Genetix.Club review – 5 things you should know genetix.club
Who would have ever guessed that Genetix.Club is a forex broker. Not us for sure. And we are more than sure that most of our readers wouldn’t have guessed it to be a brokerage either. But you have to name your shady company somehow right? Genetix.Club would be the last name to come up in our mind. The name is of course instantly instinctively linked to the field of genetics, which has absolutely nothing to do with Forex as you might have guessed. And this is just the name we’re talking about here. The rest of the broker is actually your typical scammer firm. Read the review for more.
A simple and easy registration has always been a very indicative element of any broker. The reason for this is simple. If a firm lets anybody in, it is more often than not desperate for deposits. Or as it is in most scammer broker cases it’s just pure greed.
Nevertheless, the user area contains all the necessary options and subpages yet its simplicity did not do a good job of hiding the overall shadiness of it all.
We find on the website a very insignificant mention of a leverage capped at 1:20 which is not the most popular value used by scammer brokers. Usually, it goes way above that. And it actually does go beyond that value. The trading software reveals a leverage of 1:200. This obvious inconsistency is yet another subtle sign of the illegitimacy of the broker.
The web trader reveals the most common tradable assets: forex currency pairs, indices, indexes, and cryptocurrencies. The EUR/USD cost of trade is 3 Pips, a value that is not worth the investment. Actually, the only beneficiary here would be the broker.
The website is available only in English.
GENETIX.CLUB REGULATION AND SAFETY OF FUNDS
The only reasonable thing we can talk about that would be relevant to the section of the review is the supposed address of the broker in Estonia. This country has long been a martyr for scammer brokers for a reason that is not very clear to us because Estonia actually has a forex regulator. With that said, the regulator in Estonia does not oversee this broker.
By far one of the biggest vices committed by the broker is its lack of legal documents. There is nothing keeping the broker at bay. The legal provisions that usually work in favor of the security and safety of the user are missing. Therefore the user is not safe while using this website.
There isn’t anything else to work with here concerning a license. That is why we will jump straight to the conclusion.
The broker is without a doubt UNREGULATED and a risk to all users.
We recommend to our readers any of the UK, EU, US, or Aussie brokers that we have reviewed on our website. Each one of these brokers guarantees a secure and user-friendly trading experience, unlike all unlicensed brokers whose main aim, and only, is to steal from clients. Legitimate brokers have to abide by a huge set of rules and requirements that cannot be ignored. If they chose to do so the regulators will penalize them accordingly.
Also, both the FCA and CySEC offer very helpful compensation schemes, that refund users their money in case their broker declares bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
GENETIX.CLUB TRADING SOFTWARE
Here we have a very popular web trader that we see almost every week at least once. What can you say about this one? It is exclusively associated with unregulated brokers.
Pending orders, stop-loss, and take-profit, chart customization tools are the only real available tools in the user’s repertoire. These are a perfect example that shows the overall simplicity of the web trader. Moreover, its main appeal is purely visual which is a defining aspect of any unregulated broker web trader.
We tried to take as much payment information from the user area as possible because it is exactly from there that the truth is revealed. According to the user dashboard, clients can deposit via a credit card or a debit card. The user portal area also indicates the possibility of investing through a bank transfer however there is no direct access to this option. The broker simply just indicates that it is possible to do so without giving any link to a bank transfer form. The minimum deposit requirement is actually nowhere indicated, on either the website nor the user area
As for withdrawals, the user area is clear: Two methods used for taking out money are credit cards and wire transfers. There is no other information on withdrawals that we can speak of. The website includes nothing useful. All we know is that scammer brokers usually tend to stall or deny withdrawal requests all the time. It’s what makes them illegal, to begin with.
In conclusion, there is nothing worthy of your time and money here. The broker is completely unregulated and a pure risk to all investments.
How does the scam work?
Scammers tend to adjust their schemes towards newer users, so that they might not realize what’s going on, or at least do so later on. The main idea behind any investment scam is for the perps to receive at least an initial deposit and a couple of more investments following the first one. This is the perfect scenario for any scammer.
The journey of the bewildered user starts off with online investments ads to which the internet accommodates to its fullest. Indulging in any of these ads will lead the user to one of two sources: either the investment scammer website, a.k.a the unregulated brokerage, or to an intermediary website, where the fraudsters will first “probe” the potential investor.
In either case, the client will be asked or provoked to provide contact details that will be used to contact the user. The other line will be directly that of the scammers. They will charm their way to any account, and if the user is too susceptible, he or she will eventually deposit. The promises are way too tempting to be dismissed. But they should!
A first investment will, preferably, be followed by a second one, and so on, until, eventually, the user figures the scam out. The moment this happens is when all those promises reveal themselves to be misleading and downright empty.
At that moment, all withdrawal requests will be blocked, and at times the entire account or even website will be unavailable. The scammers are finished with the user, they have all they needed!
What to do if scammed?
Once scammed, we strongly advise users to file for a chargeback with their credit or debit card company. That’s IF they invested by means of a card. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are more tricky to recuperate but not impossible. First of all, though, the defrauded user should absolutely change her bank user name and password. Then we urge him or her to contact the bak and try to find a solution together.
Unfortunately, we don’t have reassuring news for those that have lost funds by means of cryptocurrency deposits. Once lost, these funds cannot be retrieved unless the broker sends them back.
One final note. Don’t trust the self-proclaimed recovery agents. These are scammers of their own kind. They will ask you for money in an empty bid to, somehow, recover your defrauded investments! If you pay them, they will take the money and cease all communications with you.