FXGrow Review |
|
| 📅 Year founded |
2008 |
| 📈 Multiple top-tier regulation |
Yes |
| 📍 Headquarters |
Limassol, Cyprus |
| 🌍 Country of regulation |
Cyprus / Vanuatu |
| ✅ Regulators |
CySec / VFSC |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
$100 USD |
| 🛡️ Negative Balance Protection |
Yes |
| 📉 Trading Platforms |
MetaTrader5 |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex / Indices / Commodities / Cryptocurrencies / Futures |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Debit and Credit Card / Bank Wire Transfer / Skrill / Neteller |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
None |
| 💰 Account Currencies |
USD / EUR / PLN |
| 📈 Minimum Trade |
0.01 Lots |
| 📈 Account Types |
ECN |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
None |
| 💰 Withdrawal fee |
None |
| ☎ Customer Support |
24/7 |
| 💰 Max. Leverage |
100:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
Zero on ECN / $6 USD per lot on ECN-PLUS / $8 USD per lot on ECN-ELITE |
| 💰 Spreads |
From 0.2 pips |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
61 + |
| 🔢 Number of clients |
80 000 + |
| 🥇 Instruments Offered |
160 + |
| 📙 Education |
Seminars / Webinars / Symbols Daily Analysis / Educational Academy |
WHAT IS FXGROW?
FxGrow is a global forex and CFD broker that provides trading services to a diverse clientele around the world.
Established in 2008, FxGrow operates with a strong regulatory foundation, holding licenses from both the Cyprus Securities and Exchange Commission (CySEC) and the Vanuatu Financial Services Commission (VFSC).
As a broker, FxGrow is committed to delivering a trading environment that is supported by advanced technology and a client-centred approach, ensuring both novice and experienced traders can navigate and trade the global markets efficiently and effectively.
The regulatory oversight from CySEC and VFSC ensures that FxGrow adheres to stringent financial standards and operational guidelines, which include the segregation of client funds from company assets, participation in compensation schemes that protect clients’ investments and adherence to fair trading practices.
This regulatory framework not only supports FxGrow’s operational integrity but also significantly lowers the risk profile for its clients, making it a reliable and trustworthy broker in the competitive forex landscape.
Through its platforms, FxGrow provides its clients with advanced trading tools, real-time market analysis and educational resources, all designed to enhance trading efficacy and optimise the trading experience.
This comprehensive support, combined with strict regulatory compliance, positions FxGrow as a preferred broker for traders seeking a secure and dynamic trading environment.
INTRODUCTION
Located in Limassol, Cyprus, FxGrow is a well-established forex and CFD broker that has been serving global traders since 2008.
As a firm regulated by both CySEC and the VFSC, FxGrow upholds high standards of financial integrity and operational transparency, making it a trusted partner for traders worldwide.
FxGrow provides an extensive array of trading instruments, catering to the diverse needs and strategies of traders. This includes a wide selection of currency pairs (forex), indices, commodities, cryptocurrencies and futures.
This diverse offering allows traders to explore and engage with different markets under a single trading platform, enhancing their ability to diversify their portfolios and manage risks effectively.
By combining a strategic operational base with a broad spectrum of trading instruments and stringent regulatory oversight, FxGrow aims to provide a comprehensive trading service that addresses the needs of both novice and experienced traders.
The broker’s commitment to delivering a user-centric trading experience is evident through its continuous innovation in technology, customer support and trader education.
FxGrow not only focuses on offering expansive trading capabilities but also emphasises the importance of trader education and market research. With resources that help traders make informed decisions, FxGrow is dedicated to empowering its clients to thrive in the dynamic world of forex and CFD trading.
PROS & CONS
PROS
- Regulated by CySEC and the VFSC.
- Access to a high number of forex pairs.
- Competitive spreads and low commissions.
- Multiple account types.
- Access to the world-renowned MetaTrader5 (MT5) trading platform.
CONS
- There are no stocks on offer with this broker.
- Fairly limited range and number of trading instruments available.
TRADING INSTRUMENTS
FxGrow offers a good range of trading instruments that cater to a broad spectrum of investment preferences and strategies. This diversity not only allows traders to engage with their market of choice but also facilitates effective portfolio diversification and risk management.
Forex
FxGrow provides traders with access to a wide range of currency pairs including major pairs like EUR / USD, GBP / USD and USD / JPY, as well as a variety of minor and exotic pairs. This allows forex traders to capitalise on currency fluctuations driven by global economic changes, policy decisions and other geopolitical events.
