FxGrow Forex Trade Platform and Broker Review

FxGrow Forex Trade Platform and Broker Review

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FXGrow Broker Review

FxGrow is an award-winning and excellent multi-regulated online trading brokerage firm that was founded in 2008 in Cyprus. FxGrow has grown into one of the most reputable retail and institutional brokerage firms operating in 100 countries, offering the trade-in several asset classes.

FxGrow has between 10 and 100 employees and is based in Limassol District, Cyprus.

Is FxGrow Regulated?

Yes, FxGrow is regulated by the Cyprus Securities and Exchange Commission (CySEC). FxGrow is also a licensed member of the Investors Compensation Fund (ICF). 

Is FxGrow Regulated in the United States?

No, FxGrow is not regulated in Virginia or any other US state. 

Is FxGrow Regulated in Europe?

Yes, FxGrow is regulated in Europe by the Cyprus Securities and Exchange Commission (CySEC) and possesses a cross-border license to offer financial services and products to forex traders in the European Union and the United Kingdom.

Is FxGrow regulated in a Tier-1 Jurisdiction?

With Tier-1 Jurisdiction, brokers are provided with the license to provide financial services in Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

According to the official FxGrow website, FxGrow is not regulated in Tier-1 jurisdiction but has a cross-border license to offer financial services to numerous jurisdictions except Australia.

Is FxGrow regulated in Tier-2 Jurisdiction?

Brokers who are regulated in Tier-2 Jurisdiction can offer financial services and operate in the British Virgin Islands, Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

According to the official website, FxGrow is regulated in Tier-2 jurisdiction.

What are the Platforms and Tools for Forex Trading in FxGrow?

FxGrow offers forex traders the highly popular, user-friendly MetaTrader 5.

  1. MetaTrader 5 is the updated and upgraded version of MetaTrader 4 and offers advanced charting capabilities and technology, sophisticated order management tools, newsfeeds that are provided on the platform, the ability to use EAs for automated trading, real-time information, and multilingual support from FxGrow agents.

Does FxGrow Have a News Blog for Forex News?

No, FxGrow does not have a news blog for forex news on the official website. forex traders have access to a newsfeed on the MetaTrader 5 trading platform.

Does FxGrow Have a Traders Dashboard?

No, FxGrow does not have a forex traders dashboard on the official website. However, FxGrow offers forex traders access to Trading Central which can be accessed once forex traders have registered an account.

Does FxGrow Have an Educational Section?

No, FxGrow does not have an educational section on its official website. 

Is FxGrow Legit?

Yes, FxGrow is a legit Forex Broker and Trade Platform that has regulation through CySEC and a cross-border license to offer financial services and products to forex traders in the EEA.

Is FxGrow Safe?

Yes, FxGrow is a reliable and safe Forex Trade platform where regulation and stringent safety protocols are concerned. FxGrow is regulated by several entities namely:

  • The Cyprus Securities and Exchange Commission (CySEC) regulated FxGrow in Cyprus.

FxGrow has the following licenses and cross-borders:

  • Markets in Financial Instruments Directive (MiFID).
  • Licensed by Magyar Nemzeti Bank (MNB) in Hungary.
  • Licensed by the Financial Conduct Authority (FCA) in the United Kingdom.
  • Licensed by the Financial Supervisory Authority of Norway (FINANSTILSYNET)
  • Licensed by the Banque de France Eurosystem (ACPR) in France.
  • Licensed by the Polish Financial Supervision Authority (KNF).
  • Licensed by the Finanzdienstleistungsaufsicht (BaFin, Bundesanstalt fur) in Germany.
  • Licensed by the Finantsinspektsioon (FI) in Sweden.
  • Licensed by the Hellenic Capital Market Commission (HCMC) in Greece.
  • Licensed by the La Comisión Nacional del Mercado de Valores (CNMV) in Spain.

FxGrow keeps client funds in segregated accounts with top-tier banks, with FxGrow abiding by the regulations and requirements imposed by its regulatory entity. FxGrow’s engineers are continuously working to update the broker’s infrastructure to ensure that growing technology needs are met in ensuring that client fund security remains a primary concern.

FxGrow is also a member of the ICF and forex traders who are eligible will receive compensation up to a certain amount if the broker is declared insolvent, becomes bankrupt, or otherwise unable to fulfill its financial obligations.

