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The WikiFX Score of this broker is reduced because of too many complaints!

FXGROW

Cyprus|10-15 years|
Market Making(MM)|MT4 Full License|High potential risk|

http://fxgrow.co/

Website

Rating Index

MT4/5 Identification

MT4/5

Full License

FxGrow-Demo

United Kingdom
MT4
4

Influence

C

Influence index NO.1

Pakistan 4.72
The WikiFX Score of this broker is reduced because of too many complaints!

MT4/5 Identification

MT4/5 Identification

Full License

4
Server Name
FxGrow-Demo MT4
Server Location United Kingdom

Influence

Influence

C

Influence index NO.1

Pakistan 4.72

Surpassed 32.02% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+357 25-211707
support@fxgrow.com
http://fxgrow.co/
Arc. Makariou C 59 Steratzias Court Block A , Office 14, 4003 Limassol, Cyprus

Licenses

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

Single Core

1G

40G

Open Now

Disclosure

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Sanction

VU VFSC
2023-08-23

Danger

ID BAPPEBTI
2022-02-02

Contact number

English

+357 25-211707

Broker Information

More

Company Name

Growell Capital Ltd

Company Abbreviation

FXGROW

Platform registered country and region

Cyprus

Company website
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Pyramid scheme complaint

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WikiFX Risk Alerts 2
Previous Detection : 2024-06-24
  • The number of the complaints received by WikiFX have reached 14 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!

WikiFX Verification

FXGROW · WikiFX Survey
Danger A Site Visit to FXGROW in Cyprus
Cyprus

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    FXGROW · Company Summary

    Aspect Information
    Company Name FxGrow
    Registered Country/Area Cyprus
    Founded Year 2008
    Regulation CYSEC
    Minimum Deposit $1
    Maximum Leverage Up to 1:100
    Spreads as low as 0
    Trading Platforms MetaTrader 4, MetaTrader 5, FxGrow WebTrader
    Tradable Assets Forex, CFDs, indices
    Account Types Personal account
    Demo Account Available
    Customer Support Phone, 24/5 email
    Deposit & Withdrawal Multiple options available
    Educational Resources News,analysis,economic calendar

    Overview of FxGrow

    FxGrow, founded in 2008 and headquartered in Cyprus, is a renowned trading service provider regulated by CYSEC, offering leverage of up to 1:100 for professional traders and 1:30 for retail traders. The company specializes in providing access to a diverse range of tradable assets including Forex, CFDs, and indices, through advanced trading platforms such as MetaTrader 4, MetaTrader 5, and FxGrow WebTrader.

    FxGrow offers the option of a demo account for prospective clients to explore their offerings. With spreads as low as 0, they strive to offer competitive trading conditions.

    Additionally, FxGrow places a strong emphasis on education and customer support, offering a plethora of educational resources including news, analysis, and an economic calendar, and provides customer support through phone and 24/5 email. The company also ensures smooth and flexible transactions by offering multiple deposit and withdrawal options.

    Overview of FxGrow

    Is FxGrow Legit or a Scam?

    FxGrow operates under the strict regulatory framework of CYSEC (Cyprus Securities and Exchange Commission), with a license number 214/13, indicating a degree of legitimacy and adherence to the established standards designed to protect its clients. The presence of such regulation typically suggests a commitment to compliance and transparency in operations, contributing to the credible image of FxGrow in the trading industry. The company's offerings in various tradable assets, advanced trading platforms, and diverse account types further reinforce its status as a legitimate trading service provider.

    However, prospective clients should always proceed with caution and due diligence when considering a new financial service provider. It is prudent to investigate FxGrow's reputation thoroughly, look into user reviews, and examine any customer complaints or potential red flags before engaging with their services. Engaging in personal research and verification is imperative when interacting with financial entities to avoid potential risks and to ensure a secure and rewarding trading experience.

    Is FxGrow Legit or a Scam?

    Pros and Cons

    Pros:

    1. Regulation:FxGrow is regulated by CYSEC (Cyprus Securities and Exchange Commission), suggesting adherence to high standards and policies designed to protect traders.

    2. Variety of Trading Platforms:With MetaTrader 4, MetaTrader 5, and FxGrow WebTrader available, traders have multiple advanced platforms to choose from, catering to different trading preferences.

    3. Diverse MSG Assets:FxGrow offers a wide range of tradable assets, including Forex, CFDs, and indices, providing ample opportunity for diversified trading.

