Is Genetrade Scam or Legit Broker?

No, Genetrade cannot be considered a reliable broker due to its absence of a top-tier license. GeneTrade operates under the regulation of the Financial Services Commission (FSC) in Belize with the license number IFSC 270/195.

  • Brokers located in Belize may attract interest because of favorable trading conditions. However, it's important to note that the Financial Services Commission (FSC) in Belize doesn't impose stringent regulations or set strict guidelines. Additionally, Belize is considered a tax haven, offering robust privacy for brokers. As a result, brokers within this jurisdiction may have a history of involvement in financial scams. The highest level of protection and rigorous guidelines are often associated with top-tier regulatory authorities such as ASIC, CySEC, and FCA.

     
    About Genetrade
    🏢 Registered inthe Financial Services Commission (Belize)
    🗺️ Type of LicenseOffshore
    🛡️ Is Genetrade safe to trade?No
    🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
    🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Genetrade?

GeneTrade is a trading platform founded in 2017 and based in Belize. The broker enables access to trading Forex, Equity indices, and Precious Metals.  GeneTrade offers maximum leverage of up to 1:1000. The platform employs variable spreads, ensuring transparency, and provides access to the highly regarded MT4 trading platform for advanced charting capabilities. Additionally, users can utilize a demo account to practice and refine their trading strategies.

Through our research, we have discovered additional information about the broker and have gained insights into various aspects of GeneTrade's operations.

  • Lack of serious registration: Given the paramount importance of regulation in Forex trading, our investigation has revealed that GeneTrade functions as an offshore broker. The company is registered by the Financial Services Commission (FSC) in Belize. This suggests that the broker operates without strict adherence to substantial regulatory rules or guidelines, providing it with a significant degree of operational autonomy. Seeing that regulatory oversight is an essential aspect of a broker's trustworthiness, investors must conduct thorough research on any broker, before investing with it. Other factors, such as the broker's reputation, client reviews, transparency, and compliance with industry standards should also be considered when determining trustworthiness. 
  • Market manipulation: In general, the lack of transparency and regulatory oversight can foster an environment prone to market manipulation, introducing risks to market integrity and investor confidence. For this crucial reason, opting for a well-regulated broker is essential to ensure a secure trading environment. Choosing a broker with lax regulations could result in falling victim to market manipulations.
  • Client Feedback: The volume of negative reviews about GeneTrade is notable. Traders' complaints encompass difficulties in withdrawing funds, the broker's perceived lack of transparency, unfavorable trading conditions, and insufficient service.
  • Withdrawal Issues: When researching a broker, we closely scrutinize the withdrawal process, a critical aspect of Forex trading. If the withdrawal process is inadequate, traders may face challenges accessing their investments and profits. In the case of GeneTrade, numerous complaints about the withdrawal process raise significant concerns. Given that the broker holds only offshore licenses, we strongly advise exercising caution when entrusting your funds to this broker.

Overall GeneTrade Ranking

Following thorough research, significant concerns have emerged regarding the reliability of GeneTrade and its compliance with regulatory standards. As a result, we are unable to provide a positive rating for GeneTrade.

  • GeneTrade Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

RankingGeneTradeAdmiral MarketsGo Markets
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe?NoYesYes
AdvantagesNoneTrading ConditionsTrading Environment

GeneTrade Alternative Brokers

Given the reservations concerning the reliability and security of GeneTrade, we strongly recommend traders explore alternative options that offer stronger regulatory oversight and improved trading conditions. Below is a list of reputable brokers providing reliable choices, ensuring a secure trading environment for your consideration:

  • HFM – Competitive Spreads
  • XM– Education
  • FP Markets – Wide Range of Trading Instruments

Deposits and Withdrawals

Depositing funds into your trading account can be done through various methods, and it's important to note that certain options may involve additional charges. Some of the funding methods are Credit/Debit cards, Wire transfers, and e-wallets such as Skrill and Neteller. The minimum deposit is $5. The processing of the funds is mostly instant. 

  • Customers who have validated their Trading Account by submitting supporting documents such as Proof of Identity and Proof of Residency are eligible to initiate fund withdrawals. After the validation of their account, users will have the capability to withdraw funds from their trading account.
  • Withdrawal requests, regardless of the chosen withdrawal method, will be processed back to the source up to the amount deposited via this method.

Account Types

GeneTrade provides two account options designed to suit the needs of various traders: Micro and Standard. The base currency options are USD, EUR, GBP, JPY, HUF, PLN, ZAR. The leverage for both account types is up to 1:1000. Spreads are as low as 1 pip and for both of the account types, there are no commissions. The minimum deposit for both Micro and Standard accounts is $5. 

GeneTrade Review Conclusion

Upon reviewing the accessible information about GeneTrade, it is apparent that the broker provides advantageous features like tight spreads and high-leverage options. Nevertheless, there are significant apprehensions regarding the broker's reliability and credibility. Despite the appealing features and opportunities, the registration of GeneTrade in an offshore jurisdiction (Belize) raises considerable doubts. Besides, the clients' reviews are mostly negative. So, Traders are strongly advised to exercise caution when considering this broker.

We recommend traders consider brokers with licenses from reputable authorities such as  FCAASIC, or CySEC. Numerous regulated brokers offer favorable terms and conditions that adhere to top-tier regulations, creating a trading environment that prioritizes safety and aims to minimize risks. Some noteworthy options include EightcapHFM, and  Interactive Brokers.

  • Overall ranking and experience for GeneTrade is Negative

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