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FXGrow Review

FxGrow Review

 

Overall Rating

4.8/5

Rated #28 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

CySec

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FxGrow is a British forex broker company that is based in Limassol, Cyprus.

Forex brokers are companies that provide traders with access to platforms that allow them to buy and sell foreign currencies.

Forex brokers are also known as retail forex brokers or currency trading brokers. Retail currency traders in turn use these brokers to gain access to the 24-hour currency market for speculation purposes.

Forex broker services are also provided for institutional clients and large companies such as investment banks.

FxGrow was founded in 2008 in Cyprus and has since expanded and now serves retail and institutional clients in more than 100 countries.

In 2012, FxGrow Limited, a brand name of Growell Capital Limited, became authorized by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 214/13. It is governed by MiFID.

The company operates in England, France, Hungary, Norway, Poland, Germany, Sweden, Greece, and Spain. In all the countries it is regulated and authorized by the necessary authorities.

FxGrow’s mission is to build relationships with its retail and institutional clients by granting access to top-tier prime brokerage and liquidity pools.

It partners with the most leading technology providers (Metaquotes and PrimeXM), adopting their technologies to ensure an ultra-low latency network through FIX API along with MT4 gateway.

Its vision is to provide high-standard services, by adopting and developing the most up-to-date tools to ensure the best trading conditions.

Clients can enjoy unlimited access to international financial markets with unparalleled trading conditions of trades with no requotes and no rejection of orders.

FxGrow caters to the needs of investors, from the beginning traders to the trading professionals who have years of successful trading behind them.

 

Awards and Recognition

As early as 2012, FxGrow received recognition for being the best international broker. This has opened new horizons and new opportunities for growth at FxGrow.

The broker has continued to improve and strive towards future awards. It strives to become recognized globally and try to serve its clients and partners, by providing them with transparency and best trading conditions.

In 2018, due to its continued performance, FxGrow was named as the best liquidity provider of the year.

 

FXGrow Accounts

A forex account is a trading account held by a trader with a company like FxGrow, which is primarily issued with the purpose of trading currencies.

Usually, the number and type of accounts that a trader can open with a broker company differ according to the country in which the brokerage operates, the country of residence of the trader and the regulatory authorities under whose jurisdiction it operates.

 

 

Types of Accounts and Its Features

FxGrow offers a choice of three account types that brings forth a trustworthy relationship with their traders.

The company uses a transparent model of dealing with full access to data on balances, equity, profits along with back-office support for the account statements.

A breakdown of what the different accounts entail is as follows:

 

ECN Account

  • Initial deposit: US Dollar 100
  • Spreads: Variable from 1.20000
  • Commissions: 0
  • MT4 VPS HOSTING: 10/month
  • Base Currency: USD, EUR, PLN
  • Margin Call: 50%
  • Stop-Out: 50%
  • Research Platforms and Trading Signals (By Trading Central)

 

ECN-PLUS Account

  • Initial deposit: US Dollar 1 000
  • Spreads: Variable from 0.00010
  • Commissions: 12
  • MT4 VPS HOSTING: 10/month
  • Base Currency: USD, EUR, PLN
  • Margin Call: 50%
  • Stop-Out: 50%
  • Research Platforms and Trading Signals (By Trading Central)

 

ECN-VIP Account

  • Initial deposit: US Dollar 10 000
  • Spreads: Variable from 0.00010
  • Commissions: 8
  • MT4 VPS HOSTING: 0/month
  • Base Currency: USD, EUR
  • Margin Call: 50%
  • Stop-Out: 50%
  • Research Platforms and Trading Signals (By Trading Central)

 

Overall Rating

4.8/5

Rated #28 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

CySec

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Deposits and Withdrawals

Once an account is opened funds can be deposited to the trading accounts using one of the accepted multiple ways which include credit cards or e-wallets together with internal transfer and Bank wire.

There are no limits on minimum deposit amounts, therefore traders can start with only US Dollar 1. However, the initial deposit that will allow you to start trading also depends on the trading account you choose.

For example, if you choose the ECN account it requires a deposit of US Dollar 100 as a start.