    4. Educational Resources:The availability of news, analysis, and an economic calendar can assist traders in making informed decisions and staying updated on market developments.

    5. Customer Support:FxGrow offers robust customer support through phone and 24/5 email, ensuring assistance is readily available.

    Cons

    1. Spread Range:The spreads between 1.9% and 2.9% may be considered high, potentially affecting the profitability for traders, especially those trading frequently.

    2. Limited Leverage for Retail Traders:The leverage is capped at 1:30 for retail traders, which may limit trading potential compared to the 1:100 available to professional traders.

    3. No Mention of Additional Features:There is no mention of any additional features like social trading or automated trading that might enhance the trading experience.

    4. Limited Information on Customer Satisfaction:The absence of specific details or testimonials about customer satisfaction and the overall user experience could make it difficult for potential clients to assess the quality of service.

    5. Lack of Detail on Educational Resources: While educational resources are mentioned, there is a lack of detail on the extent and quality of these resources, making it unclear how helpful they are to traders.

    Pros Cons
    Regulation Spread Range
    Variety of Trading Platforms Limited Leverage for Retail Traders
    Diverse MSG Assets No Mention of Additional Features
    Educational Resources Limited Information on Customer Satisfaction
    Customer Support Lack of Detail on Educational Resources

    Market Instruments

    FxGrow offers Forex, CFDs, indices on its website platform.

    1. Forex: FxGrow offers trading in foreign exchange markets, allowing traders to speculate on the price movements of different currency pairs.

    2. CFDs: Contract for Differences are also available, enabling traders to speculate on the price movements of various underlying assets without owning them.

    3. Indices: Traders have the option to trade on the price movements of different stock indices.

    These market instruments offer traders the opportunity to diversify their portfolios and choose assets that align with their trading strategies and risk tolerance.

    Market Instruments
    Market Instruments

    Account Types

    FxGrow focuses on catering to individual traders by exclusively offering a personal account option. This streamlined approach means that all of the firm's resources, trading platforms, and support mechanisms are tailored to address the needs and preferences of individual traders. By emphasizing a personal account structure, FxGrow ensures that both new and seasoned traders receive an experience that is tailored to their individual trading goals, strategies, and risk tolerance.

    Furthermore, this allows for more direct and personalized customer support, as well as a consistent trading environment, ensuring that all clients experience the same standards of service, tools, and trading conditions.

    How to Open an Account?

    Opening an account with FxGrow can generally be done by following these steps, although for the most accurate and current information, please refer to FxGrows official website or contact their customer service directly.

    Step 1: Visit the Official Website

    Navigate to FxGrows official website and locate the option to open a new account, usually labeled as “Open an Account” or “Register.”

    Step 2: Complete the Registration Form

    Fill out the registration form with the required personal information such as name, email address, phone number, and password. Ensure all information is accurate to avoid any issues during the verification process.

    Step 3: Submit Identification Documents

    To comply with regulatory requirements, submit the necessary identification documents to verify your identity and address, typically including a photo ID and a utility bill or bank statement.

    Step 4: Await Account Approval

    Once the documents have been submitted, wait for FxGrow to review and approve your account. This can take a few days depending on the verification process.

    Step 5: Fund Your Account

    After receiving confirmation of account approval, log in to your new account and make a deposit using one of the available funding options to start trading.

    Open an Account

    Leverage

    FxGrow operates with different leverage limits depending on the type of trader. For retail traders, the leverage is capped at 1:30, adhering to the regulatory standards set by CYSEC, to mitigate the risks associated with high leverage and to protect less experienced traders from significant losses. This enables retail traders to trade positions up to 30 times their account balance, providing the opportunity for enhanced profit potential while maintaining a level of risk control.

    Conversely, for professional traders, FxGrow offers a higher leverage of up to 1:100. This allows more experienced and knowledgeable traders to manage larger positions and potentially amplify profits, albeit with increased risk. Its imperative for traders utilizing high leverage to have robust risk management strategies in place to navigate the amplified risk associated with larger position sizes.

    Spreads & Commissions

    FxGrow offers spreads that as low as 0. Spreads represent the cost of trading and are crucial for traders who aim to optimize their trading conditions. In this range, traders need to consider the impact of spreads on their potential profits, especially those who trade frequently or employ strategies like scalping, where tight spreads are crucial. FxGrows spread range aims to balance the trading costs while providing a stable and reliable trading environment.

    Its vital for traders to understand and factor in spreads when calculating potential profits and losses, and to consider them along with other trading conditions like leverage and available assets when selecting a trading platform. Traders should monitor the spreads on their preferred assets and manage their trades accordingly to maximize profitability.