Is FxGrow a Good Broker?

Yes. According to a Forex Suggest review done on FxGrow, it is a good broker in terms of security, trading speed, online support, and cryptocurrencies.

  1. In terms of security, FxGrow ensures that all communication and transactions between its clients and payment gateways go through a secured channel. In addition to this, data is encrypted using Advanced Encryption Standard (AES) and Message Digest 5 (MD5) along with Secure Sockets Layer (SSL) and Transport Layer Security (TLS).
  2. In terms of trading speed, FxGrow makes use of a variety of liquidity providers and innovative technology to ensure that forex traders are offered the best execution speeds, minimal slippage, and no requote.
  3. In terms of online support, FxGrow offers a helpful and prompt online support service via its live chat function. The support agents deliver excellent service and can be contacted 24 hours a day, 7 days a week.
  4. In terms of cryptocurrencies, according to an official source, FxGrow offers the trade-in Cryptocurrencies as CFDs. However, the type and number of cryptocurrencies cannot be provided

What is the Offering of Investment in FxGrow?

Offerings of FxGrow can be found below.

Feature FxGrow
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  No

Does FxGrow have Nasdaq?

Nasdaq is the second-largest stock exchange that tracks the main technology stocks of companies in the US.

As a Nasdaq owner, FxGrow offers forex traders the trade of indices and share CFDs.

What are the Awards of FxGrow?

Forex Trading Platform FxGrow’s awards are listed below.

  1. Best Liquidity Provider of the year (2018).
  2. Best broker of the year (2012)
  3. Lowest spread and fastest execution of the year (2012).
  4. Best execution broker of the year (2012).
  5. Best international broker of the year (2012).

How to Use FxGrow for Forex trading?

To use FxGrow, a forex trader should have the necessities below:

  1. Forex traders must be 18 years old, or older.
  2. Forex traders must have a valid ID and proof of their residential address.
  3. Forex traders must be able to afford the $100 minimum deposit.

Once a forex trader meets the conditions above, they can register a forex trading account to use the services of FxGrow.

How to open a Forex trader account with FxGrow?

To open a Forex Trading account with FxGrow, a trader should follow the steps below.

  1. Forex traders can navigate to the official FxGrow website and select “Open Account” from the homepage.
  2. Forex traders must first register on the website by providing their first name, email, country of residence, and mobile number.
  3. Forex traders can set their password and activate their email by entering the code that was sent.
  4. Once forex traders have activated their profile, they can proceed by providing their personal details, residential address information, and employment details.
  5. Next, forex traders must upload a copy of their ID and proof of residence before their account can be approved and successfully activated.

What are the Forex Trader Account Types with FxGrow?

Forex Trading Platform and Financial Asset Management Institution FxGrow have 4 different account types that are offered.

FxGrow Account Types are listed below. 

  1. Demo Account

  2. ECN Account

  3. ECN-Plus Account

  4. ECN-Elite Account

 

  • Demo Account

FxGrow offers forex traders a demo account that is risk-free and funded with virtual capital. The Demo account offers forex traders a mimicked version of the live account that allows them to practice trading, test their trading strategies, and explore what FxGrow has to offer.

  • ECN Account

The FxPro ECN Account is the entry-level account that caters to beginner and more advanced forex traders. With the ECN Account, forex traders can expect the following features:

  • Minimum deposit of $100.
  • Spreads from 1.1 pips.
  • Commission-free trading.
  • Leverage of 1:100.
  • Access to MT5 VPS Hosting from $15 per month.
  • Unlimited Trading Strategies.
  • The choice between USD, EUR, PLN as the base currency of the account.
  • Margin call of 50% and stop-out of 50%.
  • Research tools courtesy of Trading Central.
  • Access to a variety of Calculators.
  • Access to a comprehensive Economic Calendar.
  • Trading Signals and a variety of Trading insights.

 

  • ECN-Plus Account

The FxGrow ECN-Plus Account caters to more advanced forex traders and offers tighter spreads with a low commission charge. The features on this account are:

  • Minimum deposit of $1,000.
  • Spreads from 0.2 pips.
  • Commissions from $8 per round turn.
  • Leverage of 1:100.
  • Access to MT5 VPS Hosting from $15 per month.
  • Unlimited Trading Strategies.
  • The choice between USD, EUR, PLN as the base currency of the account.
  • Margin call of 50% and stop-out of 50%.
  • Research tools courtesy of Trading Central.
  • Access to a variety of Calculators.
  • Access to a comprehensive Economic Calendar.
  • Trading Signals and a variety of Trading insights.

