FXGrow Review 2024
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 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.
Who Is FxGrow Good For?
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Strong regulation by the CySEC and the FCA.
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Serves clients from over 100 countries.
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Fast trade execution.
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Deep liquidity providers.
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Broad market access.
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Transparent fee structure.
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Social copy trading allowed.
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Limited customer service desk options.
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Limited trading platforms.
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Does not accept US clients.
Is FxGrow Safe?
Offering of Investments
Available assets
| Markets | Available | Number of Assets |
| Currency Pairs | 61 | |
| Stocks | ||
| Commodities | 17 | |
| Crypto | 2 | |
| Indices | 4 | |
| ETFs |
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
- Credit/debit cards.
- Neteller.
- Skrill.
- Bank wire transfer.
Customer Service
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
Research and Development
Education
Final Thoughts
Conclusion
FxGrow in Brief
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.
FAQ
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.
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.
The broker serves customers in over 100 countries. However, it does not offer its services to US traders.
Yes. FxGrow offers its clients market access to CFD trading in several major cryptocurrencies.
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.
Deposits and withdrawals can be actioned using the following methods: credit/debit cards, Neteller, Skrill and bank wire transfer.
FxGrow offers two main trading platform tools: FxGrow MT5 and FxGrow Automated Trading.
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.
