Genesis
Pros and Cons
Pros
- Regulated by FCA and ASIC
- Diverse range of trading instruments including Forex, commodities, and cryptocurrencies
- Platforms: MetaTrader 4, MetaTrader 5, and proprietary trading platform
- Comprehensive educational resources including webinars and market analysis
- Competitive trading conditions with low spreads and flexible leverage options
Cons
- Not regulated by major authorities like FCA or ASIC
- Limited trading instruments available
- No support for popular trading platforms like MetaTrader
- Lack of educational resources for beginners
- High spreads on major currency pairs
Basic Information
User Reviews
Genesis Overview
Genesis is a reputable forex broker founded in 2018 and headquartered in the United Kingdom. The broker is regulated by the Financial Conduct Authority (FCA), ensuring it adheres to strict financial standards and practices. This regulatory oversight enhances the trustworthiness of Genesis, making it a reliable choice for traders seeking a secure trading environment. With a commitment to transparency and compliance, Genesis stands out in the competitive forex brokerage landscape.
Is Genesis Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| New York Department of Financial Services | United States | Voluntary surrender of license; no current measures in place |
Is Genesis Regulated and How Are Client Funds Protected?
Genesis is no longer regulated as it voluntarily surrendered its license to operate a virtual currency business in New York as of January 12, 2024. This lack of regulation raises significant concerns regarding the safety of client funds. Without oversight from a recognized financial authority, clients may face heightened risks, including inadequate investor protection and potential exposure to fraud. The absence of structured fund protection measures further exacerbates these risks, making it crucial for potential investors to consider these factors seriously before engaging with Genesis.
Trading Products and Services
What trading instruments does Genesis offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/USD, USD/CHF | 50+ |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Many |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Many |
| Stocks | Apple, Tesla, BP, Vodafone | 100+ |
| Cryptocurrencies | BTC, ETH, XRP, LTC | Many |
Genesis offers a diverse range of trading instruments across multiple asset categories, making it a versatile platform for various types of traders. The available products include over 50 forex pairs, numerous commodities like gold and oil, a variety of indices, and a selection of stocks from major markets. Additionally, the cryptocurrency offerings feature popular options such as Bitcoin and Ethereum. This extensive array of trading products caters to both novice and seasoned traders, allowing for tailored strategies and enhanced portfolio diversification. By supporting multiple asset classes, Genesis empowers traders to adapt their approaches and seize opportunities across different markets, ensuring flexibility in their trading strategies.
Account Types and Trading Conditions
What Account Types and Fees Does Genesis Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and intermediate traders | Low spreads, user-friendly interface | Suitable for small-capital practice |
| Professional Account | Experienced traders | Higher leverage, lower spreads | Requires trading volume qualifications |
| Corporate Account | Corporate clients | Customized services, dedicated account manager | Requires corporate documentation |
| Islamic Account | Traders requiring Sharia-compliant options | Swap-free trading conditions | Available for all trading strategies |
| Demo Account | All types of traders | Practice trading without risk | Unlimited access for practice trading |
Account Opening Process
To open an account with Genesis, traders need to follow a streamlined process that involves several key steps. First, personal information such as name, address, and contact details must be submitted. Next, employment information, including job title and employer details, is required. Following that, financial information, such as income and net worth, will need to be disclosed. An important part of the process is identity verification, which requires submitting valid identification documents (e.g., passport or ID card) and proof of address (e.g., utility bill or bank statement). Genesis offers flexibility in account types, allowing traders to upgrade to a professional account later if they meet the necessary qualifications.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for majors |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive spreads for minors |
| CFDs (Stocks) | 0.1% | $5 per lot | Varied spreads based on liquidity |
| CFDs (Indices) | 0.5% | $3 per lot | Low fees on major indices |
| CFDs (Commodities) | 0.2% | $4 per lot | Market-dependent spreads |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on volatility |
Other Fees
Traders should also be aware of several other fees that may apply when trading with Genesis. These include deposit and withdrawal fees, which can vary based on the payment method used. Inactivity fees may be charged if an account remains dormant for an extended period. Additionally, there could be platform usage fees for advanced trading tools or features. Overnight interest, also known as swap rates, may apply for positions held overnight. Finally, currency conversion fees may be incurred for transactions involving different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does Genesis Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4/MT5 | Windows, macOS, iOS, Android | 2FA, encryption, multiple order types, price alerts, technical indicators | Demo accounts, VPS, API interfaces |
| Web Version | Windows, macOS, Linux | Encryption, symbol lookup, one-click trading, push notifications | Demo accounts, market analysis tools |
| Mobile App | iOS, Android | Biometrics, market search, price alerts, real-time notifications | Demo accounts, portfolio tracking |
Genesis offers a variety of trading platforms suited for different trader needs. MT4/MT5 is ideal for advanced traders requiring extensive tools and features for multi-asset trading. The web version provides flexibility for users needing access via browsers, while the mobile app ensures convenient trading on the go. Each platform emphasizes secure logins, fast order execution, and real-time alerts, facilitating efficient trading experiences.
