Genemybit is a self-proclaimed decentralized cryptocurrency exchange. At first glance, their website is extremely minimalist and we do get the appeal. However, if you dig deep, the warning signs are undeniable and user feedback is close to non-existent.
To make matters worse, the management of this enterprise is anonymous. Sadly, the horror doesn’t stop there. Decentralized exchanges do bring benefits and might lure in experienced crypto folks.
However, you need to do due diligence or else the consequences will be bitter to say the least. To know what kind of exchange Genemybit is, continue reading.
Genemybit Exchange
Genemybit claims to be a highly sophisticated crypto exchange wherein people can trade and stake their coins. They do have different staking plans and the returns are floating. Note that, to view the plans or checkout their rates, users have to create an account.
There is no way to check them out without signing up. What bothers us the most about them is that they claim to have a big user base, but the data doesn’t suggest the same. Plus, you need to submit KYC details, but as they are not transparent, it is indeed a daunting decision.
In the crypto sector, currently there are a lot of reliable exchanges that offer the same features and have established track records. Given everything, we wouldn’t encourage anyone to interact with them.
Staking and Rewards
Staking returns and other associated rewards are like the bells and whistles every exchange flaunts. On this platform, as we mentioned before, just to see the way plans are structured you need to sign up and that comes with a lot of risk.
There was a time when staking produced respectable returns. However, now the scenario is different, and the competition is greater. So, before funding the plan, talk with a licensed financial advisor and then proceed. After all, investing on impulse is the quickest way to disaster, isn’t it?
Fees
Regardless of whether you are a newbie or a crypto veteran, fees are something everyone needs to be aware of. Cryptocurrencies are too volatile and depending upon your trading style, fees can make or break your trading strategy.
If you are wondering about the fee structure on this platform, then you are forced to open an account with them. On the positive side, apparently, you can know about the fees before you execute the order.
Genemybit Contact Details and Support
Guess what? Genemybit doesn’t share any contact details with the public. The only way to reach them is through their portal. In their FAQ section, they claim to be working 24/7.
However, there is no way to verify that claim. For any reason, if you have trouble with any aspect of their offering, then going back and forth appears to be a long process and that in our books is a deal breaker.
Genemybit User Feedback
Now, we are exploring the interesting part about this exchange. On their homepage, they claim to have positive ratings on Trustpilot. If you Google them out, then we could find an overwhelming amount of horrible encounters and that does not paint them in a good way.
Think for a minute, why would they bluff about their own ratings on the web unless they had a dark side? Both on and off their platform, the facts are obvious and in a nutshell, they are not trustworthy.
Referral Program
There is a pretty good chance that few websites or individuals might be promoting them on the internet and that is all due to their referral program. They give up to 40% generated in fees to the affiliates.
In other words, marketers are encouraged to find clients that trade high volume and to achieve their goal, they lure people in by advertising strategies that ultimately benefit the house.
The conflict of interest is questionable and most likely the end users are always at a disadvantage. So, proceed cautiously and stay informed.
Conclusion
Genemybit is a shady exchange that displays all the red flags. Chances of them disappearing are high and due to lack of regulation, to recover money from them would be a herculean task for sure. Do yourself a favour and stay away from them.
Genemybit appears to be a questionable entity, and as such, you should avoid interacting with them in any way or form.
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