GeneTrade is a forex broker. Gene Trade offers the MT4, MT4 Mobile and Web Trader forex trading top platform. GeneTrade.com offers over 55 forex currency pairs, cfds, equity indices, gold and silver for your personal investment and trading options.
I have no issue in withdrawing from them , i deposit 5 USD as trial in real account ,I won 20 USD ,i withdraw 15 USD ,the withdraw processed within 3 Hours . i know the deposit and withdrawl is not big but only to show my experience with them for the above two transaction . for bonus i never use ,
Rejected withdrawal and closed the account without refunding the initial investment
I opened an account with Genetrade sometime in January and since then I have been trading with them using their $50 welcome bonus since I couldn't find a demo account in their members area. After I took some few trades with them and had ups and downs I lost the money down to $17 I took a break and because I was enjoying trading with them I decided to open another real account with them and invested my real money with them had learnt from my mistakes and I started trading with risk management. My investments wasn't that much because of my financial problems it was only $25 with the help of their 50% deposit bonus they gave me a credit of $12.50 and that helped my equity I really appreciate that.
As I am not working anymore I dedicated all the time I had and focus on my trading account I boosted my account to $558 I was so happy and excited that am building something. Out of excitement I requested a withdrawal of $200 as I wanted to start experiencing how their withdrawal procedure are handled. After requesting the withdrawal the $200 was taken out of my account so I waited for approval. Days are not the same in trading so I lost $214 the following week and account dropped to $134 I stopped trading and I decided to just wait for the withdrawal first.
About 2 days later I received an email from Genetrade saying "Dear Client,
Upon review of your Account by the Compliance Department, your Account has been placed under investigation.
During this period you will not be able to trade as your Trading Account has been put in Read-Only mode. Any withdrawal request you have pending will be cancelled and the amount you requested will be returned back to your Trading Account.
We kindly ask you to be patient until the Investigation has completed, which should normally not take more than 7 working days.
Please let us know if we can be of any assistance in the meantime, however kindly note that we cannot give any further information regarding the investigation until it is resolved.
According to me I thought maybe this is how they do things so so I emailed them back with my current contact number incase there is anything that they would like to discuss with me... I waited for 5 days only to receive another email from them saying
Upon further investigation of your trading activity by the Compliance Department, it has been concluded that you have undertaken unlawful trading techniques in an attempt to secure arbitrage profits. This is a direct violation of Paragraph 8 and Paragraph 9 of our Terms & Conditions, amongst others.
As such, we have been forced to close your Account. Any deposits in your Trading Account will be refunded, any Withdrawal Requests will be cancelled, and any Profit or Loss on your Account will be nullified. This decision is final and irrevocable."
From this time the $200 that I had requested to withdraw was sent back to my account and account was closed my initial deposit I never got it I asked the help desk and they said I should contact their compliance team Regards to my funds it's been 5 trading days since I emailed the compliance team and I haven't heard anything from them... I asked which T's and C's did I broke and I even took screen shots of what paragraph 8 and 9 says there's nothing that I did that was mentioned there instead the response I received from them was
As mentioned in the email you have received, our Compliance department has concluded that you have undertaken unlawful trading techniques. As such, any profit or loss on your account from such trading will be nullified.
Unfortunately the decision is irreversible. But if you feel that you need to write to someone, you can write to firstname.lastname@example.org Thank you."