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GROW FOREX broker evaluation: high risk (suspected fraud)

TraderKnows
TraderKnows
2023-12-07

GROW FOREX is a broker incorporated in the Cayman Islands. This article will conduct a comprehensive evaluation of GROW FOREX from the dimensions of corporate entities, domain name registration, regulatory licenses, corporate employees, trading software, and trading products.

GROW FOREX Overview:

According to the official website information of GROW FOREX, the company was registered and established in the Cayman Islands. However, the Cayman Islands General Registry website did not find any registration information related to the company.

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Domain Registration of GROW FOREX:

According to the domain name registration information of the website queried by Whois, the company's official website domain name was registered on January 11, 2021, and the domain name registration time has been more than 2 years ago.

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Is GROW FOREX legit or a scam? Does GROW FOREX have any regulatory licenses?

Information on the GROW FOREX official website shows that the company is regulated or authorized by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC). However, query results from the Australian Securities and Investments Commission (ASIC) website showed that the company had misappropriated the authorized representative license (AR license) information held by TOP 1 MARKETS PTY LTD. The Vanuatu Financial Services Commission (VFSC) website did not find any regulatory or authorization information related to the company.

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Employees of GROW FOREX:

Traderknows did not find the employees information of GROW FOREX.

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Trading Software Provided by GROW FOREX:

Information on the official website of GROW FOREX shows that the company is Meta Trader5 (MT5) trading software for investors. The trading software supports computer version (Windows/MacOS) and mobile version (IOS/Android). However, in some countries or regions, the Android version of MT5 software cannot be downloaded and installed or the download and installation speed is slow.

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Online Reputation and Client Complaints:

Traderknows queried the negative public opinion of this platform on other platforms:

  1. Suspected decking and regulatory issues: There are doubts about GROW FOREX’s regulatory license, and it is considered that it may be fake or a deck. For example, it claims to be regulated by Australian ASIC and Vanuatu VFSC, but these regulations are suspected to be false.
  2. Risks of Lack of Regulation: GROW FOREX is unregulated and operates using a suspiciously fake license, which may pose significant risks to investors’ financial security and the company’s credibility. Therefore, investors should conduct thorough research and due diligence when choosing a broker.
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Trading Products Provided by GROW FOREX:

According to information on the GROW FOREX official website, the broker provides investors with trading services in foreign exchange, commodities, stocks, and indices. However, the GROW FOREX official website does not provide specific trading products covered by foreign exchange, commodities, stocks, and indices, nor does it provide spreads, commissions, margin ratios, contract sizes, overnight interest, etc. for specific trading products covered by foreign exchange, commodities, stocks, and indices. Information on trading hours and other aspects.

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Contact Information:

GROW FOREX official website does not publish any contact information.

Website Traffic of GROW FOREX:

Compared with large brokers, GROW FOREX's website traffic is relatively low. Generally, lower traffic indicates that the company has fewer users and lacks corporate strength.

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Conclusion:

GROW FOREX has many doubts: Although it claims to be registered in the Cayman Islands, no relevant information was found in the local company registration office; its official website has been operating since January 2021, but its claimed regulatory status of Australian ASIC and Vanuatu VFSC is untrue , there is the theft of regulatory information. In addition, the company has not disclosed specific employee information and contact information, and the MT5 trading software it provides is difficult to download in some areas. The website traffic is relatively low, showing that its user base and corporate strength are limited. Therefore, GROW FOREX is marked as "suspected fraud" on Traderknows.

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Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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Ponzi Scheme

Ponzi scheme is a type of financial fraud model that promises high returns and pays early investors with the funds from new investors, ultimately leading to losses for the majority.

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