Review FxGrow

Founded in 2004
Headquarters in Cyprus

FxGrow is an online broker operated by Growell Capital since 2008. They offer a number of assets to their clients in markets such as forex, indices, and commodities. Live accounts can be opened with as little as $100 and there is also a demo account offered to help familiarize yourself with their platform.

The broker is considered as a secure trading option by its clients, and it is no wonder given the regulation it enjoys from the Cyprus Securities and Exchange Commission (CySEC) and from the U.K.’s Financial Conduct Authority. Plus, all client funds are segregated, and FxGrow exclusively uses tier-1 banks for these funds.

Additionally, FxGrow provides technology trading tools for institutions, professional and retail clients.

Below we will dig deeper into the account types, platform, fees and other features of FxGrow. For the most current information regarding the broker, we do recommend you visit their website.

FxGrow Pros and Cons

Pros

  • A fully regulated and transparent broker
  • 500+ products and digital currencies with superior execution quality and low latency to trade with
  • Tight spreads and deep liquidity
  • Multi-awarded broker

Cons

  • Commissions are higher than average
  • VPS hosting is offered, but not for free
  • Australian and U.S. citizens and residents not accepted as clients

Broker Regulation

FxGrow is fully regulated by the Cyprus Securities and Exchange Commission through its parent company Growell Capital Ltd. The license number is 214/13 and the company registration number is 314852. As a firm registered and regulated in Cyprus FxGrow also maintains fully segregated customer funds, and clients also participate in the Investor Compensation Fund thanks to further regulation through the Financial Conduct Authority (FCA).

Because Cyprus is an EU member FxGrow also follows the regulatory framework set out by MiFID II. As an EU member all CySEC regulated companies are also subject to cross border regulation from other member countries, which adds an extra layer of protections.

FxGrow Broker Regulation

It is also worth noting that FxGrow Ltd is a subsidiary that is licensed and regulated by the Vanuatu Financial Services Commission with registration number 40308.

Negative balance protection is also part of it trading account which further protects traders in leveraged trading accounts. Overall, traders should have no reasons to worry about their deposits or the financial health of this brokerage.

Account types

There are three account types offered by FxGrow, and the entry level account, called “ECN” requires a minimum deposit of just $100 to open. There are no commissions for this account type and spreads start from 1.1 pips. Even though it is called “ECN” it is not a true ECN account, but instead seems to follow the STP model, which is good. It has a great entry level account that is ideal for new traders who are just getting started.

The next level up is the “ECN-Plus” account, which is a real ECN account offered by FxGrow. It has nearly all the same features as the entry level account but comes with a $1,000 minimum deposit and has spreads that start as low as 0.2 pips. There is also an $8 commission negotiable per lot, which is in line with the commissions offered at other ECN brokers.

Finally, we come to the “ECN-Elite” account type, which requires a $100,000 deposit, but also features lowered commissions of $6 per lot. It also has spreads starting at 0.2 pips.

All commission and spreads are subject to negotiation base.

All the accounts feature leverage that goes as high as 100:1, no limitations on trading strategies, and a VPS hosting solution.

FxGrow Account types

In addition, all accounts can take advantage of Islamic rules that make them Sharia compliant by getting rid of overnight swaps.

Furthermore, there is a demo account available that can be used to test the broker platform and trading conditions.

Trading Platforms

FxGrow is offering the advanced MetaTrader 5 platform, which is the latest version of the award-winning MetaTrader franchise. This platform was created to give traders everything they need to successfully trade on the markets. It includes some of the most powerful charting software, and a selection of sophisticated order management tools. Together these allow traders to always monitor the markets and their open trades effectively and accurately.

Some of the features included in the MT5 platform include:

  • 80 built-in technical indicators and analytical objects, plus custom indicators
  • Real-time information including quotes, account summary, P&L etc.
  • 21-time intervals to analyze short-term and long-term trends
  • Ability to use Experts Advisors for automated trading
  • Up to 100 charts can be opened simultaneously
  • Multiple order types and execution modes
  • Direct news feed

The MT5 platform supports both Windows and MacOS systems and is available in both desktop and mobile versions.

Available Assets

FxGrow has an impressive selection of forex pairs, with 61 different currency pairs available to trade. They also have CFD’s and have been improving on their selection of assets dramatically in recent years. Clients now have access to over 500 different assets through the MT5 platform. These include global indices, popular commodities like gold and crude oil, and the newest asset class cryptocurrencies.

Given the broad CFD offerings it seems that FxGrow is suitable both for new and for experienced traders. There are plenty of assets to choose from, and you should always be able to find something that is moving well.

Education and Research

FxGrow has several useful features when it comes to education and research. For one, they have partnered with Trading Central, a third-party analytics company offering independent research and analysis for discerning traders. Trading Central has a team of experienced, expert market analysts, and they cover 75,000 assets in 32 different languages. They are truly a global operation and having access to their research is great for all levels of traders.

FxGrow also publishes its own research, although it leaves all the educational materials to Trading Central. The in-house analysis can be found under Services ➟ Symbols Daily Analysis and it covers a broad cross-section of assets.

Special Features

The following special features apply to the white label partners of FxGrow. With this white label solution, the terminal is the “face” of your company. It includes the company name and contact information, logos and other settings of MetaTrader 5 platform that will be displayed for your traders. It also includes configuration of the server: the MetaTrader 5 Client Terminal, Mobile Terminals and Web Terminal. Getting complete retail Forex front-end and back-end tools.

FxGrow Special Features

Plugins: Swap Plugins and Customized Plugins, it provides a delay charging swap for specific accounts over a defined period, building a customized plugin that meets the needs of our partners.

Web based technology: It includes secure member to manage the clients, Webman with a user-friendly cross device application accessible with any device integrated with trading platforms that facilitates the managing of trading accounts.

Bridge services: Connect to any liquidity providers, Percentage and reverse mode trade booking/covering, suitable for small businesses, flexible of prices stream and markups in real time, user friendly front end, and trade execution aggregation based on order type and volume.

Hosting: Our trading servers are located in the special FX Low Latency Suites LD4 and NY4, an exclusive part of the data center populated by many of the world’s largest banks.

PAMM/MAM: Automated fund/portfolio management, build simple allocation model, eliminate human error and allow money managers to manage multiple investor’s accounts via one centralized interface.

Pricing Engine and Bridge Application: Ability to compose and customize multiple price streams and liquidity tools in real-time. Connect to any number of liquidity providers.

Customized Back Office, CRM, IB and affiliate portal: A fast interface to perform a wide range of functions and automated KYC.

Training and support: We recruit and train your team, providing on site or remote system training and education to your team.

Risk Management: Risk management solutions which concentrate on profit generation, and a Sophisticated risk management infrastructure.

Customer Service

FxGrow offers customer support on a 24/5 basis Monday through Friday and clients can contact them via telephone, email, or through online chat. The support staff is responsive and professional, which is extremely welcome if it is necessary to contact them for any reason.

Phone: +357 25211707

Email: info@fxgrow.com

In Conclusion

As you can see from the review above, FxGrow works hard to provide traders with the best possible selection of assets and trading conditions. With nearly a decade of experience, and some of the top research tools available the broker can service the needs of all levels of traders, from beginners to experienced professionals.

The three different account types cater to all levels of investing capital and risk management needs. And the MT5 trading platform gives traders the tools they need for market analysis and trade management.

Traders also benefit from CySEC regulation, which provides negative balance protection, and access to the Investor Compensation Fund.

All these things and more contribute to the earned trust and solid reputation of FxGrow as a top online broker. Give them a try and find out for yourself.

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Contact us directly for further inquiries about our products and services.



 
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