Growex is a company that has an almost empty presentation about the service and trading system behind the signals they provide. At least, we have verified trading results. Without them, there would be nothing to discuss.
Is Investing in Growex a Good Decision?
It would be a weird decision. The main reason is the developers withdrew many funds from the balance. The reason was the fact that there are risky strategies, so the balance has to be withdrawn at least once a year.
We can’t be sure there’s a company behind this service because there are no registration documents provided. We have two photos of developers from London and Cape Town. The con is that we can’t be sure they are real without links on their Facebook or MQL5 profiles.
We have six blocks of explanations about what we should expect from the service.
Let’s talk about the details, strategies, and features:
The system provided us with an automatic trading feature.
The advisor runs three plans to cover our account balance.
We can trade the next currency pairs: AUD/USD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/USD, NZD/USD, USD/CAD, USD/CHF, and USD/JPY.
The limit of the open orders is six deals at once.
We don’t know on what time frame the system works.
There are only “proven” strategies on the board.
We have found that the strategies the developers mentioned are risky ones. The main one is a Grid of orders. The second one is Martingale.
The system can increase Lot Sizes whenever it wants.
We have three levels of risks we can work with.
There’s a drawdown protection feature.
The software requires us to work with low latency.
The promoted broker is IC Markets.
It’s a good broker for low spreads trading.
There are several options for how to get started. We have a two weeks trial. For this, we have to create an account on IC Markets using their referral link.
There’s a single paid offer available. The monthly subscription costs $39. This price is common for signal services, according to MQL5.
The presentation doesn’t include backtest reports. It’s a significant disadvantage because they could use the robot that we bought from the 3rd-party company. It means they have no idea how everything works. If we have them, it will help us to understand how the robot worked with the past data.
The presentation has a real account where the advisor works automatically. The broker is FXOpen. The leverage is set at 1:500. The platform is MetaTrader 4. The account has a verified track record and verified trading privileges. It was deployed on February 27, 2020, deposited at $10,950 and withdrawn at $14,409. Since then, the absolute gain has amounted to +797.55%. An average monthly gain is 15.12%. The maximum drawdown is 13.42%. We have only nine traders tracking the account.
The robot has closed 933 trades with 6950.3 pips. An average win is 26.77 pips when an average loss is -36.48 pips. The win rate is 71% (295/413) for Long positions when 67% (353/520) for Short positions. An average trade length is a bit more than 16 hours. The Profit Factor is 2.47. There were 97.85 Lots traded.
The system trades ten currency pairs. GBPUSD is still ahead since our last visit. There were 193 deals with $3121 traded.
The system places orders during European trading hours mostly.
It prefers trading at the beginning of the week – Monday (220 deals).
The advisor works with low risks to the account balance.
The EA trades a Grid of orders, adding Martingale when it’s needed.
It works with good profits.
There’s a page on Trustpilot where 15 reviews were published. The total rate is 4.5.
The most comments are positive. Alas, they don’t include any statistics. So, we can’t be sure that they were written by real people.
Growex provides a copy service for investors. The presentation has poor quality and doesn’t answer our questions about the system, strategies, risks, and so on. Trading results showed that the robot uses risky strategies like Grid and Martingale.