⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

FxGrow Review

Edited by: Louis Schoeman

FxGrow Review

 

Overall FxGrow is considered a trusted broker, with an overall Trust Score of 85 out of 100. The broker is licensed by nine Tier-1 Regulators (highly trusted), zero Tier-2 Regulators (trusted), zero Tier-3 Regulators (average risk), and zero Tier-4 Regulators (high risk). They offer three retail accounts: an ECN, ECN PLUS, and ECN ELITE. 

 

FxGrow Review – 13 key points quick overview:

  1. ☑️ Overview
  2. ☑️ At a Glance
  3. ☑️ FxGrow Account Types
  4. ☑️How To Open an FxGrow Account
  5. ☑️FxGrow Deposit & Withdrawal Options
  6. ☑️Trading Instruments & Products
  7. ☑️FxGrow Trading Platforms and Software
  8. ☑️FxGrow Spreads and Fees
  9. ☑️Leverage and Margin
  10. ☑️Educational Resources
  11. ☑️FxGrow Pros & Cons
  12. ☑️Security Measures
  13. ☑️Conclusion

 

Overview

Overview

 

Founded in 2008, FxGrow is a regulated brokerage that values openness, dependability, and empowerment for traders. Furthermore, it became one of the first brokers regulated by the Cyprus Securities and Exchange Commission (CySEC), thereby ensuring industry standards and customer protection.

 

In addition to its commitment to regulation, the broker offers a smooth trading experience with access to various financial assets, including forex, commodities, and indices.

 

Moreover, its commitment to technical innovation is evident in its MetaTrader platform, which features powerful charting tools, customizable interfaces, and automated trading methods using Expert Advisors.

 

FxGrow is a globally recognized and award-winning brokerage serving traders in over 100 countries. Its commitment to customer education is also evident through webinars, market research, and a dedicated blog.  

 

FxGrow’s dedication to customer service strengthens its reputation as a broker that cares about its customers’ needs and success. 

 

How long has FXGrow been operating?

The broker was founded in 2008 and has over a decade of expertise, offering brokerage services to traders worldwide.

 

Is FXGrow open to traders in the US?

No, FXGrow does not welcome traders from the United States owing to regulatory constraints. 

 

At a Glance

🗓 Established Year2008
⚖️ Regulation and LicensesRegulated by VFSC and CySEC (Growell Capital), licensed by MiFID, MNB, ADPR, BaFin, CNMV, FINANSTILSYNET, KNF, FI
🪪 Ease of Use Rating3/5
📞 Support Hours24/5
💻 Trading PlatformsMetaTrader 5 Live Trading Account
🛍 Account TypesECN, ECN PLUS, ECN ELITE
🤝 Base CurrenciesUSD, EUR, PLN
📊 SpreadsFrom 0.1 pips
📈 Leverage1:30 (Retail), 1:100 (Professional)
💸 Currency Pairs60+; major, minor, and exotic pairs
💳 Minimum Deposit1 USD
🚫 Inactivity FeeYes, unspecified
🗣 Website LanguagesEnglish, Arabic
💰 Fees and CommissionsSpreads from 0.1 pips, commissions from $6 per standard lot traded
✅ Affiliate ProgramYes
🏦 Banned CountriesAustralia, United States
✔️ ScalpingYes
📉 HedgingYes
🎉 Trading InstrumentsForex, indices, commodities, energies, metals, Futures CFDs
🎖 Open an AccountOpen Account

 

FxGrow Account Types 

FxGrow Account Types 

 

ECNECN PLUSECN ELITE
✅ AvailabilityAll; casual traders and scalpersAll; more experienced tradersAll; Professional Traders
🛍 Markets500+500+500+
💸 CommissionsUndisclosed$8 per lot$6 per lot
💻 PlatformsMetaTrader 5MetaTrader 5MetaTrader 5
📊 Trade SizeFrom 0.01 lotsFrom 0.01 lotsFrom 0.01 lots
📈 LeverageUp to 1:30 on Forex Major Pairs for retail accounts, 1:100 for Professional AccountsUp to 1:30 on Forex Major Pairs for retail accounts, 1:100 for Professional AccountsUp to 1:30 on Forex Major Pairs for retail accounts, 1:100 for Professional Accounts
💰 Minimum Deposit100 USD1,000 USD100,000 USD
🎖 Open an AccountOpen AccountOpen AccountOpen Account

 

ECN Account 

Furthermore, the ECN Account offers competitive spreads without commissions, starting at 1.1 pips and offering leverage up to 1:30 for retail and 1:100 for professional clients. Additionally, it allows trading various assets, including Forex, for a minimum investment of $100 and supports MetaTrader 5.

