The Growex Forex system convinces traders by providing verified Myfxbook records. They have some conflicting information on the website where they classify the product as signals. Through analysis, we can understand that the trading is both automated and manual.
The leading team consists of two traders Val and Ed. They state that Val is a noted trader who has a third ranking in the forex cup standings. However, by clicking on the hyperlink and visiting the related page to confirm the position, we could not find him on the list. The developers state their location as London-Cape Town but present a WhatsApp number with a south African code. You can use their email id, number, and Telegram to get in contact with the developers.
How Growex Works
Growex comes with the following features for traders:
- Expert risk control is at hand with three different investment plans.
- Fully verified Myfxbook results.
- Balance protection is available through a loss eliminator plan.
- Low latency with the master account at IC markets that distribute signals to all brokers.
Three different investment plans are available according to your risk appetite and balance. The progressive option offers the most growth of around 10% a month and is present for an account balance of $1000. Moderate reduces the percentage gain by half and has $2000 set as minimum initial capital. Finally, with the conservative, 2.5% is achievable and is available for investors with considerable equity.
Time Frames, Currency Pairs, Deposit
The system uses ten currency pairs, most of which are not correlated to one another, to reduce confusion. Developers do not mention which time frame their robot works on. Both the progressive and moderate accounts have a leverage of 1:500, according to the records on Myfxbook. As mentioned before, a minimum deposit of $1000, $2000, and $5000 are needed for progressive, moderate, and conservative accounts, respectively.
The robot uses martingale and grid trading strategies for making profits. There are significant risks to the system to which the developers agree. However, they also state that it has never experienced a drawdown of more than 20%. According to your investment plan, the robot will open its respective lot size, starting from 0.01. There is some manual intervention from the traders whenever they fear the robot is not performing up to the mark. A safety stop with every plan stops trading whenever the account reaches a certain level of drawdown. The algorithm uses the coded information to exit out of positions on auto mode.
Pricing and Refund
The signals are available for a price of $39 a month. However, there is a catch. The developers do not allow you to purchase it directly. You have to open an account using their affiliate link on the broker IC markets. There is no money-back guarantee with the program. The cost is quite reasonable in contrast with other signal services in the industry.
The developers state that they are using the grid system through careful monitoring to ensure that the account doesn’t reach substantial drawdown. The strategy involves trading when a currency pair becomes highly overbought or oversold. It only involves the use of range-bound currencies.
Live Myfxbook records are available for only progressive and moderate accounts. The average winning rate stood at 72% in the progressive portfolio, with the profit factor at 2.61. There were $1925.26 in deposits and $1730 in withdrawals and traded 9.66 lots through 301 trades.
The statistics are more or less similar for the moderate account. The only major difference is the monthly growth percentage which stood at 3.70% rather than 10.53% due to a less risky approach.
Unfortunately, there are no backtesting results available to confirm the strategy and contrast with the live account. Without any backtesting analysis, we can not determine how the expert advisor will perform under various stressful market conditions.
People say that Growex is…
A rare find. On the review forum TrustPilot they highly appreciate the growth and output of the system and give credit to the developers for maintaining proper risk management.
|Sustained growth||Relatively new service|
|No insight into conservative account|
|Wrong information about whereabouts|
Growex trading does impress with a good record of results on Myfxbook. It has proven to be profitable. However, the results are available for a short duration. Furthermore, we do not have any record of the whereabouts of the developers. So the question is, why would someone hand over the $1000 into the hands of someone unknown.