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Geneticrypto Review – Reasons to Avoid This Scam Broker
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Geneticrypto Review, Like many other shady brokers based in St. Vincent and Grenadines (SVG), this one is not an excuse. In 2022, Geneticrypto was registered under Rapid Service LTD in SVG. Security is everything in trading. That’s the first point often overlooked.
SVG as a country and their FSA don’t provide licenses for forex and crypto trading companies. Therefore, all funds deposited with such brokers are not protected. Unless they have some trusted Tier 1 license.
First in the line of flaws about Geneticrypto broker is their claim to have an office based in the UK. It’s a rookie mistake.
|Headquarters||St. Vincent and Grenadines|
|Broker Type||Offshore scam broker|
Is Geneticrypto Legit or Scam? Regulation
Based on some Geneticrypto broker reviews, they are targeting traders all over Europe. Therefore, the company should comply with certain laws and regulations. If not with Tier 1 regulators at least with ESMA rules. But Geneticrypto doesn’t bother with that whatsoever.
Not only that they don’t have Tier 1 regulations, but they are violating ESMA rules with their leverage offer. Some trusted Tier 1 regulators in Europe are FCA, BaFin, CONSOB, and CNMV. None of these have any traces of Geneticrypto broker.
This is dangerous for traders because there is no protection for funds. They don’t provide any compensation funds. Moreover, there is no financial ombudsman you can reach out to if you did get scammed.
To sum it up, all signs indicate that this is a bogus investment scam.
Geneticrypto Trading Software Overview
Another key point is that Geneticrypto broker openly lies about their trading platform. They advertise access to MetaTrader5. In case that is true, it would be an amazing feature. However, those are just empty lies. Offshore scam brokers often use this luring tactic.
What you get when you register with Geneticrypto is access to a web-based trading platform. This platform has a very low trust rating. Firstly, they don’t provide any advanced trading tools. Secondly, they promote social trading, but it is fictive because every data is on their proprietary web trader.
Thirdly, they don’t provide access to their platform through iOS or Android apps. Advanced EAs, automated trading, and other options that you can get from MT5 are missing with this scam broker.
Unfortunately, the Geneticrypto scam broker doesn’t offer a demo account for its clients.
Account Types Option at Geneticrypto
Once you register with Geneticrypto broker you can realize what is their scamming tactic. Since they don’t provide any information about account types you can expect anything upon registration. The idea behind this move is not to give you enough time to think through everything.
That way traders got persuaded by brokers to invest at least some amount of money. Afterward, in a blink of an eye you have invested much more than you wanted. And you can’t get it back.
As shown above, Geneticrypto uses a web-based platform. Those get manipulated easily. That’s why traders have a false picture of trading overall. Traders get a belief that all trades are successful and they get comfortable investing more. Shortly after that, they realize all of that was fictive.
Not to mention all trading conditions that are crucial but missing.
Trading Instruments Available
As for trading instruments they provide quite solid choices. Practically only a positive side to this broker. However, we should have in mind that they are not regulated. Therefore, our desire for trading here disappears quickly.
To mention some of the instruments, traders can choose from:
- Forex – AUD/NZD, CAD/JPY, USD/GBP
- Commodities – oil, cotton, silver
- Indices – UK100, JPY225, AMS2
- Shares – BMW, Intel, GM
- Cryptos – LINK, ADA, XRM
- ETFs – QQQ, Russel 2K, KBE
With leverage that breaks the cap allowed by ESMA, some assets are very dangerous for trading. Leverage of up to 1:200 is way higher than 1:30 which is allowed for retail traders. Not to mention unknown spreads that can rip you off before you make any money. After all, the Geneticrypto scam broker doesn’t reveal any kind of possible commissions.
As mysterious as it gets, this broker somehow gets away with this shady business. Not for long if you share your story.
Deposit and Withdrawal Process
The minimum requirement with Geneticrypto is unknown as well. But at least we found out in their T&Cs what is available funding methods.
The company only accepts:
- Bank cards – debit and credit
- Bank transfers
All bank transfers below 100 USD are rejected automatically. As for withdrawal, clients should verify their accounts first. Unless clients don’t verify the account, they can’t request any withdrawals. What traders don’t know is that brokers can charge you for any losses, dividends or overnight fees. Even though all those could be made up.
Of course, another malicious clause in T&Cs is regarding withdrawals. The company reserves the right to request additional documentation and verification to proceed with the withdrawal.
With that in mind, you can expect that for sure. The idea is to prolong the process until you eventually lose all your funds. Be careful!
Geneticrypto Scammed Me – How Can I Recover My Money?
On the positive side, this broker accepts bank cards. Moreover, clients can get a chargeback if they get scammed. Let us hear your story first. Don’t be ashamed if you got scammed. But it’s a matter of what are you going to do about it.
Our fund recovery team can assist you every step of the way. Don’t let them get away with your money. Every moment matters because of time-limited procedures. Contact us today and book your consultation.
FAQs About Geneticrypto Broker
Is Geneticrypto A Good Broker?
Absolutely not. They don’t provide any security, regulations, or transparency.
Is My Money Safe at Geneticrypto?
No. The broker doesn’t have negative balance protection, compensation funds, and more importantly any regulations.
What Is The Minimum Deposit for Geneticrypto?
Surprisingly, this broker doesn’t reveal their minimum deposit requirement. It’s up to them to decide when they get you on the line.