 

  • ECN-Elite Account

The FxGrow ECN-Elite Account was designed for professional forex traders who need the best possible trading conditions, providing them with a competitive edge in their trading. This also allows professional forex traders to get the most out of their trading and has the following features:

  • Minimum deposit of $100,000.
  • Spreads from 0.2 pips.
  • Commission charges from $6 per round turn.
  • Access to negative balance protection is automatically applied to the account.
  • Leverage of 1:100.
  • Access to MT5 VPS Hosting from $15 per month.
  • Unlimited Trading Strategies.
  • The choice between USD, EUR, PLN as the base currency of the account.
  • Margin call of 50% and stop-out of 50%.
  • Research tools courtesy of Trading Central.
  • Access to a variety of Calculators.
  • Access to a comprehensive Economic Calendar.
  • Trading Signals and a variety of Trading insights.

How to Withdraw Money from FxGrow?

To withdraw money from FxGrow, the following should be done:

  • Forex traders can visit the official FxGrow website and log into their personal area.
  • Forex traders can select “Withdraw” from the menu options and their preferred payment method.
  • Next, forex traders can indicate the amount they wish to withdraw and the currency in which they want to withdraw.
  • Forex traders can review their withdrawals and confirm the submission of the withdrawal request.
  • Forex traders must note that withdrawals must be done to an account that has the same name as the trading account that forex traders registered.

How many days do deposits take with FxGrow?

Deposits that are done to FxGrow using Debit/Credit Cards, Neteller and Skrill are done instantly, whereas deposits done through Bank Wire take between two to five business days.

What are the costs and fees with FxGrow?

There are four types of costs with FxGrow according to the account type namely spreads, commissions, swap fees, and margin requirements.

The spread is the difference between the bid and asks price which is indicated in pips whereas commissions are charged as a flat rate per round turn. FxGrow’s swap fees are either credited/debited depending on whether the trader holds a short/long overnight position.

The margin requirement is the collateral that forex traders must pay when they open a position. This amount is significantly lowered when leverage is applied, allowing forex traders to open larger positions by borrowing from FxGrow.

What are the Trading Fees with FxGrow?

The Forex Trading Fees with FxGrow are below. 

The FxGrow ECN Account:

  1. Spreads: from 1.1 pips.
  2. Commissions: None
  3. Margin Requirements: 50%

The FxGrow ECN-Plus Account:

  1. Spreads: from 0.2 pips.
  2. Commissions: from $8 per round turn.
  3. Margin requirements: 50%

The FxGrow ECN-Elite Account:

  1. Spreads: from 0.2 pips
  2. Commissions: from $6 per round turn.
  3. Margin requirements: 50%

What is the minimum deposit in FxGrow?

The minimum deposit amount is 100 USD

What are the contract specifications in FxGrow?

Feature FxGrow
Forex Trading Yes
CFDs 50+
Forex Pairs 50+
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) Not indicated
Social Trading  No

Does FxGrow have promotional offers?

No, FxGrow does not have promotional offers on the official website.

Does FxGrow have a welcome bonus?

No, FxGrow does not have a welcome bonus.

The official FxGrow website does not indicate any past, current, or future welcome bonuses. These bonuses are offered to new forex traders who register a trading account for the first time with the broker. The bonus amount is transferred into the trading account as a credit that can be used, but not withdrawn until a certain turnover is reached.

Does FxGrow have a deposit bonus?

No, FxGrow does not have a deposit bonus.

The FxGrow official website does not indicate any past, current, or future deposit bonuses. Deposit bonuses are provided to forex traders either on their first initial deposit or on several deposits. forex traders receive the bonus as trading credit that is non-withdrawable until a certain turnover is reached.

Is there a commission-free trade bonus in FxGrow?

No, FxGrow does not offer forex traders a commission-free trade bonus.

The official FxGrow website does not indicate any past, current, or future commission-free trade bonuses for the broker.

Is there a VIP bonus in FxGrow?

No, FxGrow does not offer forex traders a VIP bonus.

There is no indication of past, current, or future VIP bonuses for FxGrow on the official website of the broker.

Can you start trading with no money at FxGrow?

