Promoted as an auto trading service monitored by experts, Growex boasts of being the next level in automated trading. This is a trade copier service with different investment plans focusing on consistent profits and capital protection. As a grid-based system with controls to limit risks this copy trading system protects client investment and boosts returns. With a promise of 0.48% daily profit and a free VPS hosting offer, this vendor assures full transparency.
Detailed Forex Robot Review
The website design is user-friendly with easy navigation features. There is a separate section for the strategy, tips on using the various investment plans, a subscription explanation, and an FAQ section.
Val and Ed form the core team of this company. Val is the trader with top ranking in the Forex Cup standings while Ed is the client service liaison for the company.
A Telegram channel link, an email address, and a WhatsApp number are provided for customers to contact the team. This company is based in London and Cape Town. An online contact form is also provided along with a live chat feature.
Features include consistent profits, expert control of risk, balance protection, low latency, regulated safety, and more.
Three different plans are provided for trades. The conservative plan ensures protection of capital with low risk and a high minimum balance requirement. With the moderate plan, balanced growth is assured with a minimum of 2000 USD and the leverage of 1:50 as the minimum requirements. Accelerated growth is assured with the progressive plan which requires a minimum balance of 1000 USD and the leverage of 1:100.
Growex Strategy Tests
The vendor has assigned a separate section for explaining the strategy used. All entries are automated with the help of proprietary software for precision. A managed grid approach that is controlled with a gradual increase in lot sizes is used. The loss eliminator method serves as the safety stop. No Martingale approach is used and trades are managed conservatively to ensure minimal loss of capital. No backtests are provided by the developer team which is disappointing as the tests would confirm their claims of using an effective strategy.
Real Live Account Trading Results
Myfxbook site verified trading results are provided by the vendor. Here are a couple of screenshots of the trading stats and history of the real USD account using the FXOpen broker with the leverage of 1:500.
From the trading stats, the total gain is 789.02% and the absolute gain is 105.71%. While a small difference is allowed in the two values, such a huge gap implies that the strategy used is very dangerous and not aimed at capital protection as the vendor claims.
The daily and monthly profits are 0.48% and 15.44% respectively. A drawdown of 13.42% is present which is under the reasonable limit. For the account started in June 2020, a total of 929 trades have been completed with a profit factor of 2.46. However, the lots and lot sizes are hidden which raises our suspicion regarding the high-risk approach used.
The pricing of this copy trading service is by subscription. A single package of $39 per month is offered with a free trial of one or two weeks to choose from. For using the free trial, you need to have an ECN account with raw spread and fund the account with a minimum of $1000. With the one-week free trial, you can copy the trades to an existing MT4 account while the two weeks option requires you to open a fresh IC Markets account. There is no money-back guarantee mentioned which is not surprising as most of the subscription-based formats do not offer refunds.
Reviews from users of this service are found on the Trustpilot site. 14 reviews are present with an overall rating of 4.4/5. Here are a few screenshots of the reviews:
From the reviews, we can see that the results are good and the customer support is responsive. Another user mentions the transparency and good technical and market insight of the team.
As a copy trading service, Growex provides verified results, different investment plans, and free trial offers. The reviews posted on the Trustpilot site are positive. From the verified trading results that the vendor reveals, we could see that the approach used is of a high-risk category.
With the hidden information on the lots and lot sizes and the discrepancy in the absolute gain and total gain percentages, we feel that the grid approach used can affect the account. In general, the grid approach is avoided due to the high risk involved.
Despite the vendor claiming that a controlled and optimized approach is used, the average trader would not be comfortable with the risk level. We feel that traders should be cautious about using this service due to the underlying risk present.