Regulated

Score

0123456789.01234567890123456789
/10

Genesis

United States

|

2-5 years

Digital Currency License|

MSB License|

Suspicious Overrun|

Medium potential risk

https://genesistrading.com/

Website

Rating Index
Influence

Influence

C

Influence Index NO.1

United States 2.77

Better than 99.30% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

The WikiBit Score of this exchange is lowered because of too many unresolved complaints!
Influence
C

Licenses

NYSDFS

NYSDFSRegulated

Digital Currency License

FinCEN

FinCENExceeded

MSB License

Exchange Info

More
Company Name
Genesis
Phone of the company
--
Company website
More
Customer Service Email Address
info@genesistrading.com
press@genesistrading.com

WikiBit Risk Alerts

2
Previous Detection 2024-04-22

MSB License goes beyond their business with the licenses United States FinCEN (license number: 31000165781546), please be aware of the risk!

The number of the negative comments received by WikiBit have reached 4 for this Exchange in the past 3 months, please be aware of the risk!

Website

Genealogy

Social Media

Trade Type

Keywords

Time Machine

White Paper

Related Software

Github

Related Docs

All Corps

New Arrival

Vol Stat

Influence

Yesterday Vol

7 Days

No data

User Reviews

More

13 ratings

Participate in evaluation
Chairman3231
appreciated, but need to improve more.
2023-12-27 15:20
6
Scarletc
Genesis Coin is known for producing ATMs that allow users to buy and sell Bitcoin and other cryptocurrencies.
2023-11-21 18:33
6
Adam Joe
Genesis tokens are truly volatile! My wallet is often either stuffing or starving. Yet, the cutting-edge blockchain technology feels genuinely pioneering.
2024-02-09 09:11
6
igjames
wow! genesis is awesome and legit, it actually one of the best ever trading exchange site.
2023-11-02 20:49
1
Fendy Tandean
Genesis offers top-notch user interface and community support! Transaction fees are really low, making trading smoother! Love it!
2023-12-28 23:00
3
igjames
Genesis is very much effective, is actually one of the best to the world, it's very reliable and trusted
2023-11-04 21:44
4
igjames
Genesis is very awesome, it provide large order market-marking and two sided liquidity for digital asset. it is very efficient and reliable.
2023-11-06 01:53
3
igjames
Genesis to the world, is very awesome and impressive doing business with you. your efficiency and effectiveness is wow.
2023-11-04 00:48
8
igjames
I love genesis, it's efficiency and effectiveness is wow. you can trade and withdraw your money when you want to.
2023-11-03 20:43
7
igjames
Genesis trading is very self and efficient, I recommend you guys to use it. you'll have a lot to testify
2023-11-02 06:18
5
FX57947855
This business will work with you to process your money withdrawal, and everything will appear to be proceeding according to plan. Do not believe that your entire bank account will be robbed. Additionally, compared to the AssetsClaimBack Advisory, extremely competent rendering my investments untouchable , I doubt they are in trouble where they claim to be. Never trust anyone, especially if they promise you a huge profit because they're probably just trying to con you.
2022-09-04 00:21
0
BIT3918719281
At first, it was normal. After the final amount is very large, various taxes and deposits will be paid for the profit. After the sale, the customer service cannot be contacted. At present, the order has not been completed.
2022-09-02 20:21
0
木渔清灯铁佛
Continuous withdrawals are rejected, saying that the withdrawal is suspended due to loss. be careful, it is a scam
2022-03-04 11:08
0
Aspect Information
Company Name Genesis
Registered Country/Area United States
Founded Year 2013
Regulatory Authorities Regulated by NYSDFS
Cryptocurrencies Offered/Available Bitcoin, Ethereum, Ripple, Bitcoin Cash and more
Fees The maker fee is 0.02%, while the taker fee is 0.04%. Margin trading fee of 0.075% per day
Deposit & Withdrawal Bank transfer, digital currency transfer
Customer Support Email addresses (info@genesistrading.com and press@genesistrading.com) Twitter(https://twitter.com/genesistrading) and Facebook(https://www.facebook.com/genesistradingnyc/).

Overview of Genesis

Genesis is a virtual currency exchange company based in the United States. It was founded in 2013 and is currently regulated by NYSDFS. The company offers a range of cryptocurrencies, including Bitcoin, Ethereum, Ripple, and Bitcoin Cash. Deposit and withdrawal options include bank transfers and digital currency transfers. While educational resources are not specified, customer support is available through email and phone. Overall, Genesis has been making strides in the virtual currency exchange industry since its establishment in 2013.