    Spreads & Commissions

    *Find other spreads on the website of FxGrow

    Trading Platform

    FxGrow provides its traders with a selection of advanced trading platforms to ensure a versatile and conducive trading environment. Clients have the option to use MetaTrader 4 and MetaTrader 5, two of the most well-regarded and widely used trading platforms in the industry, known for their user-friendly interfaces, advanced charting tools, and algorithmic trading capabilities. These platforms cater to traders of all experience levels, allowing for detailed market analysis and efficient trade execution.

    Additionally, FxGrow offers the FxGrow WebTrader for those who prefer a web-based trading platform. This platform is accessible from any web browser, providing flexibility and convenience to traders who wish to manage their trades from different devices without the need to download and install additional software. The availability of these platforms ensures that traders can select the one that best aligns with their trading needs and preferences, allowing for a customized trading experience.

    Trading Platform

    Deposit & Withdrawal

    Deposit

    FxGrow provides a variety of deposit options catering to different preferences, with transaction processing for most methods being automatic. Credit/Debit Cards such as Visa and MasterCard, as well as E-Wallets like Neteller and Skrill, are available, allowing for deposits in either USD or EUR.

    The credit/debit card options have variable commissions & fees between 1.9% and 2.9%, with a minimal deposit requirement of $1. E-Wallets offer the advantage of zero commissions & fees and also have a minimal deposit requirement of $1. Alternatively, Bank Wire is available with no commissions & fees, but it has a higher minimum deposit requirement of $100 and a processing time of 2 to 5 days. All these deposit options are regulated, ensuring security and compliance with financial standards.

    Deposit Options Transfer Currencies Commissions & Fees Minimum Deposit Processing
    Visa USD/EUR Varies between 1.9% & 2.9% $1 Automatic
    MasterCard USD/EUR Varies between 1.9% & 2.9% $1 Automatic
    Neteller USD/EUR $0 $1 Automatic
    Skrill USD/EUR $0 $1 Automatic
    Bank Wire USD/EUR $0 $100 2 to 5 Days
    Deposit & Withdrawal

    Withdrawal

    FxGrow offers various regulated withdrawal options with automatic processing for most methods, including Credit/Debit Cards and E-Wallets, in both USD and EUR currencies. Visa and MasterCard have a commission & fee of 2 EUR and a minimum withdrawal amount of $10. E-Wallets Neteller and Skrill have a minimum withdrawal amount of $10, with commissions & fees of 3.9% and 2.9% + 0.28 (or 0.27) respectively. Alternatively, Bank Wire is available with varying commissions & fees depending on the bank, a higher minimum withdrawal amount of $100, and a processing time of 2 to 5 days.

    Deposit Options Transfer Currencies Commissions & Fees Minimum Deposit Processing
    Visa USD/EUR 2 EUR $10 Automatic
    MasterCard USD/EUR 2 EUR $10 Automatic
    Neteller USD/EUR 3.9% $10 Automatic
    Skrill USD/EUR 2.9% + 0.28 (or 0.27) $10 Automatic
    Bank Wire USD/EUR Varies depending on the bank $100 2 to 5 Days
    Deposit & Withdrawal

    Customer Support

    FxGrow prioritizes robust customer support to assist clients effectively and promptly. For immediate assistance, clients can contact the support team through the English contact number +357 25-211707. Alternatively, for queries that are not urgent or require detailed responses, clients may choose to reach out via email at support@fxgrow.com. Moreover, FxGrow maintains an active presence across multiple social media platforms including Twitter, Facebook, Instagram, YouTube, and LinkedIn, providing additional channels for interaction, updates, and support. The company, operating under the name Growell Capital Ltd and abbreviated as FXGROW, is registered in Cyprus, and further information can be explored through the companys official websites, http://fxgrow.co/ and http://fxgrow.com/, ensuring comprehensive support and accessibility for clients across various mediums.

    Customer Support

    Educational Resources

    FxGrow provides a comprehensive suite of educational resources designed to enhance the knowledge and trading skills of both novice and experienced traders in the Foreign Exchange Market. The education section is meticulously structured, covering varied aspects of Forex trading.

