Growex is a company that has a weird and not informative presentation about what we should expect from this service. The developers provide verified trading results to convince us that the service is viable and we will be safe.
How Growex Works
Information about the system is separated into six chapters.
We have prepared info about the system, and it’s functionality in the following list:
- The system is featured by copying trades from the master account to ours.
- The limit of the open orders equals six.
- The advisor can increase lot sizes that will be copied to our account whenever we want this or not. It’s unavoidable.
- There are three levels of risks provided.
- The system includes a feature to protect from drawdowns.
- Profitability can vary depending on execution speed.
- The system can work well on IC Markets. It’s a trustful broker house.
- The advisor works with only “proven” strategies.
- As we found out from the trading results, they are Grid and Martingale. It’s a scam not to talk about them.
- The system is in common with the following currency pairs: AUD/USD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/USD, NZD/USD, USD/CAD, USD/CHF, and USD/JPY.
- The time frame is not disclosed.
Growex Trading Results
We have no backtest reports provided because the developers decided not to disclose information about the system he uses. It can mean that the service providers could buy some robots to provide the service. It’s illegal, and this can be the reason to hide backtests.
We have a real account on FXOpen brokerage. The leverage is 1:500. The account has a verified track record and verified trading privileges. It was created on February 27, 2020, deposited at $10,950, and withdrawn at $14,409. When we see something like this, it’s clear that the developers make money on Martingale. Since then, the absolute gain has become +800.65%. An average monthly gain is 14.88%. The maximum drawdown is 13.42%.
It traded 935 orders with 6983 pips. An average win is 26.74 pips when an average loss is -36.48 pips. The win rate is 71% for Long and 67% for Short. An average trade length is 16 hours and 22 minutes. The Profit Factor is 2.47.
The robot trades on ten cross pairs. GBPUSD was traded 193 deals with $3121 of profits.
The advisor opens orders during the European trading session.
Friday is the less traded day. Taking into account the average trading length, it’s clear that past noon trades can be kept until Monday.
The system works with low risk to the account balance.
The robot trades using a Grid with a Martingale combo in trading. It’s such a risky deal.
We can see open orders.
We may note that half of June 2021 is gone, but there’s almost no profit. Something went wrong.
Pricing & Refund
The developers suggest we have a two weeks trial registering on IC Markets using their referral link. Usually, for this action, the developers suggest an annual subscription.
The offer is the simplest – $39 monthly for signals. After paying, we have to get approval. The offer doesn’t include a money-back guarantee.
The company runs a page on Trustpilot with a 4.5 rate based on 15 reviews.
All of them are positive, but we are not sure that they are real because they were written right before the system was launched.
The developers withdrew the account several times instead of increasing it to make even more profits. The season is scam-like: Grid+Martingale accounts should be withdrawn after doubling. If something goes wrong, you’re still good.