Growex is a signal provider that offers copy trading services. The vendor offers meticulously chosen signals generated by pre approved traders. Products with real-time updates and support developed in-house are also part of the services offered. The vendor claims that all partner signals are tested for slippage, profitability, money management, and reliability.
Growex trading strategy
As per the vendor, the strategies used for generating the signals are tested and chosen carefully. You need to just choose a strategy of your choice. The vendor provides various strategies used for the different packages. For instance, the progressive package uses a combination of manual management and automated entries. A manually managed and well-controlled grid method is used for conservative trading.
Growex backtesting report
The vendor does not provide backtesting results mentioning that the approach used is a combination of manual and automated methods. Due to the absence of backtests, we are unable to assess the efficacy of the strategies used.
Growex live results
A real live USD account verified by the myfxbook site is present for the service. Here are a few screenshots of the trading results for the account using a mixed trading style and the leverage of 1:500 on the MT4 terminal.
From the above stats, it is clear that the account that started in February 2020 has generated a total profit of 735.18%. The daily and monthly profits are 0.26% and 8.10% respectively. A drawdown of 35.14% is present for the account which started with an initial deposit of $14,005. The growth curve indicates a couple of big drawdowns indicating poor risk management.
A total of 1405 trades are executed with a profitability of 66% and a profit factor of 1.68. From the trading history, we can see the lot sizes of 0.01 and 0.74 are used. The varying lot size and big drawdown indicate a risky approach.
Some features of Growex
Some of the key features of the provider are listed below:
- To spread the risk, a wide range of strategies are chosen which enable subscribers to get positive results in different market conditions.
- A dedicated server is used by the service and it restricts the number of hosted accounts to assure microsecond accuracy and institutional-grade latency.
- Real-time updates are provided for subscribers.
- Personal one-on-one support through live chat is provided along with Telegram group support.
- The service is compatible with any broker but the vendor claims that some of the strategies may need a specific broker.
- Leverage of 1:500 is recommended for best results.
No info is present on the minimum recommended deposit, timeframe, currency pairs, etc.
|Average monthly gain||8.10%|
|Lot size||Not less than 1000 units per 0.1 of a standard lot|
Main things to consider if you invest with Growex
If you are interested in this EA, then you need to pay attention to:
The core team comprises Val, based in the UK who manages the copy trading and trade execution, and Ed, based in Cape Town, in charge of client support.
The live verified trading results show a risky approach. Most traders will not be comfortable with a drawdown that is more than 20%.
Poor risk management
The growth curve reveals a few big drawdowns that denote a risky approach and a series of losses. Further, the big lot sizes are indicative of poor management of risk.
A progressive, No.18, Nightclub, Stabilitas, and Indegina are the subscription packages available. The Nightclub and No.18 are tested strategies that cost $39/month. The other packages are in-house signals that require the minimum recommended deposit as the payment. We find the pricing is complicated. A 50% refund is assured if the signal does not make a profit in any month. A two-week free trial is present for new subscribers. A referral discount is also present.
We found 14 reviews for the company on the Trustpilot site. A rating of 4.4/5 is present. As per the user feedback, the company provides safe, transparent, and active service.