FxGrow Review 2022
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FxGrow, part of Growell Capital, is a regulated forex and CFD broker based in Cyprus. Our review dives into the key features, including minimum deposit requirements, leverage and the login process. Learn more about the broker and find out if FxGrow is a good choice for you.
FxGrow is a brand name of Growell Capital, which was founded in 2008. Based and regulated in Cyprus, the broker serves both retail and institutional clients in over 100 countries. FxGrow has been globally recognised for its market execution and low spreads.
The company offers a diverse selection of assets, including currencies, futures, indices and commodities. Traders can benefit from the powerful MT5 trading platform as well as analysis tools via Trading Central.
MetaTrader 5 Platform
The advanced MT5 platform was designed to provide everything you need to trade the markets. The platform uses powerful charting technology and sophisticated order management features to help users monitor trades accurately and efficiently.
- 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 analyse 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 platform supports MacOS and Windows operating systems; the broker provides instructions on how to download the platform for each on the website.
Note, an MT4 download is not offered.
Traders can open positions in some of the most popular global markets at FxGrow, including over 61 currency pairs across majors, minors and exotics, over 34 CFDs on futures (currencies, indices and commodities), 17 cash indices and commodities, plus 7 metals and energies.
FxGrow offers variable spreads from 1.1 pips in the starter ECN account and 0.2 pips in the ECN Plus and Elite accounts across currency pairs such as EUR/USD. Gold spreads are around 0.22.
Commissions are also charged at 8 per lot in the Plus account and 6 per lot in the Elite account. There is also an MT5 VPS hosting fee of $15 per month across all accounts. Rollover fees may apply to any positions held overnight.
FxGrow complies with EU restrictions on flexible leverage and therefore offers a maximum retail ratio of 1:30 on FX majors, 1:20 on minors, gold and indices, and 1:10 on silver, commodities and energies. Margin rates start from 3.33% for FX majors. Professional traders can apply for leverage up to 1:100.
FxGrow delivers the MT5 mobile app for Apple and Android smartphone users, who wish to access their portfolios from anywhere.
The app supports multiple languages and hosts a user-friendly interface with many of the same features found within the desktop version. Traders can choose from numerous technical indicators and charting functions, access rich trading history and monitor real-time prices of instruments. There’s also a live news feed, plus support for all execution modes and order types.
Once you have registered an account, you can head to your smartphone’s application store to download the apps and begin trading.
There’s a good choice of payment methods at FxGrow, including bank wire, credit/debit cards, plus e-wallets and online payment systems such as Skrill and WebMoney. The minimum account deposit is $100. Processing times vary depending on the method, so it’s worth checking these beforehand. Note that bank wire can take up to 5 days to process on the broker’s side.
FxGrow doesn’t charge any fees for deposits or withdrawals, however, some e-wallets and online payment systems may charge their own fees.
FxGrow offers a demo account for traders of all experience levels to practice their strategies and place virtual trades. The account includes a sum of risk-free practice money. You can register for a demo account on the broker’s website in a few simple steps.
FxGrow Sign-Up Bonuses
FxGrow operates under strict EU laws around the supply of trading bonuses and therefore does not offer any such deals. This includes gifts, welcome promotions or no deposit bonuses.
Growell Capital (FxGrow) is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 214/13. The broker is a member of the Investor Compensation Fund, which compensates client claims up to 20,000 euros. The broker also provides negative balance protection and ensures that client money is separated from the company’s own funds.
Traders who sign up for any account with FxGrow get access to research platforms and trading signals by Trading Central, a global leader in financial market research. The service includes detailed technical analysis reports, plus economic insights, a market calendar, a fundamental insights newsletter, and more.
The broker also includes some useful forex calculators and a national holiday calendar on the website, plus daily analysis on all tradable instruments.
FxGrow offers 3 ECN accounts: ECN, ECN-Plus and ECN-Elite. The minimum deposit is $100 in the ECN account. Spreads start from 1.1 pips in this account, which aren’t the most competitive for an ECN account. You do get tight spreads from 0.2 pips in the other two accounts, but you will need to deposit at least $1,000.
