Updated on March 26, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Global Clearing Group due to the issues we've identified.
Is Global Clearing Group Scam or Legit Broker? ▲
Engaging in trades with Global Clearing Group is strongly discouraged due to its unlicensed status. This broker lacks any form of regulation, raising significant concerns over its legitimacy and operational integrity. Our investigation revealed that Global Clearing Group operates without any legal authorization, with no official registration of its purported address. This ambiguity in location adds to the suspicion, suggesting potential fraudulent activities and the likelihood of the broker managing its services from an undisclosed, possibly remote location. Given the absence of regulatory oversight, the safety of trading with Global Clearing Group is highly questionable.
What is Global Clearing Group? ▲
Global Clearing Group, operating under the web domain 2pipsforex.com, is an entity claiming its base in Dominica. The broker purports to offer trading platforms for Forex and Cryptocurrencies, boasting about its rapid execution times and competitive offerings. Among its claims are fixed spreads at 1 pip, a vast clientele base exceeding 500,000, and enticing incentives such as a $5,000 account opening bonus and leverage ratios as high as 1:1000. However, these offerings are overshadowed by the broker’s location in an offshore zone known for lax regulatory standards, including the absence of minimum capital requirements. This setting raises doubts about the company's sustainability and the potential for unregulated, risky operational practices that could lead to manipulation or lack of compensation in the event of insolvency.
Further exacerbating concerns, a warning issued by the IFSC (Belize) against Global Clearing Group and its website, 2pipsforex.com, has alerted investors to the company's unlicensed status. Coupled with predominantly negative reviews from the trading community, there is a clear indication of the broker's inability to provide a stable and reliable trading environment.
Global Clearing Group Review Conclusion ▲
Given the critical issues outlined, we strongly advise against engaging with Global Clearing Group. The absence of regulation is a significant red flag, suggesting that traders' investments and overall trading experiences are at risk. Instead of jeopardizing capital with an unregulated entity, traders are better served by opting for brokers that are well-regulated and have a track record of compliance with established and reputable authorities.
Global Clearing Group Update ▲
Upon further investigation, it appears that the Global Clearing Group's website now redirects to a different company, indicating a possible cessation of operations or a shift in business focus. Regardless, caution is advised. It remains imperative to stay vigilant and avoid any dealings or proposals that may emerge from this broker, ensuring the safety of your investments and personal information.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Global Clearing Group Review 2024
