Score
FXGROW
Cyprus|10-15 years| http://fxgrow.co/
Website
Rating Index
MT4/5 Identification
MT4/5
White Label
FxGrow-Live
Influence
C
Influence index NO.1
Pakistan 4.72MT4/5 Identification
MT4/5 Identification
White Label
United KingdomInfluence
Influence
C
Influence index NO.1
Pakistan 4.72Contact
Licenses
Licensed Institution：Growell Capital Ltd
License No.：214/13
Single Core
1G
40G
1M*ADSL
- 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!
Basic information
Cyprus
Account Information
Formal full license MT4/5 traders will have sound system services and follow-up technical support. Generally, their business and technology are relatively mature and their risk control capabilities are strong
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Sources
Language
Mkt. Analysis
Creatives
WikiResearchWebsite
Most visited countries/areas
United States
fxgrow.co
Server Location
Netherlands
Website Domain Name
fxgrow.co
Server IP
52.157.154.136
-
fxgrow.com
Server Location
Netherlands
Most visited countries/areas
Website Domain Name
fxgrow.com
Website
WHOIS.GODADDY.COM
Company
GODADDY.COM, LLC
Domain Effective Date
0001-01-01
Server IP
213.196.34.139
Company Summary
Note: FXGROW's official website - https://fxgrow.co/ is currently inaccessible normally.
| FXGROWReview Summary | |
| Founded | 2008 |
| Registered Country/Region | Cyprus |
| Regulation | CySEC |
| Market Instruments | Forex, bullion, indices, cash energies, commodities |
| Demo Account | / |
| Leverage | Up to 1:100 |
| EUR/USD Spread | 0.6 pips |
| Trading Platform | MT4, MT5, FXGROW Web Trader |
| Min Deposit | $1 |
| Customer Support | Tel: +357 25-211707 |
| Email: support@fxgrow.com | |
| Social media: Twitter, Instagram, Linkedin, YouTube, Facebook | |
| Address: Arc. Makariou C 59 Steratzias Court Block A, Office 14, 4003 Limassol, Cyprus | |
FXGROW was registered in 2008 in Cyprus. It offers several types of products, including forex, bullion, indices, cash energies, and commodities. Besides, its minimum deposit is as low as $1, and the leverage can be up to 1:100. What's more, it is regulated in Cyprus.
Pros and Cons
| Pros | Cons |
| Regulated by CySEC | Inaccessible website |
| Diverse tradable instruments | Deposit and withdrawal fees charged |
| Tight EUR/USD spreads | |
| MT4 and MT5 supported | |
| Low minimum deposit | |
| Popular payment options |
Is FXGROW Legit?
Yes, FXGROW is regulated by Cyprus Securities and Exchange Commission (CySEC). However, the Vanuatu Financial Services Commission (VFSC) sanctioned this company, and BAPPEBTI, a financial regulatory authority in Indonesia, once blacklisted FXGROW. Therefore, potential risks still cannot be ignored.
| Regulated by | Regulated Authority | Current Status | Regulated Country | License Type | License No. |
 | Cyprus Securities and Exchange Commission (CySEC) | Regulated | Cyprus | Market Making (MM) | 214/13 |
WikiFX Field Survey
WikiFX field survey team visited FXGROW's regulatory address in Cyprus, but we did not find its physical office.
What Can I Trade on FXGROW?
FXGROW offers several types of products, including forex, bullion, indices, cash energies, and commodities.
| Tradable Instruments | Supported |
| Forex | ✔ |
| Bullion | ✔ |
| Indices | ✔ |
| Cash energies | ✔ |
| Commodities | ✔ |
| Stocks | ❌ |
| Cryptocurrencies | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Leverage
The leverage can be up to 1:100. Careful considerations are recommended, since high leverage is likely to bring high potential risks.
Spread
The spreads vary depending on the types of currency pairs. Take the EUR/USD pair for example, which is 0.6 pips.
| Currency Pair | Spread |
| EUR/USD | 0.6 pips |
| USD/JPY | 1.3 pips |
| GBP/JPY | 2.8 pips |
| GBP/USD | 0.9 pips |
| USD/CAD | 0 pips |
Trading Platform
FXGROW uses MT4, MT5, and FXGROW Web Trader as its trading platforms.
| Trading Platform | Supported | Available Devices | Suitable for |
| MT4 | ✔ | Web, PC, mobile | Beginners |
| MT5 | ✔ | Web, PC, mobile | Experienced traders |
| Web Trader | ✔ | Web | / |
Deposit and Withdrawal
FXGROW supports several types of payment options, but it charges certain amounts of fees depending on the types of payment methods.
