FXGrow Review 2024
| 🏆 Broker Evaluation |
5.69
|
| 🗺️ Regulatory Bodies | CySEC |
| 💳 Minimum Deposit | 100$ |
| ⚖️ Islamic Account | No |
| 💰 Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| 🏢 Main Branch | Cyprus |
| ☎ Customer Service | 24/5 |
| 🎮 Demo account | not |
| 🖥 Trading Platforms | MT5 |
Key Takeaways
- FxGrow is an online broker founded in 2008 and headquartered in Cyprus.
- FxGrow is regulated in the UK by the Financial Conduct Authority (FCA) and in Cyprus by the Cyprus Securities and Exchange Commission (CySEC).
- FxGrow clients are covered by the Financial Services Compensation Scheme (FSCS) up to £85,000.
- FxGrow clients are covered by the Investor Compensation Fund (ICF) up to €20,000.
- The broker works under an Electronic Communications Network (ECN) trading model.
- The broker provides Contract for Differences (CFD) access to over 160 markets in asset classes such as FOREX, indices, commodities and cryptocurrencies.
- FxGrow offers reasonably competitive spreads and commissions across its account types, although its fees are not universally competitive.
- FxGrow offers three main account types aimed at beginner, intermediate and expert traders.
- The broker provides clients with desktop and mobile access to a bespoke version of MetaTrader5 (MT5).
- The broker puts a lot of emphasis on its research repository, which is well-stocked with helpful and insightful resources designed to help clients make better trading decisions.
FxGrow Evaluate - research result
Overall Evaluation:
5.69
Regulations
3
Deposits and Withdrawals
6
Commissions
6.9
Assets
6.3
Trading Platform
6
Research and Development
5.5
Customer Service
6
Mobile App Trading
9
Learning
1
Experience with broker
8
Trading Tools
8
Website
6
Overall Summary
Founded in 2008, FxGrow has been on a steady growth path since its inception. Today, it serves retail and institutional clients from more than 100 countries. Based in Cyprus, the broker is authorized by the CySEC. FxGrow is also authorized in the UK by the prestigious FCA.
The company strives to build powerful relationships with its clientele by providing access to excellent brokerage services and deep liquidity reserves. It aims to use superior trading platform technology to provide high-speed, low-latency services.
FxGrow has strong market access, with its product basket comprising 160+ trading instruments. Clients can choose to trade from 61+ FOREX currency pairs, a selection of major cryptocurrencies, 50+ cash indices and futures CFDs, and 7+ metals and energies symbols.
The broker is admired by awards judges, culminating in it being recognized as the “Most transparent broker of the year” at the Jordan FOREX expo in 2021. During the same year, the company was also hailed as the “Best CFDs provider” at the Dubai FOREX expo. The broker was also recognized as the “Best liquidity provider” at the 2018 Jordan FOREX Expo.
FXGROW
Broker Evaluation
Year of Establishment
2008
Main Branch
Cyprus
Other Branches
Not Available
Supported Languages
English, Arabic
Operating Hours
Market Opening Hours
Who Is FxGrow Good For?
FxGrow serves retail and institutional clients alike. It creates space for beginner retail clients through its account types that have been designed to offer an attractive service to entry-level traders. The company also offers strong incentives to elite, high-volume traders, as well as large institutional traders.
Its well-rounded offering makes it a good choice for all forms of clientele. The broker operates a transparent service, where fees are open to scrutiny and comparison. Also, its focus on high-speed operations makes its rapid-execution ethos and deep-liquidity services a draw for many different types of clients. Here are some key factors to take into account before engaging with this broker:
Pros
-
Strong regulation by the CySEC and the FCA.
-
Serves clients from over 100 countries.
-
Fast trade execution.
-
Deep liquidity providers.
-
Broad market access.
-
Transparent fee structure.
-
Social copy trading allowed.
Cons
-
Limited customer service desk options.
-
Limited trading platforms.
-
Does not accept US clients.
Is FxGrow Safe?
