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Genesis Exchange Review | Nothing More Than a Scam?

by Kevin Berry
Rating: 
  2/5   Reviews: 2
Genesis Exchange - logo

Genesis Exchange claims to unlock the potential of crypto trading. However, as we check this platform, we will see that its promises may be nothing more than a scam. In this review, we will examine the features of it and analyze customer reviews to determine if it is a reliable platform.

Highlights

🏛️ Country Lithuania
⚠️ Regulation
🖥️ Website https://genesisxchange.com/
🎲 Demo Account No
⏳ Start Time 2022
💲 Minimum Deposit
⚖️ Minimum and Maximum Leverage
⚙️ Trading Platform WebTrader
📨 E-mail support@genesisxchange.com
📞 Phone

First Impression of Genesisxchange.com

Get ready to unlock the power of crypto on the most boring website in the world — Genesis Exchange. The color scheme chosen for the background could put you to sleep, and the design is strictly minimalist. However, it is logical. As we discovered, there aren’t many opportunities available on the platform itself. The good news is that the site does have legal information and contact details. Interestingly, the support team is said to work in multiple languages.

Genesis Exchange - website

Partnership and Bonuses

Genesis Exchange offers a partnership program where clients can earn a 10% commission on their referral order. These rewards are paid out through a cryptocurrency wallet once a month. The minimum withdrawal amount is 100 euros. However, it’s worth noting that the exchange may change the terms of the program at any time, and these changes can be different for each client.

Account Opening on Genesisxchange.com

You can open a personal or business account here. The registration process is very fast. You will need to fill out a short form and provide a valid email address and password. To complete the registration, simply follow the link that will be sent to your email.

Registration

However, strange things start happening after that. The link that Genesis Exchange sends to confirm the registration does not work, and an error occurs during the process. We have tried using different email addresses, but the same thing happens every time. It seems that the project team does not leave users with any choice but to contact the support team directly and ask them to solve the problem.

Genesis Exchange - Client Portal

After a couple of hours, we were finally able to resolve the issue and received a valid confirmation link. It’s unclear why we had to go through all that trouble. Just take a look at this user interface. We personally feel like closing this tab right away. We mean, come on. If you’re going to unlock the potential of crypto for your clients, at least make your platform user-friendly.

Verification

Genesis Exchange requires identity verification, which is mentioned several times on the homepage. In addition to this, you will need to verify your payment details and anything else that Genesis Exchange requests. Furthermore, you may be required to undergo periodic verification.

Pros
  • It is convenient to upload docks.
Cons
  • Too many requirements.

Trading Software

As we have discovered, the trading software is available directly from the personal account. It’s not even a full-fledged trading platform, just a few separate forms that allow you to buy or sell cryptocurrencies by filling in your details. We get the feeling that Genesis Exchange was put together in just five minutes.

Features Genesis Exchange TorroCapital  Graystone Venture Capital
Demo Account
Mobile App
Own Development ✔️ ✔️

How Can I Trade With Genesis Exchange?

We don’t really expect much from Genesis Exchange, as it seems to offer a minimal set of services. However, let’s take a closer look.

All Info About Accounts

So, the company’s website claims that you’ll be able to buy cryptocurrency with fiat or exchange fiat back into crypto. Indeed, the forms we saw offered this option. You can buy cryptocurrency with a card. Also, Genesis Exchange offers an online wallet from which you can exchange crypto directly for crypto. It supports over 20 tokens. And that’s it. No familiar cryptocurrency trading, no margin contracts, and certainly nothing like that. As for the cryptocurrency wallet, this is also a rather controversial solution. It would be better for you to use non-custodial wallets instead of a hot wallet that is unclear who the manufacturer is.

Pros
  • You can change crypto on fiat.
Cons
  • Minimum available services.

Deposit, Withdrawal, and Fees

As for deposit options, there doesn’t seem to be any direct deposit method available on Genesis Exchange. You can work with bank cards straight away. In addition, the platform supports some other electronic payment systems and SEPA.

