FAQ Main Categories
Yes, GeneTrade is operated by Genius Trading LTD and regulated by the International Financial Services Commission (IFSC) under License Number IFSC/60/366/TS/18.
We offer Support 24/5 in 16 different languages via Live Chat, Phone and E-Mail.
When using our demo account, you will be able to use all the features and functions offered in our real account. Please keep in mind that though the demo account may come close, it will never completely replicate real market conditions. Also, take caution as psychological effects of trading with a real account may affect you differently.
Trading hours are open from Sunday 22:05 to Friday 21:50 Greenwich Mean Time (GMT).
Due to tightening regulations in the US and the CFTC, we are unable to take US clients at this time. We apologize for any inconvenience.
You will need to provide a clear color copy of a passport or other acceptable government issued ID (drivers license or identification card). This document will need to show your full name, address, date of birth or tax identification number, as well as your signature. You will also be required to show proof of registered address in the form of a utility bill or bank account statement dated within the last 3 months of application date.
Yes, as long as it is a goverment issued drivers license or identification card, that shows full name, address, your DOB or TIN, as well as your signature.
Identification documents are required as per regulatory requirements and we do our best to comply with all of them. Know Your Client or KYC is an important part of the process and we make certain that we have adequate documentation from all of our clients.
Yes, you will need to provide either a utility bill or bank account statement dated in the last 3 months that shows your registered address.
If you already have a valid account with us, your new account will be validated automatically as long as all of the personal information remains the same.
After clicking on Open Real Account, you should be able to open an Account within minutes.
We have streamlined the process for you. Just click on Open Real Account and input your details as requested and you should have your login information shortly. Once you have an account, you can easily open more Accounts by simply clicking the ‘Open an Additional Account’ in the Members Area.
Once you have opened your account, you will be prompted to upload your ID and proof of residence. Once your documents have been verified, you can fund your account, download MT4, and start trading right away.
Once you have set the base currency of your account, you will not be able to change it. We recommend you to open another account at any time in your preferred currency, by clicking on the ‘Open an Additional Account’ button on the sidebar when logged in to your Members Area.
We offer Standard and Micro accounts, where Standard Accounts have contract sizes of 1:100,000, whilst Micro Accounts have contract sizes of 1:1,000. With Standard Accounts, 1 Pip is $10 USD, whereas with Micro Accounts, 1 Pip is $0.10 USD. All other conditions are the same with Standard and Micro Accounts.
You can trade on a demo account as long as you need to feel comfortable trading on a real account. Please note that a demo account that has been inactive for 90 days will be closed automatically, but you are free to open another one whenever you want. You can maintain up to 5 demo accounts at one time.
Genetrade offers low variable spreads, and we pride ourselves in our no-requote policy.
Although there is no limit to the amount you can trade online, there are restrictions as to how many lots, and concurrent open positions.
We offer leverage from 1:1 to 1000:1.
Open positions and all other pending orders, with the exception of trailing stops, will remain open even if you go offline.
Although it is very rare to see slippage when trading with GeneTrade, there is always a chance of a sudden spike or drop in the market price with the release of big economic news. In such cases it is possible that your oder may be filled at a different rate than requested.
Yes, you can have up to 10 accounts with us. As long as the first one is validated, you can open more instantaneously through the members area.
If your real account maintains a zero account balance for 100 days, it will automatically be archived.
An account will be considered to be dormant if there is no activity for 100 days. This includes withdrawals, deposits, or any trading activity. After becoming dormant, the account will be charged $10 USD per month, unless the remmaining balance is under $10, the whole amount will be charged. If the account balance is zero, there will be no fees.
In the forex market, it takes 2 days for a transaction to settle. When an order is open on Wednesday past 5pm, it will rollover to Thursday and then should settle on Saturday. But because banks are closed on both Saturday and Sunday, you are charged swap rates for those nights.
Withdrawal & Deposit
The Minimum Deposit Amount is $5 USD and Withdrawal Amount is $10 USD for both Micro and Standard Accounts.
Yes, any currency that you choose to deposit will automatically be converted to the base currency of your account.
Credit card payments and online wallet payments are immmediate. The only transfers that take time are bank wires.
It will depend on where the funds are coming from. General bank wires can be expected to take somewhere between 3-5 days.
If you made your deposit by credit card, you can only withdraw the amount that you initially deposited. Anything over that amount must be withdrawn by eWallets or Bank Wire.
Depending on where the money is going. If you are utilizing a e-wallet, it can be very quick, where as a bank transfer can take between 2-5 days.
Yes, as long as the amount you wish to withdrawal is less than the free margin available in your account including any payment charges if applicable. We recommend not requesting any withdrawals before closing all positions, to reduce the risk of a Stop Out.
At Genetrade, we cover all of your deposit and withdrawal fees except for bank wires that are less than $200 USD.
No, any transfer to or from a third party is not allowed. Even if the other party is a close friend or family member.
Yes, only if both trading accounts belong to you.
If credit card was one of your deposit sources, you will need to withdraw into your credit card first up to the amount of the initial deposit. Afterwards, you can withdrawal into your other deposit options. Please refer to the Withdrawal Procedure Policy for more information on how Withdrawals are processed
Genetrade does not charge any extra fees or commissions, and cover all transaction fees unless it is a bank wire of less than 200$ USD.
Yes, you can withdraw and deposit regarless of whether the market is open.