    Forex Education:

    1. Forex Introduction: Offers an insight into the world of Forex trading, enabling traders to understand the basics.

    2. Trading Rules: Enhances trading strategies by imparting essential Forex rules.

    3. Most Traded Currencies: Provides information about the major currencies in the Forex market.

    Market Mechanism:

    1. Forex Terms: Broadens understanding by elucidating basic Forex terms.

    2. Types of Orders: Educates on the diverse types of orders in Forex trading.

    3. Portfolio Management: Offers tested strategies to diversify existing portfolios.

    Analysis Types:

    1. Fundamental Analysis: Empowers traders with the essentials of forex fundamental analysis and its application for successful trading.

    2. Technical Analysis: Discloses various indicators and strategies for effective Forex trading.

    3. Trading Styles: Presents insights into different styles of trading, aiding traders in finding what suits them best.

    Seminars and Webinars:

    FxGrow also organizes free seminars and webinars covering various topics like “Trading in the Forex Markets” and “Mechanism of the Forex,” aiding beginners to start investing in the world of Forex, with only an initial deposit requirement of 100 USD.

    Technical Analysis Updates:

    In addition, FxGrow keeps its traders informed with the latest technical analysis on various currency pairs like CADJPY, AUDUSD, USDJPY, etc., enabling traders to make informed decisions based on the most recent market trends and conditions.

    Educational Resources

    Conclusion

    FxGrow, established in 2008 in Cyprus and regulated by CYSEC, is a noteworthy trading service provider offering a diverse portfolio of tradable assets including Forex, CFDs, and indices through advanced platforms like MetaTrader 4 and MetaTrader 5. With competitive spreads and tailored leverage up to 1:100, it caters to both novice and experienced traders.

    FxGrow prioritizes education, providing comprehensive resources, real-time market analysis, and seminars to empower traders with essential knowledge. Multiple regulated deposit and withdrawal options, along with robust customer support, underscore FxGrows commitment to transparency, client satisfaction, and excellence, positioning it as a reliable choice in the trading industry.

    FAQs

    Q: Are there any commissions or fees on trades with FxGrow?

    A: FxGrow has variable spreads between 1.9% and 2.9% for trades. Additionally, there are specific fees associated with deposit and withdrawal methods, with details available on their official website or through customer support.

    Q: What trading platforms does FxGrow offer?

    A: FxGrow offers MetaTrader 4, MetaTrader 5, and FxGrow WebTrader as trading platforms.

    Q: What are the deposit and withdrawal options available at FxGrow?

    A: FxGrow offers multiple regulated deposit and withdrawal options including Credit/Debit Cards (Visa and MasterCard), E-Wallets (Neteller and Skrill), and Bank Wire, each with different processing times and fees.

    Q: Does FxGrow offer educational resources for traders?

    A: Yes, FxGrow offers a comprehensive suite of educational resources including Forex introductions, trading rules, market mechanism insights, analysis types, seminars, webinars, and real-time market analysis.

    Q: How can I contact FxGrows customer support?

    A: FxGrows customer support can be reached through the contact number +357 25-211707 or via email at support@fxgrow.com. They also have an active presence on various social media platforms such as Twitter, Facebook, Instagram, LinkedIn, and YouTube.

    User Reviews

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    洪霖
    more than one year
    FXGROW is a reliable foreign exchange company from the outside. It has been established for several years and has a reliable regulatory license. But it is not! There are too many scammers in the foreign exchange industry, and it is really difficult to identify them.
    2023-02-20 18:54
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    0
    0
    噯緈緈
    more than one year
    I don't think the companies regulated by CYSEC are reliable. I have seen several companies that are effectively regulated by it, but this does not stop them from bluffing and deceiving.
    2023-02-16 10:08
    Reply
    0
    0
    WJ65622
    more than one year
    Do not trade with FXGROW! Totally a scam company. I have been ripped off almost two thousand dollars! They rejected my withdrawal request for various reasons and tampered with my account information. I hope more people can see my review and stay away from this scammer.
    2022-11-27 09:47
    Reply
    0
    0
    青云-御剑
    more than one year
    Stay away from them! Don’t trust their ads! It is a fraud company and they are all scammers! They took all my money and refused my withdrawal request. I have lost almost everything. I hate them!!!
    2022-11-23 17:20
    Reply
    0
    0
    Hà Lực
    more than one year
    An evil platform, they stole my $1,000, blocked my account, and I have nowhere to turn to! I was attracted by their advertisement of small investment becoming big returned. After I made a small profit, ready to withdraw my funds, they began to reject my withdrawal requests, ask me to deposit more funds, I refused, then they blocked my account. What should I do? Who can help me?
    2022-11-23 14:16
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    ※ 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
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