With over 60 currency pairs available, the broker ensures that its clients have access to a wide range of forex pairs to trade.
Indices
Traders at FxGrow can engage with several major global indices such as the Dow Jones Industrial Average, NASDAQ Composite, S&P 500, DAX and FTSE 100, with a total of 10 indices on offer. Index trading through CFDs enables clients to speculate on the movements of entire equity markets without the need to trade individual stocks.
Commodities
FxGrow’s offerings include a selection of commodities that are staples in the trading world, including precious metals like gold and silver, energy commodities such as crude oil and natural gas and soft commodities like coffee and sugar. Trading commodities can be a strategic move for those looking to hedge other investments or capitalise on changes in supply and demand dynamics.
With the provision of soft commodities in the agricultural sector, FxGrow provides a wider range of commodities than most other brokers in the industry.
Cryptocurrencies
As digital currencies become more integrated into the mainstream financial landscape, FxGrow provides its traders with the opportunity to trade popular cryptocurrencies. While this range is currently limited to popular cryptocurrencies such as Bitcoin, Litecoin, Ethereum and Bitcoin Cash, there is scope for this range to increase in the future.
Futures
For those interested in derivatives, FxGrow offers futures trading, which allows traders to speculate on the future price of commodities or financial instruments. Futures contracts can be a valuable tool for both hedging and speculative opportunities, providing traders with the ability to manage potential price movements of underlying assets.
The good range of trading instruments at FxGrow is supported by competitive spreads and leverage options, tailored to enhance the trading experience for all types of traders. Whether it’s taking a position on a cryptocurrency or hedging with commodities, FxGrow’s diverse offerings ensure that traders have the necessary tools at their disposal to execute a variety of trading strategies effectively.
TRADING PLATFORMS
FxGrow equips its traders with the MetaTrader5 (MT5) platform, an upgraded version of the widely popular MetaTrader4. MT5 is renowned for its advanced trading capabilities, superior tools and enhanced functionality, which make it an excellent choice for both novice and experienced traders.
MT5 offers more charting options and over 80 technical indicators and analytical tools, providing traders with the ability to perform comprehensive market analysis on multiple timeframes and with greater precision, while the platform supports trading in forex, CFDs, stocks, commodities, futures and cryptocurrencies all from a single interface, giving traders a unified trading experience.
MT5 enhances its algorithmic trading offering with the integrated MQL5 development environment, allowing traders to create, test and apply Expert Advisors (EAs) and technical indicators. This is an upgrade from MT4, with improvements in speed and functionality.
Integrated directly into the platform, the economic calendar provides traders with real-time updates on significant economic events, helping them make more informed trading decisions based on market dynamics.
Additionally, MT5 includes Depth of Market functionality, showing the bids and offers for a particular financial instrument at different prices, which can help traders understand market sentiment and potential price movements.
FxGrow provides MT5 as a desktop application for Windows and Mac OS, a web version that can be accessed directly through a browser without any downloads and mobile apps for Android and iOS devices. This flexibility ensures that traders can manage their accounts and trade from anywhere, at any time.
FxGrow’s MT5 platform is fully integrated with the broker’s trading services, offering seamless execution and access to real-time data streams. Additionally, FxGrow provides full support for traders using MT5, including guides and tutorials on how to maximise the use of the platform’s features and tools.
The inclusion of MT5 as a trading platform choice by FxGrow reflects the broker’s commitment to providing advanced tools and technologies to enhance the trading experience. By offering a platform that supports comprehensive analysis, diverse trading instruments and high customisability, FxGrow caters to the needs of dynamic traders looking to leverage advanced trading strategies and technology.
ACCOUNT TYPES
FxGrow provides a range of ECN (Electronic Communication Network) account options designed to cater to the varied needs of traders from different backgrounds and with different trading strategies.
The three main account types offered are ECN, ECN Plus and ECN Elite, each tailored to provide specific benefits and features to optimise trading performance.
ECN Account
The ECN Account is ideal for traders who require fast execution speeds and access to large liquidity pools. This account type uses technology that brings traders directly in contact with liquidity providers, eliminating any intermediary in the trading process which ensures lower spreads.
The minimum deposit for this account type is only $100 USD, while traders have access to benefits such as zero commission charges, spreads starting from 1.0 pip and access to leverage of up to 30:1.