Overview of Genesis

Pros and cons

Pros Cons
Wide range of cryptocurrencies offered Limited educational resources
Various payment method Not ideal for beginners
Security measures
Regulated by NYSDFS

Pros:

  • Wide Range of Cryptocurrencies Offered: Genesis stands out by providing users access to a diverse array of cryptocurrencies for trading. This variety allows investors to explore a broad spectrum of digital assets and diversify their portfolios.

  • 2. Various Payment Methods: Genesis supports multiple payment methods, facilitating flexibility for users.

    3. Security Measures: Genesis prioritizes security with implemented measures to safeguard user funds and protect against unauthorized access.

    4. Regulated by NYSDFS: Genesis operates under the regulatory oversight of the NYSDFS. This regulatory adherence enhances the platform's credibility, assuring users that it complies with established financial regulations and security standards.

    Cons:

    • Limited Educational Resources: Genesis falls short in providing comprehensive educational resources. This limitation may impact user experience, especially for those seeking guidance on market insights, trading strategies, or general educational materials.

    • 2. Not Ideal for Beginners: Genesis may pose challenges for beginners in the cryptocurrency space due to a lack of educational resources or beginner-friendly features.

      Regulatory Authority

      Genesis is subject to regulation by two regulatory agencies. The first agency is the New York State Department of Financial Services (NYSDFS), which grants the exchange a Digital Currency License. However, the specific Regulation Number for this license is not disclosed. The regulatory status of NYSDFS for Genesis is considered “Regulated.”

      Regulatory Authority

      The second regulatory agency is the Financial Crimes Enforcement Network (FinCEN), which has granted the exchange an MSB License. The Regulation Number for this license is 31000165781546. However, it is important to note that Genesis has exceeded the regulatory threshold set by FinCEN. The license type granted by FinCEN to Genesis is “MSB License.” Genesis Global Trading, Inc. and Genesis Global Capital LLC are the respective license names for the Digital Currency License and the MSB License.

      Regulatory Authority

      These regulatory agencies provide oversight and regulation to ensure compliance with financial and anti-money laundering regulations.

      Security

      Genesis takes security seriously. The platform uses a number of security measures to protect user funds, including:

      • Cold storage: The majority of user funds are stored in cold storage, which means that they are offline and not connected to the internet. This makes them much more difficult to hack.

      • Multi-factor authentication: Users must enter two different pieces of information to log in to their account, such as their username, password, and a code sent to their phone. This helps to prevent unauthorized access to accounts.

      • Encryption: Genesis encrypts all user data, including their passwords, credit card numbers, and Social Security number. This means that their data is scrambled so that it cannot be read by unauthorized people.

      • Physical security: Genesis's data centers are located in secure facilities that are protected by 24/7 security. This helps to prevent unauthorized access to data.

      Security

      Trading Market

      Genesis Trading offers a diverse range of trading assets to meet the needs of its institutional clients. These assets can be broadly categorized into the following types:

      Spot Trading:

      Spot trading involves buying and selling cryptocurrencies at the current market price. Genesis Trading offers spot trading for a wide range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

      Derivatives Trading:

      Derivatives trading involves buying and selling contracts that derive their value from underlying assets, such as cryptocurrencies. Genesis Trading offers futures, options, and structured products on a variety of cryptocurrencies.

      Over-the-Counter (OTC) Trading:

      OTC trading involves buying and selling cryptocurrencies directly between two parties, without the need for an exchange. Genesis Trading facilitates OTC trading for large-volume transactions, providing institutional investors with customized pricing and execution services.

      Lending and Borrowing:

      Genesis Trading offers lending and borrowing services for cryptocurrencies, allowing institutional investors to earn passive income by lending their crypto holdings or access liquidity by borrowing against their assets.

      Custody:

      Genesis Trading provides secure custody solutions for institutional investors, safeguarding their digital assets through advanced security measures and industry-leading practices. The company's custody services offer institutional-grade asset protection, insurance coverage, and comprehensive reporting capabilities.

      Genesis Trading's extensive suite of trading assets caters to the diverse needs of institutional investors, enabling them to execute complex trading strategies, manage risk effectively, and generate returns in the dynamic world of cryptocurrencies.

