GensMarkets Review: About GensMarkets
At first glance, GensMarkets may appear to be a reputable broker, but the mere presence of an appealing website is not a valid indicator of its legitimacy. In reality, it’s another unidentifiable, unregulated entity attempting to deceive you into making investments with them. Read this complete GensMarkets review and know why we do not recommend this broker for online trading and added it to our scam brokers page.
Website – https://www.gensmarkets.com/
Address – 25 Bank St, London E14 5JP, United Kingdom
Regulation Status – Unregulated
Warning – Autorité des marchés financiers (Quebec)
Domain Age –
|February 02, 2023
|9 months, 5 days, 20 hours, 23 minutes, 48 seconds
GensMarkets Review: Lack of Regulation
Gen Markets made considerable efforts to downplay the importance of holding a robust license. The broker continuously emphasized that assessing one’s intentions solely based on regulatory oversight is not the sole criterion. They also mentioned that they are in the process of achieving regulatory compliance and are awaiting a decision from the authorities.
It’s essential to note that gensmarkets.com claims to be a UK-based broker. However, no legitimate UK broker can operate without a valid local license already in place. The information provided by GensMarkets appears to be misleading. As they are not presently regulated by the respected FCA (Financial Conduct Authority), they lack the authorization to provide financial services.
Trading Platform and Referral Code Requirement
Gensmarkets.com offered access to a web-based trading platform, although we were not granted the opportunity to test it firsthand. The broker declined our request to create an account, insisting on the necessity of a referral code. This insistence on referral codes aligns with the common tactics employed by fraudulent brokers, who typically distribute such codes through phone or email, handpicking their clients selectively. This strategy enables the scam to operate discreetly for an extended duration.
Trading Conditions: Leverages and Spreads
GensMarkets’ website advertises trading options in Forex, Commodities, Stocks, Indices, and Cryptocurrencies. However, without the ability to create an account, we cannot verify this information. What’s more, GensMarkets did not disclose any details regarding expected spreads or the maximum leverage they offer to clients for trading. Legitimate brokers typically prioritize providing this vital trading condition information, but these fraudulent operators have chosen not to do so.
GensMarkets Review: Payment Methods
In its Terms and Conditions, the broker mentions wire transfers, credit/debit cards, and unspecified e-wallets as potential payment methods. However, we lack specific proof to confirm whether this broker offers all of these secure deposit options.
High Minimum Deposit
Perhaps one of the most shocking aspects of GensMarkets is its exorbitantly high minimum deposit requirement. GensMarkets imposes an exorbitantly high minimum deposit requirement, amounting to as much as €10,000. Numerous reputable brokers allow you to commence trading with a significantly lower initial investment.
GensMarkets Review: Withdrawal Uncertainty
Another alarming aspect is the lack of information regarding withdrawal requirements. The broker’s Terms and Conditions are notably vague and offer little insight into how investors can access their funds. We strongly advise thorough examination of the legal documentation to ensure that a particular broker is not attempting to engage in fraudulent activities.
GensMarkets Review: Conclusion
It’s important to exercise when considering any broker for your investments. GensMarkets suspicious practices and lack of regulation make it an unwise choice for traders. Always thoroughly review a broker’s regulatory status, trading conditions, and withdrawal procedures before committing any funds.
In GensMarkets review conclusion, GensMarkets exhibits a concerning pattern of behavior that should deter investors from engaging with this broker. The absence of regulatory oversight, obscure trading conditions, and a daunting minimum deposit requirement all point to a potential scam.
If you find yourself victimized by a GensMarkets scam or any fraudulent scheme, there is an active recourse for pursuing a resolution. Just complete a complaint form on our website, and you will get a free consultation with our specialists to explore the process of potentially recovering your funds.
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