Growex Review: Does it Win or Lose?

Growex is a copy service for everyone who has a real or demo account. We may note that the developers implemented a safety update on June 28, 2021. They mentioned that there’s something wrong with the system. 

What is Growex?

Growex is a mediocre copy trading company that doesn’t look trustworthy because the system experienced huge losses. 

Official Growex Website

The site doesn’t look like anything special. It’s a common template with some texts added. We have several accounts with trading results and a few explanations. 

How Can We Use Growex?

The system has some details explained and the rest we could come up with. 

• The copy-trading software can be installed within several minutes. 
• The system has a restriction to copy not more than six orders at a time. 

• The main advisor can increase lot sizes if it calculates that win rates are high. 
• Anyway, it’s something between high-risk trading and Martingale. 
• All of this will set our account at high risk.
• There are three levels of possible risks introduced: Progressive, Moderate, and Conservative. 
• The robot uses drawdown protection. 
• We must run the software only on a VPS service. 
• We’re suggested to use IC Markets for this. 

Pricing & Refund

A free trial is available for two weeks if we launch an account on IC Markets. It’s a short period compared with other services. 

There are three accounts that we can follow: Stabilitas, Low-Risk Combo, and Progressive. The second account costs $39 monthly. We don’t know the prices for the first and third accounts. As usual, for subscriptions, there is no refund policy. 

Trading Strategy

• The system includes only “proven” strategies.
• We’ve noted a Grid with Martingale combo. 
• The trades can be copied for those 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 revealed. 

We have a backtest report of GBPCAD published several days ago. The data period is from 2006 to 2020. The time frame was M30. The modeling quality was 99.90%. An initial deposit was $1000. The total net profit was $1,447.31. The profit factor was 11.55. The maximal drawdown was high – 27.89. The robot has closed 570 orders with a 97.19% win rate on Longs. 

Trading Results

The robot has been running on the real USD account on FXOpen automatically. The leverage is 1:500. The platform is MT4. The account has a verified track record and verified trading privileges. The account was deployed on February 27, 2020, deposited at $10,950 and withdrawn at $15,754. Since then, the absolute gain has become +616.12%. An average monthly gain is 12.66%. The maximum drawdown is 34.29%.

The system has executed 962 deals with 6632 pips. An average win is 26.62 pips when an average loss is -37.27 pips. The accuracy rate is 70% for Long and 67% for Short. An average trade length is 17 hours and 22 minutes. The Profit Factor is 2.01. 

The most traded and most profitable currency pair isn’t changed – GBPUSD, 196 deals, and $3162. 

The robot works during European trading hours. 

Friday is the less traded day, with 111 deals. 

The system works with medium risks to the balance. 

All lost orders on the chart (red ones) had Lot Sizes from 0.08 to 0.54. After the account was withdrawn, the system started executing orders with 0.05-0.08 lot sizes only.

As a result, June 2021 was blown in a big way. 

The developers created two new accounts to provide signals from the various robots that most likely trade, using different strategies and risk settings.

What Are the Real Customers Saying about Growex?

Growex runs a page on Trustpilot. There were 15 reviews. Now, we’ve got only 14. The total rate decreased from 4.5 to 4.4. 

We have only positive comments that are fake. The reason is that the system has blown 20% of the people’s balance – so clients couldn’t be happy. 

Other Notes

Now, the service is a scam. We’d like to wait for half a year or so to check if these occasions are fixed.