Personalized trading strategy and market advice
  • Reuters or AP/Dow Jones financial newswires
  • Automated strategy builders

You are certainly encouraged to take advantage of such offers.

Advice. Before paying for expensive trading tools or services check if they are available with a good forex broker for free, at substantial discount, or with some minimum account balance.

Elcurrency.com Review: Is Elcurrency a Scam or Good Broker?

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Member Since Mar 18, 2020 69 posts Adam Cantor (AdamCantor) Feb 19 at 13:18

akevi posted:
So i came across several forex traders and the ones i found actually good for a beginner is either Global Prime or FP markets, but if you have good experience you can figure out or by now one would know which one to use.

did u read any reviews first mate

Member Since Feb 11, 2020 10 posts akevi Feb 21 at 11:06

AdamCantor posted:
akevi posted:
So i came across several forex traders and the ones i found actually good for a beginner is either Global Prime or FP markets, but if you have good experience you can figure out or by now one would know which one to use.

did u read any reviews first mate

Yes i did, check out on forex peace army and other sites as well you’ll know that FP Market is good, a broker that provides a minimum of 100$ opening most people consider it to be a scam or a non-regulated, FP Market is regulated with ASIC and also its a Global forex trading broker. It has tighter spreads, various platform and maximum leverage to 1:500.

Member Since Feb 11, 2020 13 posts Martinki Feb 24 at 11:24

I see there are many brokers providing the same leverage, what about the Forex fees ?

How long does it take to open an account with FP Markets ?

Deposit and withdrawal process is it quick ?

Member Since Feb 11, 2020 10 posts akevi Feb 25 at 10:10

Martinki posted:
I see there are many brokers providing the same leverage, what about the Forex fees ?

How long does it take to open an account with FP Markets ?

Deposit and withdrawal process is it quick ?

Yes, many brokers provide the same leverage, the commission you seek is lower.

To open an account with FP just takes few minutes its done in one day.

There are no issues or complains on the Deposit or withdrawal process till date.

Member Since Feb 11, 2020 8 posts KQad Feb 26 at 09:11

FP Markets are good, i started trading with it and its been sometime now and they are really professional brokers.

Their spreads are low and have a commission is low compared to any other broker that is legitimate and they have a 24hrs customer service.

No spread widening issues like the other brokers, no depositing or withdrawing fees with my visa card, ecn pricing and fast execution.

Forex Brokers Lab

BROKERS with LOW SPREADS

ASIC REGULATED BROKERS

BROKERS with MINIMUM DEPOSIT

BEST FOREX BONUSES

Profit Trade

Trust

Commissions and fees

Customer Service

Platform & Tools

Product Portfolio

  • High Deposit Limit
  • Unregulated broker, probably scam.
  • MT4 not supported

Regulators :

Minimum Deposit: $250

Maximum Leverage: 1:400

Spreads: N/A

My Score: 2.0

Profit Trade is another new broker that I’m going to review. Their website owned by GPS Marketing Ltd. (Bulgarian company) and they are registered in Sofia Municipality, Bulgaria. Profit Trade is headquartered in Majuro, Marshall Islands like many other unregulated offshore brokers.

There is not much information about the company on their website and it makes me think about Profit Trade may be a scam broker. If you want to contact them Whatsapp, Telegram and Live Chat options are available on the right bottom of the website.

If you are considering to start trading with Profit Trade you should read my review first. Is Profit Trade scam or a reliable broker? What kind of deposit/withdrawal methods and account types they offer? Which trading platform supported by Profit Trading? Let’s get started.

Regulation & Licenses

Profit Trade is a clearly unregulated and unlicensed broker. As I wrote many times before, regulation and safety of your funds should be your first priority while choosing a broker. That’s why being unregulated broker is Profit Trade’s biggest disadvantage. Most respected regulators like FCA, CySEC or ASIC are protecting clients accounts but they have many hard rules. This is why some brokers preferring to get licenses from VFSC or IFSC. And also to avoid new ESMA measures.

I know, it is hard to obtain licenses from FCA or CySEC. But having no license after all? I strongly don’t recommend you to work with this kind of brokers. Because your money will not be safe and there will be no institution to contact when you experience any problems with the broker you are working with. Spreads, leverage ratio, account types or swaps are important things but they always come after regulation for me.

I would prefer to work with a reliable broker with higher spreads instead of working with a scam broker with lower spreads.

Account Types & Spreads

Profit Trade offers 6 different account types. Educational ($250 minimum deposit limit), Standart ($2500 minimum deposit limit), Premium ($20.000 minimum deposit limit), VIP ($50.000 minimum deposit limit), Tailored and Robot ($5.000 minimum deposit limit).

Account type Minimum deposit Maximum leverage Spread
Educational $250 1:200 Not specified
Standard $2.500 1:200 Not specified
Premium $20.000 1:200 Not specified
VIP $50.000 1:400 Not specified
Tailored Not specified Not specified Not specified
Robot $5.000 1:100 Not specified

I think $250 minimum deposit limit is high and for starting account, leverage ratio they offer is 1:100, for standard account 1:150 and for VIP account 1.400. But as a result, you must deposit $50.000 to unregulated broker in order to use 1:400 leverage. This is not a right choice for me.

For Premium account, they give up to %100 and for VIP account, they give up to %200 of deposit bonus. However, I couldn’t find any conditions of bonuses. You can trade various forex currency pairs, CFD’s, cryptocurrencies, indices and stocks at Profit Trade.

Another big disadvantage of Profit Trade: MetaTrader 4 is not supported. They offer their own web-based trading platform and it looks very simple and lack of features. It may be not a big problem for a new traders but experienced traders will not like it.

Deposit & Withdrawal Methods

Not many different deposit & withdrawal options available at Profit Trade. Only Credit Card, Debit Card and Bitcoin.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Demo Account!
    Free Trading Education!

  • Binomo
    Binomo

    Good choice for experienced traders!

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