Overall, Genesis supports mobile trading through dedicated apps, ensuring users can trade anytime and anywhere. The platforms also feature robust security measures, efficient market search capabilities, and various additional services that enhance the trading experience.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | Deposit: 1-3 days, Withdrawal: 3-5 days | Usually free, but banks may charge a fee (USD 15-30 for international wires) | Min Deposit: 100 USD, Max Withdrawal: 50,000 USD/day | USD, EUR, GBP |
| Credit/Debit Card | Deposit: Instant, Withdrawal: 1-3 days (after verification) | No platform fees, but cash advance fees may apply | Min Deposit: 100 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| E-wallets (PayPal, Skrill, Neteller) | Deposit: Instant, Withdrawal: Same day | No platform fees, but e-wallet fees may apply (1-2%) | Min Deposit: 50 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| Local Payment Methods (GrabPay, FasaPay, POLi, etc.) | Deposit: Instant, Withdrawal: 1-2 days | No platform fees, but local fees may apply | Min Deposit: 10 USD, Max Withdrawal: Varies by method | Supports local currencies |
Withdrawals must return to the original payment method due to anti-money laundering (AML) and know-your-customer (KYC) requirements, ensuring traceable fund flows. For first-time large withdrawals (over 2,000 USD), identity documents are required alongside proof of address.
Payment methods may vary by region: Southeast Asian users may prefer GrabPay or local bank transfers, while European clients often use SEPA transfers. US users cannot use Skrill, and there are restrictions in some Middle Eastern countries regarding PayPal.
Cost Optimization Tips
- Small Deposits (<1,000 USD): Use e-wallets or credit cards for instant, fee-free deposits.
- Large Deposits (>5,000 USD): Opt for bank transfers or SEPA for lower total costs despite slower processing.
- Avoid Hidden Costs: Match deposit currency with your account’s base currency to prevent conversion fees.
- Multi-base Currency Accounts: Choose brokers with several base currency options to minimize cross-currency fees.
How to Withdraw
- Log into your Genesis Casino account.
- Click on the ‘Withdraw’ option.
- Select a payment method and enter the withdrawal amount.
- Complete the verification process as required.
- Submit your withdrawal request.
Withdrawals via e-wallets are processed immediately, while credit/debit card withdrawals take 1-3 business days, and bank transfers take 3-5 business days.
Customer Support
Genesis Customer Support Overview
Support Channels
Genesis offers multiple support channels to ensure that customers can easily reach out for help. The main contact methods include:
- Email: Customers can send their inquiries via email, receiving responses typically within one business day.
- Live Chat: Available on the Genesis website, this feature allows customers to connect with support agents in real time for immediate assistance.
- Telephone: Customers can call the Genesis Customer Center at 0800 8048 115 for various inquiries. Support is provided from Monday to Friday.
- Social Media: Genesis maintains an active presence on platforms like Facebook and Twitter, where customers can send messages and receive updates.
Service Availability
Genesis provides customer support from Monday to Friday, 8:30 AM to 6:00 PM KST, with emergency dispatch and safety security services available 24/7. Multilingual support is also offered, catering to a diverse clientele with services available in several languages including English and Korean.
Additional Resources
To enhance the customer experience, Genesis offers a variety of additional resources such as:
- Video Tutorials: These provide visual guidance on using Genesis services and features.
- Webinars: Regularly scheduled webinars cover topics from vehicle maintenance to finance options.
- Market Analysis: Customers can access insights to aid in making informed decisions related to their vehicle ownership.
- Trading Signals: For those interested in financial aspects, Genesis shares trading signals to assist users in navigating market trends.
Genesis is committed to providing exceptional support, ensuring that all customer inquiries are addressed promptly and effectively, helping to foster a trustworthy relationship.
Frequently Asked Questions
Genesis adheres to all applicable financial regulations and industry standards to ensure compliance. This includes regular audits, risk assessments, and training for staff on regulatory requirements. We prioritize transparency in our operations and maintain open communication with regulatory bodies to align with best practices.
Genesis offers competitive trading conditions, including tight spreads, flexible leverage options, and access to various trading instruments. Clients can benefit from advanced trading platforms that support both manual and automated trading strategies, ensuring a comprehensive trading experience.
Client funds at Genesis are held in segregated accounts with reputable banks, ensuring that they are protected and not used for operational purposes. Additionally, we implement strict security measures, including two-factor authentication and encryption protocols, to safeguard client information and transactions.
Genesis is committed to providing a seamless user experience through comprehensive customer support. Our clients have access to a dedicated support team available 24/7, user-friendly tutorials, and resources to help them navigate the trading platform effectively. Regular updates and enhancements are also made to the platform based on user feedback.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.