Is Elncoin Legit or a Scam?
No, Elncoin is not a legitimate firm. They don’t have the proper regulation or registration information to show. Also, they are not registered with their base country’s regulatory authority. If you are thinking of investing with them and want to know more about this firm, read more.
What is Elncoin?
Elncoin’s primary goal is to offer a safe and convenient cryptocurrency wallet service. The website offers wallet management tools, transfers, dashboards, and other cryptocurrency trading services. Actually, their goal is to mimic the features of a cryptocurrency marketplace such as Binance or Coinbase. All it really does, though, is provide the necessary cover to fool the wary.
There are multiple tier levels to the fee structure, with 0.075% being the basic maker and taker costs. Clients at higher tiers must meet unreasonable volume requirements.
The top tier is said to lower the Taker and Maker to 0.035% and 0.045%, respectively, if it receives a volume of at least 20,000 BTC, or around $738,000,000. Trading remains significantly more expensive than what is charged on mainstream exchanges despite this small decrease.
Elncoin Details
Regulated by: | Unregulated Crypto Exchange |
Is This Company Safe? | No, this company is another clone in a series of scams! |
Known Websites: | elncoin.com |
Have Warnings from: | N/A |
Registered in: | Malta (alleged) |
Operating since: | 11.10.2023. |
Trading Platforms: | Web Trader |
Maximum Leverage: | N/A |
Minimum Deposit: | N/A |
Deposit Bonus: | No |
Trading Assets: | Cryptocurrencies |
Free Demo Account: | No |
How to Withdraw from This Company? | This company will not release your assets. Contact our legal team in order to start the recovery procedure. |
Deposits and Withdrawals
One of the biggest red flags regarding Elncoin is its murky deposit and withdrawal process. Each deposit on Elncoin.com is charged 0.00005 BTC, while withdrawals are charged 0.00013 BTC.
Account Types
Unfortunately, we did not get any specific data regarding the account types available on the Elncoin.
Red Flags and Warning Signs
There is no other information available about this dubious company other than what is disclosed in the court records. In particular, the business states that it is based in Malta, indicating that they have obtained an MFSA license to provide virtual financial assets. Unfortunately, that is untrue, and you may verify this by looking up the information in the aforementioned register.
Customer Complaints and Negative Reviews
A vast number of customer complaints plague Elncoin, primarily focusing on:
- Withdrawal Issues: The most common complaint concerns the inability to withdraw funds, with users alleging Elncoin deliberately blocks withdrawals or imposes unreasonable conditions.
- Manipulative Trading: Users report suspicious trading activity on their accounts, including unauthorized trades and sudden price fluctuations that benefit Elncoin at their expense.
- Unprofessional Customer Support: Communication with Elncoin’s support team is reportedly slow, unhelpful, and often dismissive of valid concerns.
Got Scammed by Elncoin? We Help Victims!
If you’ve fallen victim to Elncoin’s scam, know that you’re not alone. We are offering professional free consultation and recovery service recommendation services for your help.
By staying informed and exercising caution, you can protect yourself from falling prey to deceptive brokers like Elncoin. Prioritize transparency, regulation, and verified user experiences when choosing a trading platform. Don’t be tempted by unrealistic promises of quick profits, and remember, if something seems too good to be true, it probably is.
If you’ve experienced financial losses with companies like Xaebit, RiveGarde, or Plexmoon, please report it using the form below.
