Trade Genics review 2023: 5 things you should know about tradegenics.co

Beware! Trade Genics 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.

Despite its bold claims and sleek website, Trade Genics is nothing more than a scam in disguise. It has recently been exposed by the Italian financial regulator as an unauthorized firm that is offering its services outside the law. Not to mention that this website is virtually anonymous as there is no company name or registered address to be found.

And if this is not bad enough to turn you down, then keep in mind that this broker has a very unfavorable and even unfair policy regarding its deposit/withdrawal methods. You can find more details in the full review down below.

Trade Genics Regulation and safety of funds

Let’s start with the obvious – Trade Genics is an absolutely anonymous broker and we don’t know anything in particular about its true identity. To be precise, there’s no registered address nor a company name on the whole website. This fact alone is enough to bring this firm’s credibility down to zero.

But why stop here – there is another fact about this broker that happens to be even more worrisome. The financial authority of Italy – CONSOB, has recently blacklisted Trade Genics as an unauthorized firm. The watchdog also warns potential clients that this company is offering investment services against the law. See for yourself:

Apparently this broker is a total scam, so don’t deal with it for your own good!

Trade Genics Trading software

Trade Genics claims to offer a powerful and reliable WebTrader, which unfortunately we couldn’t see.

First of all, there’s no way to preview the platform beforehand. Secondly, for some reason we just couldn’t open an account with this broker. Whatever the reason, remember that Trade Genics is an outright scam that shouldn’t be trusted. It would be much wiser to turn to truly legitimate brokers who offer the well-known platforms of MetaTrader 4 or MetaTrader 5.

Trade Genics Trading instruments

Trade Genics claims to offer the usual assets – forex pairs, commodities, stocks, indices and cryptocurrencies. However, given the fact that we couldn’t register, we simply can’t confirm the above statement.

Trade Genics Spreads and cost of trading

On its website Trade Genics posts a chart of its account types. Take a look:

The spread promised for its Beginner account is 0.2 pips, which in general seems great without a doubt. However let’s not forget some essential details about this broker such as its exposure as an untrustworthy firm or the fact there might be some commissions ahead that are not specified yet. In addition, as we couldn’t see its trading software, we can’t confirm if these volumes are true or not.

Trade Genics Maximum leverage

Trade Genics claims its maximum leverage to be 1:500 for its Business account. Apart from that the rest of the accounts offer volumes of 1:100 and 1:300. All of these amounts are certainly too high and risky, so this broker can’t possibly be licensed. Just for reference, there’s a leverage restriction in most of the countries like 1:30 for the UK and the EU and 1:50 for the US.

Trade Genics Deposit and withdrawal methods

On its website Trade Genics claims to accept several different payment methods like Visa, Mastercard, bank transfer, wire transfer and some e-wallets, which are not specified.

However, as we couldn’t open an account here, we are not sure what payment options are really available.

Trade Genics Minimum deposit

The minimum deposit this broker asks for is 250 USD, which is a rather standard amount for the sector. Still, some reputable brokers tend to offer micro accounts for even less – around 10 or even 5 USD.

Trade Genics Withdrawal requirements

In its Terms and Conditions this broker explains all the requirements regarding its deposits and withdrawals. Let’s warn you straight away that these conditions are not favorable at least to say.

First of all, Trade Genics requires some fees upon any withdrawal request – 50 USD for wire transfers, 25 USD for credit cards plus a processing fee of 10 USD and 25 USD for e-wallet payments. These amounts are highly disadvantageous and unfair, so better avoid depositing here.

The minimum withdrawal for wire transfers is said to be 250 USD, while any other payment method requires 100 USD of minimum withdrawal. Still, don’t forget the fees stated above which make investing here not advisable for sure. Take a look yourself:

In addition, this broker states that if you have not logged in and traded from your account within six months, your account will be subject to a deduction of 10% each month!

One is for sure – this broker is a total scam which tries to rip off unwitting customers. Avoid investing even a red cent here!