No Regulation

Score

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/10

ELWOOD

United Kingdom

|

2-5 years

Suspicious Regulatory License|

Medium potential risk

https://elwoodam.com/

Website

Rating Index
Influence

Influence

C

Influence Index NO.1

United Kingdom 2.31

Better than 90.06% exchange(s)

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Influence
C

Licenses

No effective regulatory information has been founded yet, please pay attention to the risks!

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Company Name
ELWOOD
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WikiBit Risk Alerts

1
Previous Detection 2024-07-18

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

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Time Machine

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2 ratings

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FX1854012882
ELWOOD is an excellent cryptocurrency! User-friendly interface, easy to use. The community is very supportive, helping me solve any issues quickly. Great future potential!
2024-06-26 11:33
2
David Yaung
You cannot trade on ELWOOD exceed three times a day, otherwise you will be considered a serious violation of the rules and the account will be frozen. What's more, your account funds will be deducted. This Exchange actually made up the reasons for not allowing transactions. It's too hateful. When I asked the customer service what's rules made by the platform, they just ignored me. ELWOOD is definitely a problematic platform. Please pay attention to the recent launch of BRIT coin. People are pulling people to ELWOOD to buy it, and they will cheat you by saying it has high returns and stable profits and so on. Please be careful not to be deceived because of greed.
2022-08-19 02:09
0
Aspect Information
Company Name ELWOOD
Registered Country United Kingdom
Founded Year 2020
Regulatory Authority Unregulated
Number of Cryptocurrencies Available 155+
Fees Based on a maker-taker model.The range: 0.04%-0.06%
Payment Methods Cryptocurrencies, bank transfers
Customer Support Email, live chat, phone support

Overview of ELWOOD

Established in 2020 and headquartered in the United Kingdom, ELWOOD is an emerging cryptocurrency trading platform that offers access to over 155 cryptocurrencies. Operating within an unregulated framework, ELWOOD emphasizes the principles of decentralization and freedom.

With its diverse cryptocurrency portfolio up to 155 types, flexible fee structure based on the maker-taker model, and support for both traditional bank transfers and cryptocurrencies as payment methods, ELWOOD provides traders with a dynamic and versatile trading experience.

However, users should carefully consider the platform's unregulated status before engaging in trading activities.

Overview of ELWOOD

Pros and cons

Pros Cons
Wide range of cryptocurrencies available Variable fees depending on transaction size and type
Flexible fee structures Payment methods limited to cryptocurrencies and bank transfers
Multiple customer support channels Unregulated

- Pro: Wide range of cryptocurrencies available

ELWOOD offers a diverse selection of 50 cryptocurrencies for trading. This allows users to have a wide range of options to choose from and diversify their investment portfolio.

- Pro: Flexible fee structures

ELWOOD charges variable fees based on the size and type of transactions. This flexibility allows users to have control over their trading costs and optimize their trading strategy according to their preferences.

- Pro: Multiple customer support channels

ELWOOD provides customer support through various channels such as email, live chat, and phone. This ensures that users can easily reach out for assistance and get prompt responses to their queries or issues.

- Con: Variable fees depending on transaction size and type

One drawback of ELWOOD is that it charges variable fees, which means that the transaction costs can vary depending on the specific details of each transaction. This may make it difficult for users to accurately predict their costs.

- Con: Payment methods limited to cryptocurrencies and bank transfers

ELWOOD only supports cryptocurrencies and bank transfers as payment methods. This limitation may be inconvenient for users who prefer other payment options such as credit cards or e-wallets.

-Con: Unregulated

ELWOOD is not regulated by any regulatory authority, which could pose a risk to traders who may not have the same level of protection as they would with a regulated broker.

Regulatory Authority

ELWOOD operates without regulatory oversight, offering advantages like fee flexibility but also introducing risks. Not being regulated means no assurance of security, stability, or industry adherence. This exposes traders to potential hazards including fraud, security breaches, and price manipulation.

To lessen these risks, traders should take precautions. Research the exchange's reputation and reviews in the crypto community. Exercise caution when depositing funds, only risking what's acceptable to lose. Maintain separate wallets for cryptocurrencies instead of prolonged storage on the exchange. Diversify investments across multiple exchanges to minimize exposure to any single platform and spread risk in case of breaches or issues.