Yes, FxGrow can be considered safe (low risk). The broker is regulated by two tier-1 (high trust) regulators: the CySEC in Cyprus, CIF license number 214/13, and the FCA in the UK, authority Ref. number AV/FOS/MiFID/628755. The broker is also governed by the rules set out by the Markets in Financial Instruments Directive (MiFID).
As a signatory to the FSCS and the ICF, compensation schemes associated with the FCA and the CySEC respectively, FxGrow offers affected clients up to £85,000 and €20,000 in the event of broker insolvency.
The company complies with European Securities and Markets Authority (ESMA) rules that mandate negative balance protection for traders, so they cannot lose more money than they invest. The broker’s affiliates are also recognized as fully licensed and compliant financial institutions in Norway, France, Poland, Germany, Sweden, Greece and Spain.
Trading Account Information
Account Currency
USD ، EUR ، PLN
Minimum Deposit
100$
Segregated Accounts
Yes
Payment Methods
Bank transfer, credit card, Electronic Banks
Accepting US Clients
No
Available Markets
Forex, commodities, indices, digital currencies
Demo Account Duration
30 Days
Offering of Investments
Available assets
| Markets | Available | Number of Assets |
| Currency Pairs | 61 | |
| Stocks | ||
| Commodities | 17 | |
| Crypto | 2 | |
| Indices | 4 | |
| ETFs |
FxGrow provides solid market access through a strong slate of trading instruments. Clients have access to 61+ FOREX currency pairs, several major cryptocurrencies, 50+ cash indices and CFDs on futures, in addition to 7+ metals and energies symbols.
Advantages of Trading
Maximum Leverage
1:100
Minimum Lot Size
0.01
Available FOREX Pairs
61 Currency Pairs
Scalping
Yes
Hedging
Yes
Spread
Starting from 1.1 pips
Trailing Stop
No
Islamic Account
No
Trading Platforms
Proprietary Platform -Web platform- mt5
Regulatory Bodies
Broker Type
MM
Account Types
| Account Type | Minimum Deposit | Spread Commission | Commission | Swap Commission | Deposit Commission | Withdrawal Commission |
|---|---|---|---|---|---|---|
| ECN | $100 | Starting from 1.10 pip | $0 | not mentioned | Starting at $0 with credit cards and wire transfer, and up to to 2% with electronic banks. | 1.5% when using credit cards and/or electronic banks and up to 30$ with bank transfers. |
| ECN-PLUS | $1,000 | Starting from 0.2 pip | $8 | not mentioned | Starting at $0 with credit cards and wire transfer, and up to to 2% with electronic banks. | 1.5% when using credit cards and/or electronic banks and up to 30$ with bank transfers. |
| ECN-ELITE | $100,000 | Starting from 0.2 pip | $8 | not mentioned | Starting at $0 with credit cards and wire transfer, and up to to 2% with electronic banks. | 1.5% when using credit cards and/or electronic banks and up to 30$ with bank transfers. |
The broker offers three main account types, as follows:
ECN Account: Designed for beginner traders, this account comes with a minimum initial deposit of $100. This zero-commission account offers reasonably low spreads from 1.1pips in three main trading currencies: the USD, EUR and PLN. This account also offers Virtual Private Server (VPS) services on MT5 at a fee of $15/month.
ECN Plus Account: With an initial deposit of $1,000, this mid-level account offers variable spreads from as low as 0.2pips and low commissions. Available currencies include the USD, EUR and PLN. Traders can also get access to VPS hosting on MT5 for $15/month.
ECN Elite Account: Designed for high-volume, experienced traders, the minimum initial deposit on this account is $100,000. The account offers variable spreads from as low as 0.2pips and low commissions.
There are no limitations on trading strategies, and, as with the other accounts, clients can get access to VPS hosting. Unlike the other two account types, this account only offers two base currencies: the USD and the EUR.
Account Opening
Opening an account is easy. The Open Account button takes traders to a section where they can fill out their personal details and trading experience. The typical information requested here will be information on the client’s employment details and source of income.
Upon accepting the terms and conditions, traders can upload their identity and address documentation. Account opening usually takes no more than a day. Thereafter, traders can start to enjoy the platform.
