GeminiCap

GeminiCap is an offshore broker that is based in the Bahamas, and as such holds a regulation from the Securities Commission of The Bahamas (SCB). Read on to find out what this brokerage firm has to offer.

The commission behind the SCB is responsible for disclosing adequate investment information and establish rules of conduct concerning the financial market. It requires all brokers under its gaze to hold a minimum capital of $300k. However, bear in mind that the SCB is an offshore regulator, which are known for their liberal approaches to regulating.

GeminiCap has acquired a million-dollar insurance plan covering insolvency. Each eligible user can be reimbursed with up to $1 million if he or she meets the relevant Terms and Conditions.

Bear in mind that we did not register, even a demo account, because the broker wanted our phone number to send a verification code. This is a good sign for the broker (it shows they want to verify a user early on), but it means that we must base our entire review on the information the website and its documents provides.

The maximum leverage amount offered here is 1:500. The EUR/USD spread minimum depends on the account type. The ECN account has a minimum spread of 0 pips, the VIP account has one of 1.2 pips, and the Standard Account EUR/USD cost of begins at 2.2 pips, which is quite high and is not really favorable towards the client. A direct platform spread we could not come into possession of because we did not register.

The assets used for trading are Forex Pairs, Indices, Commodities, and Stocks. The obvious missing one is crypto, which by today’s standards is always a must-have.

The website offers three languages: English, Chinese, and Thai.

GEMINICAP LOGIN

There is only one platform here: the MT4, its inclusion being a very positive thing.

METATRADER 4

MetaTrader 4 is by far the most popular trading platform out there, making it the number one choice for trading. MT4 encompasses a to-the-point look and feel without sacrificing any accessibility. With MT4 you can set automated bots to trade instead of you so that you can indulge in other activities while profit is made (or lost). MT4 also comes with over 50 customizable trading indicators, great options for managing your charts, a drag and drop feature and many more pros.

GeminiCap has incorporated with Trading Central to provide technical strategy analysis tools to its clientele, with the sole purpose of achieving a higher return rate of investments.

The leverage is capped at 1:500, which is double-edges, meaning that things can either go very well or very bad. As for the spread, we mentioned that it depends on the account type, and that we could not get a specific value out of the trading terminal. The ECN account has a minimum spread of 0 pips, the VIP account has one of 1.2 pips, and the Standard Account EUR/USD min spread is 2.2 pips.

The ECN account type is burdened by the following commissions:

The platform is accessed on Android and iOS devices, as a webtrader, and as a full on desktop terminal.

GEMINICAP MINIMUM DEPOSIT

The minimum deposit is $500 for the Standard account which is double the industry standard. VIP account holders will have to deposit a minimum of $1000, while for ECN users the minimum funding requirement is $10 000.

Deposit by means of Wire Transfer (3-5 days to process) and UnionPay(instant process).

The FAQ is confusing about Credit Cards. On the one hand it clearly states that Credit cards are unavailable, while further down below it says that Credit Card deposits take up to 3 days to process and the fee attached to them is $10 if the sum is less than $200.

Account base currencies are the USD, EUR, GBP, or as the T/Cs claim “any other currency agreed in advance with us referred to as the ‘Account Base Currency”

There are no broker deposit fees, only those as issued by the payment systems. However, there are incidental fees that can be applied by GeminiCap from time to time

GEMINICAP WITHDRAWAL TIME AND FEES

There is no mention of withdrawal methods. One can assume that they are the same as the ones used to deposit. The FAQ states that Credit Card withdrawals are unavailable.

Bank Transfers withdrawals are processed between 3-5 days. UnionПay withdrawals take between 1-3 days.

There are withdrawal charges, but the only way to get a hold of them is to contact the broker:

There is no minimum withdrawal amount indicated. There is without a doubt one, but it is presumably revealed once a withdrawal is underway.

BOTTOM LINE

We like GeminiCap, but at times it clearly shows some rough edges as a result of its offshore regulation; the credit card deposit confusion and the incidental fees for example. But the broker is regulated and does offer some good trading conditions if one is prone to deposit a higher sum, for the Standard Account is simply not worth the $500 for a minimum of 2.2 pips EUR/USD spread.