If you recently considered venturing into the online trade industry, you have come to the right place. Here we examine the state of the industry as well as all of its inhabitants. Choosing a brokerage that perfectly suits your needs can seem like a daunting task at first, but with our help, you can have a flying start to your trading career.
Today we focus on a brokerage that opened up fairly recently but has managed to create quite the buzz in the trading community. We wanted to test GeniusIG and everything it offers for ourselves, and finally, we are ready to share our findings. Be sure to stick around until the end of the review, to find out whether this brokerage is right for you.
Quality of Service
GeniusIG has done a marvellous job with its presentation. The moment you load their homepage you get a feeling this was made by professionals. Everything is arranged with style and with purpose. Nothing seems to be out of place, and the language used is very reserved. GeniusIG focuses on their best trait and highlights them throughout the homepage. Navigating the website is easy enough, and you can find out everything you need in just a click or two.
In order to accommodate a wide range of traders, this brokerage has developed an elaborate system of account types. Each of them has its own asking price and associated benefits. Regardless of your choice, you receive full access to the platform, educational content in the form of webinars and seminars, financial market introduction, daily market reviews and a personal manager on top of it all. You can spend as little as 250$ or go as high as 100,000$+. Their account types page holds all the detailed information of what each tier contain, so be sure to check it out before deciding what to go for. If you are a beginner, feel free to start small until you are sure you mastered all the educational material. This is necessary to make the best use of some advanced tools such as risk management, crypto indicators, quarterly exclusive business plan, and many others.
Speaking of educational content, GeniusIG offers plenty to unregistered users too. In the Education hub, there are several resources, you are free to use whenever you want without any obligations. Mastering the Glossary and Asset list and reading all the available eBooks will get you a long way towards becoming a legitimate trader. When you are ready to move on and actually start trading this brokerage continues to invest in trader education. Based on what account type you select there will be more educational resources for you. This is excellent news because it speaks volumes of GeniusIG desire to establish a long-lasting relationship with its traders.
Speed of Response
Whenever you are uncertain of something, or simply encounter an issue you need help with, you can be sure there will be someone to assist you. We were surprised by the depth of the GeniusIG support system. It offers several communication channels so that you can always get a prompt reply. You can choose from email, call centre and even the Quick chat feature. Sadly, there is no 24/7 support, so you always need to be mindful of the working hours. Chat and phone operators are available Monday to Friday 07:00 – 14:00 GMT. For any further assistance, be sure to check out their Contact us page.
Platforms like Meta Trader have become the industry standard for several years now. While its set of features might seem appealing at first, once you start interacting with it on a daily basis, you begin noticing all the cracks in the system. GeniusIG has opted to develop its own trading platform that will focus on performance above all. It is entirely web-based, so it means you can assess it from anywhere and with any device that has an internet connection. Thanks to this, it is very lightweight and flexible. In turn, this helps it performs exceptionally well. We have never seen any other platform that can match its speed, security and overall performance.
Visually, it retains an elegant, yet simplistic look. All the information you need are presented very clearly, and you will never have to make more than one or two clicks to get you where you need to go. The majority of the screen is occupied by the asset list and the real-time performance monitor. You can endlessly browse the available assets that are divided into several categories including Forex, Crypto, Stocks and more. All of them have several key pieces of information attached directly to them. At a glance, you can see each asset’s buy and sell price and the overall price movement since the last session. You can interact with them is made possible with the monitor on the right. You can use many available tools to perform your own analyses to better understand the market and create a successful trading strategy.
GeniusIG is transparent when it comes to its fees and commissions. This is excellent because you can calculate all trading costs beforehand. All are listed in the terms and conditions, and we advise you to read them thoroughly. If you are careful and know what to expect, you can avoid many of these fees, and thus maximize your gains. In essence, you could be subjected to withdrawal fees, dormant account fees, event of default charges and overnight fees. If you are unsure what some of these mean, there is a pretty good explanation in the legal documents on the website.
Despite not being regulated, GeniusIG has many policies in place to ensure funds security and client safety. These include compliance, AML and KYC policies and much more. During our time trading, we encountered no signs of any mischief. While some portion of the trading community is wary of unregulated brands, many new brokerages start like this due to the high prices of the regulation process. We do not know if their status will change in the future, but for now, they seem pretty safe and secure.
Variety of Payment Methods
GeniusIG offers the standard suite of bank-related payment methods. You can fund your account with your credit and debit card, or alternatively via wire transfer. While deposits are instant, withdrawal times can vary, but this is mostly due to your bank. We advise consulting them to figure their policies to save yourself from unnecessary headaches in the future. The only bad thing we noticed was the absence of any crypto-related payment methods. If you prefer using your eWallet for trading purposes, you are out of luck.
GeniusIG is a legitimate brokerage that has earned our trust. Its conditions are mostly unrivalled in this industry. By combining some good practices with their bold innovations, they have created an environment that fosters both novice and experienced traders. Be sure to check out some of our other reviews before choosing your next brokerage.