- FxGrow Pros and Cons
- Is FxGrow safe or a scam?
- Deposits and Withdrawals
- Trading Platforms
What is FxGrow?
The FxGrow brokerage firm was established in 2014 with an aim to provide a smooth trading environment between the client and the broker, while any kind of conflict simply can’t appear. The broker provides transparent trading conditions through STP execution of orders and lowest ECN spreads that starting from 0.00001 along with negative balance protection to ensure the client’s funds’ safety.
The clients who chose the FxGrow can enjoy unlimited access to international financial markets with unparalleled trading conditions of trades with no requotes and no rejection of orders. The innovative trading solutions cater needs of investors, from the beginning traders to the trading professionals who have years of successful trading behind them.
FxGrow Pros and Cons
FxGrow is regulated broker with easy account opening, large instrument range and quality STP trading execution with platforms and tools included. There are education materials and wide deposit methods supported.
On the flip side trading fees for some instruments might be higher, and there is no 24/7 support.
10 Points Summary
|📉 Instruments||60 Forex currencies available in micro lots, Cash CFDs, Futures CFDs |
|🖥 Platforms||MT4, WebTrader, Mobile App|
|💰 EUR/USD Spread||1 pips|
|🎮 Demo Account||Provided|
|💰 Base currencies||EUR, GBP, USD|
|💳 Minimum deposit||100$|
|📚 Education||Free educational and analytical tools|
|☎ Customer Support||24/5|
FxGrow supports its clients by free educational and analytical tools also, as well through professional fund management services operated by Portfolio Managers and offers a dedicated Personal Account Manager for each client. Overall, the brokers’ strives to offer the best available options to a global trader, there where numerous awards that recognized FxGrow aims.
Is FxGrow safe or a scam
No, FxGrow is not a scam, it operate under the authority regulation and overseeing for low-risk Forex trading.
Every serious broker should operate under the authority and be licensed which ensures a safe trading environment. In case of FxGrow which is a brand name of Growell Capital, it is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). In accordance to this, FxGrow governed by directives set out by MiFID in European Union and respectively authorized for cross border services by many European authorities.
Therefore, to create safe and secure trading conditions FxGrow provides safe and secure operations with transparent transactions. Check another safe broker TriumphFX also regulated by CySEC. All client funds are kept in segregated customer accounts, while maintained in the safest top-tier banks and supervised on a daily basis.
Retail client funds are insured by the Investor Compensation Fund for Customers of Cypriot Investment Firms with up to 20,000 EUR per client. Along with durable safety protocols which ensure site and platform integrity.
Nevertheless, an additional entity is served through offshore zone Vanuatu, which is on its own not safe to trade. However, due to additional regulation from European authority, we assume it is overseen constantly by other regulators, which makes it a reliable choice of a broker.
However, the broker does not divide their clients and brings an array of products and services that everyone deserves along with transparent price feed the same for everyone with no exception. Markets offering includes a range of assets with 60 Forex currencies available in micro lots, Cash CFDs with no restrictions for Stop and Limit levels, Futures CFDs also with micro lots and no overnight charges.
What is also important to note is leverage levels offered by FxGrow, as leverage is widely used by the traders and may significantly increase your potential gains. However, only in case, you use tools smartly, as unnecessary risks may involve losses too.
Due to FxGrow regulatory requirements and set of rules applied by MiFID, the maximum offered leverage is 1:30 for major currency pairs, 1:20 for minor ones and 1:10 for commodities. While international traders signed an account with FxGrow Vanuatu entity may apply for much higher leverage level of up to 1:400 for Forex instruments.
There are three types of accounts offered by FxGrow that varies by the deposited amount and conditions applicable to them, while standard features only spread and another two offers spread and commission basis.
The pricing strategy at the FxGrow built to provide clear costs, with no hidden fees while no matter what you will trade with lowest Interbank spreads, that are normally reserved for market makers and institutional traders but available for a great benefit of FxGrow’s clients.
Another cost, which you should take into consideration is an overnight fee or swap rate which is paid in case the position is held longer than a day, while Islamic traders may apply for a swap-free account as they follow specific belief.
|Fees||FxGrow Fee||CMC Markets Fee||FXCM Fee|
The average spread you may see bellow, while the typical spread is 10 cents for Gold, 1 pip for Crude Oil and Dow Jones considered low spread among insdustry, as well you may compare fees to another popular broker FP Markets.
|Asset||FxGrow Spread||CMC Markets Spread||FXCM Spread|
|EUR USD Spread||0.6 pips||0.7 pips||1.3 pips|
|Crude Oil WTI Spread||1 pips||3 pips||4 pips|
|Gold Spread||10 cents||3||0.76|
Deposits and Withdrawals
So once it goes for an account opening you can deposit funds to trading accounts using one of the accepted multiple ways including credit cards or e-wallets (Neteller, Skrill, WebMoney, Ok Pay, Qiwi, Yandex Money, dotpay) along with internal transfer and Bank wire.
There is no requirement on minimum deposit amount by FxGrow, therefore any option allows deposits starting from 1$. Yet, the initial deposit that will allow you to trade diverse by the trading account you choose in your settings, thus ECN account require 100$ as a start.
FxGrow minimum deposit vs other brokers
||Most Other Brokers
FxGrow does not add any charges for transactions for FxGrow withdrawal option card payments, however the e-wallet may require additional fees which vary from payment to another.
By performing the STP execution, FxGrow indeed reduces the speed of transaction to nanoseconds for real pricing, which is a crucial factor in trading. Therefore, the platform performance is essential for success too, as such a majority of the companies FxGrow chose as a mainstay an award-winning MetaTrader4, with available versions for desktop, mobile or browser use.
WebTrader is currently one of the most advanced technologies provided by the broker, since the workstation utilizing Java technology for streaming financial data and advanced charting tools, does not require the installation and always “ready”.
The platform offers free VPS hosting with and unlimited access to Research Platform and Trading Signals provided by Trading Central. Nevertheless, traders of any style are welcomed and allowed to use Hedging, scalping, EAs or own trading strategy.
In addition, FxGrow is an official strategic partner with Myfxbook AutoTrade and ZuluTrade which is a world leading software for copying professional trading strategies directly through the client’s FxGrow MT4 account. What is also pleasant, the joining fee is 0$ with no other further fees, along of the benefit from a diversified portfolio and numerous evaluated traders.
Finally, FxGrow review shows the broker’s with a wide range of the trading instruments, fair trading conditions through three types of accounts powered by the STP and ECN technologies. Earned trust has many reasons, among them is that a broker is fully regulated by the applicable laws, offering one of the lowest spreads in the industry while in combination it is a simple but strong convincement to the traders.