Fxgrow was founded in 2008 and currently serves retail and institutional clients in more than 100 countries, the company claims. FxGrow is a brand name of Growell Capital Ltd, which is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 214/13.
As a CySEC regulated brokerage company it is obliged to place all the client’s money into segregated bank accounts with reliable financial institutions. There are many awards won during the years and the most of them have hyperlinks to various forex events, so we believe they are not fake.
Customers can deal with a wide range of trading instruments. These include over 61 currency pairs, more than 17 indices, commodities and cryptocurrencies. There are three types of client accounts. The ECN account requires USD100 to open, the spread of the majors starts at 1.2 pips and trade is free of charge. The ECN-PLUS account requires an initial sum of USD1,000 but provides spreads close to zero at the expense of a commission per traded lot. The ECN-VIP account requires an initial deposit of USD10,000, provides close to zero spreads on major currency pairs, and a commission is lower. In addition, there is free virtual private server (VPS) hosting.
There are two of the most popular trading terminals available. MetaTrader 4, an award-winning trading platform offering customers sophisticated analytics tools and a robust platform that evolves to meet the needs of professional traders. The Mt4 platform can be downloaded on Windows and Mac devices as well as tablets and smartphones. MetaTrader 5 is an updated and improved version of its predecessor, which still is the industry standard for traders around the world. The MetaTrader 5 platform offers everything clients need to trade the markets.
Beginners can benefit from the FxGrow automated trading option, so-called social trading. They can choose master accounts from experienced traders, analyze their strategies and follow their trades, automatically setting up their account to copy investors’ trades without manual intervention.
Clients can feed their accounts using debit/credit cards, bank transfers and payment providers through electronic portfolios such as Netller and Skrill.
The Analysis and Calendar section in the website provides useful things such as an up-to-date economic calendar powered by MetaTrader, daily analysis and forex calculator.
The ‘Risk Disclosure’ document informs that all types of orders can be executed at a different than requested price. That means slippage can occur if the market is volatile. Another thing to note is that stop loss orders can be filled at a price different than initially set and FxGrow can only guarantee its execution at the first available price. The good thing is that negative balance protection is implemented to all types of accounts. So, you cannot lose more money than you initially invested. In addition, it is written that the company executes all client orders as a principal, i.e. the company is the sole execution venue, or acts as a market maker. However, the company may decide to transmit some orders for execution with third parties, known as Straight Through Processing (STP). So FxGrow can act as both a market maker and an STP broker.
We can conclude that FxGrow is a CySEC regulated brokerage company that offers the most popular trading terminal – MetaTrader and competitive trading conditions. However, it can act as a market maker whenever it wishes and if you want tighter instrument spreads, you need to invest at least USD1,000.
