Global Broker Regulation & Inquiry App

Score

0123456789
.
0123456789
0123456789
/10

GROWFX

Australia|2-5 years|
Suspicious Scope of Business|High potential risk|

https://growfxmarket.uk/

Website

Rating Index

Contact

+971 582346485
support@growfxmarket.uk
https://growfxmarket.uk/
71-75 Shelton Street Covent Garden, London,WC2H 9JQ, United Kingdom

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+971 582346485

English

+1 6163878959

Broker Information

More

Company Name

GROWFX

Company Abbreviation

GROWFX

Platform registered country and region

Australia

Company website

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

Warning: Low score, please stay away! 2
Previous Detection : 2024-06-20
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

GROWFX · WikiFX Survey

Users who viewed GROWFX also viewed..

XM

9.04
Score
10-15 yearsRegulated in AustraliaMarket Making(MM)MT4 Full License
Official website

STARTRADER

8.54
Score
10-15 yearsRegulated in AustraliaMarket Making(MM)MT4 Full License
Official website

Exness

8.38
Score
10-15 yearsRegulated in CyprusMarket Making(MM)MT4 Full License
Official website

FBS

8.75
Score
5-10 yearsRegulated in AustraliaMarket Making(MM)MT4 Full License
Official website
Pyramid scheme complaint
Expose

GROWFX · Company Summary

NOTE: GROWFXs official site - https://growfxmarket.uk/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

GROWFX Review Summary
Registered Country/Region Australia
Regulation No Regulation
Market Instruments Forex, stocks, commodities, indices, and cryptocurrencies
Minimum Deposit $2000
Leverage Up to 1:300
Customer Support Tel: +971 582346485
Tel: +1 6163878959
Email: support@growfxmarket.uk

What is GROWFX?

GROWFX is a broker registered in Australia, claiming to provide diverse market instruments, including forex, stocks, commodities, indices, and cryptocurrencies. However, requiring a high minimum deposit of $2000, GROWFX operates without any valid regulation.

GROWFX

Pros & Cons

Pros Cons
  • Diverse Market Instrument
  • No Regulation
  • Non-functional Official Website
  • High Minimum Deposit

Pros:

  • Diverse Market Instruments: GROWFX claims to offer a wide range of tradable assets, including forex, stocks, commodities, indices, and cryptocurrencies. This variety can appeal to investors seeking a one-stop shop for their trading needs.

Cons:

  • No Regulation: The most significant drawback of GROWFX is the lack of valid regulation. This absence of regulatory oversight significantly increases the risk of fraud and losing your invested funds.

  • Non-functional Official Website: A non-functional website is a major red flag for any online business, especially a financial services provider. It raises serious concerns about the legitimacy and transparency of the broker, making it difficult to access information and assess its reliability.

  • High Minimum Deposit: The $2000 minimum deposit requirement is exceptionally high compared to the industry standard. This can be a barrier for new or inexperienced investors and indicates targeting individuals with larger sums of money to lose.

Is GROWFX Safe or a Scam?

Considering the drawbacks of GROWFX, we strongly lean towards not considering them a safe option. GROWFX operates without any valid regulation.

The lack of regulation means that the broker is not subject to oversight by a regulatory authority, potentially exposing traders to higher risks such as fraud or misconduct. Additionally, the non-functional website raises serious transparency and legitimate concerns. It's difficult to access information and assess its reliability.

No license

Market Instruments

GROWFX offers a variety of market instruments for trading, providing traders with a wide range of options to diversify their portfolios.

Forex: Forex trading involves buying and selling currency pairs, to profit from fluctuations in exchange rates. Traders speculate on whether one currency will strengthen or weaken against another.

Stocks: Stocks represent ownership in a company. When you buy a stock, you're buying a small piece of that company. Stock trading involves buying and selling stocks to make a profit as the stock's price changes.

Commodities: Commodities are physical goods that are traded on exchanges. Commodities trading involves buying and selling these goods, typically through futures contracts, to profit from price movements.

Indices: Stock indices are measures of the performance of a group of stocks representing a particular sector or market. Trading indices allows investors to speculate on the overall performance of a market or sector, rather than individual stocks.

Cryptocurrencies: Cryptocurrencies are digital or virtual currencies that use cryptography for security. Cryptocurrency trading involves buying and selling these digital assets to make a profit as their prices change.

Account Types

It offers two account types to suit different trading needs. Both account types support Expert Advisors (EAs), which is beneficial for traders who prefer automated trading strategies.

LITE Account: With its $2000 minimum deposit, it is well-suited for beginners or traders with a limited budget.