There is no charge for deposit and withdrawal services. However, the payment providers may charge fees according to their own fee structure. All transactions are processed during normal business hours 9:00 am till 6:00 pm (GMT+2).

As with most brokerages, FxGrow does not accept payments from third parties. To transfer between your trading accounts at any time you need to log into your FxGrow secure area.

 

Cost and Fees, Commissions and Spreads

The cost of trading depends on different factors like commissions, spread and margins.

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions will vary between different brokers and depends on the asset being traded and the type of service offered by the broker.

Execution-only brokers, which is a broker that does not involve in any personal investment advice and gives traders complete control over how they trade the markets, tend to have lower commissions.

The contract for differences (CFDs) trading, a popular form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, on shares will incur commission.

CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.

FxGrow does not add any charges for transactions through card payments, however, the e-wallet may require additional fees which vary from one payment to another. Below is an indication of fees charged for the different payment methods.

 

  • Credit/debit cards – Visa/Mastercard: US Dollar 0
  • E-wallets – Neteller: 3.9%
  • Skrill: 2.9% +0.28 (or 0.27)
  • WebMoney: 3%
  • Yandex money: 8%
  • Qiwi: 7%
  • Prepaid cards – cashU: US Dollar 0
  • Bank wire – US Dollar 100

 

The pricing strategy is built to provide clear costs, with no hidden fees. No matter what you trade with, FxGrow has the lowest Interbank spreads, which are normally reserved for market makers and institutional traders, but it is available as an added benefit to FxGrow’s clients.

The typical spread is 10 cents for Gold and 1 pip for Crude Oil and Dow Jones.

Another cost, which traders should keep in mind, is the overnight fee or swap rate which is paid in case the position is held longer than a day. Islamic traders may apply for a swap-free account as they follow specific beliefs.

The broker does not divide its clients and brings an assortment of products and services that everyone deserves along with a transparent price feed. It is the same for everyone, beginner or professional.

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.

 

Leverage

The facility that enables a trader to get a much larger exposure to the market than the amount he or she deposited to open a trade, is called leverage. Such leveraged products magnify a trader’s potential profit – but of course, also increase the potential loss.

The amount of leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that a trader has US Dollar 1,000 in his or her trading account and is trading ticket sizes of 500,000 USD/JPY, that leverage will equate to 500:1.

FxGrow offers leverage levels that are widely used by traders and may significantly increase your potential gains. However, you must use the tool 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. The highest leverage with FxGrow is 1:300.

 

 

Bonuses

Forex brokers tend to lure new traders with offers of attractive deposit bonuses. This can be useful, but it is essential to discern what a proper bonus is.

Such a bonus is but a way to compensate traders for choosing a certain broker since once the account is opened, the trader will have the same expenses as any other.

The bonus is just a reward for the trader’s choice that gives some of these expenses back to the trader, once proving himself as an active trader.

Moreover, since 1 August 2018 The European Securities and Markets Authority (ESMA) has placed investor protection measures on the marketing, distribution, or sale of CFDs to retail clients.

These prevent brokers from directly or indirectly provide the retail client with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution, or sale of a CFD, other than the realized profits on any CFD provided.

This means that a Deposit Bonus is not currently applicable for retail clients.

FXGrow as such does not offer any bonuses to its clients. It does, however, offer both existing and new clients’ cash rebates via the TradeBack program.

This depends on the monthly trading volume. Traders can receive rebates ranging from US Dollar 2 to US Dollar 6 for each lot traded.

 

Trading Platforms, Software, and Features

The forex trading software provided by a broker company to its clients is called the platform and is used to carry out their trades.

A platform can be a multi-asset one, which means that it allows clients to not only trade forex but also other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

The decision about which platform to choose will depend on what a client would like to trade, therefore it will be one of the criteria when choosing a broker too.

FxGrow offers the in-house WebTrader that reduces the speed of transactions to nanoseconds for real pricing, by performing the STP execution, which is a crucial factor in trading.

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 installation and is always “ready”.

The platform performance is essential for success for many companies.

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

FxGrow also gives traders the choice of using the MetaTrader4 platform which is an award-winning trading platform.

