Genesisblockchainfx – The Disturbing Facts about the Broker

Genesisblockchainfx

One of the biggest online trends that seems to have only grown in popularity in the last decades is online trading. This has resulted in thousands of brokerages being established to facilitate people who want to engage in trading in the financial markets. This certainly benefits anyone looking to make a foray because they have lots of brokerages to choose from and find a competitive one, but there is also a downside; it has paved the way for scammers to set up fraudulent companies to fool people. This makes it incredibly risky because distinguishing the scams from the authentic ones is not that simple. It requires some effort, as this Genesisblockchainfx review shows.

If the scams appeared to be scams, no one would be naïve enough to fall into their trap. The challenge is that these fraudulent brokerages also look the same as legitimate ones on the surface, offering you professional trading services with all the right tools and features. In fact, you will also come across those that boast about being licensed and regulated as well. This can be quite dangerous, particularly for those who are new to the space, because they will assume the brokerage is being straightforward and sign up with them.

They have to learn their lesson the hard way, but this can lead to substantial losses and those are what everyone wants to avoid. In order to do that, you have to learn the art of research when it comes to checking out online brokers. Just because they are telling you something does not make it true. You have to be skeptical of everything, until you have verified it yourself. Only then should you trust a company to provide you trading services and this approach is also effective in the case of Genesisblockchainfx that claims to be offering its services to more than 2 million people globally for helping them achieve their financial goals.

Sounds right up your alley, doesn’t it? But, you have to be a skeptic until you have checked everything beforehand, including the powerful trading platform that Genesisblockchainfx promises and the security it claims to offer. Let’s take a look:

Licensing and regulation

When you begin fact-checking a brokerage, always start with where they are based and whether they have a license to provide you their services or not. A company that is operating without a license is not one to be trusted, especially these days when fraudsters are so rampant in the markets. No matter how appealing the company may appear to be, it is best to skip and look for a licensed and regulated broker because they can be held accountable and can offer you security and quality simultaneously.

A look at Genesisblockchainfx shows that the brokerage claims to be based in London, United Kingdom. Given that the UK is one of the well-regulated markets in the world, many would be pleased with the broker and consider it a good option. However, as mentioned earlier, everything needs to be double-checked and verified and this applies here as well. To be able to operate from the UK, a license from the Financial Conduct Authority (FCA) is required.

It is one of the leading regulatory bodies in the world and its license is immensely valuable, so you should check its online register for Genesisblockchainfx to see if it is licensed. Unfortunately, not only will you find that the brokerage is not licensed, but you also discover that the FCA has actually issued a warning about the company in question. This is a major black mark against any company because it confirms that you are not dealing with a genuine firm.

As per the FCA, Genesisblockchainfx is operating in the UK without its authorization, something that no legitimate firm would do because this makes it illegal. Since Genesisblockchainfx is not telling the truth about itself, this implies that you are essentially dealing with an anonymous brokerage that cannot be trusted with anything at all.

Trading platform

You have to use a trading platform to open and close trades and it is the broker you choose that provides you the platform to use. This will vary from brokerage to brokerage, as there are different types that can be found. You obviously want a quality platform that boasts advanced technology and a wide range of trading tools that can help you make smart and well-informed decisions. As mentioned earlier, a powerful trading platform is promised at Genesisblockchainfx, but it does not deliver.

It turns out that Genesisblockchainfx is not really supporting a trading platform at all, which should immediately send up a warning because without a platform there can be no trading. Why would you open an account with the brokerage if it does not give you a platform in the first place?

Trading conditions

The trading conditions of a brokerage usually entail the spreads it charges and the leverage it offers to its clients to help them during the trading process. Why are these important? These are relevant because they determine what kind of profits you can make and the costs you will incur during the trading process.

You need to know these details beforehand because this will allow you to choose a competitive broker that can offer you everything you need in one place. But, this is another aspect where Genesisblockchainfx will disappoint because it has not mentioned any trading conditions at all. It claims to offer tight spreads and high leverage, but does not hint what they are, so you do not know what to expect.

Payment methods

One of the most attractive features of Genesisblockchainfx is that it claims to support PayPal, but the reality is very different. The only two options for payment that you can use are bitcoin and ethereum and this does not help with the credibility of the broker because crypto payments are irreversible and do not come with the possibility of chargeback. This means that Genesisblockchainfx can keep your funds once you have made a deposit with them.

Wrapping Up

These disturbing facts about Genesisblockchainfx make it clear that this broker is certainly not worth your trust.