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Looking for a true STP Broker? Read our FxGrow Broker Review
FxGrow is the brand name if Growell Capital, and has its main headquarters in Limassol, Cyprus. As such it is licensed and regulated by CySEC, as a CIF limited company. It also operates in accordance with MiFID, as well as being licensed and regulated by BaFin, and the FCA. FxGrow promises the services of a true STP broker, which is going to be of great benefit to retail Forex traders. The benefits of STP trading include:
- Direct market access
- No conflict of interest between broker and trader
- Lowest possible spreads and no mark up
- No dealing desk
- Order are executed swiftly
- Full transparency
- Best possible prices
- No rejected orders, and no requotes
- Deep market liquidity is accessible
We should also mention that FxGrow use the very popular MetaTrader 4 trading platform, which is going to be welcome news for many retail traders.
A range of different accounts available
FxGrow offer investors two different accounts to choose from. First there is the basic ECN account that offers variable spreads, from as little as 0.8 pips. Also good to note there are no extra commission fees. Minimum deposit requirement is just $100. Next there is the ECN Plus account which uses inter-market spreads, as well as charging a small commission. The minimum deposit for this account is $1,000. Maximum leverage for both ECN accounts is 1:200, and there is a margin call of 50%, stop-out at 30% and a number of other interesting features.
There is also a swap free account for those who follow Sharia law, and a demo account for those who want to get a little bit of practice before risking real money. Demo accounts are a great way to learn all about a particular trading platform, and to try out various strategies without risking any hard earned cash.
There is plenty to make FxGrow stand out from the crowd
We really enjoyed the time we spent doing our research for our FxGrow review. The experience was delightful. The website is easy to use, clear and concise, and we had no problems finding everything we needed. The interface was easy on the eyes, and it was good to see it available in a number of different languages, including Arabic, and Polish. We also found that when it came to making trades the execution was swift and reliable. It was also good to discover there is the option of negative balance protection, because we know only too well, it’s not always possible to keep a precise track of the money in a trading account. Another feature we were pleased to see was the MT4 VPS service that is provided for all account holders. It enables traders to keep their server connected 24 hours a day, as well as keep a copy of the terminal by storing it in the cloud,
FxGrow offer TradeBack
A growing number of brokers are introducing a rebate promotion, and FxGrow have called theirs TradeBack. The Trading Rebate Program offers all clients unlimited cash rebated. The cash rebates are awarded for every traded lot, regardless of whether it is a winning or losing trade. The rebate is credited to an account on a monthly basis and can be withdrawn at any time. If the monthly traded volume is between 1 and 99 lots the rebate rate is £2. If the number of lots is between 100 and 499, the rebate goes up to $4. While for a volume of 500 or more the rebate rate is $6.
FxGrow also make a big thing about no commissions and fees for deposits and withdrawals, but this isn’t really that unusual, as many other brokers offer the same. The usual methods are supported, including debit and credit cards, e-wallets such as Neteller, Skrill, WebMoney, as well as a number of prepaid cards. Bank wire and internal transfers are also accepted.
Educational material is not as good as many others
When we write our broker reviews we pay a lot of attention to the education material that is made available. This is because we consider it a very important factor to consider when choosing a Forex broker. This is because many of our readers are beginners and learning how Forex trading works is vital. There are Forex blogs to read, which we found quite interesting, and there is also a page for Forex webinars, but there were none available at the time of writing.
We found our time with FxGrow very enjoyable, but were a little disappointed in some of the aspects, training and learning material being the biggest one. However, not everyone will be looking for reams of reading material, and will just want to start trading as soon as possible. As with many brokers, we’d recommend you open a demo account first, before risking real money.