Today, we bring you a story about an Forex/CFD broker that claims to operate under the supervision of a real regulator. At the same time, clients are promised zero commissions, 1600+ trading instruments, and plenty of educational materials. Need more reasons to start trading here? But we are not so easily convinced. As a result, we created this Great Lake Capital review, where we will talk about the company, its offerings, and determine whether this platform is yet another scam project.
Key Features
- Company Name: Interworld Brokerage Group LTD
- Website: https://greatlakecapital.com/
- Available Contacts: [email protected], [email protected]; +1 (778) 806 1408
- Foundation: 2024
- Services: Forex/CFD trading
- License: L19908/IWBG from Anjuan Offshore Finance Authority
- Initial Deposit: $500
From Sign-Up to Payout
The design of the official Great Lake Capital website can hardly be called outstanding. Ordinary images, dull formatting of text fragments, and a menu that is difficult to see against the white background of some sections — all this leaves a less-than-impressive first impression.
The developers tried to make the site look solid, compiling more than thirty pages, but it seems they missed something. We’re talking about the quality and informational value of the content, which turned out to be even worse than the design. See for yourself:
- The pages in the Instruments section contain descriptions of the available markets, which are uninformative and uninteresting. However, truly important details, such as contract specifications, are missing.
- The Education section features descriptions of non-existent courses. It also promotes trading with mentors. However, we doubt not only the effectiveness of such training but also whether the broker even offers it at all.
- Among the documents regulating the broker’s relationship with traders, only the Terms & Conditions, Privacy Policy, and Risk Disclosure are available. The company doesn’t even mention KYC or AML Policies. However, the fault lies not only with the firm but also with the regulator, which imposes virtually no requirements or restrictions on the platform’s activities.
Everything about Great Lake Capital so far resembles a scam platform rather than a licensed firm. While this does not prove anything outright, we already have some doubts.
Registering a new account with the company takes less than a minute since the registration form only requires a first and last name along with contact details. After submitting the data, all that’s left is to confirm the email address. In the personal account, users will find a set of standard functions, complemented by analytical materials and news. As we suspected, there are no educational materials or opportunities to participate in trading sessions with mentors.
The site’s claims and actual non-trading operations don’t match either. Traders are only offered two payment methods — bank cards and cryptocurrencies. Moreover, in the case of card-to-card transfers, the sender cannot even see the recipient’s details. Why an officially registered company would require such anonymity is unclear to us.
Our Trading Experience With Great Lake Capital
The company has dedicated an entire section of its official website to describing its trading platform. It talks about applications for Android, iOS, tablet devices, and, of course, the web version. However, these descriptions provide almost no useful information. For example, one of the key advantages highlighted is “real-time market access.” This raises a question for us: Have the company’s employees ever seen a trading terminal (except for demo versions) where price quotes arrive with a delay?
We’ll add a few words about the platform’s advantages ourselves. For instance, the variety of price chart display options available here is something we haven’t seen not only on platforms used by third-rate brokers and scam sites but even among most industry leaders. Additionally, the main trading window, built on the TradingView widget, offers a rich set of both indicators and graphical tools for technical analysis. Another significant plus is the straightforward organization of multi-chart support. There’s even an option to customize the market watch list, allowing users to keep only the tickers they need, making selection faster and more convenient.
As a result, the developers created a decent, though not entirely accurate, copy of MetaTrader. It differs in being somewhat less convenient to navigate and offering fewer customization options. Unfortunately, this platform also lacks the ability to add indicators or integrate trading robots. So, clients of Great Lake Capital will have to forget about automated trading.
Traders are offered a choice of five account types:
- Aspire, with a minimum deposit of $500 and leverage up to 1:100.
- Evolve, with a minimum deposit of $5,000 and leverage up to 1:200.
- Endeavor, with a minimum deposit of $25,000 and leverage up to 1:400.
- Empower, with a minimum deposit of $100,000 and leverage up to 1:400.
- Elite, with a minimum deposit of $150,000 and leverage up to 1:400.
The company provides no additional trading conditions — unless vague mentions of percentage discounts on spreads and swaps can be considered as such. Especially since standard values are not listed anywhere. Essentially, traders won’t even be able to assess how competitive trading with Great Lake Capital really is. This approach is generally uncharacteristic of licensed firms, as regulators require them to disclose trade conditions in detail. However, it seems this broker follows different rules.
The Reality Check
In the footer of its website, Great Lake Capital states that it operates under Interworld Brokerage Group LTD, a company registered in the Union of Comoros. It also claims to hold license number L19908/IWBG, issued by the Union of Comoros Offshore Finance Authority for brokerage and clearing services.
