Geneva Capital Group – Are They Safe?

Website URL: https://genevacapitalgroup.com

Founded: N/A

Regulations: Not Regulated

Languages: English, German

Deposit Methods: Credit/Debit Card, Skrill, Neteller, Bank Wire, Yandex, WebMoney, iDEAL, QIWI

Minimum Deposit: 5,000 Euros

Free Demo Account: None Available

Number of Assets: N/A

Types of Assets: Forex, Cryptos, Indices, Stocks, Commodities

Trading Accounts and Conditions

Geneva Capital Group offers its customers the following trading accounts:

• Silver: The minimum deposit for this account is 5,000 Euros.
• Gold: You need to make a minimum deposit of 10,000 Euros to use this account.
• Platinum: To use this account type, you need to make an initial deposit of 25,000 Euros.
• Pre-Diamond: For this account type, your minimum deposit needs to be 50,000 Euros.
• Diamond: The Diamond account requires a minimum deposit of 100,000 Euros.
• VIP: To trade on this broker’s VIP account, you need to make a deposit of at least 250,000 Euros.

While this broker has not given details about its trading conditions, we were able to register for an account and found out that the leverage ratio offered by them stands at 1:100. We also saw that the spreads offered for the EURUSD currency pair is at 3 pips.

Geneva Capital Group – Advantages

We do not believe that there are any advantages to trading with Geneva Capital Group, so we have left this section of our review empty.

Geneva Capital Group – Disadvantages

Here are the disadvantages of Geneva Capital Group:

• Unregulated Broker

Geneva Capital Group claims to be owned and operated by a company by the name of Geo Tec AG which is based in St. Vincent and the Grenadines (SVG). This makes the brokerage an offshore firm. While this in itself is not an issue, the problem is that the SVG financial regulator has issued notices that it does not regulate forex and CFD brokers.

And since the broker has not mentioned having a license with another other regulator, this means that Geneva Capital Group is operating without proper authorization, and is therefore unregulated.

Plus500

$100

Minimum Deposit

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Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

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• Clone Firm Blacklisted by FINMA

We need to warn all traders that Geneva Capital Group is a clone firm. A clone firm is one that uses the details of a legitimate company in order to trick unwary traders into investing with them.

The Swiss financial regulator FINMA (Financial Market Supervisory Authority) has blacklisted this broker for this very reason. The regulator issued a public warning that www.genevacapitalgroup.com is a clone firm and should not be confused with the two regulated companies Geneva Capital Group SA Zurich and Geneva Capital Group SA (these two companies use the domain www.gcg.com). Neither of these companies is associated with this brokerage.

• No Trading Conditions Provided

There is no information on Geneva Capital Group’s website about their trading conditions. What little we were able to find out was by opening a live account so that we could check the trading conditions for ourselves.

This lack of transparency is yet another trick employed by scammers. The only way a trader will get to know about the trading costs is being creating a live account and depositing real money with this broker, but by that time, it will be too late to do anything about it.

• No Demo Account

We were forced to open a live account with this broker because they do not offer their clients a free demo account.

A demo account is important because it lets traders check the trading conditions for themselves. It also allows traders to check the quality of the platform offered by a broker.

Scammers avoid providing their customers with this feature since they do not want them to know what kind of trading conditions traders are going to get.

• Web-Based Trading Interface

After registering for an account with Geneva Capital Group, we found out that this broker offers an unknown web-based trading platform that is simple and with few analytics tools.

This type of a platform pales in comparison to the platform offered by most other brokers – the MetaTrader 4 software. This platform is not only easy to use, it also offers its users world class charting tools, a plethora of technical indicators and multiple automatic trading robots. And all of these features can be customized.

• High Spreads

When we logged into the platform, we found that the EURUSD currency pair’s spread was at 3 pips, which is more than 2 times as high as the market average. This kind of spread is also disadvantageous for traders, as it profits the broker and increases the cost of trading for you.

Just as a reference point, decent spreads range between 1 pip and 1.5 pips for the EURUSD pair.

• Very High Minimum Deposit Requirement

The minimum deposit you are required to make if you wish to trade with Geneva Capital Group is 5,000 Euros, which is ridiculously high. The market average ranges from $100 to $250, and there are also many very good brokerages that require you to deposit only $5 to begin trading on their platforms.

Such a high minimum deposit requirement clearly points to a scam.

Conclusion

Geneva Capital Group is clearly a scammer that all traders should keep away from. It is an offshore, unregulated broker that has stolen the identity of a legitimate company in order to trick unschooled traders into investing their hard-earned money with them. This brokerage has already been blacklisted by the Swiss authorities, which is enough of a warning to everyone.

If you are really interested in trading in the forex market using online brokerages, then we recommend that you look for one that is strongly regulated and is transparent about its trading conditions and also offers you a chance to test them for yourself.

Geneva Capital Group

2.3

User Experience

3.0/10

Payment Options

2.0/10

Security

2.1/10

Support

2.2/10

Reputation

2.3/10

Pros

• None

Cons

• Unregulated Broker
• Clone Firm Blacklisted by FINMA
• No Trading Conditions Provided
• No Demo Account
• Web-Based Trading Interface