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Caution Investors GROW PIPS FX / GROWPIPSFX.ONLINE Analysis – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)
GROW PIPS FX is a forex trading platform that claims to offer high returns on investment with low risk. The website promises to provide access to over 200 currency pairs, indices, commodities, and cryptocurrencies, as well as educational resources, trading signals, and account management services. However, there are several red flags that suggest that GROW PIPS FX is not a legitimate or trustworthy company, and may be involved in fraudulent or manipulative practices.
Regulation and Compliance:
One of the most important factors to consider when choosing a forex broker is whether they are regulated by a reputable authority. Regulation ensures that the broker follows certain standards of conduct, transparency, and security, and protects the interests of the customers. However, GROW PIPS FX does not provide any information about its regulatory status or license number on its website. Moreover, the Financial Conduct Authority (FCA), the UK’s financial regulator, has issued a warning against GROW PIPS FX, stating that it is an unauthorised firm that may be targeting UK investors. The FCA advises consumers to avoid dealing with unauthorised firms, as they are not covered by the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS).
Another way to assess the credibility of a forex broker is to look at the customer reviews and feedback. However, GROW PIPS FX does not have any genuine or independent customer reviews on its website or on any other platform. The only testimonials that are available are on its own website, which are likely to be fabricated or paid for. Furthermore, there are several complaints and negative reviews about GROW PIPS FX on various online forums and websites, such as Trustpilot and Forex Peace Army. Many customers have reported that they have been scammed by GROW PIPS FX, and have lost their money or been unable to withdraw their funds. Some customers have also alleged that GROW PIPS FX has used fake or stolen identities, documents, and addresses to deceive them.
Products and Services:
GROW PIPS FX claims to offer a variety of products and services to its customers, such as forex trading, CFD trading, crypto trading, signals, education, and account management. However, these products and services are either misleading or nonexistent. For instance, the website does not provide any details about trading conditions, such as spreads, commissions, leverage, margin requirements, or execution types. The website also does not offer any demo accounts or free trials for its services. Moreover, the signals and education that GROW PIPS FX provides are likely to be inaccurate or outdated and may lead to losses for the customers. The account management service that GROW PIPS FX offers is also dubious, as it may involve unauthorized access to the customer’s funds or personal information.
GROW PIPS FX provides two different addresses on its website: one in London, UK, and one in Antigo, Wisconsin, USA. However, both of these addresses are false or misleading. The London address belongs to One Canada Square, a skyscraper that houses many businesses and offices. However, there is no evidence that GROW PIPS FX has any presence or affiliation with this building. The Antigo address is a residential street that does not match the image of a professional forex broker. Moreover, both of these addresses are inconsistent with the phone number and email address that GROW PIPS FX provides, which has a US country code and domain name.
GROW PIPS FX claims to offer 24/7 customer support via phone, email, live chat, and social media. However, these channels are either unresponsive or unreliable. Many customers have reported that they have been unable to reach GROW PIPS FX by phone or email, or have received vague or rude replies. The live chat feature on the website is also inactive or unavailable most of the time. The social media accounts of GROW PIPS FX are also inactive or nonexistent. For example, the Facebook page of GROW PIPS FX has only one post from 2019 and no followers.
Based on the above analysis, it is clear that GROW PIPS FX is not a trustworthy or reputable forex broker. It may be involved in fraudulent or manipulative practices that could harm the customers’ interests and finances. Therefore, it is advisable to avoid dealing with GROW PIPS FX or any other unauthorised firm that offers similar products or services.