We decided to verify this information. It turned out that the Union of Comoros does not have an organization by this name that licenses and regulates brokerage firms. However, such an entity does exist on one of the Union’s islands — Anjouan. This island’s financial regulator is known as the Anjouan Offshore Finance Authority.
Our check confirmed that this is the entity that issued the license for our broker — or rather, the company managing it. However, not everything is as it seems.
The official financial regulator of the Union of Comoros is the Central Bank of the Comoros, which is responsible for overseeing financial services. However, the country functions as a confederation of autonomous islands, including Anjouan.
Some of these islands have taken it upon themselves to establish their own institutions, including financial regulators. The most well-known among them are Mwali (MISA) and Anjouan (Anjouan Offshore Finance Authority). These regulators have aggressively expanded their brokerage licensing operations, granting approvals to firms that would never meet the standards of reputable regulatory bodies.
The Central Bank of the Comoros considers their activities illegal and warns that these regulators are fake. It does not recognize the licenses they issue. And for good reason — the requirements set by these self-proclaimed regulators for brokerage firms are extremely lax, with almost no restrictions on their operations.
Most likely, because the Anjouan regulator is not widely recognized, Great Lake Capital attempted to mislead traders by presenting its license as issued by the Union of Comoros, rather than specifying the island. At first glance, this deception may seem minor, but from a legal standpoint, the difference is significant.
Important Note! This license is not exclusive to Great Lake Capital. Another broker, ProXGain (proxgain.com), also claims to operate under the same company. Additionally, another firm, Monetio (monetio.io), references the same license but does not disclose the name of its managing company. While their websites are not identical, they share a strikingly similar structure and content.
Moreover, although the license was issued legally, our investigation revealed that it has not been renewed. Its validity expired on March 3, 2025, and as of now, there is no indication of an extension in Anjouan’s regulatory records.
Thus, we can conclude that the company managing this broker is officially registered. However, it operates under a license that is recognized by almost no one in the world. On top of that, the license is currently expired. Given these circumstances, trusting this platform seems highly questionable.
How Long Has Great Lake Capital Been in the Game?
According to the license details, the company was registered on March 3, 2024. Most likely, the broker appeared online sometime later. But when exactly? We found the answer to this question in open sources.
According to Whois, the domain greatlakecapital.com was registered only at the end of September 2024, and its last major update was on February 13, 2025. This suggests that the broker may have started full operations in February. If so, it has only been serving clients for about 1.5 months.
Extra Fraud Indicators
The short operational period is also evident from Great Lake Capital reviews. We initially assumed that gathering many comments within such a short time would be nearly impossible. However, to our surprise, the broker has already accumulated a notable number of reviews:
- 12 posts on Trustpilot
- 14 on Reviews.io
- All of them appeared between March 14, 2025, and now.
What’s even more suspicious is that every single review is overwhelmingly positive. The rating is consistently high, with customers praising everything from trading conditions to educational materials — yet no one provides specific details. It’s clear to us that these reviews are paid and fabricated by the company itself. We fail to understand why the firm chooses this approach to build its reputation rather than relying on genuine client experiences.
Interestingly, experts from trading review websites have also taken note of this broker. However, their assessments are far from favorable. Most ratings don’t even reach an average level, and the presence of a license doesn’t improve their perception. In fact, many reviewers criticize Great Lake Capital precisely because it failed to obtain authorization from a more reputable regulator — even an offshore one. They highlight that firms using unrecognized regulators are often scammers looking to appear legitimate while avoiding real oversight.
Is Great Lake Capital the Right Fit?
Our Great Lake Capital review confirms that the broker does hold a license. However, we discovered that it was issued by an unrecognized regulator. While we stop short of labeling the platform an outright scam, we have plenty of reasons not to recommend trading with this company. These include lack of transparency in trading conditions, suspiciously fake positive reviews, and an expired license.
I lost all trust in trading thanks to Great Lake Capital scammers. They operate as if they can steal clients’ money without consequences. Their commissions are outrageous. The day after I registered, they deducted $500 from my account without explanation. It took me a week to get a response – they claimed it was an ‘insurance fee’ for my deposit. I decided to withdraw my remaining balance and leave this scam behind. But my withdrawal request was canceled, and they kept demanding additional verification steps that never seemed to end. This is not a trustworthy broker.
You can deposit money, but good luck getting it back. Even if you ignore the poor customer service, it’s impossible to make money with this broker. You might earn a profit, but good luck withdrawing it. Their documents claim they offer multiple withdrawal methods, but in reality, I was forced to take my payout in cryptocurrency, even though I originally deposited via bank transfer. This was extremely inconvenient for me, but they refused to offer any alternatives. This level of inflexibility makes me doubt their legitimacy.