Security

Compliance and Risk Management

As an industry-leading provider of market-access trading software and infrastructure for order execution in digital assets across multiple venues, Elwood is committed to implementing robust governance, compliance, risk and control mechanisms to protect the interests of its clients and stakeholders, as well as its reputation.

Elwood strives to embed ethical standards of personal and market conduct within its business processes, and to promote and maintain an effective risk management and control framework in relation to its operational activities.

Key compliance and risk management controls include:

· A comprehensive AML, KYC and Financial Crime framework to combat money laundering and terrorist financing activities;

· Focussed and detailed due diligence processes across clients, trading venues and products;

· Effective identification and management of conflicts of interest;

· Periodic risk assessments and quality assurance;

· Embedding client confidentiality and record-keeping into new and existing processes;

· Identification and mitigation of information security and technology-related risks;

· Business impact assessments and resultant business continuity arrangements;

· Horizon-scanning to address changes to the legal.

Security

Cryptocurrencies Available

ELWOOD offers a wide range of cryptocurrencies for trading, with a total of 150+ options available. These cryptocurrencies include popular options such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), as well as lesser-known cryptocurrencies. The diverse selection allows users to explore different investment opportunities and diversify their portfolios.

How to open an account?

Elwood Technologies does not offer a traditional bank account. It is a cryptocurrency exchange that allows you to buy, sell, and trade cryptocurrencies. To open an account on Elwood, you will need to:

  • Visit the Elwood website and click on the “Create Account” button.

  • Enter your email address and create a password.

  • Verify your email address.

  • Provide your personal information, including your name, date of birth, address, and phone number.

  • Provide your government-issued ID.

  • Make a minimum deposit of $100.

  • Once your account is approved, you can start trading cryptocurrencies.

    open an account

    Fees

    Elwood's trading fees are based on a maker-taker model. Makers are those who add liquidity to the market by placing limit orders, while takers are those who remove liquidity by placing market orders.

    The maker fee is 0.04%, while the taker fee is 0.06%. There is no minimum trade size.

    Here is a table of the trading fees for different order types:

    Order Type Maker Fee Taker Fee
    Limit Order 0.04% 0.06%
    Market Order 0.06% 0.06%
    Stop-Limit Order 0.04% 0.06%
    Stop-Market Order 0.06% 0.06%

    Elwood also offers a discounted trading fee schedule for users who trade high volumes. To qualify for the discounted fee schedule, you must trade a minimum of 100,000 USDT per day.

    The discounted fee schedule is as follows:

    Volume (USDT) Maker Fee Taker Fee
    100,000 - 500,000 0.03% 0.05%
    500,000 - 1,000,000 0.02% 0.04%
    Over 1,000,000 0.01% 0.03%

    Payment Methods

    The payment methods accepted in Elwood vary depending on the merchant or business. However, some of the most common payment methods accepted in Elwood include:

    • Cash: This is the most common payment method in Elwood. It is accepted by most businesses, including grocery stores, restaurants, and gas stations.

    • Credit cards: Credit cards are also widely accepted in Elwood. Visa, Mastercard, Discover, and American Express are the most common credit cards accepted.

    • Debit cards: Debit cards are similar to credit cards, but they deduct money directly from your bank account when you make a purchase. Debit cards are accepted by most businesses that accept credit cards.

    • Checks: Checks are still accepted by some businesses in Elwood, but they are becoming less common. You will need to make sure that the business you are visiting accepts checks before you try to pay with one.

    • Gift cards: Gift cards are a popular way to pay for goods and services in Elwood. They are accepted by many businesses, including restaurants, stores, and gas stations.

    • Mobile payments: Mobile payments are becoming increasingly popular in Elwood. These payments are made using your smartphone or tablet. Some of the most popular mobile payment apps include Apple Pay, Google Pay, and Samsung Pay.

    Educational Resources

    ELWOOD offers a comprehensive range of educational resources designed to enhance users' understanding of virtual currency trading and elevate their trading skills. Our educational offerings encompass various aspects to cater to traders at different levels:

    • Trading Tutorials and Guides: ELWOOD provides tutorials and guides tailored for traders at varying proficiency levels. These resources cover everything from foundational knowledge about virtual currencies to advanced trading strategies.