ECN Plus Account
Designed for more experienced traders who manage larger volumes, the ECN Plus Account offers even lower commission rates and better spreads compared to the standard ECN Account. This account is beneficial for high-frequency traders, including scalpers and those who use expert advisors extensively.
This account type requires a minimum deposit of $1 000 USD, while traders can expect spreads starting from 0.2 pips, commission charges of only $8 USD per lot traded and leverage of up to 30:1.
ECN Elite Account
The ECN Elite Account is the premium offering, tailored for professional traders and institutional clients. It offers the lowest spreads and commissions among all account types, along with customised trading conditions.
While traders who wish to access this account type will require a minimum deposit $100 000 USD, they will have access to spreads starting from 0.2 pips, lower commission charges of $6 USD per lot and increased leverage of up to 100:1.
While these account types present different options for FxGrow clients, the important similarities remain. All account types feature negative balance protection to protect traders’ funds, while also allowing traders to implement automated trading features such as utilising research platforms and trading signals provided by Trading Central.
These account types reflect FxGrow’s commitment to providing flexible trading solutions. By offering a range of ECN accounts, FxGrow ensures that traders of all levels—from those entering the ECN environment for the first time to high-volume traders and institutional clients—can find a suitable platform to meet their trading needs.
HOW TO OPEN AN ACCOUNT
Opening an account with FxGrow is straightforward and can easily be done via the broker’s website. Firstly, potential clients will need to submit their personal details while registering with the broker.
Once this is done, the usual KYC documents will need to be submitted for verification by the broker. Once the documents have been verified, traders may select their account type, deposit their funds and begin trading.
DEMO ACCOUNT
FxGrow provides a demo account with virtual funds, allowing new traders to practice trading strategies without any risk and experienced traders to test the broker’s offerings.
The demo account provided by the broker aims to simulate the live market conditions offered by FxGrow, ensuring traders have an accurate simulated experience of the broker’s trading conditions.
SOCIAL TRADING AND COPY TRADING
FxGrow offers options for social and copy trading, enabling traders to follow and copy the trades of experienced traders directly through the platform. This is beneficial for those who might lack the time or expertise to trade effectively on their own.
The broker already integrates their services with Trading Central, ensuring traders can access the research platforms and trading signals provided by the company.
Additionally, the broker has also implemented their new FxGrow Automated Trading, allowing their clients to follow the trades of successful traders, adding yet another benefit for their clients to enjoy.
COMMISSIONS AND FEES
FxGrow’s commission structure is straightforward and is easily accessible on their website. The broker implements their structure in a way that commissions are charged depending on the account type selected by the trader.
On the ECN Account, no fees are charged as these are built into the spread offered by the broker. On the ECN Plus and ECN Elite Accounts, these fees are charged at $8 USD and $6 USD per lot traded, respectively.
There are also swap-fees charged by the broker, however, these can excluded if clients sign up for the Swap-Free or Islamic Account type.
Additionally, the broker does not charge any inactivity fees on dormant accounts.
LEVERAGE
The leverage offered by FxGrow is flexible but limited due to regulatory restrictions. On the ECN and ECN Plus Accounts, leverage of up to 30:1 is available to traders, while the ECN Elite Account offers leverage of up to 100:1, as these traders are considered to be professional.
WITHDRAWALS AND DEPOSITS
FxGrow supports multiple deposit and withdrawal methods including bank transfers, credit and debit cards and eWallets including Skrill and Neteller.
The broker does not charge any fees for deposits or withdrawals, while they do state that third-party fees may apply and vary depending on the transaction method used.
CUSTOMER SERVICE
Customer service at FxGrow is available 24/7 via live chat, email and phone, with the support team being known as knowledgeable and responsive, providing assistance in multiple languages.
The broker has received high praise and reviews for its superb customer service offering, highlighting their commitment to their clients overall trading experience.
SAFETY AND SECURITY
FxGrow is deeply committed to ensuring a safe and secure trading environment for all its clients. The broker achieves this through rigorous adherence to regulations set by prominent financial authorities and implementing advanced security technologies.
Cyprus Securities and Exchange Commission (CySEC)
As a Cyprus-based broker, FxGrow is regulated by CySEC, which is known for its stringent standards and strict regulatory guidelines.
CySEC regulation ensures that FxGrow adheres to the financial services laws of the European Union, particularly the Markets in Financial Instruments Directive (MiFID II), which provides a harmonised regulatory regime for investment services across the 31 member states of the European Economic Area.
