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GeneTrade (Genetrade.com) is a CFDs and Forex scam broker on the loose. We decided to conduct a thorough investigation to find out the truth about Gene Trade. There has been a lot of chatter regarding this forex broker. We, therefore, decided to conduct a thorough investigation regarding GeneTrade. What we found out will be shocking to most of you. We urge that you read this eye-opening and detailed GeneTrade Review.
According to their website, they are claiming to offer users a 50% deposit bonus. If you are new at Forex trading, you should know that bonuses are strictly prohibited. One of the reasons we doubted this broker is because they offered bonuses. Regulatory guidelines are strict when it comes to bonuses.
Problem with bonuses is that they come at a cost. When withdrawing, scammers have been known to withhold withdrawals due to bonuses issued. They claim that when users use their bonuses, they must pay them back when making withdrawals. Why then would they be offering bonuses to newbies? It’s because they simply want to attract more people into signing up. This has become one of their main tricks.
On their homepage, they claim to be regulated by the IFSC. We contacted the IFSC to make sure that their claim was true. We were shocked to find out that this is all but a lie. No one or no relevant regulatory body has regulated Gene Trade. We also contacted the FCA and CySEC to find out the truth. None of these regulatory bodies had registered GeneTrade. This surely makes it a scam and a Forex broker who does not follow rules.
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According to their website, they claim to offer fair and transparent trading conditions for all account types. This could be true if the whole platform was legit. You can either select to use Standard or Micro Lots. These are the only account types with GeneTrade. These account types come with different features. They claim that all these accounts are linked to their MT4 trading platform.
With a Micro account, users have a leverage of 1:1 up to 1:1000. There are no commissions and an Islamic account is optional. Micro account comes with an account manager and the minimum deposit required is $5. You should also be aware that hedging is allowed with Micro account. Standard account holders get the same leverage levels. No commissions and hedging is allowed. It also comes with an account manager.
With GeneTrade, we were surprised with the low minimum deposit requirement users need to make. This falls short of the industry’s requirement of $250. Reason they have done this is to get as many users as they possibly can to sign up. This way, no one will be able to suspect that this is a scam. It’s a low and unacceptable minimum deposit requirement even in our standards. Way too low.
According to the website, there are several ways to deposit funds into your account. One thing we noticed peculiar is that users may incur additional charges when depositing. GeneTrade does not cover any exchange rates charged. You can deposit using MasterCard, Visa, Maestro, and UnionPay. Gene Trade claims to cover all fees deducted when making payments using credit or debit card.
We have a problem when it comes to making withdrawals. You can easily get to read negative reviews of how hard it is to withdraw with GeneTrade. You will never get to withdraw your money. Members who we contacted all had the same issue with withdrawing. Problem was that there was no response from the customer support department. Well, there isn’t any customer support department, leave alone chat support.
This broker has decided to use MT4 trading platform. Claims of using this platform on all devices can be seen on their homepage. Users can use this platform using Android, iPhone, Mac, PC, and Web Trader. Problem is, the download could not complete. We tried downloading this platform using various devices and download stopped at 59%. Why this happened we can’t tell. It seems they want people to just use their web trader.
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When you click on their website, you will see a fake customer centric post. Claims of striving to answer queries raised by clients are immediate. Users are asked to use channels such as email, Live chat, and phone support. What you should note is that they offer more than 20 languages. Problem with this is that we have received no response from any of the channels mentioned.
We sent an email a few weeks ago and still haven’t received any feedback. It all points out to having fake promises. Even live chat support doesn’t work. Users are requested to leave a message and they will get feedback soon. This is nothing but a load of crap. You will never receive any feedback from GeneTrade.
Some of the promotions used in this brokerage firm include doubling your equity. Users are also promised to withdraw all their profits. Members are also promised of up to $5,000 bonus money and 50% on all deposits. This is simply a plot to lure unsuspecting investors into signing up.
You can notice how they claim to offer no hidden fees, yet withdrawals are charged. Fake promises include coverage of fees of $200 wire transfer. Another fake promise is that all credit cards and e-wallets are 100% covered. What’s more, members are promised free VPS services. This apparently helps them increase the speed of trades. Why not create a platform that has a high execution speed?
These promotions are just meant to lure you into making a deposit with them. Promotions are okay if the platform used is legitimate. Sadly, this is not the case with GeneTrade.
Scrolling down their homepage, you will see that they have a negative balance protection claim. This is a lie since most of the people who have lost money with GeneTrade would have been covered. This is simply a way to also lure more users. You should be on the lookout for such fake claims.
We have no doubt that we are dealing with a professional scam outfit. From the issuance of bonuses to not being regulated, Gene Trade is a scam. The only way to avoid this kind of scam is to completely ignore all messages urging you to join. All facts prove that we are dealing with a fake brokerage firm.
As ardent binary trading enthusiasts, we have no other option but to blacklist GeneTrade as a scam. Avoid it at all costs.
Always trade securely with Forex.
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