FxGrow Forex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FxGrow Review.
FxGrow Forex Review
FxGrow offers its clients a choice of two basic account types: a standard ECN one and ECN Plus. The main difference between them, except the minimum initial deposit, is that the ECN Plus account offers tight inter-bank spreads, and therefore charges a commission, while the Standard ECN account is commission-free.
What is more, there are swap-free (Islamic) accounts are available to Muslim investors upon request. These accounts don’t involve any swap points on overnight positions in order to be Sharia compliant.
The Company. Security of Funds
FxGrow is a STP/ECN broker, offering trading in forex, various Contracts for Difference (‘CFDs’) precious metals and energy products.
FxGrow is the brand name of Growell Capital Limited – a Cyprus Investment Firm (CIF) – which is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).
The Cypriot financial watchdog applies certain rules and requirements to license holders. For instance, customer funds must be held in segregated accounts. Besides, the Commission requires forex brokers to hold at least €1,000,000 in order to prove their financial stability.
As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund. This is the fund of last resort for customers of regulated firms. If the company becomes insolvent or ceases trading, the Fund is able to pay compensation to its covered clients, amounting to a maximum of 20,000 EUR. Similar compensation schemes apply in other jurisdictions.
Additionally, FxGrow is regulated under the Markets in Financial Instruments Directive (MiFID) in regards to offering cross border services within the EU under the MiFID Passporting Regime, allowing companies regulated in their “home state” to provide services to customers in other EU Member States. What is more, the broker is also registered with a number of EU regulatory bodies.
Furthermore, this broker sais on its website that it covers negative balances. This means that accounts will be brought to a zero balance if they go into negative as a result of the fast-pacing volatile market and FxGrow’s clients will not lose more money than they have invested.
Minimum Initial Deposit
In order to open an account with FxGrow, traders have to invest at least $100. Such minimum initial amount is reasonable and average. In comparison, Cyprus-based Easy-forex demands $25, and FXTM – $100 from its clients as a start.
Spreads & Commissions
This broker offers variable spreads, which vary by account type: the average ones on the EUR/USD amounting to 1.4 pips on EUR/USD on the commission-free account type, which is considered an average spread value, while the ECN Plus account offer average spreads as low as 0.2 pips on EUR/USD, however It also involves a commission of $6 per lot per side. So basically, the average trading costs on those two different account types are the same.
In comparison, Cyprus-based Exness provides its ECN account holders with average spreads of 0.4 pips on EUR/USD, incurring a commission of $ 2.5 per standard lot. Also, you may look up real-time spreads of 15 leading forex brokers here.
As regards CFDs, a standard commission fee of $ 0.25 USD is charged per 1 lot per side.
The maximum leverage level offered by FxGrow is 1:300, which is an average ratio for the forex market. If you, however, need higher leverage, many Cyprus-based brokers offer such. For instance, XM provides leverage up to 1:888 and FXTM – up to 1:1000.
We advise you to exercise caution when trading on margin, as higher leverage involves higher risk of heavy losses, which may even exceed traders’ initial investments.
This broker offers a choice of two basic trading platforms: its proprietary NetStation and the renown MetaTrader 4.
FxGrow’s in-house platform NetStation is a web-based workstation utilizing java technology for fast access to streaming financial data, business news and professional charting facilities. NetStation supports multiple internet browsers and languages and is suitable for all types of traders.
In addition, FxGrow supports the award-winning MetaTrader 4, the preferred choice of most experienced traders. The platform offers all a trader needs: a number of technical indicators, extensive back- testing environment, advanced charting package and a wide range of Expert Advisors (EAs). Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work. It comes in desktop and mobile versions.
What is more, the broker offers a web-based version of MT4, called FxGrow WebTrader, which is compatible with all operating systems and all web browsers. It is equipped with all of the familiar features and functions of the MT4.
FxGrow has partnered with Signal Trader the operator of a system for automatic and manual signals, to offer its auto-execution mirror system and enable clients to automatically duplicate the trades of experienced traders in their accounts.
Besides, Virtual Hosting (VPS) is available ($10 per month).
FxGrow offers both existing and new clients cash rebates via the TradeBack program. Depending on their monthly trading volume, traders can obtain rebates ranging from $2 to $6 per each lot traded, regardless whether they are losing or winning.
Methods of Payment
FxGrow offers a variety of payment methods, including credit/debit cards (Visa, Maestro), bank wire, internal transfer and e-wallet systems, such as Skrill, Neteller, WebMoney, OK PAY, Yandex money and QIWI.
FxGrow is a well-regulated ECN broker that offers online trading in a variety of currency pairs, CFDs and commodities. It provides fast execution through a variety of trading platforms.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
FxGrow Forex Review Conclusion
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