Growex is advertised as an auto trading service monitored by experts and claims to offer the next level in auto trading. This company provides a copy trading service and offers different investment plans based on providing traders with consistent daily returns of above 0, 48%. According to the vendor, the system has everything to protect traders’ accounts and boost returns: a powerful strategy, expert risk control, balance protection, regulated brokers, low latency, and free VPS hosting. Sounds good, doesn’t it? However, is it as good as said? We are here to provide our readers with an unbiased Growex review to uncover all the pros and cons of investing in this Forex system.
Their website looks user-friendly and consists of the following sections: live trading results, customer reviews, key features of their service, strategy info, tips on using different investment plans, subscription options, FAQ section, and a core team presentation.
Val and Ed are the main team members of the Growex company. Val is a trader ranked third in the FX Cup standings. He is an experienced trader who has a deep understanding of the Forex market. Ed is the company’s customer support coordinator. The Growex company is based in London and Cape Town.
To get in touch with support, traders are provided with a Telegram channel link, email address, and a WhatsApp number of this company.
Features
The key features of Growex consist of 6 blocks:
- Consistent profits
- Expert risk control
- Transparency
- Capital protection
- Low latency
- Regulated safety
The other features of the Growex system are:
- It is a fully autonomous system that does not require our presence to place orders
- We can expect a constant 0,48% of daily income
- Traders are provided with free VPS hosting
- There are 3 investment plans to protect our balance and raise our income offered: conservative, moderate and progressive. Each of these plans comes with different risk settings, deposit requirements, leverage, and drawdown levels:
- It supports AUDUSD, EURCHF, EURGBP, EURJPY, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, and USDJPY currency pairs
- The system uses a Grid in trading
- The dev mentions that Martingale is not used (it’s false)
- We can rely on ‘Safety Hard Stop’ that protects our capital from market spikes
- The system does not open more than 6 positions per one currency pair
- The system can set in deep drawdowns, but the dev point out that they do not exceed more than 20%
- IC Markets is promoted by the developers
How to start trading with Growex
The devs point out that we can get 1 week of free trial on using our broker. We can also expect a 2 weeks trial if we register on ICMarkets brokerage using their referral link. They also provide free VPS hosting.
There’s also a referral program offered. For every referral we send Growex, we will get $39 on our PayPal.
Traders can also subscribe to Growex signals for $39/month. There is nothing to explain what’s included in the pack. A money-back guarantee is also missed.
Backtests
Unfortunately, the vendor does not represent backtesting reports. It is sad, as the tests would confirm the vendors’ claims of using an effective strategy.
Verified Trading Results of Growex
The good thing is that the developers shared live trading results of their robot on their sales page. This is a real trading account working under FXOpen brokerage (oddly, as the dev recommends IC Markets). The account launched myfxbook on February 27, 2020, and since that time it has generated 797, 55% of the total gain which equals $11034,16 of profit. The absolute gain is 100, 76% and although a small difference between total and absolute gains is allowed, such a huge gap between we see them implies that the strategy used is very dangerous and does not care to protect trader’s capital.
The peak drawdown was 13, 42% which is acceptable for trading. A total of 933 trades have been placed, out of which 648 were winning ones. The average loss equals the average win: -$26.34 and $28.61. The win rate for long trading positions is 71%, and 67% for short trading positions. The profit factor is high – 2, 47, and the average trade duration is 16 hours and 22 minutes.
The robot trades 10 currency pairs: AUDUSD, EURCHF, EURGBP, EURJPY, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, and USDJPY. The most frequently traded pair is GBPUSD – 107 trades. Trading this currency pair has brought $3121,05 of profit.
It trades with mediocre risks to the account balance:
The system uses not only Grid but also Martingale strategy. We do not know when and how it decided when to increase Lot size. It can increase lot sizes from 0.07 to 0.18 or from 0, 06 to 0, 67. It is madness. This trading approach is dangerous for any trading account.
Customer reviews
Growex has a 4,5-star rating based on 15 reviews written on the Trustpilot website. Ninety-three percent of all reviews gave the service an excellent mark when the rest 7% claim that Growex is a great service to invest in. Although most of the reviews tell us that Growex provides excellent customer support and that their team is responsible, polite, and provides ‘excellent service’, we’ve found no review that could show us how much was gained with this signal service.
Is Growex a viable option?
Advantages
- Myfxbook results provided
Disadvantages
- Martingale + Grid combo on the board
- Absence of backtesting report
- No settings details explained
- Customer reviews on Trustpilot don’t look trustworthy
- No money-back-guarantee provided
Summary
Growex is a copy-trading service that offers different investment plans, verified myfxbook results, and free trial offers. Although the customer reviews represented on Trustpilot websites are positive, none of them told us about the trading results achieved with this trading system. From myfxbook results represented by the vendor, we’ve found that the system uses martingale and grid combination. A huge gap between total and absolute gains reveals that the trading strategy the vendor applies is very dangerous and does not care to protect the trader’s capital. It’s a risky investment solution for traders.
