Growex is an expert-monitored autotrading service promising 0.4% daily profits. As per vendor claims, this system uses low-risk strategies to dynamically grow your account. However, this is something we need to confirm at our end.
The vendor offers a 1-week free trial for all users. By opening an account with the IC Markets broker, you can get a 2-week free trial. You can subscribe to the autotrading service by paying $39 per month. Unfortunately, the vendor has a strict no-refund policy, so you won’t get any of your money back in case the robot does not perform as expected.
Growex Trading Strategy
This EA has three distinct investment plans, namely Stabilitas, Low Risk Combo, and Progressive. The projected monthly profits for these plans are 4%, 6%, and 8% respectively. While using the Stabilitas plan, the robot opens 3 positions. The first one is for profit while the other two are for breakeven. For this plan, you are recommended to start with a balance of $330.
On the other hand, the low risk comb uses a news filter and reduces the position size by 60%, trading in 1 pair at a time. You can start with a higher balance of $1600 for the low risk combo plan. The progressive plan requires leverage of 1:100 and lets you get started with a minimum balance of $1000. It also uses news event filters 2 hours before and after the news release.
Growex uses a counter-trend strategy. It makes its entries when the GBP/USD moves out of its normal price range. If it fails to generate a profit for one position, the EA opens another position of the same size, hoping for a breakeven. In case the price is unfavorable and breakeven does not occur, it opens a final position that is 3 times the size of the first one.
Growex Features
With Growex, you can copy the trades of an expert trader. This person keeps traders updated about the open positions through a Telegram channel. This trader, known as Val, observes the market conditions and intervenes manually whenever needed.
Growex hosts its master account on a local environment server. You can copy the trades on a broker of your choice, however, the vendor recommends using the IC Markets broker since it is a well-trusted firm providing decent liquidity.
Growex Backtesting Results
Here we have the backtesting results for the GBP/CAD pair conducted with 99.90% modeling quality from January 2006 to October 2020. Growex conducted a total of 570 trades during this backtest, winning 554 out of the. Thus, it had a profitability of 97.19%.
We can see that the relative drawdown for this test was 27.89%. This indicates a risky trading strategy that can lead to losses. The total profit generated during this backtest was $1447.31.
Growex Live Trading Results
This is a live trading account for Growex on the Myfxbook website. It has been active since February 27, 2020, and to date, the EA has placed 974 trades through this account. Growex has won 69% of all trades placed, thus generating a total profit of $9530.55.
Currently, the daily and monthly gains for this account are 0.40% and 12.58%, respectively. Here also, we can see a high drawdown of 34.29%, which indicates a high-risk trading approach.
By checking the trading history, we can see that the robot only generates minor profits from each trade. Thus, it seems that Growex is using a trading scheme that is a combination of grid and martingale strategies. Long-term traders would not find such an approach suitable for their goals.
Growex Reputation
Growex has offices in both London and Cape Town. The main trader working for this company is Val, who is based in the UK. Client service is handled by Ed, who is based in Cape Town. We don’t know much about this company or its service history. It is unclear whether it has built other robots in the past.
There used to be 15 reviews for this EA on Trustpilot, however now there are only 14. The rating has also decreased from 4.5 to 4.4. It is odd that a system with so many positive reviews on Trustpilot has not a single review on the Forexpeacearmy website.
Growex Review Summary
- Strategy – 4/10
- Functionality & Features – 4/10
- Trading Results – 3/10
- Reliability – 3/10
- Pricing – 3/10
Conclusion
There are multiple reasons why you should invest in a Forex EA like Growex. First of all, it uses a risky trading strategy that leads to a high drawdown. Thus, while trading with this robot, you can lose a large portion of your account. Also, the vendor does not offer a money-back guarantee, which makes it even riskier to invest in the EA. You’d be better off purchasing a system that has a better track record.
