FxGrow is a professional forex broker and a part of the financial institution Growell Capital.
By offering state of the art technology, FxGrow strives to deliver an outstanding and innovative trading experience to all their clients.
Over the years, FxGrow has won several awards for their wide array of forex and CFD products as well as their unquestionable dedication to offering the best product possible.
All in all, FxGrow is an excellent choice for traders looking to make use of CFD trading and forex, and you can learn everything you need to know about them in the following review.
Is FxGrow a Scam?
No, FxGrow is not a scam and we can prove that. In the world of forex and CFD trading, the only brokers one can rely on are the regulated ones, and FxGrow sure is regulated.
The main license this broker has is from CySEC which oversees every part of the business. However, FxGrow has also been approved and governed by another 10 regulatory bodies from Europe, and among them, we find the MiFID (EU), FCA (UK), Finansinspektionen (Sweden), and ACPR (France).
Our conclusion is that there is no doubt that FxGrow is a legitimate forex broker that you can use without having to worry about being ripped off or treated unfairly.
FxGrow Trading Platforms and Tools
This broker has managed to collect some of the most powerful investment tools in the world under the same roof. The main trading platform is the MetaTrader 4, which is also the most commonly used forex and CFD trading platform ever. The MetaTrader 4 is a desktop platform, meaning you have to download it to use it. However, it also comes in a webtrader format that FxGrow also provides access to.
In order to accommodate as many traders as possible, the MetaTrader 4 also comes in a mobile version that is compatible with Android and iOS so you can use FxGrow on your smartphone and tablet regardless of where you are.
Additionally, FxGrow offers DupliTrade which is a renowned and very powerful copy trading platform. It can be connected to your MetaTrader 4 account and allows you to copy successful funds and other successful traders.
FxGrow also has a strategic partnership with Myfxbook which provides the broker with AutoTrade – one of the best forex robots on the market.
To complement all of these tools, FxGrow also provides access to a range of charting tools and analytic possibilities, all in order to make sure you have the best experience possible.
As the name entails, FxGrow’s main focus is forex trading (FX), but they also offer a satisfying amount of CFDs on a range of underlying assets. However, since they use the MetaTrader 4 platform – which was designed as a forex platform – the CFDs are somewhat limited.
- Forex – You can invest in roughly 70 different currency pairs. There are mainly large currencies listed, but you have a few alternative options.
- Commodities – This is a smaller asset class than the forex one, but still one of the biggest. To begin with, there are two metal CFDs that you can invest in and then there is a long list of commodity futures such as soybeans, oil, etc.
- Indices – FxGrow actually offers more indices than most other brokers which makes this a great option if you’re into that.
- Futures – Besides the commodity futures, FxGrow has CFDs on other interesting futures.
Unfortunately, the broker does not offer individual stocks or cryptocurrencies, two asset classes that we really think are a necessity in today’s society. Who knows, maybe they will add them soon?
When it’s time to set up your trading account with FxGrow, you have three options.
- You can open a Standard ECN account with a minimum deposit of $100. This account is the most simple and is perfect for beginners, although, count on having to pay higher spread and other charges.
- The subsequent platform is an ECN Plus account which has the same features as the first account but with way less spread. Also, the minimum deposit is $1,000, but you get to access to some practical functionality for that price.
- ECN Vip is the name of the professional day trading platform. In order to activate it you need to deposit $10,000, but for that price, you get super tight spreads, lesser spreads, and higher leverage options than with the first two accounts.
FxGrow Demo Account
As a MetaTrader 4 broker, FxGrow also offers a demo account that you can use to test the broker and the platform out before you sign up for a real trading account. The FxGrow demo account is free and offers some great benefits for experienced traders as well as complete beginners.
To learn more about why we recommend everyone to use a demo account, we suggest you check out our MetaTrader 4 demo account guide.
You actually have quite a few options to choose from when it’s time to fund your trading account. The most popular option is to use a credit or debit card or perform a traditional bank transfer, but there are also several internet payment services that can be used.
For example, you can use Neteller, Skrill, Yandex, Qiwi, OK Pay, and Webmoney.
FxGrow Customer Service
FxGrow has three offices. The main one is located in Cyprus, and then there is one in England and one in Poland. All three of these offices can be contacted directly.
If you need help quicker, we suggest you start a chat session on the website or call them on +357-25-211707. Email is another way to contact FxGrow, but you should expect to wait a bit longer for a response; the email address is [email protected]
FxGrow offers a service that not many other brokers do and that is the option of calling them on Skype. The official Skype account is fxgrow.support.
We have been in contact with FxGrow using the live chat option and were pleased with the help we received.
Compared to other brokers, FxGrow is a pretty standard forex and CFD broker. They don’t offer anything spectacular, but their service is enough for most traders. And since FxGrow is a regulated broker with a good reputation, we have no reason not to recommend them.
That being said, we do wish they would update their website a bit because it feels cheap and gives a subpar impression at first. And we wouldn’t mind seeing a few other assets being added such as cryptocurrencies or stocks.