FxGrow Review

FxGrow

FxGrow

www.fxgrow.com

  • Leverage: 1:30

  • Regulation: CySEC

  • Min. Deposit: US$100

  • HQ: Cyprus

  • Platforms: MT5, WebTrader, Mobile App

  • Found in: 2008

FxGlow Licenses

  • Growell Capital ltd - authorized by CySEC (Cyprus) registration no. 214/13
  • Fxgrow limited - authorized by VFSC (Vanuatu) registration no. 40308

Top 3 Forex Brokers

  1. FxGrow Pros and Cons
  2. Is FxGrow safe or scam?
  3. Fees
  4. Spread
  5. Deposits and Withdrawals
  6. Trading Platforms
  7. Conclusion

Our Review Method

  • Our proficient experts at 55Brokers with 10+ years of experience in the Forex market have thoroughly checked the broker’s offerings and trading conditions including fees, available platforms, and licenses, and eventually, we placed trades to ensure safe transactions to give our expert opinion on FxGrow.

What is FxGrow?

The FxGrow brokerage firm was established in 2018 and since then has significantly expanded its operation serving institutional and retail clients in more than 100 countries. The broker provides transparent trading conditions through STP execution of orders and the lowest ECN spreads starting from 0.00001 along with negative balance protection to ensure the client’s funds’ safety. The execution time takes less than 10 milliseconds.

  • The broker provides access to Forex and CFDs trading of indices, futures, cryptocurrencies, metals, and energies. The availability of assets and products depends on the region clients live in and the entity their account is registered.
  • FxGrow offers its clients automated trading which is a great feature on its own. It helps traders to determine whether to buy or sell assets at a given point in time.

Due to the good selection of educational resources and a decent set of tools, the broker is a good choice for both beginning traders and professionals who have years of successful trading behind them. The broker states that transparency and straightforwardness are their core values, and so far our experts’ impression of FxGrow is rather positive.

FxGrow Pros and Cons

FxGrow is a regulated broker with easy account opening, a large instrument range and quality STP trading execution with platforms and tools included. There are educational 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.

AdvantagesDisatvantages
Wide Range of Range of Funding MethodsNone
Minimum deposit – 100$
0$ deposit fee
CySec regulated
Low Spreads
Founded in Cyprus known for its great technology

FxGrow Review Summary in 10 Points
🏢 HeadquartersCyprus
🗺️ RegulationCySEC, VFSC
📉 Instruments60+ Forex currencies available in micro lots, Cash CFDs, Futures CFDs
🖥 PlatformsMT5, WebTrader, Mobile App
💰 EUR/USD Spread1 pips
🎮 Demo AccountProvided
💰 Base currenciesEUR, GBP, USD
💳 Minimum deposit100$
📚 EducationFree educational and analytical tools
☎ Customer Support24/5

Overall FxGrow Ranking

Based on our Expert opinion, FxGrow is a trustworthy broker that provides good trading conditions and client protection for clients globally. The broker provides good educational materials and a wide range of funding methods.

  • FxGrow Overall Ranking is 8.3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
RankingFxGroweToroXM
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
AdvantagesFast ExecutionSocial TradingLow Deposit

Alternative Brokers

Based on our findings, we came to the conclusion that novice traders might find it difficult to trade through FxGrow, despite the good selection of educational resources, since the broker doesn’t offer copy trading strategy. Also, the broker might not be suitable for stock traders.

Read detailed alternative brokers’ reviews:

FxGrow Awards

FxGrow has proved itself as a highly reliable broker and has been fairly rewarded for its transparent conditions and high execution rate. Overall, the broker strives to offer the best available conditions to traders across the globe. FxGrow offers its clients a personal account manager to help them through the process of investing and provides free educational and analytical tools. Here are some of the awards FxGrow has received:

  • MOST RELIABLE BROKER Cyprus Expo 2022
  • MOST TRANSPARENT BROKER Jordan Expo 2021
  • BEST CFD PROVIDER Dubai Expo 2021

FxGrow Awards

Is FxGrow safe or scam?

Based on our research, FxGrow is not a scam. We find FxGrow trustworthy since it operates under the authority regulation and oversees low-risk Forex trading.

Is FxGrow regulated?

FxGrow, a brand name of Growell Capital, is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). In accordance with this, FxGrow is 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. 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 the offshore zone Vanuatu, which is not safe to trade on its own. However, due to additional regulation from European authorities, we assume it is overseen constantly by other regulators, which makes it a reliable choice for a broker.

FxGrow Strong PointsFxGrow Weak Points
Good Reputation and long years of operation Holds offshore license in Vanuatu
Negative balance protection Regulatory standards and protection differ based on the entity
Wide range of trading instruments
Global coverage
Good educational and analytical resources

Where is FxGrow based?

FxGrow is a Cyprus-based Forex broker that was founded in 2008, it’s the brand name of Growell Capital LTD. Since 2012 it’s been authorized by the Cyprus Securities and Exchange Commission (CYSEC) and governed by MiFID.

