Electrum FM is a new offshore Forex / Crypto broker, that opened during August 2021. Just like you, we found this broker when we registered for the Bitcoin Era trading app, which is being illegally advertised in England.
Official website is at: https://Electrum.FM/. Contact phone number is +442038076274.
Many investors have problems withdrawing their money from an offshore brokers, read more.
Electrum FM Reviews
Our review of the shady brokerage firm Electrum FM finds, that they are offering a the basic Forex / Crypto CFD trading platform from Finantick. This trading platform offers you a variety of underlying assets for CFD trading in the category of: Forex, Crypto, Market Indexes, Shared and Commodities. TradingView charts are the default charting software on this platform.
Serious investors will not find a mobile trading app on Google Play / iTunes, nor will they see the popular trading platforms from MT5 or MT4. The minimum deposit for a new trading account is usually $250, when dealing with a broker like this one.
Deposits are only possible with a credit card used to purchase of Crypto. They are using the payment gateway Boxipay. Basically, once you buy Crypto, you are no longer covered by credit card fraud protection.
Offshore brokers tend to offer higher margin rates than the licensed brokers. At Electrum FM, the leverage offered on Forex is as high as 500:1, and on Crypto 100:1. You can find popular Crypto and Forex trading apps, listed here.
Fake Crypto Trading Apps
The way you encountered this broker, was by registering for a the trading app called Bitcoin ERA. Before investing money in a trading algorithm app, you should know that 99% of people lose their money that way!
Automated trading apps are marketed online via spam email and fake news websites. You should take a few minutes, and learn how the Crypto Investment Scams operate, read this article.
Is Electrum FM a Legit Broker?
No, Electrum FM does not have a license, they are not regulated, and do not even mention where they are located! These are all the red flags of a scam.
Scam Broker Investigator has reviewed hundreds of Forex / Crypto brokers, to see if they are scams or a legitimate broker. The proper way to research your broker, is by checking to see if they are licensed by the FCA. or ASIC. No matter where you live, you should only be using a regulated broker.
Read the reviews of popular licensed CFD brokers listed here.
Compare Brokers
You have hundreds of brokers to choose from online, therefore, you should try out an established regulated broker first.
ForTrade is one of the fastest growing online brokers today. They offer investors a unique trading platform, Free Trading Signals, MetaTrader4 and more. ForTrade is licensed & regulated in Europe, Canada and Australia.
Start with a Free Demo Account, Signup here.
If you are already currently investing with Electrum FM, share your experience in the comments section below.