Growex provides approved and tested signals for the Forex trading community. The platform is said to be above the rest because it eliminates the uncertainties that come with copy trading. In fact, the owners are so confident about the efficiency of the service that they are ready to refund 50% of your money if your signal fails to produce profits. Other signal service providers offer full refunds, though. At the moment, you can get Growex’s signals at $29/month or $39/month depending on the strategy you choose to work with. A 2-week trial is also available.
Is Growex good?
Growex appears to be a reliable service, going by the positive reviews on Trustpilot. Still, the service is quite pricey, and the profits generated are small and may not be proportional to the investment cost.
Features of Growex
|Price||$29/month, $39/month, and a free trial|
|Money Refund||50% refund if you don’t make profits|
|Recommended Leverage||1:500, 1:100, or 1:50|
|Customer reviews||Good (4.4 out of 5 rating based on 14 reviews on Trustpilot)|
What strategy does Growex use?
Growex normally facilitates copy trading. So, the company provides signals carefully derived from pre-approved traders and its own in-house developed products. We are assured that all signals from partners are pre-tested on IC Markets live account for slippage, reliability, profitability, and responsible money management. The team has done all the hard work for you, so you just need to select a strategy you like and copy it to your MT4 account.
Backtesting vs live trading results
There are no backtest results for this service, but the signals are being used to run several accounts on Myfxbook. Some demonstrate good performance, and some don’t. We have decided to analyze one of the accounts. See how we have assessed the stats below:
This is a real EUR account that was opened in January 2020, and so far, the signals have generated a profit of €180.81 for the user from a €100 deposit. As a consequence, a total gain of 180.81% has been achieved. The monthly profitability rate is 3.62%, while the drawdown rate is 10.48%. Frankly, the signals are not risky since they have generated a low drawdown.
The completed trades are 1399, and on average, an order is held for 6 hours and a half. The success rates for long (75%) and short positions (72%) are not that impressive. Neither is the profit factor (1.53). There are 3697.4 pips won, and 15.61 traded lots. A high commission is charged on trades (€92.28).
The signals generated profits all through the year apart from January and March.
The profits made increased steadily from January to April. Unfortunately, losses amounting to -7.06% have been reported in May.
We see here that the grid approach is used in trading. Small lot sizes and dynamic SL and TP levels are applied. The high loss rate experienced in May is also apparent.
The core team
We are introduced to two team members responsible for providing this service. One of them is called Val, an accomplished trader who lives in the US. He manages the company’s copier technology and execution of trades. The other one is known as Ed. He is based in Cape Town and in charge of the client service department. According to his profile, Ed is experienced in Forex and very helpful, so he is capable of taking care of clients well.