Features Genesis Exchange TorroCapital  Nexon Groups
Debit/Credit Cards ✔️ ✔️
Electronic Payments ✔️
Crypto Transfers ✔️
Deposit Fee ✔️
Withdrawal Fee ✔️

How Can I Contact It?

The contact information provided by the platform is also not very complete. You will only be able to contact customer support via email, and we warn you that this may take some time. Genesis Exchange also provides an address, but it is unclear whether it is an actual office address or simply a legal address for the company’s registration.

Pros
  • Email support is available.
Cons
  • There is no phone number.

Is Genesis Exchange Dangerous?

We would not recommend working with an exchange that is not well-known. However, in case you are interested in Genesis Exchange, here are a few more facts to consider.

How Long Does The Broker Work?

It’s no secret that hundreds of fraudulent cryptocurrency projects open every day. At the same time, 90% of them closed in the first year. That’s why we never recommend working with new exchanges unless you are 100% sure of the management. Since the management of Genesis Exchange is completely anonymous, this is not the case. We also found that the domain of Genesis Exchange was launched only in March 2022.

Domain info

How Is Genesis Exchange Regulated?

Genesis Exchange claims to be a fully independent legal entity, yet it is registered in Lithuania. Sure! How can a legal entity be completely independent when it operates within a legal framework, pays taxes, and has to follow regulations? It’s like saying a fish is completely independent while swimming in a fish tank.

Legal entity check

Let’s continue and talk about the company’s claims that it is a regulated entity and operates according to EU laws. To be clear, Genesis Exchange (UAB Stormbenda) is indeed registered in Lithuania. And that’s it. Even the company’s activity type on their profile is listed as consulting. Meanwhile, they are offering you to exchange cryptocurrencies. This requires at least a crypto license and a financial agent license. So no, the company is not regulated. Let’s not mislead potential clients here.

Features Genesis Exchange Clark Financial  Trezo Capital
European Zone
Asian Zone
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

How to Trade With Genesis Exchange?

You will need to register an account and complete the verification process. Next, you can buy or sell crypto.

Is Genesis Exchange Legit?

Genesis Exchange is officially registered in Lithuania, but it is not regulated by any financial authority. 

How Risky Is It?

Exchanges on an unregulated platform can expose you to risks such as fraud, hacking, and loss of funds.
Kevin Berry
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Expert Opinion

Alright, let me drop some knowledge here. Genesis Exchange is trying to be the cool kid at the crypto party, but they didn’t make the guest list for CoinMarketCap. This may seem like a minor detail. For those who don’t know, CoinMarketCap is the go-to resource for tracking the performance and legitimacy of cryptocurrency exchanges. If a platform isn’t listed on there, it’s usually because it doesn’t meet certain standards or requirements. So, take it from me. Proceed with caution when it comes to Genesis Exchange.

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The level of trust
Quick withdrawal of funds
Efficiency of technical support

2 reviews about Genesis Exchange

Kirk April 4, 2023 - 10:08
To deal with Genesis Exchange or not?
The level of trust

You know, I don’t play in the cryptocurrency market. Not because I have some weird negative feeling towards it, like dislike or something like that. It’s just not my thing. It’s too volatile. And there are no guarantees on the platform. But I need a wallet for payment. And here it seems convenient to exchange for fiat. So I’m still considering it.

Reply
Barry April 14, 2023 - 16:34
Funny to watch such platforms
The level of trust

I always find it amusing when projects try to compete with giants in the cryptocurrency industry like Binance or Bybit. Registering with Genesis Exchange just to discover cryptocurrency? Meanwhile, other platforms literally offer entire academies for training.
And the question of trust also plays an important role here. I don’t take such platforms seriously simply because the platform creators can run away with all the customers’ money at any time. Unfortunately, such cases happen all the time. And the developers and founders just lied to their customers, saying that their cryptocurrency exchange was hacked. But who needs their poor exchange anyway? That’s a question. I won’t even talk about regulation, although they could have obtained at least an Estonian license. So, a miss on this point too.

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