Genesis Trade is a questionable broker that makes misleading claims to lure unsuspecting investors. For example, it claims to offer deposit insurance, supposedly giving traders financial security by protecting their funds.
- Broker: Genesis Trade.
- Website: genesistr.com.
- Email: support@genesistrade.net.
- Telephone Number: +447488875122.
Claiming to be based in London, UK, the broker lists the following number as its registration: 15923548. However, it does not specify which type of registration this number refers to. Businesses often have different registration numbers, such as those issued by local authorities or an industry regulator like the Financial Conduct Authority (FCA). The FCA oversees brokers and financial service providers operating in the UK.
Genesis Trade’s failure to clarify what its listed registration number represents seems to be a deliberate attempt to mislead, creating the false impression that it is a registered and legitimate trading platform.
Unless the registration number was issued by the industry regulator, there’s no assurance that this broker is trustworthy. The business may simply be registered for tax purposes by local authorities, who usually don’t verify whether a company complies with industry regulations. Ensuring compliance in any given industry is normally the role of the regulator.
Either way, we suspect that the registration number listed by Genesis Trade is either fake or was issued by local authorities solely for tax purposes and does not prove that the broker meets industry regulations or standards. This suspicion arises because the registration number or the company’s name doesn’t appear on the FCA’s public registry of regulated online trading platforms or brokers.
Other Serious Red Flags About genesistr.com
1. Limited Reviews of Genesis Trade Raise Red Flags
While searching for “Genesis Trade Reviews” online, I found only two reviews of this broker, both warning that it might be a scam. However, both reviews were published on lesser-known platforms.
The first is from finchronicles.com; here’s the link: https://finchronicles.com/invest-scams/genesistr-com-reviews-broker-or-scam/. The second is a YouTube broker review channel called Liberty Reviews. You can watch it here: https://www.youtube.com/watch?v=WCU49IkvsC4.
This situation raises several key points about the credibility and reputation of Genesis Trade, which operates under the domain genesistr.com.
For instance, the reviews explicitly warn that Genesis Trade might be a scam. This negative sentiment serves as a caution to potential investors, suggesting there may be legitimate concerns regarding the broker’s practices. Additionally, the fact that only two reviews exist indicates a lack of information about it, which raises suspicions about its legitimacy.
However, let me clarify: I’m not saying that the limited number of reviews necessarily implies that it’s a scam. After all, the website is relatively new, having been around for only about four months. This could explain its limited popularity. Nonetheless, the fact that the only two available reviews rate it negatively, along with other red flags, suggests that it may not be a reliable online trading platform
2. Genesis Trade Lacks Transparency
This can be seen from various aspects of the company. For example, it does not provide sufficient information about its ownership, corporate structure, or team, leaving you questioning who is behind the operations and whether they are legitimate and trustworthy. Additionally, the company fails to disclose its fees and other charges.
The absence of this crucial information only heightens concerns about Genesis Trade’s overall lack of transparency. This opaqueness could suggest that the broker is deliberately withholding information from the public. After all, legitimate brokers typically aim to be as transparent as possible by providing essential details about their business, operations, fees, and policies.
3. Misleading Founding Date Details
The Genesis Trade website further claims that the company was founded in 2010 by experienced traders and financial analysts. Upon running the domain https://genesistr.com on scamadviser.com, we learned that this domain is only 4 months old. This statement implies that the so-called broker is being deceptive about its history. Such behavior is normally seen with fraudulent online trading platforms trying to appear more established than they actually are. Some dubious platforms using this deceptive tactic include; Ollyn Investment PTE LTD and BCHWorld which currently operates under a new domain bchworldeau.com.
4. Identity Misrepresentation
The broker displays photos of its purported staff. However, we found that these images are actually photos stolen from other websites. This highly deceptive tactic is known as “Identity Misrepresentation”. Many scammers use it to give traders the false impression that they are dealing with real, experienced professionals.
By using generic stock images, the broker creates a misleading sense of legitimacy and credibility, implying that it has a qualified team of financial experts, when in reality, these individuals may not exist. This tactic is often used by fraudulent platforms to foster trust and attract unsuspecting investors, who believe they are working with a professional and transparent team. Such behavior raises serious concerns about the broker’s authenticity and overall trustworthiness.
Is a Genesis Trade App Available?
The short answer is NO. If you are searching for a Genesis Trade app, I’m sorry to inform you that this scam broker is currently available only as a web-based platform and not as a mobile or desktop app.
Verdict
The verdict is that Genesis Trade is not a recommendable online trading platform. This is because the broker presents numerous red flags that cast significant doubt on its legitimacy.
For instance, it falsely claims to offer deposit insurance and vaguely lists a registration number without clarifying whether this number is from a regulatory authority like the FCA. This lack of clarity raises suspicions that the number may be either fake or issued by local authorities solely for tax purposes, which does not equate to regulatory compliance.
Moreover, Genesis Trade fails to provide information about the company’s ownership, fees, and other essential information. This lack of transparency further diminishes its credibility.
Additionally, the entity’s claim of being founded in 2010 does not correspond with its domain age of only four months, suggesting deception.
Lastly, the broker’s use of stolen images to represent its so-called staff and only two negative reviews online, makes it a highly questionable platform that potential investors should avoid.
In short, its misleading claims, lack of transparency, and other questionable tactics strongly suggest it could be a scam.
Pursue Your Funds
Have you lost money to Genesis Trade or a similar scam broker? If so, go to this page to report your case and pursue your funds. Or send an email to scamread@scamreader.info.
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