Premium (VIP) Account: With its $10000 minimum deposit, it is designed for experienced traders or those with a larger trading capital.

Leverage

The LITE Account, with a maximum leverage of 1:100, offers traders the ability to control larger positions in the market with a relatively smaller amount of capital. This level of leverage can amplify both potential profits and losses, making risk management crucial for traders using this account type.

The VIP Account, with a maximum leverage of 1:300, provides traders with even greater leverage, allowing them to control larger positions with the same amount of capital compared to the LITE Account. This higher leverage level can amplify both profits and losses even further, increasing the importance of strict risk management strategies.

Customer Service

GROWFX offers customer support through multiple channels to assist traders with their inquiries and support needs. Traders can reach out to GROWFX's customer support team via phone or email.

Tel: +971 582346485 and +1 6163878959

Eemail: support@growfxmarket.uk

Conclusion

GROWFX presents significant risks to traders, primarily due to its lack of regulation, non-functional website, and high minimum deposit requirement of $2000. These factors raise concerns about fund safety, transparency, and accessibility, making GROWFX a risky choice for trading. We advise you to consider alternative brokers with stronger regulatory oversight and more transparent practices to ensure a safer trading experience.

Frequently Asked Questions (FAQs)

Q: Is GROWFX regulated?

A: No.

Q: What market instruments does GROWFX offer?

A: GROWFX offers a variety of market instruments, including forex, stocks, commodities, indices, and cryptocurrencies.

Q: What is the minimum deposit requirement for GROWFX?

A: $2000.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

News

Unregulated broker duped a user

ExposureUnregulated broker duped a user

2024-01-31 15:06

On January 26, 2024, an Indian user filed a complaint against Growfx on Wikifx for withdrawal difficulty. A complainant who invested his money with an unlicensed broker became a victim.

WikiFX
2024-01-31 15:06
Exposure
Unregulated broker duped a user

User Reviews

Sort by content

  • Sort by content
  • Sort by time

User comment

1

Comments

Write a review

guansbvg
more than one year
This platform is teetering on the edge of deception. The spreads are twice those of other platforms, and there are numerous hidden fees to maintain positions.
2024-02-29 16:36
Reply
0
0
1
TOP

Chrome

Chrome extension

Global Forex Broker Regulatory Inquiry

Browse the forex broker websites and identify the legit and fraud brokers accurately

Install Now

Select Country/Region
  • Hong Kong China

  • Taiwan

    tw.wikifx.com

  • United States

    us.wikifx.com

  • South Korea

    kr.wikifx.com

  • United Kingdom

    uk.wikifx.com

  • Japan

    jp.wikifx.com

  • Indonesia

    id.wikifx.com

  • Vietnam

    vn.wikifx.com

  • Australia

    au.wikifx.com

  • Singapore

    sg.wikifx.com

  • Thailand

    th.wikifx.com

  • Cyprus

    cy.wikifx.com

  • Germany

    de.wikifx.com

  • Russia

    ru.wikifx.com

  • Philippines

    ph.wikifx.com

  • New Zealand

    nz.wikifx.com

  • Ukraine

    ua.wikifx.com

  • India

    in.wikifx.com

  • France

    fr.wikifx.com

  • Spain

    es.wikifx.com

  • Portugal

    pt.wikifx.com

  • Malaysia

    my.wikifx.com

  • Nigeria

    ng.wikifx.com

  • Cambodia

    kh.wikifx.com

  • Italy

    it.wikifx.com

  • South Africa

    za.wikifx.com

  • Turkey

    tr.wikifx.com

  • Netherlands

    nl.wikifx.com

  • United Arab Emirates

    ae.wikifx.com

  • Colombia

    co.wikifx.com

  • Argentina

    ar.wikifx.com

  • Belarus

    by.wikifx.com

  • Ecuador

    ec.wikifx.com

  • Egypt

    eg.wikifx.com

  • Kazakhstan

    kz.wikifx.com

  • Morocco

    ma.wikifx.com

  • Mexico

    mx.wikifx.com

  • Peru

    pe.wikifx.com

  • Pakistan

    pk.wikifx.com

  • Tunisia

    tn.wikifx.com

  • Venezuela

    ve.wikifx.com

United States
※ The content of this website abides with local laws and regulations.
You are visiting the WikiFX website. WikiFX Internet and its mobile products are an enterprise information searching tool for global users. When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located.
consumer hotline:006531290538
Official Email:support@wikifx.com;
Mobile Phone Number:234 706 777 7762;61 449895363
Telegram:+60 103342306
Whatsapp:+852-6613 1970;
License or other information error corrections, please send the information to:qawikifx@gmail.com
Cooperation:fxeyevip@gmail.com