 

ECN Plus Account 

ECN PLUS is a higher-end account with narrower spreads and an $8 per lot charge aimed at experienced traders. Additionally, it has a higher minimum deposit of $1,000 and offers the same leverage choices as the ECN account, basic currency options, and platform support.

 

ECN ELITE Account 

The ECN ELITE Account is designed for high-volume traders, offering raw ECN spreads from 0.1 pips and a reduced fee of $6 per lot. Additionally, with a minimum deposit of $100,000, it supports MetaTrader 5, allows leverage of up to 1:100, and offers access to FxGrow’s trading products.

 

Demo Account 

The demo account simulates real market conditions using virtual money and provides a platform to familiarize users and practice trading, which fosters confidence before transitioning to real trading.

 

Islamic Account 

The broker furthermore provides Swap Free Client Accounts for CFD trading (Spot and Futures markets), catering to clients adhering to Islamic standards. However, customers must cancel outstanding holdings to transition smoothly from a standard Client Account to a Swap Free Account.

 

Swap Free Accounts consequently save overnight swaps and rollover fees but come with the limitation that they cannot keep floating positions for extended periods. Hedging with similar CFD contracts is additionally banned, requiring rapid closure through a retroactive Swap application.

 

Open positions in a Swap Free Account are automatically cancelled one hour before Friday market close but can be reopened by the customer.

 

Can I open numerous account types at once with FXGrow?

Yes, traders may open various account types simultaneously with FXGrow, enabling them to vary their trading tactics and preferences.

 

Are there any account types designed exclusively for professional traders at FXGrow?

Yes, the broker provides the ECN ELITE account for expert traders, which has raw ECN spreads as low as 0.1 pips and commission rates of $6 per lot.

 

How To Open a FxGrow Account 

To register an account, follow these steps: 

 

Step 1 – Click on the Open an Account button.

Go to the FXGrow website and then find the “Open an Account” or “Register” button. 

How To Open a FxGrow Account Step 1

 

Step 2 – Complete the form.

Complete the online registration form with your personal information. Therefore this will comprise your name, email address, country of residence, phone number, and password establishment. 

How To Open a FxGrow Account Step 2

 

Step 3 – Choose an account type.

Choose your preferred account type. Additionally, the one that best meets your trading requirements and preferences. 

 

FxGrow Deposit & Withdrawal Options 

💳 Payment Method🏛 Country⚖️ Currencies Accepted⏰ Processing Time
Credit/Debit CardAllEUR, USDInstant
NetellerAllEUR, USDInstant
SkrillAllEUR, USDInstant
Bank Wire TransferAllEUR, USDInstant – 5 days

 

Deposits 

How to Deposit using Bank Wire Step by Step 

✅First, Log onto your account and go to the “Deposit” area. 

✅Then, Choose “Bank Wire” as your deposit method and obtain FXGrow’s bank account information (which will be supplied). 

✅Initiate a wire transfer from your bank using the reference information supplied. Then, funds usually appear in your FXGrow account between 3-5 business days. 

 

How to Deposit using Credit or Debit Card Step by Step 

✅Log onto your account, go to the “Deposit” area and select Select “Credit/Debit Card” (they should take Visa/Mastercard). 

✅Enter your card information (number, expiry date, and CVV) and then the amount you want to deposit. 

First, follow the on-screen instructions to confirm the payment with your card provider. Then, the funds should appear in your FXGrow account immediately.

 

How to Deposit using e-Wallets or Payment Gateways Step by Step 

✅Log onto your account and then go to the “Deposit” area. 

✅Select your favourite e-wallet or payment gateway and then enter the amount you want to deposit. 

✅You will be led to the e-wallet’s website to log in and therefore approve the transaction.

 

Withdrawals 

How to Withdraw using Bank Wire Step by Step 

✅Log into your account and then go to the “Withdrawal” section. 

✅Choose “Bank Wire” as your withdrawal method and then enter your bank account information properly (including IBAN, SWIFT/BIC). 

 

How to Withdraw using Credit or Debit Cards Step by Step 

✅Log into your account and then go to the “Withdrawal” section. 

✅Select “Credit/Debit Card”. 

✅Enter the amount you want to withdraw and then submit a withdrawal request. Allow for processing time, which varies according to your card provider. 

 

How to Withdraw using e-Wallets or Payment Gateways Step by Step 

✅Log into your account and then go to the “Withdrawal” section. 

✅Select your favourite e-wallet or payment gateway. 

✅The funds should appear in your e-wallet account within the period stated by the e-wallet provider. 

 

How long does it take for deposits to appear in my FXGrow account?

Deposits made via credit/debit cards, e-wallets, or bank wire transfers are typically reflected in your FXGrow account immediately or within a few hours.

 

Is it possible to withdraw funds from my FXGrow account using a method different from the one I used to deposit?

Typically, withdrawals are processed in the same way as the initial deposit, but alternative options may be possible with authorization.

