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GenesysFund Review - is it scam or safe?

GenesysFund Review - is genesysfund.com scam or good forex broker?

RATING: 1 / 0 REVIEWS GenesysFund
GenesysFund is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Trading account Minimum deposit  Max. leverage Spread
$1000 $1000 1:200 0.3 pips (+ commission)*

 

*According to the information on the broker’s website, which we couldn’t verify.

 

Genesys Private Fund (GenesysFund) is a MT4 forex broker that seems to offer a single trading account type with leverage up to 1:200. Although its spreads appear attractive, we couldn’t verify them, as GenesysFund does not provide free demo accounts. What is worse, it is not properly regulated.

 

 

GenesysFund Advantages

 

MT4 offered

One of the few advantages of this broker is that it offers its services on the the best known trading solution, preferred by beginner and professional traders alike – the MetaTrader4 (MT4) platform. MT4 provides more than 50 in-build analysis indicators, superior charting package and is designed to support automated trading strategies (Expert Advisors).

 

 

>> Find the best MT4 Brokers <<

 

 

Seemingly tight spreads

Trading costs at GenesysFund accounts seem attractive, as the average spreads are allegedly 0.3 pips on EUR/USD. If this is true, probably some commission fees also apply. Keep inmid that these are only the broker’s claims, which we have failed to test properly and are not sure whether GenesysFund really offers such spreads.  Meanwhile, you can take a look at the real-time spreads of some major forex brokers:

 

 

>> Real-time spread comparison <<

 

 

Up to 1:200 in leverage

A leverage up to 1:200 is not dangerously high, and yet it will probably suit most trading styles. In other words, such maximum leverage levels, as the ones offered by GenesysFund, are definitely an advantage. As most of you probably know, many jurisdictions cap leverage for investor protection concerns – USA, Japan, Turkey, and Europe.

 

 

GenesysFund Disadvantages


Registered offshore

Genesys Private Fund (GenesysFund) seems to be based in the UK, considering the contact phone numbers it provides. Nonetheless, it is not licensed by the UK’s GFinancial Conduct Authority (FCA), but “by the Cayman Islands Monetary Authorities”, as they have put it on their website.

 

The problem is that the Cayman Islands are an offshore zone where forex brkers are neither licensed, nor overseen by any authority. The latter means that clients of such brokers cannot trade with the ease of mind that their money and accounts are safe.

 

No free testing service

Another alarming fact about this broker is that although you can download the MT4, you cannot try it out for free. Reliable brokers, like FxProXM and many more always provide demo accounts so that everyone can test their services without investing any money. 

 

Excessive initial deposit required

In order to open an account with GenesysFund, traders have to invest a minimum of $1 000. Such minimum initial amount is very high, as most brokers, including authorized and reputable ones, require something ion the range of $100 - $250 as a start.

 

 

Conclusion

 

Genesys Private Fund (GenesysFund) caims to be operating since 2015 and having more than 5000 clients in 34 countries around the world. It alo claims to offer trading in more than 500 with competitive spreads. The main problem with this broker, however, is that it is registered offshore and no governmental is overseeing its activity. On top of that, GenesysFund does not offer free demo accounts, so we are not sure what are the costs of trading actually, nor what financial products it offers.

 

Such brokers can basically do whatever their like with your trades and your money. That is why you’d better select among FCA-regulated brokerages, or companies licensed in Cyprus or Australia, where the respective financial watchdogs are on alert and your money will be safer.

 


>>FCA Regulated Forex Brokers<<

 

 

To sum up the positive and negative sides of GenesysFund:

 

Pros Cons
Seemingly tight spreads Regsitered offshore
MT4 available No free demo accounts
Sold leverage Excessive initial deposit

 

Latest news about GenesysFund
No news about GenesysFund. Check back later.
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Traders` reviews for GenesysFund

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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