Forex Robots

Growex Review: Affordable Service with Poor Performance Potential

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Growex Review: Affordable Service with Poor Performance Potential

As an expert monitored solution, Growex claims to be the next-level auto trading system. The trading platform assures reliable profits with its well-developed risk control measures. The company claims to deliver low latency and safe trading experience.

This service is led by Val, a trader with a leading rank in the Forex Cup listing, and Ed, who is in charge of client service. Office locations are given in London and Cape Town. The customer support options provided include an email address, a WhatsApp number, and the Telegram group of the company.

Growex Strategies and Tests

Growex features

Stable profits enabled by a combo of effective strategy and a controlled and well-optimized exit are cited as the main reason for the profits generated by the service since 2020. Other features include stable signal generation, demo account trials, and broker compatibility.

Growex Strategies

Different investment plans based on the type of growth you want for your investment are provided by the developer. The progressive plan for instance is for clients who are looking for accelerated growth via compounding. A minimum deposit of $1000 is required with the leverage of 1:100. The other plans have different limits for the minimum balance and leverage.

Growex Strategy

Automated entries are managed by the proprietary software and are made only after above normal movements occur in the market causing over or underselling of a pair and indication of probable pullback. Managed grid approach is the strategy mentioned by the developer with adequate safety stops to avoid losses.

Besides the automated entries, the approach also includes manual intervention that ensures controlled exits.  The developers however fail to provide backtesting results which is disappointing as we are unable to find whether their claims of proven results are reliable or not.

Growex Live Trading Account Review

A live and real USD account using the FXOpen broker and mixed trading method is provided by the vendor. The screenshots of this account with its track record and trading privileges verified by the myfxbook site are shown here.

Growex Myfxbook

Growex trading results

From the trading stats, we find the total profit is 797.55% and the absolute gain is 100.76%. This huge difference in the two values indicates the performance is not as good as the vendor claims.  The drawdown is 13.42% for this account which has executed 933 trades since it started trading on February 27, 2020.  A profit factor of 2.47 and lots sizes ranging from 0.07 up to 0.18 are shown.  From the stats, we can see that the grid approach used by the vendor is of high-risk level and the low profitability percent (69%) confirms this.

Pricing

Growex Pricing

To trade using the signals provided by this company you need to pay a subscription of $39 per month. Before paying you can participate in the one- or two-week trial offer to find out if the results are as assured by the developer. When compared to the prevailing subscription plans, the pricing and trial offer look affordable. In addition to the free trial, the vendor also offers free VPS hosting and a referral plan wherein you get a 30 days free subscription for referring a friend.

Is Growex a scam?

After analyzing the claims of the vendor and the real account results, we find that this is a scam service. To start with, the developer claims consistent profits and protection of balance.

On evaluating the real account results of the Progressive plan, we find that the absolute gain and the total profit differ by a big margin. This indicates that additional deposits have been made to make up for the losses accrued during the trading.

Further, the big lot sizes also point to a high-risk approach. But the growth chart reveals a steady upward spike which can result only with manipulation of data.

We found 15 reviews for the company on the Trustpilot site with a rating of 4.5/5. Most of the feedback is positive. Here are some screenshots of the response.

Growex customer reviews

While the feedback is positive, we need more reviews to ensure the platform is as effective as claimed by the vendor.

product-image

Growex

4.8

Growex is a trading platform that assures clients of reliable results but fails to provide proof of its performance. While there is a separate section dedicated to explaining the strategy, the absence of backtesting results makes us suspicious of the reliability of the service. Furthermore, the real account results show stats that do not correlate with one another. The huge lot size used and discrepancies in the values indicated the performance is not as good as the vendor claims. While the positive user reviews and the affordable price tip the balance in favor of the company, the performance makes us refrain from recommending this service.

Pros
  • Automated and Manual trading combo
  • Free trial
Cons
  • Live results show discrepancies
  • Lot sizes are big
  • No strategy tester report

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