It offers traders advanced analytical tools and a reliable platform evolving continually over the years to respond to professional traders’ needs. MT4 platform can be downloaded on windows, Mac, tablets, and smartphones, (both apple and android).

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.

There is no joining fee or any other fees, which is a further benefit from a diversified portfolio and numerous evaluated traders.

The MetaTrader 5 platform is an updated and improved version of its predecessor which has long been the industry standard for traders around the world.

The MT5 platform seeks to help you reach master accounts from brokers, analyze his strategies, and follow their trades. All you must do is register for a FxGrow account and start your automatic trading.

MetaTrader 5 advanced charting technology coupled with sophisticated order management tools helps you to monitor and control your positions quickly and efficiently.

It is a powerful platform packed with brand-new features aimed at improving your trading experience. It is available on all their account types.

 

Markets, Products, and Instruments

Most brokers offer all or some of the following kinds of market instruments for trading:

 

Forex

Forex trading, also called currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.

 

Commodities

As with currency exchange markets, commodity markets offer different investment opportunities for traders. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of inflation or economic uncertainty.

 

Indices

Equity or stock indices are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific set of the largest companies of a nation or they can represent a specific stock market.

 

Precious metals

The trading of gold and other precious metals involves hard commodities that are contract-based tradable goods.

 

Energy

The high volatility of energy prices due to political and environmental factors, supply and demand, extreme weather conditions, and global economic growth is a typical feature of this product, making it another popular trading choice.

With FxGrow traders can trade in Forex, Indices, and Commodities.

 

 

Safety and Regulation

One of the first things a potential trader needs to establish is whether a broker like FxGrow is safe to trade with. One of the surest benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watchdogs over its actions.

Since FxGrow is a brand name of Growell Capital, it 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.

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 daily.

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 that ensure site and platform integrity.

FxGrow is also served through an additional entity through the offshore zone Vanuatu, which on its own is not safe to trade with.

However, due to additional regulation from European authorities, it is overseen constantly by other regulators, which makes it a reliable choice of a broker.

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.

 

Customer Support

Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it.

FxGrow offers the following 24/5 customer support through telephone, email, live chat, or a call back request.

 

Research

Potential traders should always do as much as possible research about speculative trading before commencing to do it.

Trading with confidence and success relies heavily on knowledge and understanding of the markets, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.

FxGrow does offer some research options on its websites like an Economic Calendar, Trading Central, calculator, and Daily Analysis.

The Economic Calendar keeps traders up to date with all that happens in the financial trading world.

FxGrow gives traders the option to sign up in Trading Central, which is a leader in market research and technical analysis. This will assist you with technical analysis to make decisions before entering the market.

It provides technical insight, combine the methodologies of research desks with powerful pattern recognition, helps with detailed research and filter the preferred markets, chart patterns, and asset classes.

It gives you access to dashboards, watchlists, and the FxGrow newsletter. The calculator can calculate all the important parameters of trading such as the pip value, contract size, swap, margin, and potential profit across a range of products.

 

Education and Training

Before starting to trade, potential clients of FxGrow should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.

If FxGrow’s website itself does not provide enough means, a trader should explore other informative websites and means to obtain that knowledge.

Although FxGrow publishes its own research it lacks an educational section. Although partnering with Trading Central, it does include some educational material.

FxGrow has unfortunately not tried to provide a comprehensive educational section and leaves this task up to the individual trader.

 

Conclusion

To accommodate the different needs, levels of trading experience, investment capital, or risk management skills, FxGrow offers a wide range of trading instruments, fair trading conditions through three types of accounts powered by the STP and ECN technologies.

 

You might also like: FxGrow Sign Up Bonus

You might also like: FxGrow Demo Account

You might also like: FxGrow Fees and Spreads

You might also like: FxGrow Minimum Deposit

You might also like: FxGrow Islamic Account Overview

You might also like: FxGrow Account Types Overview

 

Disclaimer

Trading leveraged products such as Forex and CFDs involves substantial risk of loss and may not be suitable for all investors, since leverage can work both to your advantage and disadvantage.

As a result, trading such products is risky and you may lose all your invested capital. Therefore, you should not risk more than you are prepared to lose.