Across all accounts, the minimum trade size is 0.01 lots and the margin call and stop out levels are set to 50%. All accounts also get access to Trading Central research and there are no limitations on trading strategies.
FxGrow offers some good features and tools, including:
- ECN accounts
- Regulated by CySEC
- Commission-free trading
- Access to Trading Central
- Negative balance protection
- Good variety of payment methods
However, there are some downsides, including:
- $15/month VPS fee
- No choice of platforms
- Not the lowest spreads in ECN starter account
The trading week at FxGrow for forex and precious metals begins at 11:00 pm CET on Sunday and ends at 11:00 pm CET on Friday. Trading sessions for other CFD products depends on the market and underlying exchange rates. These can be found within the MT5 platform.
FxGrow offers dedicated live client support through the online chat service on the website. You can also get in touch over the phone by calling +357 25 211 707. The head office address is Arc. Makariou 59, Steratzias Court Block A, Office 14, 4003 Limassol, Cyprus.
Note FxGrow Limited also has offices in Vanuatu and Lebanon.
The MT5 platform is a highly secure software which utilises industry-standard encryption technology to protect client data.
Transaction data through the broker’s website is sent via Advanced Encryption Standard (AES) technology and Message Direct 5 (MD5). Communication is also secured using Secure Sockets Layer (SSL) and Transport Layer Security (TLS).
FxGrow is a regulated and safe broker providing access to some key markets, the MT5 platform and Trading Central. There is also a demo account for beginners, however the $100 minimum deposit in the starter ECN account won’t get you the tightest spreads.
FxGrow accepts traders from Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use FxGrow from United States, Australia.
Compare FxGrow with similar brokers that accept traders from your location. Among available brokers these are the most similar to FxGrow:
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
- InstaForex – InstaForex is a CFD broker providing access to forex, stocks, cryptocurrencies, commodities, and energy, as well as stock indices. With competitive fees and a huge range of available assets, the brand offers safe and reliable trading.
- AAAFx – AAAFx offers CFD trading in forex, commodities, indices and cryptocurrencies.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
FxGrow Comparison Table
|Markets||Forex, Stocks, Commodities||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto|
|Minimum Deposit||$100||£250||€200 to €50,000 (depending on account type)||$10||$100|
|Minimum Trade||0.01 lots||0.1 lots||0.01 Lots||0.01 lots||$1|
|Regulators||CySEC||FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin||CySEC||HCMC (Greece), FSCA (South Africa)||CySEC, IIROC, NFA, CFTC, FCA, CIMA|
|Bonus||–||–||–||100% Deposit Bonus available for Global clients||No|
|Platforms||MT5||MT4||MT4, MT5||MT4, MT5||MT4|
|Leverage||1:30||1:30||1:30 for retail clients, 1:500 for professional||1:30 EU, 1:500 Global||1:200|
|Detailed Comparison||–||FxGrow vs IG Group||FxGrow vs InstaForex||FxGrow vs AAAFx||FxGrow vs Forex.com|
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FxGrow vs Other Brokers
Compare FxGrow with any other broker by selecting the other broker below.
What is the maximum leverage at FxGrow?
The maximum leverage available is 1:30 on major forex pairs. Professional traders can apply for higher limits.
Is FxGrow regulated?
Yes, FxGrow is regulated by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 214/13.
What platforms does FxGrow offer?
FxGrow offers the MetaTrader 5 platform for all clients. Traders can also access Trading Central research platforms with any account. MT4 is not available.
How can I fund my trading account?
FxGrow offers a vast range of funding methods, including bank wire, credit/debit cards and e-wallets and online payment systems such as Neteller, Skrill, WebMoney and Qiwi.
How do I open an account with FxGrow?
You can open one of the three account types by filling in the short online registration form and verifying your identity. You will then receive an account approval notification via email, as well as access to the platform where you can start trading.
|Trade forex, CFDs and futures with leading tools and low minimum deposits.|