Pros & cons of FxGrow broker

FxGrow Fact sheet

FxGrow is authorized and regulated in Cyprus by the Securities and Exchange Commission of Cyprus (CySEC). The license can be checked on the regulator’s website and it is valid. Negative balance protection is in place for retail clients to prevent them from going into minus balance and the broker is part of an investor compensation fund while also keeping client funds in segregated accounts. 

There are three accounts available at FxGrow, namely ECN, ECN-PLUS, and ECN-ELITE accounts, each of them offering slightly different terms. The ECN account is a standard account offered by the broker with an initial capital requirement of 100 USD. Spreads are variable and start from 1.1 pips on major pairs and there are no commissions for trading. All types of trading including Expert Advisors and hedging are allowed by the broker on all three account types. For the ECN-PLUS account the minimum deposit required is 1000 USD and spreads start from 0.2 pips. There is a commission for trading volumes of 4 USD per side per lot. This commission is higher than the industry standard of 3.5 USD but still acceptable. ECN-ELITE is FxGrow’s ultimate low spreads and commissions account but the initial deposit required starts from 100,000 USD which is a substantial amount of capital. The commission is 6 USD round-turn, which is a bit lower than with the ECN-PLUS account, but spreads are the same starting from 0.2 pips. The only downside is that there are no fixed zero spreads even for $100,000 trading accounts. 

Pros & cons of FxGrow account types

Comparing FxGrow fees with other brokers

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The main trading platform of FxGrow is MetaTrader 5 (MT5), an upgraded version of the MetaTrader 4 (MT4) with a modern design and numerous extra features. MT5 is an advanced trading platform offering full technical analysis capabilities and FxGrow is even offering a VPS service to fully automate the trading process. MT5 has an inbuilt market and social features making it very useful for accessing countless custom indicators and trading robots on the market, with both free and paid ones to be found. The broker offers desktop, mobile, and web MT5 traders. There is a guide for installing the MT5 platform for each device and operating system. The advantage of MT5 from FxGrow is its ability to seamlessly switch between devices with the same login credentials making it possible to trade on the go and monitor open positions. 

There are numerous educational materials available on the FxGlow web page. An educational academy, seminars, and webinars are a way for beginners as they offer a very useful knowledge base for Forex and CFDs trading. FxGrow offers basic, intermediate, and expert trading courses to its clients. Courses are open and anyone can register before it starts. There are no fees but an initial deposit of 100 USD is required to be eligible for these free trading courses. This 100 USD deposit can be used as trading capital after finishing the course. The educational resources are supported by several useful market research tools provided by FxGrow, many of them are free and some of them, like VPS, will require monthly subscription fees of 15 USD. VPS is provided for FxGrow’s MetaTrader 5 platform. Research tools include daily analysis, an economic calendar, a calculator, and Trading Central analysis. Additionally, the broker offers free automatic trading strategies and signals that should help traders fully automate their trading processes. 

FxGrow’s customer support is excellent and one of the fastest as it takes only a few seconds to connect directly with the broker’s representatives via live chat. The live chat is the fastest way to contact the broker and it is multilingual. Besides the live chat there are other support forms also offered including email, an online form for leaving a message, and phone calls are also possible. FxGrow also offers a callback option in case the client needs a call back from the broker and representatives are quick to respond on all support channels. Additionally, the broker is present on popular social media platforms like Facebook, LinkedIn, Twitter, Instagram, and YouTube.

FxGrow is a regulated Forex and derivatives broker with more than a decade of experience in the Forex brokerage scene. The broker offers access to around 100 instruments in several asset classes, including Forex, cryptos, commodities, and indices. FxGrow has received numerous fintech awards during its career and provides good quality educational and market research tools to help traders improve their skills. The initial deposit requirements are low, making it easier for new traders to switch from demo trading to a live account. FxGrow offers three account types, namely ECN, ECN-PLUS, and ECN-ELITE accounts, each with slightly different terms. The broker is authorized and regulated by the Cyprus Securities and Exchange Commission, and it offers negative balance protection, keeps funds in segregated bank accounts, and is part of an investor compensation fund. In terms of fees, the spreads are competitive, starting from 1.1 pips on major pairs, and there are no commissions for trading on the ECN account. The minimum deposit and spreads are competitive, and traders can use demo and Islamic account types. However, the downside is that there are no accounts without spread markups, and commissions are slightly higher than the industry standard. Overall, FxGrow is a reliable broker with a range of features and competitive fees that may be worth considering for traders.