Growexchange trading Review – Are you Making the Right Choice?

Growexchange trading Review

Thinking about trading in the forex market? The lucrative nature of this market and others have drawn people towards online trading, making it one of the biggest trends to be seen in the last few decades. Millions of people all over the globe engage in trading online and it is brokerages that continue to facilitate them in this process.

However, you will also discover that not all of them are successful in their venture due to different reasons, one of which is not choosing the right brokerage. Therefore, it makes sense to check out this Growexchange trading review to know if you are making the right choice or not.

Many people may not consider this a big deal, thinking that if the broker does not turn out right, they can just start over with a new one. This is because they are eager to tap into the opportunities available in the market.

But, you should note that in doing so, you will waste a lot of time and lose money as well, plus you will still be missing out on opportunities. The worst consequence is that you could end up with a fraudulent broker and lose your whole investment because they will steal your funds.

Do you really want that to happen? If you are truly interested in making solid returns via online trading, then you need to be patient and thorough. This means not making decisions like choosing a brokerage to use in a hurry, as this decision can have lasting consequences.

You need to make the right choice and this can only happen when you dig into a broker’s offerings to determine if they are being forthright with you or not. The same strategy should be applicable in the case of Growexchange trading that presents itself as a Forex broker setting new standards.

But, when you delve into its offerings, you will find that Growexchange trading is not presenting an accurate picture to you because it has a horde of problems. Let’s explore some of them.

Lack of regulation

When you want to determine the authenticity of a brokerage to know if it is right for you or not, you should start with its regulation. A legitimate company would always obtain a license from the regulatory authority of the region it is based in.

This adds a layer of security because you know that the brokerage will comply with the laws and standards applicable in the said jurisdiction and also be accountable to the authority.

When you check out the Growexchange trading website, you will find that it displays an address in Singapore. If the brokerage is really based there, then it would have to have a license from the Monetary Authority of Singapore (MAS).

But, you can scour through the broker’s website and find absolutely no mention of any regulation or licensing. Moreover, if you also check the online register of the regulatory body, you will not find the broker listed anywhere.

This means that Growexchange trading is not really based in Singapore and is really using the address to appear as a legitimate entity. If it really has an office there, then it is operating illegally and this does not help its credibility either. It only shows that you should steer clear of this brokerage because it is clearly up to no good.

Absence of legal documentation

Before signing up with any online brokerage, you need to check out their Terms and Conditions because this tells you the policies that are applicable, along with other rules and also the charges and fees you can expect.

They are like a contract you sign up with the brokerage, so it is a good idea to know what to expect because the company will ask you to agree with their Terms & Conditions when you make an account.

Therefore, it comes as quite a shock to discover that Growexchange trading has not given its Terms and Conditions on its website. There is no Client Agreement, or any legal documentation to be found, so you do not know what to expect at all.

It is not something that a genuine platform would ever do; only shady ones do to hide what they are really up to. You will be asked to agree with their T&Cs blindly, which gives them room to exploit you later.

Offer of bonuses

One of the prominent offerings that you will come across at Growexchange trading is that of generous trading bonuses and this can often attract people to this platform.

But, you have to remember that these trading bonuses usually come with strings attached, which are never in the favor of traders. This prompted regulatory bodies in various countries to ban these trading bonuses altogether.

Not only is Growexchange trading offering a trading bonus, the worst part is that it does not disclose its bonus policy. As mentioned earlier, these can often be malicious and are usually aimed at preventing withdrawals by demanding that a certain turnover requirement be fulfilled.

This is deliberately kept high, so traders cannot achieve them and this allows scammers to keep your funds.

Absence of a trading platform

Another issue with Growexchange trading is that it is lying about offering you the MT5 trading platform. It is undoubtedly the best trading platform in the market, so people will be interested to know that the brokerage is offering it.

However, the link that the broker has leads you directly to the developer’s website from where you can download the trial version of the MT5. It has absolutely nothing to do with Growexchange trading and will have no bearing on your account with it.

Extremely high leverage

The leverage levels that you will find available at Growexchange trading go as high as 1:1000, which are considered excessive. Such ratios are not favorable at all because they come with a lot of risks and are further proof that the company is not up to any good.

The Verdict

You are definitely not going to make the right choice if you choose Growexchange trading as your brokerage because it is an outright scam.