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Geneva Capital Group (Genevacapitalgroup.com) is claiming to have analysts who work round the clock. GenevaCapitalGroup is professing to have expanded and now provide services to over 75 countries. Contrary to what they claim, one of the leading regulators in Europe has flagged them down as a scam. FINMA has issued a warning to investors to steer clear of this broker. Reports suggest the broker is blocking withdrawal attempts from members. Read this open GENEVA CAPITAL GROUP Review for more details.
According to the disclaimer at the footer of their homepage, the broker is located offshore. St. Vincent and the Grenadines is where the broker claims to have their physical location. And this poses a great danger to online investors. The region is synonymous with would be scam brokers. With no stringent measures for brokers to follow, it has become a home for online scam platforms. To trade safely, it is best to look for a reliable broker who has a proven track record.
Geneva Capital Group is also shying away from informing members of their trading history. Background check on the broker would reveal whether they are as professional as they claim. Without any trading history to display, the broker remains to be a scam. And this is where we have to draw the line as they have no strong online presence. GenevaCapital Group is another broker who has nothing else to do than steal from online investors. And this is why everyone should stay away from them.
The platform claims to offer CFDs, Cryptocurrency, and Forex trading assets. With Cryptocurrency market being a hot favorite, scam brokers take advantage of it. According to the asset page, the broker is offering a number of assets. They include Commodities, Cryptocurrencies, Forex, Indices, and Stocks. Commodities found on the platform include Crude oil, Gold, Platinum, and Silver. The Cryptos available include Bitcoin, Dash, Etherium, and Litecoin.
Exotic, Major, and minor currencies are available on their asset tray. Leverage quoted is 1:200 which is considered favorable especially to newbie traders. Risk management is also available and members can trade on both rising and falling stock markets. When it comes to indices, the broker does not seem to offer this asset. The Stocks available are from leading international companies such as Adidas, Alibaba, CitiGroup, among others. All stocks comes with a 0.1 percent commission and a maximum commission of $1,000.
Geneva Capital Group is the owner of this platform. The problem with such platforms is they fail to give clear information on who owns them. Without the names of actual owners of the company, it remains anonymous. Why would an investor who claims to have a reliable trading platform keep their names of it? There is no mention of the CEO or CFO of the Group. And this leads us to believe we are dealing with scam brokers. Anonymity is a dangerous character to associate with in any online investment venture.
And here lies the biggest problem with this broker, lack of license and registration credentials. Without these valid documents, members are not protected against unforeseen losses. If and when the platform winds up, no one will get any compensation. The broker does not participate in a compensatory scheme as they are not licensed. Geneva Capital Group is NOT LICENSED OR REGULATED to offer any trading services to anyone. And this is reason enough to stay away from it.
With the Swiss Market Financial Market Supervisory Authority issuing an alert, traders should be wary. An alert from a reputable regulatory body means complaints have reached authorities. After a thorough investigation, it was found the broker has a case to answer. Warnings are given to help protect investors from falling prey. And this is why no one is safe from this broker. Other regulators in the European jurisdiction plan to issue warnings in regards to the broker. It is best to stay away from such platforms.
Geneva Capital Group is furnishing members with six account types to choose from. Accounts listed include Silver, Gold, Platinum, Pre-Diamond, Diamond, and VIP. What immediately caught our eye was the high minimum deposit requirement. With the Silver account being the most basic account; traders are forced to deposit $5,000 to start trading. A broker who blocks withdrawal and has a high minimum acceptable deposit must be exposed. The industry has set $250 as the acceptable minimum deposit.
Bonuses have become a bone of contention with authorities planning to ban the use of bonuses. Scam brokers will demand members to deposit a welcome bonus before allowing withdrawals. Even if the account has sufficient funds to cover the bonus amount, the broker insists on deposits. And this has led to chaos in the industry.
The homepage does not have a live chat tool which is odd. Once you click on other pages such as account index page, there is a chat tool. The problem with Geneva Capital Group is they use a chat tool that takes ages to respond. One of the agents listed is Dylan Johnson and simply directed us to another agent. With a slow response time, withdrawal requests take longer than needed. And this is a tactic used by scam brokers to ward off any prying eyes. These are simply go-slow tactics from the broker.
Geneva Capital Group is not furnishing traders with a demo account. And this is from a broker who claims to be using the latest technology. Traders should use a demo account to know how the platform behaves before making any commitments. Scam brokers will fail to offer this feature as they plan to steal from unsuspecting investors. These are scam brokers who have no intention of offering fair trading conditions. Ensure you test how a demo account works before depositing funds with a broker.
The broker has covered the funding options with ease. Scam brokers will want anyone from any part of the world to have easy access to funding accounts. The broker has used various depository channels on their website. These include American Express, CashU, Maestro, Neteller, and Skrill. The main problem with Geneva Capital Group is no one is able to withdraw funds with this broker. Withdrawal complaints far outrun the profits made by any member of the platform.
Geneva Capital Group is not clear on the type of trading platform available. Their homepage has no information regarding the available terminal members use. They claim to have a powerful mobile app which enables traders to trade on the go. Truth be told, the broker is using a custom built online trading platform. The problem with such platforms is they fail to pass testing stages. And this leaves members at a loss as the platforms are unstable and pose a huge security risk.
A broker should ensure they safeguard any deposits made by ensuring security software are available. Lack of DDoS protection and SSL encryption is proof we are dealing with a hoax. The broker simply posts logos of leading security software on their homepage. In reality, the website has no security apparatus rendering members to be victims of cyber-attacks. Hackers can easily take over the website and steal vital information such as credit card information.
With a warning from FINMA, it is clear Geneva Capital Group is a scam. It is best to stay away from the platform and block any calls from their sales agents. Mark emails sent with promotional materials as spam and don’t click on the links embedded. Kindly warn loved ones on the dangers of using this broker. None of the members will be able to recover funds as the broker is completely anonymous. And this is why the broker should be exposed and their website shut down.
To protect our esteemed readers, we have to add this broker to our scam blacklist. Traders can make real profit with digital currency trading if the right tools are used. An excellent example is signing up with formidable brokers.
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