Scam Brokers

Genesis Blockchain FX – Can You Trust Them?

Chainbits Staff | Publish date: 10/20/2022 (Last updated: October 31, 2022 12:54 PM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Genesis Blockchain FX - DO NOT TRADE WITH THIS PROVIDER

2.2/10

$100

Minimum Deposit

updated 2022

Try other platforms

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

Plus500 Review - Regulated broker

Plus500CY Ltdauthorized & regulated by CySEC

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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://genesisblockchainfx.com

Founded: 2022

Regulations: No Regulation

Languages: English

Deposit Methods: Stripe, Bitcoin, Ethereum, Litecoin

Minimum Deposit: $50

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Cryptocurrencies

Trading Accounts and Conditions

Genesis Blockchain FX offers their clients investment plans and not trading accounts. Here is what you get with this broker:

Starter Plan: The plan price is $50. The maximum deposit range of this plan is from $45 to $50. The duration of the plan is one month and, in that time, you are promised a weekly profit of 1%, a minimum guaranteed return of 4% and a maximum guaranteed return of 8%.

Despite the fact that the broker states that they have multiple investment plans, this is the only plan they have outlined.

There is no mention of asset classes and trading conditions are not specified. The broker only promises high leverages, fast executions of trades and a powerful trading platform.

Genesis Blockchain FX – Advantages

There are no advantages to trading with Genesis Blockchain FX.

Genesis Blockchain FX – Disadvantages

Here are all the red flags that tell us that we are dealing with a scammer:

Unregulated Broker Blacklisted by FCA

The first red flag that tells us that Genesis Blockchain FX is a scammer is that this broker is unregulated. The broker states on their homepage that their head office is located in London, England in the UK. There is contact number provided and we do not know the name of the company that owns this online brokerage.

To operate legally in the UK, Genesis Blockchain FX would need to be authorized by the Financial Conduct Authority, the jurisdiction’s financial regulator.

We checked the FCA’s online database and there is no company or broker by this name registered with the authority. In fact, we found out that the FCA has actually blacklisted this broker.

According to the FCA, Genesis Blockchain FX is operating without the appropriate authorization. The regulator states that this broker is not operating legally and is targeting UK traders. The authority also states that if you decide to do business with this broker, you will not be afforded the protection of the Financial Services Compensation Scheme and neither will you be able to seek the help of the Financial Ombudsman in case you are scammed.

There can be no clearer indication of a scam than a broker being blacklisted by a top regulator such as the FCA.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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.

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

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.

No Legal Documents

Genesis Blockchain FX has no legal documents in place – another red flag that tells us that this broker is a scammer.

All regulated brokers are legally required to present their legal documents clearly and in detail on their websites. These are the documents that act as the contract between you and the broker. They spell out exactly what services the broker is offering, at what price and on what conditions.

If you go ahead and register with a broker that has no legal documents, you are basically giving them all the freedom to do whatever they want with not just your money but also your personal details.

This is why we strongly advise all traders to read the legal documents carefully before signing up with a new broker.

No Trading Platform

Genesis Blockchain FX claims to offer their clients a powerful trading platform. However, when we checked, we realized that this broker doesn’t actually have any kind of a trading platform to speak of!

As soon as we opened an account with this broker and accessed their client area, we found out that there was no trading platform available at all. Now, considering the fact that this broker does not even have trading accounts in place and instead offers investment plans, it makes sense that they have not bothered to invest in a trading platform.

No Trading Conditions

Since there is no trading platform, it is pointless to talk about the fact that Genesis Blockchain FX does not have any trading conditions in place. However, the broker lies on their website and claims to offer fast order executions, high leverages and a wide range of assets.

Guaranteed Returns

Another red flag that all traders should watch out for is when a broker guarantees that you will make money if you invest with them. These brokers claim that all you need to do is invest your money with them, and then you can sit back and relax while you watch your investment grow exponentially.

Such promises are all lies.

The forex and cryptocurrency market are so volatile that 75% to 85% of all trades executed end up in losses. Even expert traders have to analyze market dynamics very carefully before they execute their trades – and even then, there is no guarantee that their investments will yield a profit.

No broker can promise you profits – it is just not possible.

Therefore, any broker that guarantees profits is a scammer.

Lies About Payment Methods

This broker also lies about the funding methods they offer. According to their website, you can make deposits using PayPal, PayStack, a bank card called Stripe and cryptocurrencies (Ethereum, Bitcoin, Litecoin).

When we checked their payment portal, the PayPal and PayStack options were disabled. The only ways that you can make payments are either through Stripe or by cryptocurrencies.

Both of these options are not safe. Stripe is an unknown entity and crypto transactions are permanent and anonymous. Using either of these options would mean never seeing your money again!

Poor Website

We also need to point out that one look at Genesis Blockchain FX’s website tells us that we are dealing with a scammer. The information presented is incomplete. There are many parts of the website that are just blank – like the website is a work in progress.

Conclusion

Genesis Blockchain FX is a scammer and cannot be trusted. Your funds are not safe with them.