As experts in the brokers’ field, we are investigating all the new companies and checking their reliability. One such is GensMarkets, a subject of today’s overview.
If you were impressed by their website and general trading terms, we advise you to take a step back. Read this detailed GensMarkets review, and you will understand why.
GensMarkets doesn’t provide basic company information – owner, legal jurisdiction, and everything else is missing. They added an address in the UK, indicating they need an FCA license to conduct business.
While they openly admit that they have no regulations, they claim to have Crypto Conduct Authority approval. This is a phony authority giving approval to various unregulated and offshore brokers. And while they claim to offer investor protection of up to 20,000 EUR per account, we’ve received many complaints from customers who were never refunded.
There are many ways for scammers to entice victims into a trap. They can publish unrealistic ads on social media, such as Facebook, Instagram, or even LinkedIn. They might pose as legitimate financial advisers, showing you fake statistics of their alleged customers.
Once you register, they can offer you various bonuses to upgrade your account and bring new members to the company. They will keep in touch via phone, email, WhatsApp, Telegram, etc. And yet, when you ask for a payout, you will face silence.
The GensMarkets support team will suddenly stop responding, and so will your account manager. This is when you’ll understand that you’ve been dragged on all along.
According to web traffic analysis, the majority of GensMarkets victims come from:
Your story can give us more tools to urge other authorities to react and ban GensMarkets once and for all.
Unfortunately, the GensMarkets trading platform is not worth your time or money. Instead of offering reputable software like MetaTrader or cTrader, this company only provides browser-based terminals. You can check your trades, open pending orders, and see your trading history. Every other function is not available.
You cannot use Expert Advisors, social trading features, or anything remotely advanced. This is why it’s better to find a legitimate broker with a reliable platform. Then, you may even get access to a mobile app for Android and iOS. As per GensMarkets login, it’s only possible through a web browser.
You can trade five classes of CFDs, including:
However, there’s no Demo account we could use to verify how many assets there are and the cost of trading.
The leverage is unknown, and so are the trading costs. The company doesn’t specify spreads, commissions, swaps, or any other payments. Therefore, we wouldn’t give our money and risk it all.
Let’s review pricey account types and their alleged perks.
As you can tell, each account is more expensive than the other, while benefits are almost non-existent. You’re allegedly getting more risk-free trades, social trading, and education. Yet, we wouldn’t believe this list.
You can register for an Islamic swap-free account and trade according to Sharia laws.
Sadly, there’s no Demo account. Instead, you must pay a minimum deposit of 10,000 EUR to test the system. It’s fairly unreasonable, especially since you have no fund insurance or any kind of protection.
The company accepts the following payment methods:
The list is quite limiting, but it would be fine if you could get a payout. Yet, based on user feedback, you won’t be able to. Namely, customers are reporting that after they submit a withdrawal request through the client portal, they’re being ignored and unable to contact GensMarkets.
Broker employees are simply ignoring their requests or demanding they pay more for alleged taxes and non-existent fees. This is the final attempt to extract more money from you before vanishing. Don’t fall for it, and don’t make any more transfers from your card, bank account, or crypto wallet.
If Gens Markets scammed you, let us know immediately. Chargeback is a viable but time-limited option, so we need to be quick. Book a free consultation with our experts, and we’ll evaluate your case thoroughly.
The worst thing that can happen is for you to get more knowledge about the recovery options. Therefore, don’t hesitate to get in touch now!
GensMarkets is an unregulated broker that’s been banned in Canada. If you have experience with them, don’t hesitate to share your story, and we’ll provide all the help with recovery.
You can trade crypto and other CFDs, such as stocks and commodities, but be careful since the company is unregulated.
The broker requires a minimum deposit of 10,000 EUR, which is incredibly high.
GensMarkets is an unregulated broker that’s been banned in Canada. If you have experience with them, don’t hesitate to share your story, and we’ll provide all the help with recovery.
You can trade crypto and other CFDs, such as stocks and commodities, but be careful since the company is unregulated.
The broker requires a minimum deposit of 10,000 EUR, which is incredibly high.
The post GensMarkets Review: Do Not Trust This Broker, You Will Regret It appeared first on Global Fraud Protection.
