In this Genetrade Review, we will look at the Genetrade broker in detail to see if it is a legit broker to trade with. Below is the summary of Genetrade broker.
Summary
| Assets Available | 3 Asset Classes – Forex – Equity Indices and Precious Metals |
| Regulated by | International Financial Services Commission (IFSC) |
| No. of Trading Platforms | 3 platforms – Mt4 for desktop, web and mobile |
| Leverage | 1:1000 |
| Spreads | Starting at 1 pip |
| Commission | No commissions |
| Min Deposit | $5 |
| Demo Account | Yes |
| Education Provided | No education provided |
| Deposit Methods | Credit card, debit card, Skrill, PayTrust, BitWallet, Neteller |
| Withdrawal Methods | Credit card, debit card, Skrill, PayTrust, BitWallet, Neteller, Bankwire Transfer |
| Negative Balance Protection | Yes |
Top Forex Brokers
Broker Background
Genetrade is broker and a trading platform provider who is regulated by International Financial Services Commission (IFSC). Now let’s look at what platforms Genetrade provides.
Trading Platforms
The only main trading platform provided by GeneTrade is the Metatrader 4 trading platform. Metatrader 4 platform works on desktop, mobile and on the web. Metatrader 4 is a great trading platform used by millions of forex traders worldwide. MetaTrader 4 trading platform has all the tools necessary to execute trades and it supports algorithmic trading as well.
Asset Classes Available For Trading
There are only 3 asset classes that you can trade with GeneTrade. These are Forex, Equity indices and Precious Metals.
Forex
GeneTrade provides you with range of Forex currency pairs including majors, crosses and exotics.
Indices
GeneTrade provides you with a range of equity indices such as S&P500, NASDAQ Composite, Nikkei 225, FTSE 100, ASX200 and HSI.
Precious Metals
GeneTrade provides you with precious metals such as gold, silver, and platinum that you can trade on their platform.
Regulations
Genetrade is only regulated by International Financial Services Commission (IFSC) which is not a tier 1 regulator. We prefer brokers that are regulated by top tier regulators such as ASIC & FMA.
Account Types
Genetrade broker provides 2 different account types called Micro and Standard account. The following table shows the comparison between these two account types.
| Micro | Standard |
|---|---|
| Base Currency Options – USD, EUR, GBP, JPY, HUF, PLN, ZAR | Base Currency Options – USD, EUR, GBP, JPY, HUF, PLN, ZAR |
| Contract Size – 1 Lot = 1,000 | Contract Size – 1 Lot = 100,000 |
| Leverage – 1:1 up to 1:1000 | Leverage – 1:1 up to 1:1000 |
| Spread – As low as 1 pip | Spread – As low as 1 pip |
| Commission – No Commissions | Commission – No Commissions |
| Islamic Account – Optional | Islamic Account – Optional |
| Hedging Allowed – Yes | Hedging Allowed – Yes |
| Account Manager – Yes | Account Manager – Yes |
| Minimum Deposit – $5 | Minimum Deposit – $5 |
Commissions And Spreads
GeneTrade does not charge commissions. The spreads starts from 1 pip which is high compared to other brokers. Below is a comparison of spreads of GeneTrade to other brokers.
| Broker | Spreads |
|---|---|
| GenTrade | lowest 1 pip |
| XM | lowest 0.6 pips |
| BlackBull Markets | lowest 0.8 pips |
Leverage
GeneTrade provides a leverage of up to 1:1000. This is higher than industry average which is 1:500. Trading with very high leverage is risky, but if you are confident with your trading then having access to high leverage can be an advantage for you.
Education Provided
GeneraTrade does not provide any forex trading education. We personally don’t expect a broker to provide trading education. If you need forex trading education check out our complete forex trading guide.
Minimum Deposit
To trade with GeneTrade a minimum deposit of $5 is required. This is quite low and great for beginners. This is lower than industry average which is at least $10 minimum deposit.
Awards
This broker has not won any awards.
Methods Of Payment (Deposit and Withdrawal)
GeneTrade provides a range of payment methods for both depositing funds and withdrawing funds. These include Credit card, debit card, Skrill, PayTrust, BitWallet, Neteller.
Customer Service
GeneTrade provides 24/5 customer service through email only. No phone or WhatsApp. You can contact their support desk, affiliate department, back office and sales department 24/5 through email.
Pros & Cons
| Pros | Cons |
|---|---|
| Zero commissions | High spreads starting at 1 pip |
| High leverage 1:1000 | No tier 1 regulation |
| MetaTrader 4 Platform | Offshore licence |
| Low deposit of $5 minimum | No MetaTrader 5 platform |
| No Awards |
Demo Accounts
GeneTrade broker does provide you with a demo account to practice your trading. Most brokers provide demo accounts so it is expected.
Is this broker legit?
This broker has an offshore licence and is not regulated by a tier 1 regulator like ASIC. We recommend you trade with a broker that is regulated by a top tier regulator like ASIC. The following table shows brokers regulated by top tier regulators.
