FxGrow is a CySEC-regulated broker with an offshore entity. The firm brags about its acceptance across the EU and the various awards it earned.
But is everything really as shiny? Read our detailed FxGrow review to find out.
FxGrow is a brand of Growell Capital Ltd, registered in Cyprus. The company entered CySEC register in 2013 under license number 214/13. In 2020, the brand registered its operations offshore, with FxGrow regulation being with Vanuatu Financial Services Commission. There, the brand operates as FxGrow Limited.
While it’s not unusual for brokers to have offshore operations and expand their pool of customers, it should be noted that offshore license providers, including here VFSC, belong to a tier 3 zone. It’s the lowest tier due to the loosest requirements. Companies have no required minimum capital, nor do they have to form a compensation fund. Additionally, they don’t need to limit leverage.
ESMA, the EU watchdog, limited leverage to 1:30 for retail traders. Therefore, a CySEC-regulated entity must comply with the rule. Yet, we haven’t seen leverage anywhere on the website, which is rather suspicious.
If you have any information about the company and its business practices, don’t hesitate to share it with us.
FxGrow is an online trading broker registered in Cyprus with a subsidiary in Vanuatu. The company has some concerning reviews.
Our findings show that the company mainly operates in the following countries:
Besides Cyprus, all countries’ respective regulators must approve the broker. We assume they onboard residents through an offshore entity, but even then, they don’t have local approval.
We reviewed the FxGrow trading platform, and we’re quite satisfied. The broker offers MT5, one of the best software today.
MT5, along with MT4, earned the highest trust among investors. The software is quite user-friendly and supports a vast number of TAs and other tools. With FxGrow, you can get EAs, Stop Loss and Take Profit, use various strategies, including hedging and scalping, and participate in social trading. With this feature, you can copy the trades of other investors instead of planning the strategy on your own.
Besides the desktop version, MT5 is suitable for Android, iOS, and Huawei devices. You can easily log in to your account via mobile, check your trades and monitor the results.
It’s pretty convenient, especially in today’s fast-paced world, where we often don’t have a desktop but always have our phones nearby.
This firm offers access to 5 categories of trading assets, those being:
Oddly enough, there are no shares on this list.
Depending on the account type, the spread is floating, advertised as 0.2 to 1.1 pips. Besides, you must pay a commission of $6 or $8 per lot, depending on your chosen account. Finally, you have swaps and possibly other fees that are not specified.
One good thing about regulated brokers is the fact they provide negative balance protection. You can trade and lose your entire capital but not go to minus.
Scam brokers often disable this feature, as their utmost idea is to trap you into debt. That’s why dealing with licensed firms is essential.
We found three FxGrow account types. What’s odd, there are not enough details about any of them. Just briefly summarized costs and trading strategies.
Besides the minimum deposit, accounts generally differ in spread and costs for the platform hosting and trading. Yet, we don’t see leverage or other trading terms.
We’d expect more from a duly licensed broker, so this list is quite disappointing.
When registering, you can choose the FxGrow Demo account and test the system risk-free. However, to do that, you must provide the broker with all your personal information, including name, email, and phone number.
While it’s not an uncommon practice, it often leads to pressuring clients to invest. That’s why we advise checking a Demo account directly on the MetaTrader website and registering only when you’re sure of your choice.
Customers can choose from the following payment methods for FxGrow withdrawal:
The minimum withdrawal amount is $10 for all methods, except for the wire transfer, where it’s $100. We’ve found some FxGrow reviews indicating issues with payouts, as the company claims they process the request instantly, and the rest depends on the payment provider.
Suppose you’re experiencing troubles with your FxGrow account. In such cases, contact Global Fraud Protection immediately. We can help you file a dispute for a chargeback and deal with the relevant regulatory bodies.
Don’t hesitate to check the issue. Book a free consultation, and we’ll examine all the circumstances to verify whether or not you can submit a refund request.
FxGrow is a CySEC-regulated broker with an offshore subsidiary. In case of any troubles with the firm, don’t hesitate to reach out to us.
Yes, FxGrow offers a risk-free Demo account for its clients.
Since it supports MT5, FxGrow also offers Android, iOS, and Huawei mobile apps.
FxGrow is a CySEC-regulated broker with an offshore subsidiary. In case of any troubles with the firm, don’t hesitate to reach out to us.
Yes, FxGrow offers a risk-free Demo account for its clients.
Since it supports MT5, FxGrow also offers Android, iOS, and Huawei mobile apps.
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