GrowBrokers offers its clients several account types to choose from. All of them are said to provide commission-free trading with fixed spreads and micro tradeable lots on the MetaTrader 4 platform.
There are also Islamic (swap-free) accounts with this broker, as well as managed accounts. Keep in mind that managed accounts create a great potential for conflict of interest and that is why even many credible brokers don’t offer sucghservices.
However, when we tried out the broker’s demo MT4, the spread on EUR/USD was floating around 0.6 pips and apparently no commission fees apply. All this is not uncommon with offshore and/or unregulated brokers, which is exactly the case with GrowBrokers. Yet, such inconsistencies are troubling, because this means that the broker doesn’t have a transparent pricing policy and could be a scam. Don’t be fooled by any promises of profits or announced attractive trading conditions on such brokers’ websites.
Why waste $500 or even more with GrowBrokers or any other broker operating without a valid license, when you can open an account with a couple of pounds or dollars with global brokerage IG, regulated by a number of reliable authorities in many countries.
The Company. Security of Funds
GrowBrokers is a UK-registered broker that offers online trading in more than 30 currency pairs, various CFDs, as well as precious metals on the renown MT4 platform. There isn’t much information about the broker, except that the company behind the brand is headquartered in Glasgow and registered in England and Scotland. Its website is available in English and Arabic.
We do not recommend GrowBrokers, as it is one of the thousands companies operating without a license from FCA or another regulator, many of which are pure scams. You’d better not risk your money and choose a broker duly licensed and supervised by UK’s FCA or the Australian Securities and Investment Commission (ASIC).
Like most brokers, GrowBrokers supports the MetaTrader 4 (MT4) platform, desktop and mobile versions offered.
MT4 has been around for over 10 years and it seems its popularity is not waning, although its developer is trying to focus on MetaTrader 5. MT4 is user friendly, offers solid charting and analysis tools and the most popular automated strategies (EAs).
Methods of Payment
GrowBrokers offers its clients the following payment methods: bank wire transfer and via credit/debit cards, as well as PayPal.
GrowBrokers is yet another unregulated forex and CFD broker that supports the MT4 platform and seems to be headquartered in the UK. The trading conditions announced on its website differ significantly from the ones on its demo MT4. We don’t recommend GrowBrokers, as no authority is overseeing its activity, and it could be engaged in fraudulent practices.
GrowBrokers Review Conclusion
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