FxGrow Review

FxGrow

  • Name : FxGrow
  • Website : fxgrow.com
  • Established : 2004
  • Regulation : MiFID, FCA, BaFin
  • Country : Cyprus
  • U.S. Clients Allowed : No?
    Due to strict US regulation many brokers aren't able to accept traders with US citizenship.
    See our list of recommended brokers that do accept US traders.
* Ranked #284 of 316 in DailyForex's top broker list

Info

Name : FxGrow
Website : fxgrow.com
Established : 2004
Country : Cyprus
U.S. Clients Allowed : No?
Due to strict US regulation many brokers aren't able to accept traders with US citizenship.
See our list of recommended brokers that do accept US traders.

Advantages

  • Raw Spreads Starting 0.00001
  • Fast Deposits / Withdrawals
  • No Fees on Deposits Over $1000
  • Hedging, Scalping & EAs Allowed

Disadvantages

  • Only One Promotion

FxGrow Review

FxGrow Review

FxGrow, founded in 2004, is an international online brokerage firm under the brand name of Growell Capital. It is authorized and regulated by the Cyprus Securities and Exchange Commission as a CIF limited company and operates under the EU Markets in Financial Instruments Directive (MiFID). In addition, it is licensed in England by the FCA, in Germany under BaFin and in several other European countries.

FxGrow is one of the most prominent STP/ECN companies in the Forex industry and traders enjoy the benefits of true ECN technology at FxGrow.

FxGrow ECN Trading
FxGrow ECN Trading

FxGrow STP Trading
FxGrow STP Trading

Accounts

There are two ECN accounts to choose from. The ECN account uses variable spreads starting as low as 0.8 and there are no additional commission fees. The minimum deposit in this account is $100.

The ECN Plus account uses inter-market spreads, charges a small commission and $1,000 is required to start with.

Both accounts have a maximum leverage of 1:200, a margin call of 50%, stop-out at 30% and a host of other bells and whistles.

FxGrow Account Types
FxGrow Account Types

The Swap account is for traders who follow Sharia laws according to Muslim tradition. Both ECN accounts can be used as a Swap account which can be opened by sending an email to the broker’s back office and waiting for an acceptance notification.

A demo account can be set up using either of the ECN accounts and it can be used to practice trades and experiment with different trading strategies without putting any money at risk.

Features

I thoroughly enjoyed doing the review of FxGrow because there are so many great features to write about.

The website is clear and easy to navigate. All the topics are properly tabbed and logically situated on the site. The graphics used are colorful and clever and all the information is straight to the point. The website is available in English, Arabic and Polish.

FxGrow  seems to make every effort to perfect the execution and reliability of its clients’ trades. They even offer  negative balance protection so that a trader cannot trade more than he/she has in his/her account. 

The trading session starts on Sunday 22:05 GMT and ends on Friday at 21:50 GMT. Forex trading hours are based on when trading is open in each of the participating countries and they are listed on the site as follows:

New York 8am to 5pm EST
Tokyo 7pm to 4am EST
Sydney 5pm to 2am EST
London 3am to 12 noon EST

Another special feature at FxGrow is their MT4 VPS Service which is offered to all account holders. Traders can keep their server connected 24 hours a day and create a copy of their terminal in the cloud using FxGrow’s new built-in solution.  The MT4 VPS service is superior to any other VPS service in several ways in addition to being one of the least expensive services in the industry.

Bonuses/Promotions

The ‘Summer Promotion’ offered at FxGrow until the end of August is totally different than bonuses offered by most other Forex brokers. Rather than extra percentages or points that are added to a trader’s account balance, FxGrow considers a low spread as a special bonus to anyone using his or her account to place a trade.

As such, at the time of this review, FxGrow was offering a 50% lower spread, as low as 0.00001, on Gold, Silver and EUR/USD trades. In addition, each FxGrow client receives access to free trading signals provided by Trading Central, an independent, professional financial market research and analysis company.

Education

When it comes to education and trading tools, FxGrow has chosen the best of the bunch and offers them to all traders. Technical analysis in the form of market news and industry analysis is provided on a constant basis through the services of Trading Central, which provides unlimited information and tools for traders with all levels of trading experience. Traders can customize their investment style and can cover multiple time frames that are ideal for short, medium and long-term traders.

There is a short tutorial on trading signals and within the span of 15 minutes, a trader can learn how to select signals, how to analyze trade performance and how to subscribe to signals as well as evaluate the effectiveness of copied deals.

In addition, all new traders receive 30 days of free access to chart analysis, indicators, oscillators and Japanese Candlestick signals.

FxGrow posts several calculators that can be used in real time. The Fibonacci calculator allows traders to calculate the potential support and resistance retracement levels in the trend  they are currently following. By entering the swing high and swing low this Forex tool will generate the Fibonacci retracement values of 23.8%, 38.2%, 50%, and 61.8.

FxGrow Calculators
FxGrow Calculators

The Risk Reward Calculator is a simple risk management tool that calculates a risk/reward ratio based on how much the trader is hoping to gain or lose.

Another risk management tool is the Positon Size Calculator which works out the correct position size needed in order not to lose all the money in one trade. This is done by entering the currency pair selected, the account size and  the percentage of the account willing to be put at risk.

Finally, there is the Pip Value Calculator which helps determine the pip value in the currency chosen.

Deposits/Withdrawals

Funding at FxGrow is easy as there are a host of different methods to transfer money into an account. Credit and debit cards can be used as well as bank wires and several online e-wallet payment plans such as Neteller, Skrill, CashU, OKPay and others.  A minimum deposit of just $1 is required for each of these procedures except for a bank wire where $100 is needed.

Withdrawals are made using the same methods as the deposit.

Customer Support

The FxGrow support team is available 24/5 via live chat, e-mail and phone. Unlike many other brokers, a team representative can be reached using Skype so any questions that need to be addressed quickly can be dealt with post haste. 

Conclusion

FxGrow was a delight to review. This is a highly regulated Forex broker with an attractive website that is straightforward and user-friendly. Everyone loves choices when it comes to trading and FxGrow offers choices for trading accounts and trading platforms.

Advantages

  • Raw Spreads Starting 0.00001
  • Fast Deposits / Withdrawals
  • No Fees on Deposits Over $1000
  • Hedging, Scalping & EAs Allowed

Disadvantages

  • Only One Promotion
Review info :
Broker reviewed : FxGrow Rating : 8 out of 10
Reviewed By : Review Date :