Our conclusion on FxGrow Reliability:

  • We ranked FxGrow Trust Score of 8.4 out 0f 10 for its good reputation and transparent trading conditions. It ensures a safe trading experience with CySec regulation providing its clients with negative balance protectionFxGrow licenses

Leverage

What is also important to note is the leverage levels offered by FxGrow, as leverage is widely used by 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 the set of rules applied by MiFID, the leverage range of FxGrow is:

  • 1:30 for major currency pairs
  • 1:20 for minor ones
  • 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.

FxGrow Account types

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. All of the accounts are based on ECN execution type.

FxGrow AdvantagesFxGrow Disadvantages
Fast Account Opening None
3 Account types based on ECN connectivity
Demo account
No Limitation on trading strategies
High leverage

FxGrow account types

FxGrow Instruments

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.

  • FxGrow Market Range is ranked 8.1 out of 10 based on our research for its wide variety of market instruments available at very low costs for trading. The main drawback is that they are traded only through Forex or CFDs

fxgrow instruments

Fees

The pricing strategy at the FxGrow is built to provide clear costs, with no hidden fees while no matter what you will trade with the lowest Interbank spreads, which 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 beliefs.

  • FxPro Fees are ranked with an overall rating of 9 out of 10 based on our testing and compared to over 500 other brokers. Fees are different based on entity, yet traders can use free deposits and withdrawals mainly worldwide
FeesFxGrow FeeCMC Markets FeeFXCM Fee
Deposit feeNoNoNo
Withdrawal feeNoNoNo
Inactivity feeYesYesYes
Fee rankingLowLowAverage

Does FxGrow have no deposit bonus?

Yes, FxGrow offers a 20 – 25% deposit bonus on Profit for live account traders, when achieving $500 as a profit. The profit bonus can be cashed out at the end of the month by trading a certain number of positions (20 Lots).

FxGrow Spreads

The average spread you may see below, while the typical spread is 10 cents for Gold, 1 pip for Crude Oil and Dow Jones considered low spread among industry, as well you may compare fees to another popular broker FP Markets.

  • FxGrow Spreads are ranked average/ low with an overall rating of 8 out of 10 based on our testing comparison to other brokers. We found Forex spread are 0.6 pips for EURUSD which is a very low.
AssetFxGrow SpreadCMC Markets SpreadFXCM Spread
EUR USD Spread0.6 pips0.7 pips1.3 pips
Crude Oil WTI Spread1 pips3 pips4 pips
Gold Spread10 cents30.76

FxGrow spread

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.

  • FxGrow Funding Methods we ranked Excellent with an overall rating of 8.5 out of 10.  Fees are either 0 or very small, besides a range of supported funding methods is good, but be sure to verify conditions with the entity you trade
FxGrow AdvantagesFxGrow Disadvantages
Fast Account Opening None
3 Account types based on ECN connectivity
Demo account
No Limitation on trading strategies
High leverage

Minimum deposit

There is no requirement on minimum deposit amount by FxGrow, therefore any option allows deposits starting from 1$. Yet, the initial deposit will allow you to trade diverse by the trading account you choose in your settings, thus ECN account requires 100$ as a start.

FxGrow minimum deposit vs other brokers

FxGrow Most Other Brokers
Minimum Deposit $1 $500

Withdrawal

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 one payment to another.

fxgrow deposit and withdrawal

What platforms does FxGrow offer?

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 MetaTrader5, 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 utilises Java technology for streaming financial data and advanced charting tools, does not require installation and is always “ready”.

  • We ranked FxGrow platforms 8.1 out of 10 based on our research and compared to other brokers. The broker provides a decent variety of platforms leveraging the best trading strategies
PlatformsFxGrowHFMXM
MT4NoYesYes
MT5YesYesYes
Own PlatformNoYesYes
Mobile AppYesYesYes

The platform offers free VPS hosting with unlimited access to the Research Platform and Trading Signals provided by Trading Central. Nevertheless, traders of any style are welcomed and allowed to use Hedging, scalping, EAs or their own trading strategy.

AutoTrading

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 with the benefit of a diversified portfolio and numerous evaluated traders.

FxGrow zulutrade

Customer Support

As for customer support, traders can reach out to the customer support team 24/5. The broker is available through email, phone, or live chat. Also, we found that the service is of good quality with reliable answers, which confirms again FxGrow’s client-oriented policy.

  • Customer Support in FxGrow is ranked Good with an overall rating of 8.2 out of 10 based on our testing. Support is knowledgeable, fast answers are received on Live Chat, and also quite easy to reach during the working days

See our find and Ranking on Customer Service Quality:

ProsCons
Supports multiple languagesNo 24/7 support
Responses are quick and relevant
Availability of Live Chat

FxGrow support

FxGrow Education

Based on our findings, FxGrow provides some educational resources, however, they are limited so beginners might need to find alternative brokers with a decent range of forex education. You can read review articles of XM and Trading 212 which have a great selection of educational resources

fxgrow education

FxGrow Review Conclusion

Finally, the FxGrow review shows the broker’s with a wide range of 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.

Based on Our findings and Financial Expert Opinion FxGrow is Good for:

  • Traders who prefer MT5 platform
  • Currency Trading and CFD Trading
  • Automated trading
  • ECN Traders

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