 

Trading Instruments & Products 

The broker provides a variety of trading instruments and products, including:

➡️Forex – There are almost 60 currency pairings accessible. In addition to this variety, it has major, minor, and exotic pairings, all of which contribute to its status as one of the world’s biggest and most liquid financial exchanges.

➡️Cash Indices – Because over 17 indices and commodities are available, traders are enabled to bet on price changes in global markets and raw resources.

➡️Metals and Energies – Seven metal and energy symbols are available for trade, such as precious metals and energy resources like oil and gas.

➡️CFDs on Futures – In addition to traditional futures contracts, there are over 34 CFDs on futures, which allow traders to bet on the future value of underlying assets.

➡️FxGrow, on the other hand, allows you to trade prominent cryptocurrencies and speculate on the turbulent crypto markets. 

 

Is trading of commodities other than metals and energy permitted by FXGrow?

Yes, FXGrow offers trading in various commodities, including agricultural goods, soft commodities, and other raw resources.

 

Is there a restriction when trading forex pairs through FXGrow?

No, FXGrow provides trading in over 60 forex currency pairs, including major, minor, and exotic pairings, with no trading limits.

 

FxGrow Trading Platforms and Software 

Trading Platforms and Software 

 

Furthermore, FxGrow users can leverage the powerful MetaTrader 5 platform, offering a wide range of analytical tools, technical indicators, and graphical objects to cater to traders of all experience levels. Additionally, Expert Advisors facilitate the automation of trading methods and provide a customizable interface.

 

Moreover, MT5’s seamless interoperability across platforms, including mobile phones, enables users to trade from any location, with real-time monitoring features allowing them to effectively track their portfolios on the go.

 

Does FXGrow provide any proprietary trading platforms?

However, FXGrow only provides the MetaTrader 5 trading platform, which is noted for its powerful charting tools, technical indicators, and automated trading features.

 

Is there an extra charge for utilizing the MetaTrader 5 platform with FXGrow?

However, the broker offers its customers the MetaTrader 5 platform free of charge, with no extra fees or charges for trading.

 

FxGrow Spreads and Fees 

Spreads and Fees 

 

Spreads

The broker offers competitive spreads starting at 0.1 pips for ECN Plus and ECN Elite accounts. Furthermore, it provides efficiency and cost-effectiveness for traders seeking various trading techniques, further demonstrating their dedication to providing favourable conditions.

 

Commissions

The commission charges at FxGrow differ by account type, with the ECN Plus account costing $8 per lot and the ECN Elite account costing $6 per lot. Additionally, these rates are designed to fit various traders’ trading volume and strategy preferences.

 

Overnight Fees

The broker increases the standard swap rate threefold from Wednesdays to Thursdays due to market conditions and trading activity.

 

Deposit and Withdrawal Fees

FxGrow charges the following for deposits and withdrawals:

  • Visa and MasterCard withdrawals cost 2 EUR, with a minimum value of $10.
  • E-wallet withdrawals like Neteller and Skrill have fees of 3.9% and 2.9% + $0.28, respectively, with the same minimum amount and automated processing.

 

Inactivity Fees

The broker does charge inactivity fees. Inactivity fees are widespread among brokerage houses and are used to promote active participation in trading operations.

 

Currency Conversion Fees 

Consequently, traders are urged to understand the possible costs of currency translation to handle their trading and financial activities efficiently.

 

Does FXGrow provide a rebate program for high-volume traders?

Yes, FXGrow has a rebate program for high-volume traders that offers incentives and prizes depending on trading activity and volume, enabling them to profit from lower trading expenses over time.

 

Are there any expenses for utilizing FXGrow’s Islamic account option?

No, FXGrow does not impose additional fees or charges for utilizing the Islamic account option.

 

Leverage and Margin 

FxGrow’s leverage and margin limitations are carefully aligned with regulatory norms to guarantee safe and responsible trading. For instance, FxGrow offers professional customers up to 1:100 leverage.

 

However, retail customers are subject to EU regulations, which require lower leverage levels of up to 1:30 to shield less experienced traders from the hazards associated with high-leverage trading.

 

Margin requirements are furthermore determined based on leverage, ensuring traders have adequate funds to cover their holdings and losses.

 

Does FXGrow provide negative balance protection to its clients?

FXGrow offers negative balance protection to prevent customers from losing more than their deposited funds. Additionally, this protection keeps them safe from significant losses in volatile market conditions.

 

Does FXGrow set any margin call thresholds?

The broker employs margin call thresholds to notify traders if their account equity drops below a certain level. Therefore prompting them to either add more funds or close out positions to avoid margin calls.

 

Educational Resources 

The broker offers the following educational resources: 

➡️Educational Academy – Furthermore, FXGrow’s Educational Academy caters to both new and experienced Forex traders. By offering comprehensive instructional resources on trading principles, advanced methods, and market analysis approaches.