The regulatory framework covers transparency, reporting and clients’ funds protection.
Vanuatu Financial Services Commission (VFSC)
FxGrow is also regulated by the VFSC, which allows the broker to offer its services to an international clientele under flexible trading conditions.
The VFSC is responsible for the administration and regulation of financial services industry in Vanuatu, providing additional oversight and facilitating a broader global reach.
These regulatory frameworks ensure that FxGrow maintains the highest standards of corporate governance, financial reporting and transparency.
Segregated Accounts
FxGrow adheres to the principle of segregated client accounts to ensure that clients’ funds are kept separate from the company’s operational funds. This segregation is crucial in protecting clients’ funds in the event that the broker faces financial difficulties.
Investor Compensation Fund
FxGrow is a member of the Investor Compensation Fund (ICF) for clients of investment firms regulated in Cyprus. This fund serves to protect and secure the claims of covered clients and provide them with compensation in case the member fails to comply with its financial obligations.
In addition to the above protections put in place, the broker has also developed its technical infrastructure to ensure their clients’ safety, through the implementation of SSL encryption and two-factor authentication.
Through stringent regulatory adherence, advanced security protocols and a commitment to maintaining client fund integrity, FxGrow establishes itself as a secure and trustworthy broker in the forex trading industry.
PROMOTIONS
FxGrow does not currently offer any promotions or bonuses, however, potential clients are always encouraged to regularly visit the broker’s website in the event that these offerings may be made available in the future.
RESEARCH
FxGrow provides traders with a good range of research tools, in the form of an integrated economic calendar and daily technical analysis on a variety of instruments offered by the broker.
In addition to these tools, through the provision of MT5, traders also have access to the wide range of research tools available on the platform.
EDUCATION
FxGrow offers a wide range of educational resources including webinars, seminars and their own Educational Academy, where both new and experienced traders can find value in increasing their knowledge base.
With the addition of the broker’s FxGrow Automated Trading, traders also have the ability to learn from and copy more experienced traders’ trades, while still learning themselves.
GLOBAL AWARDS
FxGrow has received several awards recognising its service quality, technology and trading conditions, underlining its credibility and reliability in the forex market.
Some of their most recent awards include the following:
- Most Reliable Broker (2022) – Ultimate Fintech Awards.
- Best White Label Solution (2022) – Ultimate Fintech Awards.
- Best CFDs Provider (2021) – Ultimate Fintech Awards.
- Most Transparent Broker (2021) – JFEX Awards Entrepreneur.
- Best Liquidity Provider (2018) – JFEX Awards Entrepreneur.
- Best Execution Broker (2012) – Arabcom Group Awards.
SAFE OR SCAM?
Determining the credibility of a forex broker like FxGrow involves assessing its regulatory status, operational history and commitment to client security.
FxGrow’s adherence to stringent regulatory standards, overseen by recognised authorities such as CySEC and the VFSC, strongly supports its legitimacy.
FxGrow’s compliance with CySEC regulations means it adheres to the EU’s strict financial and ethical standards, including transparency in its financial reporting and robust client protection measures. Such compliance ensures that FxGrow operates with integrity and reliability.
Since its inception in 2008, FxGrow has maintained a transparent and reliable trading service, building a solid reputation among traders worldwide. This longevity in the highly competitive forex market is a strong indicator of FxGrow’s commitment to providing a secure and fair trading environment.
FxGrow implements multiple client protection measures including segregated accounts, participation in an investor compensation fund and state-of-the-art encryption technologies. These measures ensure that clients’ investments are protected to a significant extent against potential company failures or financial discrepancies.
Considering FxGrow’s regulatory framework, operational history and dedication to client security, there is substantial evidence to classify it as a safe broker. Traders looking for a reliable and regulated forex trading platform would find FxGrow to be a trustworthy choice.
CONCLUSION
FxGrow is a solid choice for traders looking for a reliable, regulated forex broker. With competitive trading conditions, diverse instruments and robust platforms, it caters well to both new and experienced traders.
The broker offers a good range of trading instruments, with low spreads and competitive costs, ensuring their clients have access to a high quality trading environment. In addition to this, the broker provides good research and educational tools, highlighting their commitment to the success of their clients.
After conducting the above review on this broker, the team at Brokersuggest.com can highly recommend FxGrow as a reliable broker, committed to their clients’ success, making them the ideal trading partner for all traders in the industry.
