2pipsforex.com Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this 2pipsforex Review.
2pipsforex.com Review
Clients of 2pipsforex.com are offered a single account type, with fixed spreads, commission-free trading, instant execution and leverage up to 1:1000 on MetaTrader 4. There is no option to trade in micro lots for those unwilling to put much at risk.
With this account, you can trade in around 25 currency pairs, as well as precious metals (Gold & Silver). Popular instruments, such as CFDs on indices, commodities and stocks are not available with this broker.
Indeed, 2pipsforex.com’s spreads seem pretty attractive, fixed at 1 pips for all currency pairs, which is unusual. Typically, the lowest spread available is for the EUR/USD pair, while the spreads for the others are wider, and most fixed-spread brokers offer 2 pips spread on EUR/USD.
Smells like another unregulated market maker here: offering instant execution with fixed spread only, and no license whatsoever. What is worse, the minimum initial deposit is $2 000, while many trustworthy and well-regulated brokers require less or none at all. For instance, one may open an account with CMC Markets and IG with just $1, and both of them are licensed by UK’s FCA.
The Company. Security of Funds
The company that own and operates the 2pipsforex.com brand and website is Global Clearing Group LTD. It is registered in Dominica. After the passing of the International Business Companies (IBC) Act in 1996 it has become an attractive location for offshore company formations. There are certain international banking regulations to which all companies operating out of Dominica are bound, however, forex businesses are not regulated at this time.
There are no minimum capital set for brokerages registered in Dominica, nor compensation schemes arranged in the event of company insolvency.
Meanwhile, Global Clearing Group LTD claims that it is authorized and regulated by the European Union Electronic Derivatives Exchange LTD (EUEDEX) and that is a member of the Financial Services Compensation Scheme (FSCS). However, our search in the EUEDEX returned no results for such company, and of course, it may not be a member of the FSCS, since this is the compensation scheme applying to brokerages licensed by the Financial Conduct Authority (FCA).
What is more, we found there is a warning issued against Global Clearing Group LTD by the International Financial Services Commission of Belize (IFSC). The Commission warns investors that this company offers online trading in forex and securities without a license from the IFSC.
With regards to the above said, we don’t recommend 2pipsforex.com, as it is unregulated and very likely to be a scam.
Trading Platforms
The broker supports the ever-popular MetaTrader 4 platform. Unlike most brokerages, however, this one offers only a desktop version. There aren’t on the go trading options with 2pipsforex.com, nor the chance to use web-based platform, without installing any software.
Methods of Payment
2pipsforex.com offers a large number of payments methods: bank wire transfer, credit/debit cards and e-wallets Skrill, Neteller, LiqPay, OKPay, PayPall, and Perfect Money.
2pipsforex.com’s offering is limited to trading in 20-something forex pairs and precious metals on desktop MT4. The brokerage is registered in Dominica and not regulated by any authority. What is worse, there are false claims on its website that it is a member of EUEDEX and of the Financial Services Compensation Scheme (FSCS). On top of that, it requires $2000 as a minimum initial deposit. Here are, in a nutshell, the advantages and disadvantages of this broker:
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
2pipsforex.com Review Conclusion
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