Dubious Firm Information
Despite claims of operating from Malta, Elncoin.com lacks a valid MFSA license, casting doubt on its legitimacy. This site is part of a network of fraudulent crypto projects, including boolwe.com, cylwex.com, and volemex.com.
Beware of scams like Elncoin.com and TraderVesta; they lack security standards and aim to deceive investors.
Imaginary Giveaways Lure Investors
Exploiting TikTok and YouTube, Elncoin.com uses deceptive videos featuring DeepFakes of celebrities like Elon Musk, enticing victims to create accounts and deposit funds for supposed promotions. Victims from Germany, Italy, Brazil, Albania, and Spain are targeted.
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Excessive Trading Costs
Elncoin.com imposes tiered fees, starting at 0.075%. High-volume requirements for lower fees may lead to excessive trading costs. Deposits and withdrawals incur additional charges.
Referral Plan Pyramid Scheme
The platform’s referral plan resembles a pyramid scheme, offering cash bonuses and trade commission discounts for recruiting affiliates. The trading platform lacks diversity and sophistication.
Ramshackle Trading Platform
Elncoin.com’s trading platform is rudimentary, offering basic features with manipulated trading data. Beware of the lack of specialized account types and the absence of a demo for testing the environment.
Urgent Crypto Transfers
Clients face pressure to swiftly deposit digital cash, with persistent urging from the platform. Withdrawal terms are undisclosed, raising doubts about payout reliability.
Elncoin.com raises red flags, emphasizing the need for caution and due diligence in dealing with this platform.
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