Genesis Blockchain Review – Truth Behind This Scam Broker
Genesis Blockchain, The website itself looks as if it was completed in a day, there’s almost no information about any aspect of this scammer’s business.
There’s a UK address and a partial contact number with a Nigeria area code though, which can serve as a first red flag.
The address didn’t reveal much as we found a lot of different businesses using it. After checking Genesis Blockchain’s domain, we learned it’s only 2 months old.
We’ll discuss all in more detail down below, so be sure to continue reading our Genesis Blockchain Review.
|Company||Genesis Blockchain FX|
|Address||128 City Road, London, United Kingdom, EC1V 2NX|
Genesis Blockchain Regulation and Security of Funds
The UK address listed on the website suggests that this broker should have been authorized and regulated by the Financial Conduct Authority (FCA). Instead of the name in the database, we found a warning issued by the FCA a couple of days prior. The warning stated that this fraudulent broker is unauthorized and should be avoided.
Nigeria, the second-largest African retail online forex market, has the Central Bank of Nigeria (CBN) as a regulatory body. Genesis Blockchain couldn’t be found in their register either.
Based on all the above and the fact that there’s no mention of segregated accounts or negative balance protection, it’s clear that your funds are not safe with this scam broker.
Genesis Blockchain-Supported Trading Platform
This unscrupulous broker claims that their clients will get access to a customized trading platform called Online Trade. This is not true, as there’s no trading platform available after registering and depositing money.
The trading platform is the second most important factor to consider when choosing a broker. Most regulated brokers provide clients with MetaTrader platforms, MT4 and MT5, which have been the industry standard for years now.
We strongly advise testing the waters by signing up with a Demo account first. Most regulated brokers offer this option, and it’s a great way to check if what’s offered suits you, risk-free and free of charge.
Deposit and Withdrawal Options
This phony brokerage offers only one investment plan rather than account types.
The minimum deposit required to invest with this scammer is $45. Allegedly, this investment plan doesn’t come with any risks as the minimum and maximum returns are fixed at $4 and $8.
With this idea of trading, it’s still unclear why they even bothered mentioning high leverage and tight spreads.
Making deposits is reportedly possible with PayPal, PayStack, wire transfer, crypto, or Stripe (to pay with a credit or debit card), but when it came to finishing the transaction, only crypto and Stripe options were available.
This Is How the Fraud Conducted
Forex scams are usually done in the same manner. Huge profits obtained with little effort are advertised either through Google ads, social media, or directly via emails and phone calls.
Bonuses and fake profits are also some of the ways people are lured into depositing their assets.
And once the deposit is made, withdrawal rejections start. Some ways used to discourage people from withdrawing money are high transaction fees and unachievable requirements that would have to be met to be eligible for a withdrawal.
Highly Recommended Forex Brokers
Unregulated brokers often operate offshore while remaining anonymous and off the regulatory radar. Once a trader gets scammed, there’s no authority like the Financial Ombudsman Service to ask for help and no one to start legal action against.
On the other hand, Tier 1 regulated brokerages are obligated to follow strict rules which mostly work for the trader’s benefit.
Security of funds, transparency, and negative balance protection are just some very strong reasons you should invest with a regulated and legitimate forex broker. Check out our list of reliable and legitimate brokers’ recommendations below.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||Xm.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||Fbs.com|
Genesis Blockchain Summary
Genesis Blockchain is a poorly thought-out online trading scam. FCA’s warning against Genesis Blockchain clearly states that this brokerage is unregulated, unreliable, and a risk to your investments.
A brokerage that remains anonymous and lies about its regulatory status is not safe and investing in them would be a costly mistake.
Think twice before taking a risk while investing your money. If unsure of where to start, you can always check the Financial Services Register and start from there.
FAQs About Genesis Blockchain Broker
Is Genesis Blockchain Regulated Broker?
Genesis Blockchain is not a regulated broker. This broker was blacklisted by the FCA in the UK.
What Is the Minimum Deposit at Genesis Blockchain?
The minimum deposit needed to buy the investment plan at Genesis Blockchain is $50.
What Account Types are Available at Genesis Blockchain?
There are no account types to choose from, the only option available is to buy an investment plan.