Growex Review

Jun 7, 2021 08:46 AM ET
Growex Review

Introduction

Val and Ed manage Growex which promises to offer consistent trading results with a small drawdown. Both of them are traders, but Ed handles the client management department. They use martingale and grid trading strategies for maintaining a steady upward balance curve.

Growex

Type

Semi-automated EA

Price

$39

Strategy

Pullback

Compatible Platforms

MetaTrader 4

Currency Pairs

Multiple currencies

Timeframe

N/A

Recommended Min. Deposit

$1000

Recommended Deposit

$5000

Leverage

N/A

Growex presentation

Trading Strategy Explanation

There is a separate page where they show complete details of their strategy and convince traders that martingale and grid work when they use them. The robot determines the overbought and oversold conditions in the market. They claim to manage all the positions with extreme care, trying to close them out on breakeven or loss if they are negative. To explain further, they present three investment plans with different risk settings and drawdown levels. It is also recommended to withdraw from the account frequently to prepare for the incoming drawdown. 

How EA Works

The developer does not hand out the robot to its customers. For starting with the service, you have to use their copy trading methods by opening an IC markets account through their affiliate. Once done, send over the login details to them, and they will connect their proprietary software through copy trading software.

Features

The service comes with the following features:

  • Expert risk control with three different investment options

  • Verified records on Forex Peace Army and Myfxbook

  • Trading through a regulated broker, i.e., IC markets

Backtest Data Analysis

No backtesting results are available with the robot as it requires manual intervention from time to time for the best outcome. It is sure that if left alone on a strategy tester, it will result in a margin call.

Live Trading Data Analysis

Live trading results are tracked via Myfxbook for both progressive and moderate accounts. Interestingly, there is nothing available for the conservative account, which presents a minimal amount of risk. The progressive account makes an average monthly gain of 15.30%, while the drawdown is at 13.42%. The winning rates hang at 69%, with a profit of 2.47. With a total of 931 trades, the system traded 97.71 lots from 27 Feb 2020.

Growex trading results

Growex Progressive

Myfxbook Account

Real (USD), FXOpen

Started

Feb 27, 2020

Deposit

$10375.46

Balance

$6968.45

Gain

793.42%

Daily

0.47

Monthly

15.30%

Drawdown

13.42%

Profitability

2.47

The moderate system was launched nearly a year later than the progressive on 23 Dec 2020. It has a better winning rate of 74% and a profit factor of 2.73 compared to the progressive, which is strange considering the system uses the same strategy according to developers. The average win for this system stood at $8.30 while the loss at -$8.75. 

Growex trading results

Growex Moderate

Myfxbook Account

Real (USD), IC Markets

Started

Dec 23, 2020

Deposit

$6441.00

Balance

$5380.22

Gain

20.92%

Daily

0.12%

Monthly

3.59%

Drawdown

4.83%

Profitability

2.73

The percentage gain for the moderate system is quite low in contrast with the progressive. 

Customer Reviews

Customer reviews are only available on Trustpilot though we would have preferred some on FPA as it is a more authenticated platform. The reviews from customers looks as if they are written by the developer or bought out. A total of 14 reviews give a rating of 4.4.

 

Growex Customer Reviews

Review Summary

Pros

  • Efficient risk management

Cons

  • Not enough transparency on the developers

  • Poor gains on moderate account

  • Their account value is pretty low

Growex has been showing a temporary performance that works for a short duration with systems that use grid and martingale strategies. However, they will experience a considerable drawdown after a while that will wipe off all of their equity. As general advice, never invest in systems that use risky strategies.

Rating: 5/10


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