      Trading Market

      Cryptocurrencies available

      Genesis offers a range of cryptocurrencies for trading, including popular options such as Bitcoin, Ethereum, Ripple, and Bitcoin Cash.

      Cryptocurrencies available

      Services

      Genesis Trading is a global digital asset prime brokerage and financial services firm that caters to institutional and sophisticated investors. The company offers a comprehensive suite of services spanning various aspects of the cryptocurrency ecosystem:

      Custody Solutions: Genesis Trading provides secure custody solutions for institutional investors, safeguarding their digital assets through industry-leading practices and advanced security measures. The company's custody services offer institutional-grade asset protection, insurance coverage, and comprehensive reporting capabilities.

      Prime Brokerage Services: Genesis Trading offers prime brokerage services to institutional investors, providing a comprehensive suite of financial services tailored to their specific needs. These services include margin financing, liquidity management, post-trade settlement, and access to specialized research and market insights.

      Market Making: Genesis Trading acts as a market maker in various cryptocurrency markets, providing liquidity and facilitating price discovery. The company's market-making activities contribute to market stability and efficient price formation.

      Overall, Genesis Trading provides a comprehensive suite of services to institutional investors, catering to their diverse needs across the cryptocurrency ecosystem. The company's focus on security, innovation, and client-centricity has made it a trusted partner for institutional investors seeking exposure to the digital asset space.

      How to open an account?

      The registration process for Genesis can be completed in six simple steps.

      • Visit the Genesis website and click on the “Get In Touch” button to begin the registration process.

      How to open an account?
      • 2. Fill out the required information, including your full name, email address, and password.

      • 3. Verify your email address by clicking on the link sent to your email inbox.

      • 4. Provide additional personal information, such as your date of birth and phone number, to complete the verification process.

      • 5. Agree to the terms and conditions of the exchange and review the privacy policy.

      • 6. Once all the necessary information is provided and verified, your Genesis account will be created, and you can start trading cryptocurrencies on the platform.

      How to Buy Cryptos?

      Here is a step-by-step process on how to buy cryptocurrencies on Genesis:

      Step 1: Create an Account

      To create an account on Genesis, you will need to provide some basic information, such as your name, email address, and country of residence.

      Step 2: Complete KYC/AML Verification

      Once you have created an account, you will need to complete the Know Your Customer (KYC) and Anti-Money Laundering (AML) verification process. This process involves providing additional information about yourself, such as your source of funds and occupation.

      Step 3: Deposit Funds

      Before you can buy cryptocurrencies, you will need to deposit funds into your account. Genesis supports a variety of deposit methods, including bank transfers, wire transfers, and ACH transfers.

      Step 4: Select the Cryptocurrency You Want to Buy

      Once you have deposited funds, you can select the cryptocurrency you want to buy. Genesis offers a wide variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

      Step 5: Place an Order

      Once you have selected the cryptocurrency you want to buy, you can place an order. Genesis offers a variety of order types, including market orders, limit orders, and stop-loss orders.

      Step 6: Review and Confirm Your Order

      Before you submit your order, you will need to review and confirm the details. Once you have confirmed your order, it will be executed by the Genesis trading system.

      Fees

      • Here are the fees charged by Genesis:

        • Spot trading fees: Genesis charges a maker-taker fee structure for spot trading. Makers are those who add liquidity to the market by placing limit orders, while takers are those who remove liquidity by placing market orders. The maker fee is 0.02%, while the taker fee is 0.04%.

        • Margin trading fees: Genesis charges a margin trading fee of 0.075% per day. This fee is charged on the margin balance, which is the amount of funds that you have borrowed from Genesis to trade with.

        • Withdrawal fees: Genesis charges withdrawal fees for all cryptocurrencies. The withdrawal fee varies depending on the cryptocurrency. For example, the withdrawal fee for Bitcoin is 0.00005 BTC.

        • Deposit fees: Genesis does not charge any deposit fees for fiat currencies. However, there may be deposit fees for cryptocurrencies, depending on the cryptocurrency.

      • In addition to these fees, Genesis also charges a number of other fees, such as:

        • VIP membership fees: Genesis offers a VIP membership program that offers a number of benefits, including lower trading fees. The VIP membership fee varies depending on the level of membership.