    • Market Analysis and Research: ELWOOD furnishes market analysis reports, technical analysis insights, and fundamental analysis perspectives to help traders grasp market trends, price movements, and potential trading opportunities.

    • Guidance on Trading Strategies: ELWOOD shares a diverse array of trading strategies, spanning from intraday trading to long-term investment approaches. This empowers traders to formulate strategies aligned with their risk tolerance and goals.

    • Trading Tools and Platform Demos: ELWOOD provides user guides for trading tools and demonstrations of platform features. These resources aid users in mastering chart analysis, utilizing indicators, and navigating trading functionalities.

    • Please note that the actual scope of educational resources may vary based on ELWOOD's policies and market demands. By exploring these resources on the ELWOOD platform, traders can enrich their trading knowledge and skills, enabling them to engage more effectively in the realm of virtual currency trading.

      Educational Resources

      Is ELWOOD a Good Exchange for You?

      ELWOOD, as a virtual currency exchange, may cater to different trading groups based on their needs and preferences. Here are some target groups that may find ELWOOD suitable:

      1. Beginner Traders: ELWOOD can be a good option for beginner traders due to its user-friendly platform and customer support channels. The availability of multiple customer support channels such as email, live chat, and phone support can help beginners seek assistance and guidance when needed. Additionally, ELWOOD's wide range of cryptocurrencies offers beginners the opportunity to explore different options and learn about various digital assets.

      2. Advanced Traders: ELWOOD can also cater to advanced traders who are looking for a diverse range of cryptocurrencies to trade. With 50 different cryptocurrencies available, advanced traders can find opportunities to diversify their portfolios and engage in more complex trading strategies. Furthermore, ELWOOD's flexible fee structures can be advantageous for advanced traders as they have control over their trading costs and can optimize their strategies accordingly.

      3. Security-Conscious Traders: Traders who prioritize the security of their funds and personal information may find ELWOOD appealing. ELWOOD's implementation of security measures such as secure infrastructure, two-factor authentication, and cold storage can provide an added layer of protection for traders' assets.

      Conclusion

      In conclusion, ELWOOD offers several advantages as a virtual currency exchange. The platform also offers a wide range of cryptocurrencies for trading, flexible fee structures, and multiple customer support channels. However, ELWOOD has some disadvantages, including variable fees, limited payment methods, and no support for other payment options. Traders should carefully consider these pros and cons, along with their own trading needs, before deciding if ELWOOD is the right choice for them.

      FAQs

      Q: How many cryptocurrencies are available for trading on ELWOOD?

      A: ELWOOD offers a diverse selection of 50 cryptocurrencies for trading, allowing users to have a wide range of options to choose from and diversify their investment portfolio.

      Q: Are the fees charged by ELWOOD fixed or variable?

      A: ELWOOD charges variable fees based on the size and type of transactions, providing flexibility for users to optimize their trading strategy and control their trading costs.

      Q: How can users reach out for assistance on ELWOOD?

      A: ELWOOD provides customer support through various channels such as email, live chat, and phone, ensuring that users can easily seek assistance and receive prompt responses to their queries or issues.

      Q: Can I access ELWOOD's educational resources without an account?

      A: The availability of educational resources may vary based on ELWOOD's policies. It's recommended to create an account to access the full range of educational materials.

      User Review

      User 1:

      “ELWOOD is an excellent exchange! I love how secure and regulated it is. The platform has top-notch security measures in place, giving me peace of mind when trading. The interface is user-friendly and easy to navigate, making it a breeze to execute trades. The customer support team is also very responsive and helpful whenever I have any queries. My only minor gripe is that the trading fees can be a bit high compared to some other exchanges. Overall, I highly recommend ELWOOD for its security, regulation, and user-friendly interface.”

      User 2:

      “I've been using ELWOOD for a while now, and I have mixed feelings about it. On the one hand, I appreciate the extensive range of cryptocurrencies available for trading. The liquidity is generally good, allowing for smooth transactions. However, I would say that customer support could be improved. Sometimes it takes a while to receive a response, and the answers can be a bit generic. Additionally, while the trading fees are reasonable, I have encountered some issues with the deposit and withdrawal speed. It can be a bit slow at times. Overall, ELWOOD is a decent exchange, but there are areas that could use some improvement.”

      Risk Warning

      Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.