Genetrade.com or Genius Trading LTD is established a long time ago in Belize. Since 2016 they are providing FX and CFD trading services worldwide, except for certain jurisdictions like the US, Europe or sanctioned countries.
Yet, the company only operates with a domestic license which is not quite promising. All the details you can find in this unbiased GeneTrade Review.
To get the IFSC license you just have to deposit $500K and have a legal office, director and address. At the same time, with Tier 1 regulated brokers requirements are way more strict.
It’s quite strange that the broker exists since 2016 and has almost no reviews. But those few confirm that traders might have issues with this broker. Overall, the company provides extremely high leverage, which generally leads to money losses.
On top of that, the company claims to provide negative balance protection. Yet, if that’s not true you can end up in debt. Not to mention that the GeneTrade welcome bonus with quite a suspicious withdrawal policy. So, practically you can’t be on the winning side. Let us know if you had any issues with this broker and if you need assistance with the refund.
Even though the broker claims not to operate in Europe, we highly doubt they don’t know some facts. Mainly, their trader are coming from:
Quite a wide coverage. Surprisingly, they are targeting highly regulated countries like Japan. Nevertheless, if you had any troubles don’t hesitate to contact our team for advice.
In general, the MT4 platform is popular because of its highly functional mobile apps. Whether you are iOS or Android user, you can enjoy all their features on the go. Same values for Sirix. Thus it’s not as popular as cTrader for example.
Considering the GeneTrade license we were expecting a much better offer. Instead, this broker only offers 3 categories. Those are:
Another poor offer comes from their account types. The company only offers two choices:
Even though the minimum deposit is quite low, don’t let that trick you. The leverage goes up to 1:1000 and can easily wipe your account balance off.
Overall, licensed brokers offer a demo account. Especially ones with MT4 software. Thus, with this broker, you can’t have that. Considering very few GeneTrade contact options it would be extremely hard to get any information about the demo.
The aforementioned leverage of 1:1000 is already discussed. Also, most brokers promote very low spreads. But in reality, those are much higher. In this case, the broker promotes spread starting from 1 pip and no commission on both account types.
In general, where we can expect potential issues is with GeneTrade withdrawal. In the first place because of the welcome bonus. With bonus comes a shady policy: Genetrade has the right to remove any Bonus received in any Account that is deemed to act in an abusive manner, implementing arbitrage techniques.
This right extends to cancelling any Withdrawal Requests, nullifying any Profits or Losses, and closing any Trading Accounts that have acted in abusive manner.
Obviously, withdrawals are very tricky. On top of that, GeneTrade fees remain unknown and open for speculation. The company claims to process withdrawals via Credit cards, e-wallets and other options. Yet, all credits added to the Clients Account till date will immediately be removed upon any Withdrawal Request. Have in mind that you can’t precisely diversify what is made with the bonus and what is not.
In general, the GeneTrade platform has too many irregularities for a licensed broker. All the issues with the broker you can try sorting out with their regulator. But we highly believe you won’t find the solution there. In that case, feel free to book a consultation with our experts. Get your free first meeting today!
Yes, but only by low-tier IFSC. The company doesn’t have Tier 1 strong regulations like FCA, ASIC or BaFin.
No. A huge disadvantage of this broker is missing a demo account that licensed brokers generally have.
GeneTrade offers its traders a trusted Meta Trader 4, but also a Sirix trader for social trading.
The minimum starts at $5. But after some traders reported issues during withdrawals, we recommend you keep an eye on the money and contact us for a refund if needed.
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