Forex Genie Pro is a forex and CFD trading platform that, while seemingly offering various financial products and services, actually has numerous serious issues and fraud risks. From its false regulatory claims and opaque trading conditions to high account thresholds, the platform exhibits many alarming signs. Additionally, Forex Genie Pro is not authorized by any major financial regulatory authorities, further increasing investor doubts about its legitimacy.
Corporate Background of Forex Genie Pro:
The full name of Forex Genie Pro is FOREX GENIE LTD, with a registered address at 45 Fitzroy Street, London, England, W1T 6EB, and a registration date of August 16, 2019. However, records from Companies House in the UK reveal that the company is currently expired, having failed to submit the necessary documents on time. Forex Genie Pro’s official website is https://forexgeniepros.com, with the domain being established on February 14, 2023.
Regulatory Information of Forex Genie Pro:
Additionally, inquiries reveal that Forex Genie Pro is not licensed by the UK's Financial Conduct Authority (FCA) or the National Futures Association (NFA) in the USA, nor does it have any authorization from Chinese financial regulators. The platform claims to be regulated by the "China Securities Exchange Commission (CSEC)," which is actually supposed to be the China Securities Regulatory Commission (CSRC), but Forex Genie Pro has not obtained the relevant licenses in China.
Account Registration Process at Forex Genie Pro:
- Visit the Forex Genie Pro website and click on the registration button
- Fill out the application form
- Submit identity verification/documents for my number verification
- Deposit funds and start trading
Account Types at Forex Genie Pro:
Forex Genie Pro offers several account types, with the minimum threshold being a $500 MINI account and the highest being a $20,000 PLATINUM account. While this account structure appears to cater to different levels of investors, the high fund requirements are extremely unreasonable given the platform’s lack of any legitimate regulation. Legitimate platforms typically offer lower initial capital thresholds to attract a broad range of investors, while Forex Genie Pro's higher amounts may be aimed at inducing more fund deposits, thus increasing the potential for fund misappropriation or manipulation by the platform.
Trading Software at Forex Genie Pro:
Forex Genie Pro claims to use its own custom trading platform but provides no detailed information about it. For any trading platform, having transparent and trustworthy trading software is fundamental to its operation. Well-known platforms like MetaTrader 4 or MetaTrader 5 are widely used in the industry for their stable trading environment and rich analytical tools. Custom platforms often lack transparency, especially when tied to an unregulated company, where investors cannot be sure if the trading software is fair or may have manipulated trading data to cause investment losses.
Trading Products and Conditions at Forex Genie Pro:
Forex Genie Pro claims to offer trading products such as binary options, forex, cryptocurrencies, and stock CFDs. However, the platform does not disclose its trading conditions, including spread rates, leverage ratios, and commission fees. These key pieces of information are crucial for investors to assess trading costs and risks. The lack of disclosed spread and leverage information means investors may face hidden costs and high risks. Fraudulent platforms often conceal actual costs with such an opaque fee structure, resulting in investors incurring significant losses. Forex Genie Pro's deficiencies in this regard undoubtedly exacerbate its untrustworthy image.
Deposit and Withdrawal Methods at Forex Genie Pro:
Forex Genie Pro does not publish its deposit and withdrawal methods on its website, raising serious concerns about the safety of funds. Typically, legitimate trading platforms clearly list available deposit and withdrawal methods, including bank transfers, credit card payments, and e-wallets, along with detailed explanations of processing times and associated fees. Forex Genie Pro's silence on this matter suggests it may set obstacles in the withdrawal process or even freeze account funds. This is a common tactic among fraudulent platforms intended to restrict investors from withdrawing funds, thereby stealing their investments.
Customer Support at Forex Genie Pro:
Email: info@forexgeniepros.com
Conclusion:
Forex Genie Pro exhibits clear signs of fraud in multiple areas. Its false regulatory information, non-transparent account structure, lack of defined trading conditions, and severe customer support deficiencies prove that the platform does not qualify as a legitimate financial trading platform. Not only is the platform not supervised by any regulatory authority, but it also engages in exaggerated and false advertising, severely misleading investors. Investors should remain highly cautious of this platform and avoid any financial investments with it.
