GeneTrade is a forex broker located in Belize, regulated by the International Financial Services Commission of Belize (IFSC).
GeneTrade accepts clients from all over the world, excluding USA, European Economic Area and some other countries where restrictions apply.
Forex broker offers the following underlying assets for trading.
|55+ Currency Pairs
|Based on major and minor world currencies.
|10 Indice CFDs
|Based on baskets of different blue-chip stocks.
|2 Metal CFDs
|Based on Gold and Silver.
GeneTrade is a forex broker registered in Belize where it was established in 2020. The broker is overseen by the Financial Services Commission of Belize (IFSC), an offshore regulator that allows forex brokers to operate much more freely than what is common in other countries.
The most interesting thing about GeneTrade is probably the extremely high leverage that it offers, going all the way up to 1:1,000. This means that it is possible to make huge gains on the right trade, but also large and quick losses whenever a wrong bet is made. It is generally recommended to use much less leverage than the maximum allowance here to be able to manage risk in a proper way.
As its trading platform, GeneTrade has chosen to rely on the still-popular MetaTrader 4 (MT4). This is a platform that was originally released all the way back in 2005, but still remains one of the most commonly used trading platforms among retail forex traders. Among other things, the platform offers an incredible range of custom technical indicators and trading strategies, developed by its own users with the proprietary programming language MetaQuotes.
One area where GeneTrade still has potential to improve is its selection of trading instruments. With just around 55 forex pairs, a handful of stock indices and precious metals, the selection here is much smaller than most other forex brokers have. For example, there are no single stocks or cryptocurrencies offered, which is unusual and a bit strange for an offshore forex broker these days.
For those who still feel the broker has what they need and want to sign up, there are two types of trading accounts to choose from: Micro and Standard. Strangely, both of these accounts offer pretty much the same trading conditions, with spreads from 1 pip, no commissions, and a minimum deposit of just $5.
At the time of writing, the only difference between the two account types is the contract size, which is 1,000 for 1 lot on the Micro account and 100,000 for 1 lot on the Standard account, according to the broker’s website.
All trading accounts can be opened and denominated in USD, EUR, GBP, JPY, HUF, PLN, and ZAR.
To fund a trading account, GeneTrade clients can either use a credit or debit card such as Visa or MasterCard, or use the e-wallets Skrill (2% fee), Neteller, PayTrust or bitwallet.
All currencies are accepted for each of these methods, and deposits are processed instantly.
To reach GeneTrade’s support team, clients can send an email or use live chat via the broker’s website. GeneTrade promises that support is available 24 hours a day on all trading days, and says its team members speak more than 20 languages. Despite this, there is no direct phone number to the broker provided.
In conclusion, we see GeneTrade as a broker that has some potential, but that should really focus on adding more trading instruments and asset classes to make itself more attractive to traders. It’s also important to note that this broker is only registered offshore, which makes it more risky to deposit large amounts of money with it.
Still, few other brokers can compete with GeneTrade when it comes to high-leverage trading, with its 1:1,000 max leverage. As a result, this broker could be a fun choice for those who want to make a gamble with a small amount of money.