Demo Account
FxGrow offers a demo account for trading novices to practice their skills without facing any trading risks or losses. Registering for a demo account is similar to setting up a real account, as traders will have to provide their personal details, employment details, and trading experience. The demo account is available on MT5.
Bonuses and Promotions
FxGrow offers a Profit Bonus, which is a 20% deposit bonus on profit for live account traders. The minimum qualifying deposit is $1,000. Within each 30-day trading period, clients stand to win an additional 20% on any account profit.
Deposits and Withdrawals
FxGrow offers several ways to fund your account. Deposits and withdrawals can be actioned using the following methods:
- Credit/debit cards.
- Neteller.
- Skrill.
- Bank wire transfer.
FxGrow does not charge any fees for deposit or withdrawal services. Traders are advised to check if their payment providers charge for such services as these will be passed on to the client if they are raised by the payment provider.
Customer Service
With FxGrow, traders can contact the customer service desk on the Main Hotline, which is a Cyprus-registered landline number. Traders can also use an email helpline and expect to receive a reply during working hours from Monday to Friday. In our view, this level of customer support represents the bare minimum, and the broker can definitely improve in this area.
Commissions and Fees
The broker provides transparent pricing that is designed to operate with no hidden fees. The company’s overall rates are well-priced when compared to similar sized competitors. Spreads are reasonably competitive at 1.1pips for the entry-level account, and highly competitive at 0.2pips for the mid-level Plus account.
Commissions are charged at $8 per lot in the mid-level Plus account and $6 per lot in the Elite account. Affected clients should take note of the overnight fee for positions held longer than a day. Islamic traders can apply for a swap-free account that falls in line with their beliefs.
The broker’s non-trading fees are competitive. It does not charge any fees for withdrawals or deposits, and it appears the broker does not charge any inactivity fees on dormant accounts.
Leverage
As per European rules, the maximum leverage available is 1:30 for major FOREX pairs. Minor pairs can be leveraged up to 1:20 and commodities up to 1:10. The broker adheres strictly to these rules. However, professional traders can get access to much higher leverage amounts, up to 1:100.
Platforms and Tools
FxGrow offers two main trading platform tools, as follows:
FxGrow MT5: The broker has discontinued its MT4 platform to provide an upgraded version of MT5, which features improved functionality across the board. Traders can access superior charting technology and comprehensive order management tools to maintain control over their positions. This platform is available for all account types.
FxGrow Automated Trading: This platform gives traders the chance to follow other traders and analyze their strategies. Traders need only register for an FxGrow account in order to start trading automatically. They will get access to signals and successful strategies modelled from professional traders. Traders can either automatically set their account to copy trades, or take a more hands-on, manual approach.
Mobile Trading
The MT5-based mobile trading app allows traders to work “on-the-go.” It is compatible with iOS and Android devices. It has many of the functions of the desktop app, and it can be downloaded via the broker’s Website. Clients can get access to the full range of market instruments with real-time prices and quotes. Traders can perform technical analysis through the charts and indicators.
Research and Development
FxGrow has built a strong research repository. The broker has partnered with the third-party Trading Central, a well-known company providing financial market research and investment analytics. This is in addition to the broker’s free services designed to give customers the information and resources they need to make informed decisions.
FxGrow clients have access to detailed technical analysis reports on currencies and indices covering different time frames to address many online trading strategies. The broker also has an economic calendar that features real-time financial data, including volatility analysis tools, price direction and interactive charting features. Further, the company offers technical analysis that includes price charts and graphical representations of market movements. With detailed research culminating in multi-asset information, traders have access to market news they can filter according to their preference. Customizable dashboards allow traders to watch the instruments that interest them the most. Clients can look for information by region, timeframe and individual instruments.
Education
The broker’s educational section is just as well-populated, with a powerful section including helpful Webinars, and a detailed blog section that is updated regularly and filled with detailed and authoritative insights into the financial world. Other useful resources include well-produced videos, infographics and a glossary section that explains many common terms.
