BASIC INFORMATION
Genix Markets is an offshore broker advertising trading in Forex, Stocks, Commodities, Indices and Cryptocurrencies. Ganix Market was established in 2014 with the specific goal of giving every investor the greatest opportunity of success in the world of online financial trading. They think that if given the right tools and resources, any investor can consistently benefit from the markets. Because providing high-quality service is as vital to their future as it is to their investors, they continuously work to keep up with technical developments in the business. The trading platform, tradable goods, customer support, or even payment alternatives are all examples of this. To make sure you have everything you need close at hand, they always establish the highest standards.
ACCOUNT TYPES
They have three types of accounts, starting from $250 minimum deposit amount with different trading conditions
The broker offers a Saint Vincent and the Grenadines (SVG) location as well as a UK phone number, as seen in the screenshot above. We were unable to locate the brokerage's corporate name or any registration or regulatory information.
SVG is an offshore country in the Caribbean with a straightforward and affordable registration process for forex brokerages as International Business Companies (IBCs), and little to no regulatory oversight, if any. The SVG FSA really often sends warnings, the most recent of which was in June of this year, stating that it does not oversee, monitor, or authorize foreign exchange trading or brokerage.
That means that Genix Markets is not a regulated broker, which does not stop them from using misappropriated claims on their website promising safety of funds in an effort to convince potential investors to use their platform
Genix Markets Trading Software
The broker offers the MetaTrader 4 (MT4) trading platform, which is referred to as a “web-based platform inspired by MT4” in the FAQ section. However, there are no download links provided for either the desktop or mobile versions. Since registering for a live account proved to be difficult, we were able to open it utilizing a Demo account.
We advise investing with brokers who offer access to reputable trading platforms. More than 80% of users favor MT4, which is regarded as the top platform worldwide. It has an easy-to-use interface, sophisticated charting and analytical capabilities, copy and auto-trade options, and more. The MetaTrader 5 (MT5), its successor, has certain benefits despite not being as well known yet. It allows traders to conduct transactions on many financial exchanges using a single account and offers a hedging option. It beats the MT4 thanks to a number of features including more order types (such as “Buy Stop Limit” and “Sell Stop Limit”) and an integrated email service. Recently, it surpassed MT4 in terms of the number of brokers offering it, but still lags behind in trading volume.
Conditions for Trading on Genix Markets and spread
If traders spend a minimum of $10,000, the broker promises spreads starting at 0.0 pips for their most costly account, according to the Accounts section. It is difficult to believe, however not completely impossible because a $7 commission would be required for each trade lot. For the most popular currency pairings, legitimate, regulated brokers typically provide spreads of 1 to 1.5 pips; anything wider than that results in an extremely expensive cost of transaction and is completely uncompetitive. It ensures that the brokerage will make substantial profits off of the losses of the traders. However, the EURUSD spread on the MT4 demo version is 2.2 pips, which is significantly higher than the market standard.
LEVERAGE
Since there are no limitations on leverage for offshore brokers, Genix Markets promotes leverage up to 1:500, which is far greater than what most authorities permit. Leveraged trading offers enormous potential for profit but also comes with significant hazards, particularly for novice traders whose losses will be doubled. Therefore, most regulatory bodies place limits on the amount of leverage that non-professional traders can use. In the USA, these limits are 1:50, while they are 1:30 for brokers with licenses from the EU and the UK. Beginning in March of this year, the Australian Securities and Investments Commission (ASIC) began limiting leverage for significant currency pairings to 1:30.
PAYEMENT METHOD
The broker states that they accept deposits via bank wire, major credit/debit cards and MasterCard, popular e-wallets. Since we cannot verify that due to the registration issues, we are not sure if preferred options such as PayPal, Skrill or Neteller are supported.
MINIMU DEPOSIT AND MINIMUM WITHDRAWAL
The required minimum deposit is $250, more than double what registered brokers require. There are certain brokers who provide micro accounts, where you may start with as low as $10. In general, this minimum is roughly S100. The minimum withdrawal amount is $50, which is typical, however the processing period for withdrawals is rather long—7 working days.
DORMANT FEES
There is not much information about the fees Genix Markets charges. In the Terms and Conditions we see that Dormant accounts, ones that have had no transactions (trading / withdrawals / deposits) for a period of 12 months, will be charged an annual maintenance fee of $30 – which is normal.
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