        • Referral fees: Genesis pays a referral fee to users who refer new users to the platform. The referral fee is 20% of the trading fees that the referred user generates.

      Deposit & Withdrawal

      • Deposit methods

        • Wire transfer: This is the most common way to deposit money into Genesis. It is free and typically takes 1-2 business days to process.

        • ACH: This is a way to deposit money into your Genesis account from another bank account. It is free and typically takes 1-3 business days to process.

        • Cryptocurrency: You can deposit cryptocurrencies into your Genesis account. The processing time for cryptocurrency deposits varies depending on the cryptocurrency.

      • Withdrawal methods

        • Wire transfer: This is the most common way to withdraw money from Genesis. It is free and typically takes 1-2 business days to process.

        • ACH: This is a way to withdraw money from your Genesis account to another bank account. It is free and typically takes 1-3 business days to process.

        • Cryptocurrency: You can withdraw cryptocurrencies from your Genesis account. The processing time for cryptocurrency withdrawals varies depending on the cryptocurrency.

      • Processing times

      • The processing times for deposits and withdrawals may vary depending on the method you use. For example, wire transfers typically take 1-2 business days to process, while ACH deposits typically take 1-3 business days to process.

      Customer Support

      Genesis provides robust customer support through various channels, emphasizing prompt assistance and engagement.

      Users can reach out via their official website, where comprehensive information and resources are available.

      The company maintains an active presence on Twitter and Facebook, offering additional platforms for communication and updates. Connect with them on Twitter: [Genesis Trading Twitter](https://twitter.com/genesistrading) and Facebook: [Genesis Trading Facebook](https://www.facebook.com/genesistradingnyc/).

      For direct inquiries, the customer service email addresses (info@genesistrading.com and press@genesistrading.com) cater to different needs, ensuring users can seek assistance or media-related queries.

      This multi-channel approach demonstrates Genesis's commitment to transparent communication and efficient customer service.

      Customer Support

      Is Genesis a Good Exchange for You?

      Genesis is the best exchange for institutional investors seeking a secure, reliable, and over-the-counter (OTC) trading platform with a wide range of cryptocurrencies and competitive fees.

      While Genesis is primarily designed for institutional investors, other user groups may find it suitable in certain circumstances:

      • High-net-worth individuals (HNWIs): HNWIs with a strong interest in cryptocurrency investment may find Genesis's high liquidity, tight spreads, and advanced trading tools appealing.

      • Professional traders: Experienced traders seeking a platform with comprehensive trading tools may benefit from Genesis's advanced features.

      • Individuals interested in OTC trading: Genesis offers OTC trading for a variety of cryptocurrencies, making it an option for those seeking this type of transaction.

      However, Genesis is not ideal for beginners:

      • Complex features: Genesis's platform is designed for experienced traders and may be overwhelming for beginners unfamiliar with cryptocurrency trading concepts.

      • Limited educational resources: Genesis provides limited educational resources compared to platforms geared towards beginners.

      Controversies the exchange has experienced

      Genesis has been involved in several controversies over the years. Some of the most notable include:

      In 2018, Genesis was accused of wash trading. Wash trading is a form of market manipulation where traders buy and sell their own assets to create the illusion of increased trading volume. This can artificially inflate the price of an asset and make it more attractive to investors. Genesis denied the allegations, but the controversy led to a decline in trading volume on the platform.

      In 2020, Genesis was accused of suspending withdrawals. This led to some users being unable to access their funds. Genesis blamed the issue on technical problems, but the controversy led to some users losing faith in the platform.

      Conclusion

      In conclusion, Genesis is a virtual currency exchange that offers a range of cryptocurrencies for trading. While it provides options for both bank transfers and digital currency transfers, there is limited information available regarding the security measures, fees, educational resources, and customer support offered by the exchange. This lack of transparency can be a disadvantage for users who prioritize these factors. However, Genesis may be suitable for both beginners and experienced traders due to its variety of cryptocurrencies and flexible deposit and withdrawal options. It is important for users to conduct thorough research and consider factors such as regulation and security before engaging with Genesis or any virtual currency exchange.

      FAQs

      Q: What are the trading fees charged by Genesis?

      A: The maker fee is 0.02%, while the taker fee is 0.04%. Genesis also charges a margin trading fee of 0.075% per day and withdrawal fees for all cryptocurrencies.

      Q: What deposit and withdrawal methods does Genesis offer?

