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GeneTrade Review - is it scam or safe?

GeneTrade Review - is genetrade.com scam or good forex broker?

RATING: 1.4 / 0 REVIEWS GeneTrade
GeneTrade is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage  Spread
Micro  $5 1:1000 From 1 pip
Standard  $5 1:1000 From 1 pip

 

A forex broker registered offshore (Belize), GeneTrade offers its clients two account types. However, as you can see from the table above, there are no major differences between them, which defies their purpose.

 

You can read our detailed and unbiased review on GeneTrade, with both the negative and positive sides of this broker.

 

 

GeneTrade Advantages

 

MetaTrader4 supported

GeneTrade uses the most popular forex trading platform, the MetaTrader4 (MT4). In our opinion, this is the strongest advantage of this broker, because most traders know well the MT4 and enjoy using it. This piece of trading software has proved to be reliable and user-friendly over the years, so even beginner traders can easily make their way around it.

 

Besides, the MT4 is famous for its top-notch charting and Expert Advisors, used for automated trading.

 


>> Find a better MT4 Broker <<

 

 

High leverage provided, low deposit required

One can open an account with GeneTrade by depositing just $5 bucks, which is a symbolically low amount. Besides, leverage up to 1:1000 will suite even the most aggressive trading styles, but keep in mind that levels that high bring along substantial risk.

 

Many jurisdictions set limitations on leverage, which are considerably lower, for instance 1:50 in USA and 1:30 across Europe. The reason for this is that trading on margin involves a risk of heavy losses, exceeding the initial investments and that is why traders should exercise caution.

 

 

GeneTrade Disadvantages

 

Registered offshore

According to the information on its website, GeneTrade is a registered trademark of Genius Trading LTD., a company licensed by the Belize’s International Financial Services Commission (IFSC) to provide trading in Securities Services. The same company operates FX Arena, a provider of trading contests.

 

The IFSC requires licensed entities to keep a minimum operating capital of $500,000, keeps a register of regulated companies, and issues warnings on a regular basis. Although the licensing regime in Belize is better than in the rest of the offshore zones, the oversight of IFSC is still loose.

 

if you intend to invest a large amount of money, we would advise you to select a forex broker licensed in the UK, or Cyprus for instance, where regulation is stricter and there are compensation schemes, which will protect your money in the event that your broker is at default.

 

No demo accounts

A test-drive of the broker’s platform is a great advantage and shows that the intermediary is transparent with its trading conditions and pricing. So, the fact that GeneTrade does not offer free demo accounts is definitely a red flag.

 

Spreads not that good

We had to register a live account in order to sneak-peak into GeneTrade’s MT4. What we saw was EUR/USD spread floating around 1.6 pips, which is actually slightly above the average in the industry.

 

 

GeneTrade’s MT4. Click on the image to zoom in.

 

The majority of forex brokers, including many reliable and licensed ones, offer spread within the range of 1.0 – 1.5 pips on EUR/USD.

 

 

>> Compare the spreads of top forex brokers in real time <<

 

 

Conclusion

 

GeneTrade’s offer lacks in several ways: first of all, there seems to be no difference whatsoever between the two trading accounts it offers. Second, we couldn’t register a demo account. And third, the spreads of the broker turned out to be a bit high. Nevertheless, our main concern with regards to GeneTrade is the loose regulation.

 

In case you’d like to trade with the ease of mind that your broker is reliable and your money are safe, check out the link below.



>> A list of FCA-authorized brokers <<

 

 

Let’s sum up our review on GeneTrade in a few words:

 

Pros Cons
Supports the MT4 Registered offshore
High leverage, low initial deposit No demo accounts
  Spreads not that good

 

Latest news about GeneTrade
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Traders` reviews for GeneTrade

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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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Cons

 

 

Summary

Pros

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