GeneTrade Forex broker review — Everything you need to know

Genetrade.com is a trading name of Genius Trading LTD, which operates the website of GeneTrade. The broker is based in Belize, which is an offshore jurisdiction. The broker offers several account types and diverse asset access.

In this unbiased review of GeneTrade FX broker, we will evaluate its safety, accounts, platforms, spreads, profit withdrawals, support, and many more.

GeneTrade Overview of the website

The website of GeneTrade is modern-looking and user-friendly. It is responsive, and users can quickly navigate around to find crucial details about trading services like accounts, platforms, and so on. The website is not overcrowded by unnecessary colors, and everything is well-ordered, which is crucial for a broker’s website. Details about funding options and profit withdrawals are given in a dedicated menu, and everything is really easy to find, which is convenient for beginners. The live chat is available at the side panel and is built directly into the website, which makes it easy to use and comfortable.

Overall, the website is excellent and enables users to quickly find all crucial details about trading services, and contacting the support personnel is simple using the live chat plugin.

GeneTrade Safety and Policies

Safety is the number one concern for traders, and GeneTrade is an offshore broker, which makes it risky. The broker is regulated in Belize, which is a popular destination for Forex brokers. Genius Trading LTD is regulated by the International Financial Services Commission (FSC), and the license number is also provided on the website transparently, which is a positive sign. The broker keeps traders’ funds in segregated bank accounts, meaning traders’ money is kept in separate accounts from the broker’s operational funds. This is a crucial safety policy and is the number one safeguard against unethical practices.

The broker does offer negative balance protection, meaning your account won’t drop below zero even during volatile market conditions, which is a crucial policy, especially for beginner traders who love to abuse high leverage. GeneTrade offers up to 1:1000 leverage, and the NBP policy protects traders from becoming liable for losses beyond their account balance.

GeneTrade Accounts Reviewed

GeneTrade account types are two: Micro and Standard. The micro account is for low-budget trading, and it is a cent account, which is suitable for beginners or traders who have a low budget and want to test their strategies in a live market environment. The standard account lot size is 100,000 units. Let’s briefly explore and compare both accounts to see whether GeneTrade broker is truly competitive.

GeneTrade Micro Account

The Micro account has the following trading conditions:

• Minimum deposit – 5 USD
• Maximum leverage – 1:1000
• Spreads – From 1 pip
• Commissions – 0 USD
• 1 lot – 1,000 units
• Minimum lot size – 0.01 lots
• Islamic variation – Optional

GeneTrade Standard Account

The standard account offers very similar conditions, but the lot size is standard. Here are its specs:

• Minimum deposit – 5 USD
• Maximum leverage – 1:1000
• Spreads – From 1 pip
• Commissions – 0 USD
• 1 lot – 100,000 units
• Minimum lot size – 0.01 lots
• Islamic variation – Optional

As we can see, the broker is very competitive as it has low spreads (well within the industry average of 1 pip) and low minimum deposit requirements. The only downside is that it does not offer ECN accounts for zero-spread trading opportunities, which is a downside for sure.

Deposit and withdrawal options at GeneTrade

Payment options available at GeneTrade are numerous, including bank cards such as Visa, MasterCard, UnionPay, and Visa Electron, as well as e-wallets like Skrill, PayTrust, BitWallet, and Neteller. Deposits via bank cards are instant and commission-free, while Skrill has a 2% fee. Traders must use the same method for both deposits and withdrawals. However, if they request withdrawals using a method other than the one used for deposits, the system will automatically send the funds to the deposit method. The processing times are mostly under 24 hours, which is competitive.

GeneTrade Assets — What can you trade?

GeneTrade falls short when it comes to market access as traders can only speculate on metals, FX pairs, and equity indices. There are no cryptos and stocks available. The lack of crypto assets is especially disadvantageous, as many FX traders love to also invest in Bitcoin and other top cryptos. Despite this, spreads are competitive, and leverage is more than enough to control large positions, but a cautious approach is advised.

Trading platforms of GeneTrade

The broker allows access to the popular advanced platform, MetaTrader 4 (MT4), which is a standalone trading software. The broker allows traders to use hedging, Expert Advisors, and custom indicators, enabling them to employ the full capacity of MT4. Mobile trading is available via the MT4 mobile app. It would be better if the broker offered MT5 for mobile trading, as it is more advanced and modern than MT4.

Education at GeneTrade

GeneTrade lacks educational services. It does not offer webinars, trading courses, or video guides, which is a serious drawback for beginners. There are brief explanations and an overview for each asset type that the broker allows access to, but it can not be used as a replacement for a proper trading education. Furthermore, there are no market analysis tools available to gain market insights and increase trading accuracy.

GeneTrade Customer Support

Customer support experience at GeneTrade is excellent as the broker offers email, phone support, and phone support options. There is also a FAQ section, and all of this is built into the side panel, making support both quick and easy. The broker offers its customer support services and website in a multitude of different languages, making it a multilingual FX broker.

GeneTrade bonuses and promotions

GeneTrade has a dedicated section on its website for bonuses and promotions. Currently, GeneTrade provides three promotional events, a 20% deposit bonus (up to 5000 USD), zero fees on deposits, and free VPS services. The VPS is useful for automated trading as it enables seamless 24/7 trading operations using cloud servers.

Is GeneTrade your broker? Final verdict

GeneTrade is an offshore broker offering MT4, beginner-friendly accounts, and competitive spreads. With just 5 USD deposits and 1:1000 leverage, it is suitable for entry-level FX traders. However, it lacks asset variety, MT5 access, and educational resources and tools. Transparency and negative balance protection are pluses, but caution is still advised due to the offshore license, which is not as reliable.

FAQs on GeneTrade broker

Where is GeneTrade based?

GeneTrade is based in Belize, and the broker is also regulated there by the FSC.

Can you withdraw from GeneTrade?

Yes, withdrawals are available via a multitude of different payment methods and are typically processed within 24 hours.