Gemini Capital Review: this is the name of a Forex broker that is based in the offshore location of Bahamas. Is Geminicap.com a scam or legit broker?
The Forex brokerage claims to be part of IX Capital Group Limited that is licensed and registered by the “Securities Commission of the Bahamas (SCB)”. Its registered address is:
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109, Church Street, Sandyport, PO Box SP-62756, Marina Village, Nassau, The Bahamas.
It has an impressive trading portfolio as we found on its page and trading conditions seem to be good depending on the account type clients can afford.
There are news sections on the website that is said to be of help to clients who want to keep up-to-date with market news and analysis.
Gemini Capital Trading Platform
The trading platform said to be offered by the broker is the MetaTrader 4 platform, which is an encouraging information.
Legit brokers are known to offer at least the popular MetaTrader 4 trading platform.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders includes: 36 kinds of FX, 13 indices, 7 commodities, and 50 US stocks CFDs.
Spreads on the three accounts begin from 0 pips, 1.2 pips, and 2.2 pips. Leverages can reach a maximum of 1:500.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Gemini Capital
Methods of payments are not listed on the page, and clients may have to find this out while initiating the account process. We find this uncomfortable.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
A minimum deposit of $500 is required to start an account. This is quite higher than the obtainable average of $100 to $250. No information is given on the charges and fees on withdrawals.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Gemini Capital Licensed?
No. First, the company it claims to be under is run from an offshore location. Traders have become highly skeptical of brokers based in this locations. This is because the jurisdiction of Commissions does not cover these areas and brokers there may get away with mishandling clients funds.
Then, IX Capital Group Limited does not list Gemini Capital as one of their brokers. It looks like this broker falsified the claim in the beginning of this review.
Clients who access the website are provided with links to place calls, chat live and send messages to the customer care service.
Gemini Capital Markets seems to give good trading conditions but its initial deposit is high. Further, it does not hold any sort of license and it cannot be trusted with funds.
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