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Is FXGrow Legit or a Scam? This Is What We Found Out

About FXGrow

FXGrow was established in 2008 and is owned by Growell Capital. It is based in Cyprus and it is licensed by CySec and by Vanuatu. It serves 100 countries and its clients include individual and institutional investors. FXGrow offers a variety of trading products including CFDs, forex, commodities, and indices with many traded through CFDs. It offers a total of 160 trading products and has low spreads.

Year Created2008
RegulationCySec (Cyprus), Vanatu
Minimum Deposit$100
Product TypesCFDs, forex, commodities, indices, metals, 61 currency pairs and 34 CFDs on various products
Products OfferedMore than 160 products to Trade

 

Is FXGrow Regulated?

FXGrow has two licenses, one from the highly-regarded Cyprus Securities and Exchange Commission and another license from Vanuatu. It is important to work only with brokers that are regulated and FXGrow holds a license from CySec, which is a 2nd tier regulator. 

This means that FXGrow complies with regulations and protections provided under the provisions of all EU countries, including segregation of client funds from company funds for security. It also is governed by EU rules preventing money laundering and fraud. Those who want to sign up with a CySec broker should note that according to these regulations, they have loss protection, which means that the account will stop trading to avoid having a negative balance. That means that, at worst, clients may lose all of the money they invest, but will be protected from owing the broker money, at least through extreme losses. 

For all of these reasons, the fact that FXGrow has a license from EU-regulated CySec should give clients peace of mind that their funds are protected and that they are working with a broker who has some oversight. However, there is no guarantee that even a licensed broker will not make a mistake or is necessarily an effective broker. Fund Recall has investigated this broker and has discovered the following.

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What About FXGrow Accounts and Fees?

FXGrow stipulates its fees clearly. It is essential that brokers are clear about fees, spreads, and commissions. FXGrow’s spreads are low, with 1.2 pips for a starter ECN account, 0.2 ECN Plus and Elite for USD/EUR pairs. Gold is at 0.22. Commissions are 8 per lot in the Plus account.  and 6 per lot in the Elite account. Fees for the use of MT5 are $15 monthly and there are overnight rollover fees. 

FXGrow offers a diverse selection of payments, including credit cards, bank transfers, and online services. The minimum amount to start an account is $100, which is a reasonable rate. There are no fees for deposits or withdrawals except in the case of ewallets or online payments. This broker provides a demo account so traders can give the service a try before committing to an account. 

There are several different types of accounts, including ECN, ECN-Plus, and ECN-Elite. It offers commission-free trading with low spreads and negative balance protection that can cut down on losses.

What About FXGrow’s Trading Platform and Trading Products?

FXGrow provides the MetaTrader 4 Platform which is a popular trading platform offered by many brokers. There are some traders who may be disappointed that only MT4 is offered and not CTrade and MT5, although MetaTrader 4 has plenty of features that can create a smooth, user-friendly trading experience. 

MT4 is available in the computer and mobile versions that allow multiple orders with various trading types and advanced analytical and charting tools. Newsfeeds and technical indicators are suited for both fundamental and technical trading. There are also trailing stop loss features and multilingual support. 

One standout feature FXGrow has is a partnership with ZuluTrade which incorporates a social element to the regular trading platform. It allows following traders so novice traders can learn from watching and copying the trades of more seasoned traders. Although following trades will not work for everyone, it is a preferred method for many people. ZuluTrade ranks traders based on ROI and risk appetite which allows an accurate pairing of traders with the models that best suit their trading style and requirements.

FXGrow Research and Education

Although FXGrow does provide some research tools through using MT4, it does not have any additional resources regarding educating traders and supplementing research. However, it does have a partnership with Trading Central which provides research that can be instructive to making trades. 

There is nothing wrong that FXGrow uses Trading Central and MT4 features for trading information, but many brokers do provide their own resources. It is to the advantage of brokers to give clients all of the resources they need as a service. Trading Central is a reliable service that can inform investing and trading decisions for various types of trading styles.

Is FXGrow Safe or Is It a Scam?

After examining FXGrow’s website and service, Fund Recall experts have determined that FXGrow seems like a legitimate broker, given that they are regulated and hold a license from a reliable regulator, their practices are governed by the EU, their fees and spreads are stated openly and are reasonable. The only drawback to FXGrow may be that they are limited to the MT4 platform, but that has nothing to do with whether or not FXGrow is legit. 

Even though FXGrow is regulated, there is no absolute guarantee that something won’t go wrong if you open an account with them. If you have any difficulties with FXGrow or a scam broker, contact Fund Recall experts. Speak to us if you have a question about certain brokers. We consult with clients about brokers they are considering as well as those who have accounts and have been the target of scam brokers.

If You Have Lost Money to a Scam Broker Talk to Fund Recall Today

If a Scam broker will not return your money, contact experts at Fund Recall today. Our team has extensive experience helping clients report scams, track down fraudsters, and seek a refund. Fund Recall has close contacts with major banks, regulators, and organizations that can help stop scam brokers. Contact us immediately so we can get started helping you recover from losing money to a scam broker.

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