      A: Genesis offers a variety of deposit and withdrawal methods, including wire transfer, ACH, and cryptocurrency.

      Q: Is Genesis a good exchange for beginners?

      A: No, Genesis is not ideal for beginners. The platform is designed for experienced traders and may be overwhelming for beginners unfamiliar with cryptocurrency trading concepts.

      Q: What is the minimum deposit required to open a Genesis account?

      A: The minimum deposit for wire transfers is typically $100, while the minimum deposit for ACH transfers is typically $25.

      Q: Does Genesis offer over-the-counter (OTC) trading?

      A: Yes, Genesis offers OTC trading for a variety of cryptocurrencies. OTC trading allows institutional investors to buy and sell large amounts of cryptocurrency directly with Genesis without going through the open market.

      User Review

      User 1:

      Genesis is my go-to crypto exchange! The security measures are top-notch, giving me peace of mind about my investments. The interface is user-friendly, making trading a breeze. Liquidity is impressive—I've never faced issues with order execution. Customer support is responsive, addressing my queries promptly. The variety of cryptocurrencies is vast, allowing me to diversify my portfolio. While fees are reasonable, privacy is a priority, and the exchange ensures data protection. Fast deposit and withdrawal speed add to the positive experience. Overall, Genesis delivers a secure, efficient, and user-friendly crypto trading platform.

      User 2:

      Genesis exceeded my expectations! The regulatory compliance brings a sense of trust, and the clean interface simplifies crypto trading. The exchange's liquidity ensures smooth transactions without major slippage. A broad range of cryptocurrencies is available for trading, and customer support is attentive, resolving my concerns swiftly. Trading fees are fair, considering the services offered. Privacy and data protection are prioritized, aligning with my preference for a secure platform. Deposits and withdrawals are quick, and the exchange stability is commendable. Genesis truly stands out for its reliability and commitment to user satisfaction.

      Risk Warning

      Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

ExchangeGenesis purchases $2.1B of Bitcoin following GBTC sell-off
Bankrupt crypto lending firm Genesis reportedly sold 36 million GBTC shares to purchase 32,041 Bitcoin as part of its efforts to pay back creditors.
WikiBit

2024-04-06 11:52

Genesis purchases $2.1B of Bitcoin following GBTC sell-off
ExchangeGenesis and Winklevoss Gemini Discussed Merger Plans Before Collapse, Court Filings Show
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WikiBit

2024-03-08 12:52

Genesis and Winklevoss Gemini Discussed Merger Plans Before Collapse, Court Filings Show
Exchange‘Joining Forces’: Genesis and Gemini Discussed Merger Before Collapse
Crypto mogul Cameron Winklevoss was reportedly “intrigued” by the idea of merging his crypto exchang
WikiBit

2024-03-08 04:10

‘Joining Forces’: Genesis and Gemini Discussed Merger Before Collapse
TokenGenesis Global Faces Turmoil with Parent DCG Over Repayment to Creditors
The collapse of the crypto exchange Genesis had set a bad sentiment in the markets. Currently, the b
WikiBit

2024-02-27 05:03

Genesis Global Faces Turmoil with Parent DCG Over Repayment to Creditors
ExchangeGenesis GBTC sell-off will balance out in crypto market — Coinbase
Coinbase is confident that the funds from Genesis' sale of GBTC shares will circulate back into the crypto ecosystem.
WikiBit

2024-02-18 13:48

Genesis GBTC sell-off will balance out in crypto market — Coinbase
TokenBREAKING: Court Allows Genesis to Sell $1.3 Billion of GBTC Shares
According to breaking information, the court in the USA allowed the bankrupt cryptocurrency company
WikiBit

2024-02-15 01:05

BREAKING: Court Allows Genesis to Sell $1.3 Billion of GBTC Shares
ExchangeCrypto Biz: Bitcoin ETFs make headway, Genesis overpaid bankruptcy plan, and more
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2024-02-10 05:30

Crypto Biz: Bitcoin ETFs make headway, Genesis overpaid bankruptcy plan, and more
TokenGenesis Files for Asset Sale, Eyes Grayscale Trust Monetization
Genesis Global Capital, a cryptocurrency lending firm, has submitted a request to the U.S. Bankruptc
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2024-02-05 06:04

Genesis Files for Asset Sale, Eyes Grayscale Trust Monetization
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