➡️Seminars and Webinars – In addition to offering seminars and webinars led by industry specialists, FxGrow provides traders with valuable insights into financial markets and trading tactics. These courses, which cover fundamental trading concepts, advanced strategies, and market analysis, allow traders to not only learn first-hand from the experts but also to communicate with them directly.

➡️Symbols Daily Analysis – Furthermore, FXGrow’s Symbols Daily Analysis is a crucial tool for traders seeking to stay informed about the Forex market dynamics.

➡️FAQ – In addition to enhancing the trading experience, the FXGrow FAQ section offers comprehensive answers to platform, service, and trading-related inquiries. By providing all relevant information in one location, it serves as a helpful resource for both beginners and those seeking specific trading techniques.

 

Are there any advanced trading courses offered via FXGrow’s educational resources?

Yes, FXGrow provides advanced trading classes in areas like technical analysis, risk management, and trading psychology.

 

Does FXGrow provide live trading sessions or demos for beginners?

Yes, FXGrow offers live trading sessions and demos for novices, therefore enabling them to see real-time market analysis and trading methods, resulting in a more practical learning experience.

 

FxGrow Pros & Cons 

✔️ Pros❌ Cons
FxGrow's MetaTrader 5 provides access to industry-standard trading platforms that include powerful charting and analytical toolsDormant accounts incur inactivity penalties
FxGrow's educational offerings include webinars, market research, and other resourcesDeposit and withdrawal fees vary based on the withdrawal method used
CySEC regulation and multiple licenses from respected entities give an additional degree of security and client money protectionSome clients have reported intermittent delays in withdrawal processing
Flexible accounts are available to meet the demands of traders with varying degrees of expertiseCompared to other crypto-focused sites, it does not provide a diverse range of coins
Certain instruments have narrow spreads from 0.1 pipsCertain instruments, as well as the platform itself, might be too complicated for absolute novices
Offers multilingual customer support 24/7
For portfolio diversification, it provides a wide choice of assets, including currency, commodities, indexes, and certain cryptocurrencies
Islamic Accounts provide swap-free accounts for traders who follow Sharia law

 

Security Measures 

The broker prioritizes customer security. As a result, they have implemented strict procedures overseen by the Cyprus Securities and Exchange Commission (CySEC).

 

Additionally, the broker employs encryption methods to protect data transactions and separates customer funds from company funds to ensure they are not misused for any other purpose.

 

Does FXGrow utilize encryption to protect customer data?

Overall, FXGrow protects customer data and transactions by ensuring a secure trading environment and safeguarding sensitive information from unwanted access.

 

How does FXGrow verify the identities of its clients?

Therefore, the broker verifies the identities of its clients through a rigorous KYC (Know Your Customer) process, which entails submitting official identification documents and proof of address to prevent identity theft and fraudulent activities.

 

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewSFSA, FSCA, CySec*USD 5Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewNot Regulated0.001 BTCVisit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewCySEC,MISA, FSCAUSD 20Visit Broker >>

 

Conclusion 

Overall, FXGrow is a reliable broker for forex and CFD trading, offering tailored account options with CySEC and VFSC licenses. In addition, it offers reasonable spreads, multilingual support, and a diverse range of tradable assets.

 

For more information on FXLeaders.

Faq

FXGrow provides customer assistance by live chat, email, phone, and a contact form on their website.

Withdrawals from FXGrow normally take 3 to 5 business days, depending on the withdrawal method and the client’s bank processing timeframes.

Yes, FXGrow offers a variety of instructional tools, including webinars, market research, a blog, and other materials to help traders learn. These tools may assist traders of all skill levels to enhance their knowledge of the markets. 

The minimum deposit needed to start an account with FXGrow varies by account type, ranging from $100 for the ECN account to $100,000 for the ECN ELITE account. 

Yes, FXGrow offers demo accounts for traders to practice trading methods and get comfortable with the platform in a risk-free environment. Demo accounts use virtual money to imitate real-world market situations.

Yes, FXGrow is regarded as a safe broker since it is authorized by respected agencies such as CySEC and VFSC, which enforce high regulatory requirements to safeguard customers’ assets and personal information.

Yes, FXGrow charges fees for specific account types, starting from $6 on the ECN ELITE account. 

FXGrow allows traders to trade various financial assets, including forex currency pairs, cash indexes, commodities and energy, futures CFDs, and cryptocurrencies such as Bitcoin and Ethereum. 

Yes, FXGrow allows trading on a limited number of prominent cryptocurrencies.

FXGrow is headquartered in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC), which ensures compliance with industry norms and standards. 

Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
Top
FX
Crypto
Commodities
Indices
Start Trading