Deposit
| Deposit Options | Accepted Currencies | Fees | Min Deposit | Processing Time |
| VISA | USD/EUR | 1.9% - 2.9% | $1 | Automatic |
| MasterCard | ||||
| Neteller | ❌ | |||
| Skrill | ||||
| Bank Wire | $100 | 2-5 days |
Withdrawal
| Withdrawal Options | Accepted Currencies | Fees | Min Withdrawal | Processing Time |
| VISA | USD/EUR | 2 EUR | $10 | Automatic |
| MasterCard | 2EUR | |||
| Neteller | 3.9% | |||
| Skrill | 2.9% + 0.28/0.27 | |||
| Bank Wire | Varies depending on the bank | $100 | 2-5 days |
Keywords
- 10-15 years
- Regulated in Cyprus
- Market Making(MM)
- White label MT5
- High potential risk
Disclosure
Review 19
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Review 19
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海燕82268
Hong Kong
The trick of fraud platform is let you withdraw a little money first and then you should upload you card again because of system maintenance, pay margin for wrong card number, pay tax. Let you fall into the trap step by step. I’m one of the victims. You should call the police.
Exposure
2020-10-30
清风细雨70159
Hong Kong
The platform refuse to withdraw with various reasons. I hope relevant authorities can help us to regulate this platform.
Exposure
2020-10-01
FX1613534446
Hong Kong
I deposited 50,000 and made a profit of 30,000, but I can’t withdraw. The customer service said that they doubted that my deal was illegal. I have to add 50,000 to approve operations by myself.
Exposure
2020-08-27
FX2278760800
Hong Kong
This fraud gave no access to withdrawal. Take heed on it!
Exposure
2020-08-11
海燕82268
Hong Kong
There was a counterfeit platform. Take heed on it. Don’t misunderstand the fraud Li Gui into Li Kui, one of historical hero.
Exposure
2020-08-11
给月亮起个名字
Hong Kong
The software was manipulated by a team like a pyramid sale.
Exposure
2020-08-04
海燕82268
Hong Kong
FXGROW gave no access to withdrawals with grinding reasons, asking for margin on and on.
Exposure
2020-07-20
FX2991152095
Hong Kong
FXGROW refused my withdrawal request and asked me to print the statement on and on. The teacher blamed it on my inadequate deposit.
Exposure
2020-07-20
FX2207070363
Hong Kong
The withdrawal is unavailable. Don’t be cheated.
Exposure
2020-07-19
海燕82268
Hong Kong
The platform asked for margin on and on. So I made a complaint on the unavailable withdrawal, while the service blamed it on platform. I caution you against it.
Exposure
2020-07-18
momo72542
Hong Kong
I feel that it will never come to an end. Who can help me? I am almost in shreds.
Exposure
2020-07-16
海燕82268
Hong Kong
Asks for margin over and over. Schemes and traps all over it. Never gives a chance to withdrawal. Stay away from this platform.
Exposure
2020-07-13
FX2278760800
Hong Kong
I deposited 13,000 into the account, with 25400 left in. When it came to withdrawal, FXGROW froze my account with the excuse of abnormal account. I was asked to pay 25400 for margin. It is a rip-off.
Exposure
2020-07-12
海燕82268
Hong Kong
Before paying for unfreezing, I asked the customer service about what additional money I would need to pay? They said that I could withdraw after paying CNY 10,000, but the withdrawal was unavailable. I was told that my credit score was insufficient and needed to make up for the credit score. After that I still could not withdraw money. A living scam.
Exposure
2020-07-09
海燕82268
Hong Kong
Unable to withdraw. After I pay for unfreezing my funds, I have to make up the credit score. I bet that I still have to pay over and over, and never have the chance to withdraw.
Exposure
2020-07-09
FX4124710029
Hong Kong
At the very beginning, they required additional CNY 50,000 for margin for that my credit score was low. After paying the margin, I was told to pay individual income tax because my balance exceeded CNY 100,000. I wonder whether I need to pay tax for both my margin and principal.
Exposure
2020-07-09
FX1218114497
Hong Kong
There would be different situation after I paid the tax. Hope relevant department punish such software severely.
Exposure
2020-07-01
洪霖
New Zealand
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.
Neutral
2023-02-20
噯緈緈
United Kingdom
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.
Positive
2023-02-16