Is it worth trusting a brokerage company that lacks a license and a positive reputation? Growth Praxis is based in London, and offers margin CFD trading, but operates illegally. There are almost no reviews online, and the firm appears to be extremely secretive. Let’s figure out how many red flags indicate scammers are present here.
Brief Overview
- 🖥Official Website: growthpraxis.com
- ✈️Contact Address: Address The Turing Building, Stratford Cross, Stratford, E20 1HZ
- 📞Customer Support: +441799611150, [email protected]
- 🔐Licensing and Accreditation: no
- ⏳Track Record: 2024
- 🧰Specialization: brokerage service
- 🤝Terms of Cooperation: 1:400, €12,500
- 💰Additional Services: no
Growthpraxis.com Examination
If there were a nomination for the worst official website, Growth Praxis would take first place. It is a typical resource for a broker, where the top of the page contains a panel with basic information, the main page features a boring list of pseudo-benefits, images of bulls and bears symbolizing market participants, and a standard risk warning in the footer.
The advantages are mentioned superficially, but important details are not disclosed. Meaningless words and phrases are used, such as “a trusted brokerage”, “confidence and convenience”, “fast transactions”, and so on. The “about us” section should include information on the operating period, licenses, details, office addresses, platform development history, and the names of founders and directors. However, all this information is missing; there are only two meaningless paragraphs. You can also study the tariff plans, and view contacts and legal documents, as well as the tradable asset classes.
The design and layout are essentially non-existent. Besides English, there are translations into Czech, Hungarian, German, and Swedish, indicating the geographical focus of the platform’s clients. It is unknown who founded the company, whether it has licenses, and what order execution model is used. Most of the content is meaningless, simply useless statements.
Company Contacts
To contact the managers, Growth Praxis provides a British phone number and an email address, as well as a feedback form. Checking the email revealed that it does exist and is not fake. The phone number has negative reviews, indicating that people received calls from spam robots. A useful feature like online chat is inexplicably absent.
Key Conditions
Growth Praxis requires a very high initial deposit of €12,500. No popular and established broker demands such a high amount to start trading. This is the first significant drawback. The second drawback is the high leverage of up to 1:100-1:400, which indicates a lack of regulation for the company. Another disadvantage is the attempt to extract money from clients. The firm follows the typical scammer principle of “want better conditions — invest more money”. Traders have access to four types of accounts, and the better the plan, the lower the spreads and the better the other conditions, but the minimum deposit gets higher and higher.
According to information on the official website, there are no commissions. This raises the question, “How does the platform make money?” Spreads start at 2.8 pips, but this is for the first plan; on the second and subsequent plans, they are even lower. If the firm doesn’t earn from spreads and the commission is zero, then it is a dealing desk that profits from its clients’ deposits. In other words, the platform is interested in traders’ failures and losses.
Exposing Growth Praxis
The contact section lists a UK address, but strangely ignores the Financial Conduct Authority (FCA) license, which every British broker is required to obtain from this government regulatory body. A check of the FCA registry revealed that there is no such company listed, meaning it operates illegally.
The lack of regulation is explained very simply. The London address is fake; in reality, Growth Praxis is not registered in this jurisdiction. A check of the Companies House legal register confirmed this. There is no such organization, only ones with similar names.
It is also important to check the company’s operational period. The longer a firm operates and exists, the more trust it garners, as fraudulent organizations cannot operate for long; eventually, the truth about them comes out, and clients stop entrusting their money. However, what if the founding date is not indicated on the website and registration documents are absent because the broker is not registered as a legal entity anywhere? You can find out the approximate founding date by the domain registration date of the official website. Using the special Whois service, you can see that growthpraxis.com was registered in 2021, but that’s not all.
Next, you need to refer to the WebArchive service to see how the site has changed in the past. Snapshots show that until 2024, there was nothing. Only closer to mid-2024 did the scammers buy the domain and create Growth Praxis. So, the actual operating period is very short.
And the last point, which has already been touched upon, is the business model. The tariff descriptions mention STP, which is an outright lie. Firstly, STP and the absence of requotes are incompatible. If a firm sends client orders to an external liquidity provider, requotes can and should occur. If a firm guarantees no requotes, it operates as a dealing desk. Moreover, the 100% B-book business model has already been proven based on commission and spread data.
What Reviews Do Users Leave?
There are almost no reviews about Growth Praxis. It is not surprising at all since the platform launched very recently and thus cannot have many genuine reviews. Scammers may start ordering large quantities of fake positive comments about themselves. Such reviews should not be trusted under any circumstances.
Conclusions
The company boasts a fake legal address, does not have licenses, and its actual operating period is less than six months. It lies everywhere and is interested in its clients’ losses rather than their success and earnings. It definitely cannot be trusted. This Growth Praxis review outlines the objective reasons why the platform is a scam.
Pros/Cons
- The site is translated into several languages.
- There is a lot of fake information on the site.
- The actual operating period is very short.
- Illegal activity.
- Unfavorable trading conditions.
- No reviews on the internet.
Growth Praxis are scammers. There are no reviews about them on the internet. These fraudsters tried to lure me into their scam platform as well, but I immediately understood the risks. Another illegal broker with fake activities. Be careful! They will promise you signals, guaranteed income, help from an expert analyst, but these are false promises. They cannot provide real licenses and registration documents. I asked them for proof of their legal activity, but they hung up because they realized they were dealing with an experienced and knowledgeable user. Please, do not fall for such scams! Spread the word about this scam broker!