Genetic-crypto – What is Wrong with the Broker?

Genetic-crypto

You have come to this Genetic-crypto review, which means that you are hunting for a good brokerage to begin your online trading journey in the financial markets. When people first decide to engage in online trading, they are under the misconception that it will be a breeze and it will not take long to start making profits. While it is significantly simpler to trade online, there are still some challenges you have to overcome. The first and most important one is choosing the online broker you will use throughout your journey.

Sure, you can easily find brokers when you run a Google search, but you cannot just choose any of them. You have to take a look at their offerings to ensure they are offering what you need, such as the instruments you want to trade and the trading conditions. Most importantly, you also need to determine if the company is legitimate and is licensed to provide its services. Why is this necessary? This is crucial because the market has become known for being a hotspot for scams. Online trading scams are certainly not a new concept and these are usually conducted via brokerages.

It is immensely easy to create a website these days because of the numerous software available and this is precisely what these fraudsters do. They set up websites where they present themselves as online brokerages and ask people for deposits to start trading. Those who don’t know any better will end up signing up on these platforms and then suffer the consequences. Rather than doing so, it is best to dig deep into a broker’s offerings to ensure there is nothing wrong with it.

As long as it has all the features you are looking for, you can sign up. If it does not deliver on its claims, you can walk away. The same approach should be used in the case of Genetic-crypto that has a reassuring and friendly website. At first glance, it seems like the perfect fit, thanks to the scores of forex currency pairs, indices, commodities, shares, crypto coins and ETFs it is offering. But, when you start digging in, then you will see a number of problems. Let’s go over them:

Licensing and regulation

When you want to avoid a brokerage scam and wish to avail quality trading services, you need to give preference to an online broker operating with a license and under proper regulation. This can help you get access to the best trading services because regulated and licensed platforms will be in compliance with rules and laws, be required to maintain quality standards and also offer security and transparency to their clients. Moreover, they can also be held accountable in case of an issue, or dispute.

This kind of reassurance cannot be taken for granted, so you should check the licensing and regulation of Genetic-crypto as well. While it does claim to be licensed and regulated, you will find that it is registered in Saint Vincent and the Grenadines. This does nothing to help the broker’s credibility because SVG is an offshore zone that has become notorious for being a scam haven. Why? This is because authorities in the jurisdiction have outright asserted that they do not monitor the forex industry.

It means that there is no oversight of any brokerage established in SVG and they can do what they like. The same applies to Genetic-crypto and this shows that the brokerage is actually unlicensed, which means it cannot offer you the protections that you would expect from a licensed broker.

Trading platform

How do you trade in the financial markets? Online brokers provide you with a trading platform that helps you connect with the market, execute your trades, check your results in real-time and is equipped with trading tools that are used. Suffice it to say, it is extremely important in the trading process and you want to have access to a platform that is capable of performing all its functions and give you a smooth experience.

You are promised an advanced and all-in-one trading platform at Genetic-crypto for trading forex and CFDs, but this is just a claim. It turns out that a rudimentary and lackluster web trading platform is given and it is not even remotely close to the cutting-edge and state-of-the-art MT4 and MT5 trading platforms that have become the industry-standard these days.

Trading conditions

Your goal is to make profits when you decide to trade in the financial markets and while your trading decisions play a role, you should not forget that the trading conditions offered by a broker are also important. After all, they determine the costs you will incur and Genetic-crypto disappoints in this area as well. The spreads start at 2 pips, which is two times higher than what most brokers offer.

The most competitive ones have spreads even lower than 1 pip, so these are quite high. Furthermore, the leverage ratios that are supported at Genetic-crypto go as high as 1:200 and these are definitely not attractive because they can be extremely risky. If the trade does not go your way, you could end up with hefty losses, so such leverage levels should never be provided.

Payment methods

Checking out the payment methods that are supported at Genetic-crypto is also a must because you want to have access to secure, quick and convenient options, particularly those that are eligible for chargeback. It is a relief to know that payments with major debit and credit cards, such as VISA and MasterCard is supported on the platform.

These qualify for a chargeback, but unfortunately, you will learn that the payments at Genetic-crypto have to be made via some third party payment provider known as gate.re-set.tech. This does not help with the credibility of the broker at all because it means your information will be vulnerable, which is exactly what they intend.

Final Answer

With so many problems that you find in Genetic-crypto, you can see that it is not a broker that you should trust or use for any trading activities.