Note: Since FxGens official site (https://fx-gen.org/) is not accessible while writing this introduction, only a cursory understanding can be obtained from the Internet.
General Information & Regulation
FxGen, a trading name of FXGEN LTD., is allegedly an unregulated and blacklisted forex broker registered in Saint Vincent and the Grenadines that claims to provide its clients with a wide variety of tradable assets with leverage up to 1:100 and tight spreads on the worlds most trusted and popular MetaTrader5 trading platform.
Market Instruments
FxGen advertises that it mainly offers five different asset classes in financial markets, including forex, commodities, indices, stocks and cryptocurrencies.
Leverage
A leverage ratio of up to 1:100 is offered by FxGen. Inexperienced traders are advised not to use too much leverage since leverage magnifies gains and losses.
Spreads & Commissions
As tested on the demo MT5 account of FxGen, we found the spread on the benchmark EUR/USD pair was 0.3 pips, and a commission of $6 should be charged per side, which means that the EUR/USD cost of a trade is around 1.5 pips per standard lot.
Trading Platform Available
The platform available for trading at FxGen is the industry-standard MetaTrader5. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
FxGen seems to accept payments in cryptocurrency only. The minimum initial deposit requirement is said to be only $10. The broker also charges deposit and withdrawal fees. In particular, 1% deposit fee and a 3 % withdrawal fee (no less than 15 USDT and no more than 300 USDT). However, the broker didnt reveal any information about the deposit and withdrawal processing time.
Bonuses & Fees
FxGen claims to offer some bonuses. However, the bonus can only be withdrawn when the amount of closed lots is fulfilled.
Additionally, the Terms and Conditions indicate that the company can charge clients additional fees and taxes whenever it wishes, without prior notification. The T/C document also requires the client to pay all company expenses related to the broker's enforcement of legal actions.
Customer Support
FxGens customer support can be reached by telephone: +1（315）544 0500, +1 (315) 544 0500, email: support@fx-gen.com. Registered address: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines.
