Genix Markets review – 5 things you should know about

Genix Markets review – 5 things you should know about

Rating: 1

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


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


Genix Markets is an offshore broker advertising trading in Forex, Stocks, Commodities, Indices and Cryptocurrencies. They have three types of accounts, starting from $250 minimum deposit amount with different trading conditions – check it out:

We tried to register for an account, but for all of them we always got the same mistake: that there is an incorrect value in one of the fields although no registration form was opened at all. This immediately raised concerns about the legitimacy of this broker and their website, which apparently does not support even basic functionalities.

Genix Markets Regulation and Safety of funds

As we can see on the screenshot above the broker lists an address in Saint Vincent and the Grenadines (SVG) and a UK phone number. We did not find a company name or any registration or regulation information about the brokerage.

SVG is an offshore jurisdiction in the Caribbean where registration procedure for forex brokerages as International Business Companies (IBC) is simple and inexpensive and they face limited regulatory supervision, if any. Actually, the SVG FSA regularly issues warnings, the latest from June this year, that it does not regulate, monitor, supervise or license forex trading or brokerage – check it out:

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 – see for yourself:

Unlike the loose regulatory framework in offshore jurisdictions, established watchdog agencies, such as the UK’s Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC) impose strict rules on the brokers they license – Client Account Segregation requires that clients’ funds are kept separate from the broker’s operating funds, while Negative Balance Protection ensures that traders cannot lose more money than what they invested. Other policies include a Minimum Capital Requirement of 730,000 EUR in order to guarantee the broker’s good financial standing and participation in Compensation Schemes, which provide additional assurance for investors’ funds up to a certain amount (85,000 GBP in the UK and 20,000 EUR in the EU).

Genix Markets is an unregulated, offshore broker so they are not bound by the rules and policies imposed by recognized regulatory bodies, which means investor funds are not protected and one may very well become a victim of fraud. We advise our readers not to invest with them as there is no guarantee for the safety of their funds.

Genix Markets Trading Software

The broker offers the MetaTrader 4 (MT4) trading platform, described in the FAQ section as an “MT4-inspired web-based platform”. There are no download links for the desktop or mobile versions, however. We were able to open it with a Demo account since as we saw above registering for a live account proved impossible.

We recommend investing with brokers that provide access to established trading software. MT4 is considered the world’s number one platform, preferred by over 80% of users. It offers an intuitive and user-friendly interface, advanced charting and analysis tools, as well as copy and auto-trade options. Its successor, the MetaTrader 5 (MT5), although not as popular yet, has some advantages – it allows traders to execute trades on different financial markets through a single account and there is a hedging option. It boasts various features such as additional order types (“Buy Stop Limit” and “Sell Stop Limit”) and a built-in e-mail service in which it outperforms the MT4. Recently, it surpassed MT4 in terms of the number of brokers offering it, but still lags behind in trading volume.

Genix Markets Trading Conditions

In the Accounts section we saw the broker promising to traders spreads from 0.0 pips for their most expensive account – if they invest a minimum of $10,000. Although not quite impossible – it would entail a commission of $7 per trading lot – it is hard to believe. Legitimate, regulated brokers would usually offer around 1 – 1.5 pips spread for the most traded currency pairs; anything wider than that makes the cost of trade very high and is not competitive at all. It guarantees hefty profits for the brokerage on the back of traders’ losses. In the MT4 demo version, however, we see a 2.2 pips spread for EURUSD, which is far from competitive.

Genix Markets advertises leverage up to 1:500, which is much higher than what most regulators allow – offshore brokers enjoy no restrictions on leverage. Leveraged trading provides huge profit potential, but also presents great risks, especially to inexperienced traders because any losses incurred will be multiplied. That is why, most regulatory authorities impose leverage caps for non-professional traders: in the USA it is 1:50, while for brokers licensed in the EU and the UK it is 1:30. The Australian Securities and Investments Commission (ASIC) also started restricting leverage for major currency pairs to 1:30 from March this year.

Genix Markets Deposit/Withdrawal Methods And Fees

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.

The minimum deposit amount is $250 which is more than twice what regulated brokers ask for. Generally this minimum is around S100, and there are some brokers offering micro accounts – you can start with as little as $10. The minimum withdrawal amount is $50, which is normal, but the withdrawal processing time of 7 business days is quite lengthy.

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.

The bonuses offered are another trick scammers use to lure investors, but as usual a precondition for making withdrawals after using the bonus/benefit is to buy options of 30 times the amount of the bonus/benefit plus the deposit amount, which basically makes the bonus unusable. Bonuses are prohibited by respectable regulating agencies as they are generally considered to be a part of a con scheme.

To sum up, we warn our reader that Genix Markets is not a regulated broker and investing money with them is a huge risk!

How does the scam work?

The most common scams are quite simple and straightforward and involve a multi-level scheme that usually goes by the following scenario. Internet users are lured by the numerous ads promising quick and easy fortunes by trading in the Forex world. When they click on such an ad they are redirected to a website tailored to the continuation of these false pledges, which asks them to register with their personal information. This data is then used by the scam brokers who immediately start to work on getting them to make an initial deposit of $200 – $300 by making even greater promises of big profits.

Once the users make their first deposit, the scam brokers get a fat commission on it. Now the senior scammers enter the scene. They are smooth talkers who will not stop at anything to convince traders that they are on their way to become very rich, if only they follow their advice and deposit more money to trade with.

Sooner or later the users will start suspecting something is not right and will want to withdraw their funds. This will not prove very easy, however. The scammer will do everything to delay their requests, by persuading them that now is not the right time, asking for additional documents, or referring to specific withdrawal clauses. This is also part of the scam since the con-artists are trying to delay the users from filing for chargeback with their financial institution, and they miss the time frame for such chargeback, traders will lose their money without a chance of getting it back.

What to do when scammed?

If you’re scammed you should immediately file for a chargeback with your credit card provider. Good news is that VISA and MasterCard recently extended the chargeback period to a year and a half in an effort to combat online fraud. If you deposited with bitcoin or bank wire there is not much chance.

If you provided the scammers with any bank account or credit card details, such as security codes or passwords, make sure to cancel the card and talk to your bank. Also, if you are being approached by any “recovery agencies” promising to get your money back for a fee, do not fall for that. This is a piggyback scam, using the vulnerability of recently defrauded people and their hope the fraud may be reversed, and it will not recover your funds. These so-called agents will collect their fee and you will never hear from them again.

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