No, you cannot start trading with no money at FxGrow. To start trading, forex traders must pay a minimum deposit of $100.

How does leverage work with FxGrow?

Leverage is a tool that can be seen as a loan that is taken by the trader, allowing them to open larger positions despite their initial deposit on the trade. Leverage is expressed as a ratio, with the first number representing the initial deposit and the second the number by which this is multiplied.

FxGrow offers leverage of 1:100 and has a minimum deposit of $100. forex traders who open a position and use their $100 and the maximum leverage, will have a total of $10,000 to trade.

Even though it is a useful tool and forex traders can maximize their profit potential, the leverage that FxGrow offers also exposes forex traders to a lot of risks that may deplete their trading account, or send it into a negative if leverage is used incorrectly, or abused.

Where are the headquarters of FxGrow?

FxGrow is headquartered in Limassol, Cyprus.

Who is FxGrow’s CEO?

The CEO of FxGrow is Hassan Mazeh who has held the position from September 2012 until the present. According to official sources, Hassan Mazeh graduated from the Fashion Institute of Design and Merchandising in 2001 with his Bachelor of Fine Arts in Graphic Design and Fashion Design.

What are the social media accounts of FxGrow?

Forex traders can follow FxGrow on the following social media accounts:

  • Facebook
  • Instagram
  • Twitter
  • LinkedIn
  • YouTube

How many employees do work for FxGrow?

There is no official source that can provide the exact number of employees for FxGrow. However, judging by its business operations, FxGrow has between 10 and 100 employees.

What are the opinions about FxGrow?

FxGrow has a good reputation as a forex and CFD broker. FxGrow offers excellent trading conditions and a variety of ways to trade in global financial markets. FxGrow is also acclaimed for its strict regulation and commitment to ensuring the safety of client funds.

What are FxGrow Contests?

FxGrow does not run any contests.

According to the FxGrow official websites, there are no past, present, or future contests. forex traders can contact the broker or stay in touch through social media accounts to receive updates on contests and other promotions.

Does FxGrow have online support?

Yes, FxGrow offers online support through a live chat function. Support agents are prompt with responses and helpful in answering questions and queries. Online support can be contacted 24 hours a day, 7 days a week.

Does FxGrow offer demo accounts for Forex trading?

Yes, FxGrow offers a free demo account for all new forex traders. The demo account can be opened with the following steps:

  1. Forex traders can visit the official FxGrow website and select “Demo Account” from the homepage.
  2. Forex traders must first register before they can apply for the demo account. This can be done by providing the trader’s first name, email address, country of residence, and mobile number.
  3. Forex traders must verify their email first before they can proceed by copying and pasting the code present in the email into the field required before proceeding.
  4. Forex traders must complete the full account registration and document verification to gain access to their client portal. From here, they will be able to register a demo account once their account and information have been verified.
  5. The sections that forex traders must complete involve personal details, employment information, trading experience, and the acceptance of several agreements. Lastly, forex traders must upload a copy of their ID and proof of residence.

Does FxGrow have a mobile app for Forex trading?

No, FxGrow does not have its own mobile app for forex trading.

FxGrow supports mobile forex trading by allowing forex traders to use their FxGrow account on the MetaTrader 5 mobile app. With the MetaTrader 5 mobile trading app, forex traders have access to all the functions and features as the other platforms except EAs and trading signals.

The MetaTrader 5 app offers forex traders a variety of technical indicators, drawing tools, and 21 time-frames that can be used on sophisticated charts. In addition, MetaTrader 5 also offers multilingual support and user-friendly screens and interfaces.

Does FxGrow publish an economic calendar?

FxGrow does not publish an economic calendar on its official website. forex traders must use the economic calendar which is provided by MetaTrader 5.

An economic calendar is one of the most important tools that are vital to forex traders in keeping up with global events, announcements, and economic releases. The economic calendar features these occurrences from around the world and allows forex traders to plan their trades accordingly.

These events may trigger price fluctuations in several markets, affecting trading activities and the economic calendar helps forex traders stay up to date regardless.

What is the communication information of FxGrow?

FxGrow has one main telephone number and one main local business address.

FxGrow can be contacted telephonically on +357 25 211 707.

FxGrow’s main business address is Arc. Makariou C 59, Steratzias Court, Block A, Office 14, 4003 Limassol, Cyprus.