GrowPro Markets Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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Frustrating, no demo account for me to test its trading environment. Well, I have to say goodbye to this broker then, for lacking for free practice account makes me feel unsafe.
Summary: GrowPro Markets has garnered a predominantly negative reputation among users and experts alike, primarily due to its unregulated status and questionable trading practices. Key findings include a lack of legitimate licensing and multiple warnings from financial authorities, which raises significant concerns about the safety of funds with this broker.
Note: It is essential to consider the different entities operating under the GrowPro Markets name across various regions, as this can impact user experiences and regulatory oversight. Our analysis combines insights from multiple reputable sources to ensure fairness and accuracy.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 2 |
| Trading Setup | 3 |
| Trust Level | 1 |
| User Experience | 2 |
We rate brokers based on user feedback, expert analysis, and regulatory information.
Founded in 2022, GrowPro Markets claims to be an online forex broker offering various trading services. Despite its assertions of being based in the UK, the reality is that it operates as an unregulated entity from Saint Vincent and the Grenadines. The broker claims to provide access to the popular MetaTrader 4 (MT4) platform; however, users have reported only a basic web-based trading platform without the advanced features of MT4. The asset classes available for trading include forex, commodities, stocks, indices, and cryptocurrencies.
GrowPro Markets operates without any legitimate regulatory oversight, which is a significant red flag. The broker has received warnings from various financial authorities, including the Spanish CNMV, which has explicitly stated that GrowPro Markets is unauthorized to provide investment services. This lack of regulation means that clients have little to no recourse in case of disputes or financial loss, making it a high-risk option for traders.
The only accepted method for deposits and withdrawals is bank wire transfers, which are typically irreversible. This poses a significant risk, as users have reported difficulties in retrieving their funds. GrowPro Markets does not accept credit or debit card payments, which would ordinarily allow for chargebacks. The minimum deposit requirement is set at €250, which is higher than many reputable brokers that offer accounts starting from as low as $10.
GrowPro Markets offers bonuses that are often regarded as a tactic used by fraudulent brokers to entice users into depositing more funds. Such bonuses typically come with stringent withdrawal conditions, such as requiring the trader to achieve a turnover of 25 times the bonus amount before any withdrawals can be made. This practice is particularly concerning as it can trap users into a cycle of depositing more without the ability to withdraw their initial investments.
The broker claims to offer a diverse range of trading instruments, including forex pairs, commodities, indices, stocks, and cryptocurrencies. However, the actual execution and availability of these assets have been called into question, with many users reporting that the trading platform is unreliable and does not provide access to all advertised instruments.
GrowPro Markets has been criticized for its high spreads and additional fees. While the broker advertises spreads starting from 1.7 pips, this is still above the industry average. Additionally, there are hidden costs, such as a $30 inactivity fee after 60 days and a quarterly maintenance fee of $75, which can significantly impact profitability.
The broker offers leverage of up to 1:300, which is much higher than the regulatory limits imposed in many jurisdictions, such as 1:30 in the UK and EU. This high leverage can lead to substantial losses, particularly for inexperienced traders who may not fully understand the risks involved.
GrowPro Markets claims to offer the MT4 trading platform; however, users have reported that only a basic web-based platform is available. This platform lacks the advanced features and tools that traders expect from MT4, such as automated trading capabilities and extensive analytical tools.
Although GrowPro Markets claims to operate globally, it is particularly active in regions with less stringent regulatory oversight, such as Saint Vincent and the Grenadines. This raises concerns about the safety and security of funds for users from more regulated regions.
Customer support appears to be limited, with users reporting difficulties in reaching the broker for assistance. The primary language for customer support is English, but the lack of responsiveness has led to frustration among users seeking help.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 2 |
| Trading Setup | 3 |
| Trust Level | 1 |
| User Experience | 2 |
In conclusion, the GrowPro Markets review indicates that potential investors should exercise extreme caution. The broker's unregulated status, high fees, and poor customer feedback suggest that users may be better off seeking more reputable and regulated alternatives in the forex market.