Final Thoughts
FxGrow offers a simple, accessible and easy-to-understand product that is equally suitable to beginner and advanced traders alike. Its fees are competitive, and traders will get access to tight spreads on certain accounts and no commissions where applicable.
The broker is well-regulated by two tier-1 regulators, giving traders peace of mind that their funds are safe. Clients can access more than 160 financial CFD instruments covering FOREX, indices, metals, energies and stocks from major markets.
Clients can choose between a bespoke version of MT5 for desktop and mobile, or FxGrow’s own Automated Trading platform. Traders can access an extensive range of research and education tools that are designed to serve traders of all levels. The material is well-produced and is laid out in an easy-to-follow manner.
Conclusion
FxGrow is a mid-sized broker with a slant towards the UK and European markets. Its market access, platforms, prices and overall service is competitive, although not best in class.
The company does a good job of serving entry level traders and high-volume traders alike. It also serves institutional traders, although it does not have the footprint or trading bulk to truly excite this latter class of trader.
FxGrow is well-regulated, has access to good liquidity, and has acceptable trading platforms. Traders who are interested in social trading will be pleased with the broker’s Automated Trading platform that accommodates copy trading.
The broker’s customer service desk could do with additional contact methods to better serve its varied clientele. Overall, this broker is a good option for traders who are looking for a solid, dependable and inexpensive broker that can be trusted.
FxGrow in Brief
FxGrow is a mid-sized broker on a growth pathway. It does not have any game-changing advantages at present, but it ticks several boxes well and is trying to thrive in a competitive area. Traders will find good market access, solid but unspectacular platforms, competitive rates and good research materials.
Review Methodology
The team at Arincen collected over 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:
1. Companies’ Websites.
2. Other Websites that have ranked FOREX companies.
3. A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise.
We have identified 12 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets etc.
Afterward we validated the data by:
1. Registering with FOREX companies as a secret shopper and/or as Arincen.
2. Survey number “2,” in which we asked these companies’ customers for important feedback and past experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.
1. Companies’ Websites.
2. Other Websites that have ranked FOREX companies.
3. A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise.
We have identified 12 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets etc.
Afterward we validated the data by:
1. Registering with FOREX companies as a secret shopper and/or as Arincen.
2. Survey number “2,” in which we asked these companies’ customers for important feedback and past experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.
FAQ
Where is FxGrow regulated?
FxGrow is regulated by two tier-1 (high trust) regulators: the CySEC in Cyprus and the FCA in the UK. The broker’s affiliates are also recognized as fully licensed and compliant financial institutions in Norway, France, Poland, Germany, Sweden, Greece and Spain.
In what other ways does FxGrow protect me?
As a signatory to the FSCS and the ICF, compensation schemes associated with the FCA and the CySEC, respectively, FxGrow offers clients up to £85,000 and €20,000 in the event of broker insolvency. The company also complies with ESMA rules that mandate negative balance protection for traders, so they cannot lose more money than they invest.
Which countries does FxGrow serve?
The broker serves customers in over 100 countries. However, it does not offer its services to US traders.
Does FxGrow offer Cryptocurrency trading?
Yes. FxGrow offers its clients market access to CFD trading in several major cryptocurrencies.
Does FxGrow provide any extra offerings?
At the time of writing, FxGrow offered a Profit Bonus, a 20% deposit bonus on profit for live account traders. Traders are advised to check the broker’s Website for the rules and validity of this promotion.
How do I fund my account?
Deposits and withdrawals can be actioned using the following methods: credit/debit cards, Neteller, Skrill and bank wire transfer.
Which trading platforms does FxGrow offer?
FxGrow offers two main trading platform tools: FxGrow MT5 and FxGrow Automated Trading.
How can I access customer service?
Traders can contact the customer service desk on the company hotline, which is a Cyprus-registered landline number. Traders can also use an email helpline and expect to receive a reply during European working hours from Monday to Friday.
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Written by
Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20years, he has developed deep experience in such diverse areas as investing, business, finance,technology and macroeconomics. He is passionate about captu...
Edited by
Marwan Kardoosh
The Editorial Department at Arincen makes an important contribution to the world-class content that...
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