Genesis11 Review – 5 things you should know about genesis11.com

Beware! Genesis11 is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

“Now the whole earth had one language and the same words” is a citation from the Bible, Genesis 11:1, and we think that this broker has chosen the name Genesis11 to refer to the fact that the common language in today’s world is “money”.

However, the main question that needs to be answered is how safe it is for clients to join this broker. Here it is what we found out.

Genesis11 Regulation and safety of funds

From the Contact Us section on the company’s website, we can see that the address of this broker is in Austria where Austrian forex brokers are regulated by the Financial Market Authority (FMA). We searched the register of FMA but the name of Genesis11 did not appear to be in it (image below). This means that this broker is non-registered, non-licensed and therefore non-legit. Needless to say, entrusting your precious money to it will be a huge mistake.

As Austria is a member state of the EU, Austrian broker must abide by ESMA guidelines according to which, brokers must have an initial capital of no less than 730,000 EUR, keep clients’ funds segregated from their own with tier-1 bank establishments, provide negative balance protection, keep low leverage, report transactions on a regular basis for the sake of transparency, allow external audits, etc. As you can see, these are all measures to keep scammers away and to provide a guarantee for the safety of clients’ funds. In addition to that, Austrian brokers must participate and deduct funds towards the local investor compensation fund from which up to 20,000 EUR per client can be dispensed in case where the broker becomes insolvent.

If you prefer to expand the scope of your search to other EU forex brokers, that follow under the same conditions, you can use the link we provide here for you.

Genesis11 Trading software

Genesis11 trades in forex, metals, indices, energies, stocks, ETFs and cryptocurrencies. The software that is available to the traders consists of a web trader (image below). A web trader is a rather a cheap and simplistic platform that does not do much to enhance clients’ trading experience. Besides, you can see in the image that there is a problem with this web trader as the chart developed by a third-party TradingView is not displayed.

On the left-hand side of the screen are displayed the trading products with their bid/ask price and for the EUR/USD currency pair, we found out that the spread is 0.7 pips. Such spread is tight and below industry average which means that the cost of transactions won’t be too high and traders will be able to achieve a sustainable profit.

However, the leverage for the trading account is given to be 1:100. Firstly, this is another proof that Genesis11 is a fraudulent broker as there is a cap on leverage for EU brokers and for forex currencies it cannot exceed 1:30. Secondly, using high leverage in transactions is not advisable as it amplifies the scope of financial loss in case of unsuccessful transactions which happen to 70% of the traders.

We advise you to seek a legit and reliable broker that offer good quality software and the MetaTrader 4 and MetaTrader 5 far surpass any webtrader and provide the traders with tools and instruments that enhance their trading experience. Both platforms are equipped with auto trading option, VPS, an app market, a financial calendar, trading signals, code base with customs scripts, etc., which give a lot of advantages to the traders when executing transactions. Along them, the many charting options and technical analysis indicators help traders predict the future direction of exchange rates and make a profit.

Genesis11 Deposit/Withdrawal methods and fees

There is no information what types of trading accounts Genesis11 offers to its clients. By clicking on the deposit button in the trading room, we found out that the minimum deposit is $250.

As per the Terms and Conditions document, it seems that the payment methods are limited to payments via credit card and bank wire.

The minimum withdrawal amount via bank wire is $500 whereas via credit card, it is $100. The company does not charge brokerage fees or commissions for executing trades. There is no fee on deposit or withdrawal either.

In the Terms and Conditions document, we see that there are fees for dormant accounts. However, it is not specified after what period an inactive account is considered dormant and what fee it is charged.

Similarly to other non-legit brokers, Genesis11 offers promotion programs in the form of capital leverages. If the client accepts his/her account to be leveraged, then, to be eligible to withdraw funds, the client will have to execute a minimum trading volume of 25 times the sum of the deposit and the capital leverage. This is not something easily achievable even for experienced brokers and we do not advise accepting such promotions which can create a havoc with clients’ funds and withdrawal options.

How does scam work?

If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers’ schemes. What you probably do not know is that your hard-earned money goes as commission to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for a chargeback.

What to do if scammed?

If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.

However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.

Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.

Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.