Growex is a company that has simple and not quite an informative presentation.
We have only this information about the owners. Most likely, it’s a scam because there are no social network profile links provided. We have no links on MQL5 as well.
The company runs its two accounts for over a year. So, we decided to take a look at the performance.
What is behind the Growex?
The presentation includes some explanations about how everything will work making money for us:
- The system will copy signals on our account fully automatically.
- The robot works with only proven strategies.
- There are three risk levels implemented.
- There’s drawdown protection in the system.
- We can copy trade with low latency.
- The company promotes IC Markets.
- We have risks, and balance requirements explained.
- We can trade the next pairs: AUDUSD, EURCHF, EURGBP, EURJPY, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, and USDJPY.
- The maximum number of positions per currency pair are six.
- We don’t know a time frame.
- The advisor runs the system executing a Grid of orders strategy.
- It also uses a “not Martingale” feature that is, in fact, Martingale.
- The presentation doesn’t include backtest reports.
There’s a one or two-week trial available. After that, we will be allowed to trade from the same VPS provider for free.
The signals are available for $39 monthly. Unfortunately, the developers provide no money-back guarantee. We only know that the package may include VPS, and this is all. Usually, packages are explained much better.
Trading Performance of Growex
There’s a real USD account on FXOpen where the robot trades in mixed style. The leverage is 1:500. It uses technical data from indicators from MT4. The account has a verified track record. It was created on February 27, 2020, deposited at $10,375, and withdrawn at $14,409. Since then, the absolute gain has become +786.98%. An average monthly gain is 15.49%. The maximum drawdown is 13.42%. The account is tracked by 115 traders.
It has executed 928 deals with 6818 pips. An average win is 26.77 pips when an average loss is -36.48 pips. The win rate for Long positions is 71% when for Short positions, it is 67%. An average trade length is over sixteen hours. The Profit Factor is 2.46.
The most-traded symbols are GBP/USD (192 deals), EUR/JPY (143), and USD/CAD (128). Most of the profits were obtained on GBP/USD – $3,104.63.
The system works mostly during the European trading session.
The robot almost doesn’t trade Friday (107 deals).
The advisor works with low risks to the account balance. Anyway, there should be only 26 deals lost to lose 10% of the account balance.
As we may note, the system can lose Grids with the big numbers of the lost pips.
The robot makes little monthly profits this year.
The company provides support via email, Whatsapp, and a Telegram bot. There’s no positive feedback with mentions of support quality.
The first positive comments were written at the end of April 2021. The service has been working since February 2020. So, for more than over a year, we’ve got no testimonials. That feedback looks like the paid ones for a monthly subscription or so.