Gemini Capital
Camouflaging information to entangle traders
Gemini Capital is believed to be owned by Gemini Capital LLC. The company claims to be in operation for the last 50 years but the domain was registered in 2014 only. Also, the website www.geminicap.com redirects to the https://www.geminicapital-global.com/
Gemini Capital LLC claims to be operating from Saint Vincent and the Grenadines region. No wonder, why the company is registered with the local financial authority Saint Vincent and the Grenadines Financial Service Authority (SVGFSA).
Is it Regulated? Is it According to Expectations?
Saint Vincent and the Grenadines is a small country lying in the south of the Caribbean. It is an ideal spot for offshore brokers to develop. Profoundly known as a tourist spot, it attracts the broker companies with its flexible registration rules and weak jurisdiction over the company’s operations.
An offshore registered broker is as lethal as an unregulated broker. Gemini Capital review will let you know how this entire scam works.
The client agreement of the company says that only the retail clients of the company are entitled to the benefits of the FSA regulatory. Also, this client’s status is mentioned to be “may or may not be at your request.” So, you just try to put a complaint about the company, your status will be converted to that of a professional-client. Hence, you have no right to reach any authority with your grievance when you use Gemini Capital.
Next in the line, is the claim of the multinational presence of the company. It states to be present in Europe, Asia, and North America. With no regulation in these areas, how could Gemini Capital provide its services? Yes, to my amazement, the company is providing services without any regulation!
The most concerning problems are the jurisdiction and the governing laws. The company has mentioned that it is under the jurisdiction of the state of Saint Vincent and the Grenadines Laws only. Thus, a tight-lipped acceptance of the weak security of the judicial laws of the traders dealing with the company.
Gemini Capital can thus be concluded as an offshore broker. It can be considered as an unregulated broker as it is not registered at any place other than the small Caribbean region of Saint Vincent and the Grenadines. This region is already ill-famous for the forgery going on in the broker companies presiding over there. Regulation thus only restrains it from being a piece of paper creating a mockery of the traders when they already gripe over the unlawful practices of the company. The trader needs to be well-aware of the origin and the regulating author of the company. It is as important to check the trading platform, services, and trading conditions, associated with the company.
Limited Trading services and accounts
The company is into forex and CFDs. There are not many options for the products. The company does not have mentioned any details about the account and the trading conditions over its website. No availability of a demo account indicates the lack of the trader-eccentric approach of the company. Gemini Capital review has managed to get the details of the accounts through the trading platform
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A demo account is a must for any of the brokers. By doing so, they can attract more traders onboard and also convince them of their reliable services, without actually risking their money. For a trader, a demo account acts as a test, through which he can check his knowledge and understanding of the platform. It helps the trader to check the key factors of the platform and the process to put deals. Refraining a trader from a demo account is a cheap way of making a trader onboard without giving him a surety of the services and assurance of his smooth trading experience.
The company provides 2 types of live trading account and one ECN account.
- Standard Account: It starts with a minimum investment of $5,000. This is almost 10 times higher than the average initial minimum investment of any regulated broker. Such a high investment attracts risks. The absence of any demo account or any other free account to the trader multiplies this risk and the trader is left at the mercy of the company. The leverage is never less than 1:500. Spreads are higher than the standard pips.
- VIP Account: The minimum initial investment is set at $1,000. Leverage remains the same and the spread is committed to being lower than a standard account. No details about the other supportive services are provided. More or less, it is the same as a standard account only.
- ECN Account: The initial minimum deposit of an ECN account with Gemini Capital is $10,000. It is 400 times higher than in any other company’s ECN account. There is no certainty about the spread and the leverage.
Spread in simple words is the difference between the bid price and the ask price. It must be maintained competitive so that the trader must have a fair chance for profit or loss. The higher the spread, the higher are the risks involved in the trade. Ideally, it should start from as low as 0 pips.
The leverage ratio for professional traders should be around 1:100. The broker is the source of the borrowed funds and the trading accounts of the broker allow the use of the brokerage. This is a lucrative measure adopted by the brokers to encourage traders in trading.
Gemini Capital, on the other hand, fails in providing any details about the trading conditions, the details about the accounts and the best-suited account or the tailor-made accounts of the traders. On one side, the company claims to be a global player in the brokerage, but this player needs a serious practice session. Coming back to the brokerage, there must be a clarification of information to the clients. A long list of rules and regulations without mentioning the clear details will not only result in the loss of business but will also attract the wrath of the existing traders.
Prerogative Trading Platform
The company chose to rely on the trusted Meta Trader 4 as the trading platform. One respite to the trader is the free account of the Meta Trader. Introduced by the reputed software firm, MetaQuotes Software Corporation, in the year 2005, this US-based company has relieved the traders with many worries. Automated trading signals, robots, and analytical charts for a better understanding of the market are the key features of the MT4. Be it a neoteric or a competent trader, MT4 is flexible to any experience. All you need to have is an account with a reputed regulated broker firm and yourself ready for the risks, the rest is at the MT4.
Gemini Capital does not support social trading. MT4 is the only trading platform provided by the company, which is no other stupefaction as it is the leading trading platform used globally.
Undisclosed Funds Transfer and Conditions
As per the risk disclosure notice available over the website of the company, the company will inform all of the fees and commission to the traders individually. The most obvious question here is that is it according to a pro-rata basis or is it the universal charge? Hard to guess but the unprofessional approach of the company is certainly highlighted here. There is no information about the currencies accepted or the deposit conditions. The same is with the withdrawal fee and withdrawal conditions.
The absence of Skrill, a popular e-Wallet, is self-explanatory. Skrill has stopped rendering its services to all of the offshore registered brokers to protect the interests of its customers. No new thing that Gemini Capital is not compatible with its transactions with the secured payment partner Skrill.
Social Media and Customer Support – Far flung concepts
Gemini Capital is not available on any of the trending social media platforms like Twitter and Facebook. The group of professionals who are behind the company has completely missed tapping the potential of the online presence of a broker. Perhaps they are aware of the response they’d get there, which I believe can be quite negative.
There is no mention of a single phone number or an email-id for the contact with the company. There is no availability of live chat and online support. In case a trader is stuck in some important issue related to his live account, there is no way out. The trader has to wait up to the benignancy of the company. This is a brutal malevolence of the customer.
Final verdict
The limited information with no disclosure about the owners and the team behind the company has raised the eyebrows in first look only. The fake commitment of services in the unregulated region with complete secrecy over the basic trading conditions and the accounts makes it a closemouthed profit-making Scam Company. Gemini Capital cannot be rated with more than 1 on 5 point rating scale. It is not recommended to trade with it.
References
- https://www.geminicapital-global.com/wp-content/uploads/2020/03/Gemini-Capital-LLC-Client-Agreement-Feb-2020.pdf
- https://www.cnmv.es/Portal/verDoc.axd?t={bc68816e-2160-46fa-afb2-4285d40cda39}
Dr. Henrique Duck, PhD in Media Studies and Critical Theory, specializes in writing detailed critics stories and reviews. He has contributed to prominent newspapers and websites, providing insightful analysis of media content and its effects on society.
