Geneon Invest – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Geneon Invest - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://geneoninvest.co
Founded: 2020
Regulations: None
Languages: English, German, Russian, Bulgarian, Czech, Italian, Polish, Romanian, Spanish, Serbian
Deposit Methods: Credit Cards, Secure Payments Gateway, Bitcoin, Cryptocurrencies, Ethereum, USDT
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: 2000+
Types of Assets: CFDs on Indices, Stocks, Commodities, Currencies, Cryptocurrencies
Trading Accounts and Conditions
Geneon Invest claims to have an account for every trader; here is what they offer:
- Mini: The minimum funding amount is $250. The leverage is up to 1:10. The execution of orders starts from 0.05c. There are minimum commissions.
- Standard: The minimum funding amount is $1,000. The leverage is up to 1:30. The execution of orders starts from 0.05c. There are minimum commissions.
- Classic: The minimum funding amount is $5,000. The leverage is up to 1:50. The execution of orders starts from 0.05c. There are fees available, but the broker does not specify how much.
- VIP: The minimum funding amount is $10,000. The leverage is up to 1:100. The execution of order starts from 0.05c. There are commissions charged, but once again, the broker does not specify.
On their website, the broker claims that if you choose their VIP account, then you can get a leverage of up to 1:200. However, the broker does not tell us anything about the spreads. We had to register for an account to check the spreads for ourselves, which we found were at 3 pips for the EURUSD.
Geneon Invest – Advantages
We could not find anything positive to say about Geneon Invest. This broker is a scammer.
Geneon Invest – Disadvantages
Listed below are the issues that we have found that tell us that Geneon Invest is a scammer:
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No Regulation
Geneon Invest claims to be owned and operated by a company called Dawg Solutions LLC. This company’s registration number is 1728 LLC 2022, and the broker is registered in St. Vincent and the Grenadines (that is the address provided along with the registration number).
There is no contact information provided either; on their Contact Us page, the broker only repeats their SVG address and there is a contact form that traders can use to contact this broker. There is no telephone number provided at all.
Considering that this broker has not provided any other information with regard to their registration and licensing status, we need to point out that an SVG registration means very little. The SVG FSA (Financial Services Authority) has clearly stated on their website that they do not regulate forex and CFD brokerages. This means that even if Geneon Invest is registered with the SVG FSA, it is definitely not regulated.
Having clarified this, we need to let our readers know that we carried out a search on the SVG FSA’s website. We found out that there is no company by the name of Dawn Solutions LLC listed with the regulator, which means that the very claim this broker makes of being registered with the SVG FSA is a lie.
Thus, we can say for certain that we are dealing with an anonymous and unregulated entity – a scam operation.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Issues with Trading Software
On their website, Geneon Invest claims to offer two types of trading software: one is a web-based platform and the other one is something they call Geneontrader.
We decided to check out what this broker was actually offering, so we registered for an account with them. The process was very quick. In fact, too quick. We did not need to provide any verification documents at all. Rather suspicious. And here is something else that is interesting. As soon as we registered and entered the client area, the language became Russian, and we had to manually revert to English.
We also noticed that there aren’t two trading platforms. There is only one and it is the web trader by Trading View. This software is quite basic and, while it tolerable for beginners, it does nothing for more advanced traders.
So, we were shown more lies here too! Just another part of this broker scam.
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Issues with Trading Conditions
As with all other scam brokers, we have also unearthed issues with Geneon Invest’s trading conditions.
First, the minimum funding amount. For a Mini account, you need to deposit $250, which is on the higher side. Most legitimate brokers offer you a chance to open an account with them for $100 to $200, and there are many more today that allow you to open an account with them for much less – around the $10 to $50 range. So, this amount is too much.
The leverage seems quite okay for the beginner accounts, but is rather high for the higher-end accounts. A maximum leverage of 1:200 is too much; it is too risky and also illegal in most of the countries that this broker is targeting.
And finally, this broker does not bother telling us about the spreads they offer. We had to check their trading platform, and the 3-pip spread they offer is so high that it is disadvantageous for all traders.
The lack of transparency, the incomplete information, all tell us that Geneon Invest is a scammer.
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Issues with Payments
This broker claims to offer 6 different payment options, however when you check, you realize that 4 of those 6 are actually cryptocurrencies. This is typical of scammers, where they would lead you into paying via cryptos. This is because all crypto transactions are unchangeable and they also cannot be traced. Which means that your money once gone, can never be regained.
The broker also states that they charge fees and commissions, as well as bonuses and promotions, but they do not specify anything more. Another clear sign of their scam!
Conclusion
Geneon Invest is not a broker to be trusted. It would be best to find a legitimate broker to invest with instead.
Geneon Invest
Pros
- None
Cons
- Lack of Regulation
- Issues with Trading Software
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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