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Genesisblockchainfx limits your options to the two cryptos for a reason. For starters, transactions via cryptocurrencies are irreversible. This means that once you give the command, there is no going back.
Genesisblockchainfx is an online scam broker under the pretext of being a genuine broker. Any conversation about online investment has to feature forex trading. Despite its popularity, statistics show that it is one of the riskiest forms of investment, with more than 70% of investors losing their money. Efforts to regulate the market have not been entirely practical as rogue brokers continue to defraud investors.
The broker goes by the slogan “the better way to trade and invest,” and claims to provide a platform for trading forex, bonds, stocks, and cryptocurrencies. However, a close look at its unappealing website and the missing company logo signal that this could be a shady broker. Several hard-to-miss signs confirm our doubts that this is not an authentic broker.
Before engaging this broker, please consider some of the warning signs we have highlighted in the review. Here, we share some inconsistencies regarding this broker’s claims and tips on things to be keen on. The review will be invaluable to inexperienced investors unsure how to distinguish legit brokers from dubious ones. Read on:
The broker is generally vague about the founders or the company that runs it. With such anonymity, it is hard to tell who investors should hold accountable for the broker’s undertakings or correspondences.
Also, for a company that has only been around for three months, it is unrealistic to claim it has over 2 million customers. This is a relatively young broker in the market, and there is no way it can secure such a massive market in a few days. When choosing brokers, always go for the established ones with good reputations.
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Genesisblockchainfx also claims it offers high-speed executions while protecting investors’ accounts with 256-bit SSL security and 2-step encryption. However, we have no way to verify whether this broker can provide such security measures. Ensure your trade with a reputable crypto company. There are award-winning ventures with professional customer support. These companies also take the security of investors serious.
Genesisblockchainfx gives its address as 128 City Road, London, United Kingdom, EC1V 2NX. Be more careful with brokers claiming to be in highly regulated forex market locations. The goal is usually to dupe you into believing that they are under a financial ombudsman when in a real sense, they are not in the said country. Do not be surprised to find that this is an offshore broker.
Another crucial factor to consider is a broker’s customer service. Ideally, a broker should have telephone contact for easier and faster feedback and email addresses for less-urgent correspondences. Unfortunately, this broker does not provide a telephone contact, although investors can contact this broker at firstname.lastname@example.org.
It is not advisable to contact such a suspicious broker as it will give them more ammunition to manipulate you into investing with them. We know that this deal will eventually end sour.
Genesisblockchainfx Trading Platform
The industry standard for forex trading is the MT4 and MT5 software. The two platforms offer an excellent trading experience due to their cutting-edge infrastructure. For instance, an investor can backtest, auto trade, place pending orders and execute options faster than the web trader and web-based platforms.
Genesisblockchainfx claims to offer a powerful trading platform compatible with mobile devices. However, after registering a trading account, we find that the broker’s website does not support any trading platform. This is a major red flag, showing the broker lies about providing a trading platform. Why would this broker claim to be a trading platform yet not offer a trading app? Your guess is as good as mine- this is not the broker’s goal or intention. So once you deposit your money, you will not be able to trade and will lose the money. So why take the trouble?
Deposit and Withdrawal Policy
The broker allegedly accepts deposits via Paypal. However, its deposit menu contradicts this claim, as only the BTC and ETH options are active. Genesisblockchainfx limits your options to the two cryptos for a reason. For starters, transactions via cryptocurrencies are irreversible. This means that once you give the command, there is no going back. Moreover, these transactions are hard to trace because it is possible to anonymize the recipient’s identity. When you deposit your money with this broker, the chances of getting a refund when the company steals your money are slim.
Most legit brokers have flexible deposit methods, such as wire transfers, credit cards, visa cards, and e-wallets. Likewise, it is wise to settle for those with a low minimum funding threshold when dealing with forex brokers. Shady brokers often have high trading volume requirements, allowing them to rip you off as much money as possible. The minimum deposit for a starter package is $50. Though this amount is moderately low, you can explore more options from legit brokers offering basic accounts for as low as $10.
Regulation status of Genesisblockchainfx
Genesisblockchainfx claims to be in the UK. We search for it in the FCA register and found no such credentials. Shockingly, we also find that the FCA has issued a warning against the broker citing unauthorized operations. Further convincing is not necessarily- this is an illegal broker operating without regulation.
There are so many risks when it comes to such brokers. For one, your funds have no protection against a negative balance. This means that you can lose more investment that is available in your account. Also, when you lose your money, chances of getting compensation are low as the financial ombudsman is not available to help.
Notice that the broker is falsifying its location because it is an offshore account. To be safe, do not conduct any business with this broker, as you will end up with a loss. Countries authorizing offshore countries have a reputation for accommodating unscrupulous brokers that swindle money. Since there is no regulation, it would be pointless to pursue legal action if the broker takes your money.
The trading conditions are the second most important factor after the regulation. Legal documents such as the AML, KYC, and T&Cs illuminate both parties’ context, rights, and obligations during the engagement. However, Genesisblockchainfx does not provide any of these documents, proving that the broker is not transparent. You should therefore desist from dealing with this broker as it is not being straight with you.
Such material information should be specific and not mere approximations. The broker claims it offers low spreads and high leverage to magnify your investment. The mere mention of “high” raises eyebrows as this is not the ideal way to multiply the investment. Indeed, most financial regulators impose a leverage capping of 1:30 to protect investors from large-scale losses. Also, although the broker claims to offer low spreads, we can not take them for their word.
We also notice that information on applicable fees is missing. This broker is withholding a lot of crucial information, making it wise to avoid the shady company.
Despite the allure that online investment has, some risks come with it. Investors, thus, need to be cautious when selecting brokers to trade with. If anything a broker states or claims does not add up, that’s enough disclaimer.
Also, if a broker omits vital information, such as trading conditions, they are up to no good, and you should run for your life. Better to be safe than sorry- and moneyless. Invest with genuine crypto companies in the market. There are trustworthy entities that will help your earn passive income.