With Forex trading gaining more and more attention from traders all over the world, it is no wonder that many of those trading are looking for ways and methods of more successful and less risky trades in the market of foreign exchanges. Even though the offers from many different Forex brokers are looking really good a trader needs to have in mind that some those Forex brokers might actually be scsam and fraud. FxGrow is an online broker for Forex trading that is coming from the already established Cyprus Investment Firm brand called Growell Capital. During the last several years this broker for trading currencies has become popular among the traders from all over the world. The FxGrow review will be focusing exactly on FxGrow and look for what this broker can offer to their clients.
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Background and Regulation
FxGrow which is, as we have already mentioned, an online Forex broker that was founded back in 2004 by Growell Capital. Since the headquarters of this Forex broker are in Cyprus it had to be regulated and licensed by the Cyprus Securities and Exchange Commission under the CIF limited company. Besides Cyprus, this Forex broker also operates in the entire Forex market of the European Union. In order to do that, it had to be regulated and licensed by the Financial Instruments Directive or MiFID. Additionally, this Forex broker is also registered and licensed by the Financial Conduct Agency for the United Kingdom as well by Federal Financial Supervisory Authority or BaFiN in Germany. All of this enables FxGrow Forex broker to operate on a very big market and in that way to have huge number of clients. Being regulated by all of the previously mentioned agencies for FxGrow Forex broker means that it had to respect and fulfil all the demands and requests set forth by these agencies. Besides that, by being regulated all of these agencies this Forex broker became a subject for the control by these agencies and all for the purpose of protecting the funds and the people who trade with this and similar Forex brokers.
FxGrow Platform
Unlike some other Forex brokers in the market, the FxGrow Forex broker provides trading platform developed by the company itself. This platform is called NetStation and it is a web-based workstation that uses the Java technology in order to provide the clients with streams of financial data as well as news and charts. For this trading platform it is not important which browser are you using because it is adjusted for all browsers. Besides that, this platform also provides many different languages that users can use while trading with this broker. Besides their own trading platform, the FxGrow Forex broker is also providing their clients with the famous MT4 trading platform. Traders will be able to find everything they need for a successful trade when using this platform and that is one of the main reasons why this platform has become so popular in the world of brokers for Forex trading. More importantly this platform is also provided for the users of mobile devices because it enables the clients to use their mobile devices such as tablets and mobile phones in order to trade with this broker.
FxGrow Account Types
Unlike some other brokers for Forex trading, the FxGrow broker provides their clients with the selection of only two different types of accounts. The one is the standard ECN account offered by many different brokers for Forex trading while the second type of the account is the ECN plus account. If we would to compare these two types of accounts we could see that there are only few differences between these accounts. The biggest and probably the most important difference is ECN plus type of account provides their clients with the very tight inter-bank spreads and because of that this account will charge the commission fee while the standard ECN account does not charge any commission fee. Besides that, these two types of accounts are also different when it comes to the amount of the minimum deposit. The ECN account requires $100 as the minimum amount of the deposit and the minimum trade size for this account is 0.01 with the maximum leverage of 1:200. On the other hand, ECN plus accounts requires $1000 as the minimum deposit and the minimum trade size for this account is 0.1 with the maximum leverage of 1:200 as well.
Bonus Policy
The FxGrow broker provides their clients with many different bonuses and promotions that are available for their clients during the entire year. During certain period of time, this Forex broker provides their clients with the bonus that includes 50 percent lower spread on Gold, Silver and many USD/EUR trades. Besides this type of promotion and bonus, FxGrow enables their clients to access the free trading signals that are provided by the Trading Central a company that deals with the research of financial markets and the analysis of all trends that appear in those markets.
Banking Options
FxGrow broker for Forex trading provides their clients with many different banking options that the clients can use when they want to deposit or withdraw the funds from their accounts. Some of those banking options or methods include:
- Credit Cards
- Debit Cards
- e-wallets (Skrill, Neteller)
- Bank wire
- Internal transfer
All of this is provided for the clients in order to make it possible for them to deposit and withdraw funds from their accounts in way that is easiest and most suitable for the client.
Customer Support
Team of people that are working in the Customer Support Services of the FxGrow broker company are available for their clients 24/5. The clients can use different methods in order to contact the customer support service and those methods include live chat, e-mail and the phone calls. Besides the already mentioned methods of reaching the customer support, FxGrow Forex trader is one of the rarest Forex brokers that provides their clients with the opportunity to use Skype in order to reach the customer support service of this Forex broker.