Before deciding to trade, you need to ensure that you understand the risks involved considering your investment objectives and level of experience. Seek independent advice, if necessary.

The broker is fully regulated by the applicable laws, offering one of the lowest spreads in the industry.

 

FXGrow at a Glance

Broker’s Name FxGrow
Headquartered Limassol, Cyprus.
Year Founded 2008
Regulating Authorities CySEC, MiFID.
US Clients Accepted No
Islamic Account (Swap Free) Yes
Demo Account No
Institutional Accounts Yes
Managed Accounts Yes
Maximum Leverage 300:1
Minimum Deposit US Dollar 1
Deposit Options Visa, Mastercard, Neteller, Skrill, WebMoney, Yandex money, Qiwi, cashU, Bankwire.
Withdrawal Options Visa, Mastercard, Neteller, Skrill, WebMoney, Yandex money, Qiwi, cashU, Bankwire
Platform Types Webtrader, MT4, MT5
Platform Languages English
OS Compatibility Windows, Mac, tablets, Android, iPhone
Customer Support Languages English
Customer Service Hours 24 hours five days a week

 

Overall Rating

4.8/5

Rated #28 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

CySec

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FAQ’s

Trading Environment

 

How many instruments can I trade with FxGrow?

With FxGrow traders can trade in over 160 instruments in:

  • Forex
  • Indices
  • Commodities

 

Which platforms are supported by FxGrow?

FxGrow provides the following popular trading platforms:

  • MetaTrader4
  • MetaTrader5
  • Inhouse WebTrader

 

Does FxGrow offer leverage?

Yes.

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. The highest leverage with FxGrow is 1:300.

 

What spreads can I expect with FxGrow?

While the ECN accounts offer spreads as low as 0.00001 pips, the entry account starts from spreads as low as 1.20 pips

 

Does FxGrow charge commission?

Yes.

Commissions are rather high with US Dollar 12 per lot in its ECN-Plus account, and US Dollar 8 in its ECN-VIP account. It charges no commission on the ECN Account.

 

Is FxGrow regulated?

Yes, FxGrow is regulated by the Cyprus Securities and Exchange Commission (CySEC) and governed by MiFID. The company operates in various other European countries and are regulated by the necessary authorities in these.

 

Is FxGrow a recommended forex trading broker for experts and beginners?

Yes, FxGrow offers a good trading environment for all types of traders, from beginners to advanced. Unfortunately, it does not offer much in the sense of educational tools for beginners.

 

What is the overall rating out of 10 for FxGrow?

7/10

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account is an account offered by some trading platforms, which is funded with phony money.

This allows a potential client to experiment with the trading platform and get familiar with its various features, before deciding to set up a real account.

These accounts are offered by various online trading platforms, including stock trading platforms, foreign exchange trading venues, and commodities exchanges.

Demo accounts are also widely used by more experienced traders who want to experiment with other asset classes. For instance, a trader might be experienced in stock trading but want to start investing in futures, commodities, or currencies.

Opening a demo account is a good option before opening a live account where you trade with real money in real-time.

 

Does FxGrow offer a demo account?

No, you can only open a live account.

 

Can I convert my demo account to a live trading account with FXGrow?

Yes

 

Which live trading accounts does FXGrow offer?

List accounts types in bullet points, with a brief one-line explanation of each. Example:

  • ECN Account
  • ECN-PLUS Account
  • ECN VIP Account
  • Islamic Account: swap-free account

 

What are the available deposit currencies for a live trading account?

  • USD
  • EUR
  • PLN

 

Deposits and Withdrawals

 

What is the minimum deposit for FxGrow?

US Dollar 100

 

How do I make a deposit and withdrawal from FxGrow?

FxGrow offers the following popular deposit and withdrawal methods:

  • Visa
  • Mastercard
  • Skrill
  • WebMoney
  • Yandex money
  • Qiwi
  • CashU
  • Bankwire

This broker does not charge fees for deposits or withdrawals, but third-party charges apply.

 

Does FxGrow charge withdrawal fees?

No, but third-party charges apply.

 

How long does it take to make a withdrawal?

All transactions are processed during normal business hours which means that most trader will get their withdrawals the same day unless requesting a bank wire.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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