PaxForex, operated by Laino Group, is a registered broker in Saint Vincent and the Grenadines. This broker offers 4 main account types with variable spreads starting from 0.4 pips and no trading commission [withdrawal fees for bank transfers, Perfect Money, Qiwi, WebMoney, and crdit/debit card still applies].
Traders can fund their accounts with a minimum of $10 and start trading various instruments across 4 different markets in the MT4 trading platform.
PaxForex Broker Company Information & Regulation Status
PaxForex is a well-established online forex and CFD broker serving traders since its inception in 2011. This broker was founded with the mission of providing optimal trading conditions and cutting-edge technology to its clients.
Key points about PaxForex:
- Founding year: 2011
- Headquarters: Saint Vincent and the Grenadines
- Global presence: Hundreds of thousands of clients worldwide
It's important to note that PaxForex is not regulated by any major financial authority. While this allows for more flexible trading conditions, it also means that traders should exercise caution and conduct thorough due diligence before engaging with the broker.
PaxForex Broker Summary of Specifications
PaxForex offers a range of features and services designed to cater to both novice and experienced traders. Here's a quick overview of what the broker has to offer:
Broker | PaxForex |
Account Types | Cent, Mini, Standard, VIP |
Regulating Authorities | Not regulated |
Based Currencies | $USD, Ā£GBP, ā¬EUR |
Minimum Deposit | $10 |
Deposit Methods | Bank transfer, Neteller, Skrill, Perfect Money |
Withdrawal Methods | Bank transfer, Neteller, Skrill, Perfect Money, credit/debit cards, QIWI, Uphold, WebMoney |
Minimum Order | 0.01 Lot |
Maximum Leverage | 1:500 |
Investment Options | Copy trading, signal trading |
Trading Platforms & Apps | MT4 |
Markets | Forex, indices, spot metals, stocks |
Spread | Floating from 0.4 pips |
Commission | No commission |
Orders Execution | Market and instant execution |
Margin Call/Stop Out | 10%/5% |
Trading Features | Demo account, Forex calculator, economic calendar |
Affiliate Program | Yes |
Bonus & Promotions | Loyal deposit bonus |
Islamic Account | Yes |
PAMM Account | Yes |
Customer Support Ways | Email, live chat, phone, FAX |
Customer Support Hours | 24/5 |
Restricted Countries | Iraq, Syria, North Korea, USA |
PaxForex Broker Trading Accounts
PaxForex offers 4 main account types to cater to various trading needs:
Account types | Cent | Mini | Standard | VIP | |
Minimum deposit | $10 | $100 | $2,000 | $10,000 | |
| USD | USD, EUR, GBP | USD, EUR, GBP | USD, EUR, GBP | |
Maximum Leverage | 1:500 | 1:500 | 1:500 | 1:500 | |
Spreads | Floating from 2.4 pips | Floating from 1.4 pips | Floating from 0.4 pips | Floating from 0.4 pips | |
Personal education | Unavailable | Unavailable | Available | Available | |
Minimum trade volume | 0.0001 lot | 0.01 lot | 0.01 lot | 0.01 lot |
Additionally, PaxForex offers Islamic (swap-free) accounts for traders who require Sharia-compliant trading conditions.
Traders can also use a PaxForex demo account to test new strategies or get more familiar with Forex trading without the risk of capital loss.
PaxForex Account Opening and Verification Guide
Opening an account with PaxForex is a straightforward process:
- Visit the PaxForex website and click on "Open Trading Account;"
- Fill out the registration form with your personal details. Alternatively, use your Facebook or Google account to register in PaxForex;
- Verify your email address;
- Choose your account type, base currency, and leverage;
Since PaxForex isnāt a regulated broker, it doesnāt require customers to verify their trading accounts.
PaxForex Broker Trading Platforms Overview
PaxForex primarily offers the MetaTrader 4 (MT4) platform, which is renowned for its user-friendly interface and powerful features:
- Advanced charting tools
- Expert Advisors (EAs) for automated trading
- Custom indicators and scripts
- One-click trading
- Multiple order types
- Real-time market quotes
PaxForex offers MT4 as its trading platform, available on a variety of devices, including Android, iOS, Windows, and Mac
Links:
While MT4 is a solid choice, the lack of more modern platforms like MT5 or proprietary solutions might be a drawback for some traders seeking more advanced features.
PaxForex Broker Spreads and Commissions
PaxForex offers competitive pricing structures:
Account types | Spread | Commission |
Cent | Variable from 2.4 Pips | No commission |
Mini | Variable from 1.4 Pips | No commission |
Standard | Variable from 0.4 Pips | No commission |
VIP | Variable from 0.4 Pips | No commission |
It's important to note that spreads may vary depending on market conditions. Other costs of trading in PaxForex broker:
- No inactivity fee
- Deposit fee for Neteller, Skrill, and bank transfers
- Withdrawal fee
PaxForex Broker Deposit & Withdrawal Methods
PaxForex offers a variety of deposit and withdrawal methods to accommodate traders worldwide:
Payment method | Available for deposits | Available for withdrawals | Minimum withdrawal | Withdrawal fee |
Bank transfer | Yes | Yes | $100 | Bank commission |
Credit/debit cards | No | Yes | $15 | 5.5% |
Skrill | Yes | Yes | $10 | from 1% up to 3,9% + 0,35 USD |
Neteller | Yes | Yes | $10 | 0% |
WebMoney | Yes | $10 | 0.8% | |
Perfect Money | Yes | Yes | $10 | 2.5% |
QIWI | No | Yes | $10 | 1% |
Uphold | No | Yes | $10 | 0% |
Key points:
- Minimum deposit: $10
- Processing times: Most withdrawals take 1 working day, but bank transfers and credit card payments could take up to 15 days
PaxForex Broker Copy Trading & Investment Options
Itās time to review the investment options in our PaxForex review. The broker offers a copy trading feature, allowing less experienced traders to replicate the strategies of successful traders:
- Connect with seasoned traders
- Instantly mirror trades in real-time
- Tailor risk preferences and investment sizes
- Track results and fine-tune settings as desired
While copy trading can be an excellent way for beginners to learn and potentially profit, it's crucial to remember that past performance doesn't guarantee future results. Traders should carefully select signal providers and manage their risk appropriately.
PaxForex Broker Bonuses and Promotional programs
PaxForex offers several attractive bonuses and promotions to incentivize traders:
- 100% Loyalty Deposit Bonus: Receive a 100% bonus on deposits of $1200 or more
- Refer a Friend Program: Earn rewards for bringing new traders to the platform
While these bonuses can provide additional trading capital, it's essential to carefully read the terms and conditions.
PaxForex Broker Customer Support
PaxForex provides customer support through multiple channels:
- Email: info@paxforex.org
- Live Chat: Available on the website
- Phone: +44 2035040303
- FAX: +44(0)844 507 0446
The support is active 24/5 (Monday to Friday), and the team is generally responsive and capable of assisting with various issues.
Trust Scores & Reviews of PaxForex Broker
PaxForex has mixed reviews across various platforms:
- TrustPilot: 3.0/5 stars based on 10 reviews
- ForexPeaceArmy: 2.65/5 stars Based on over 10 reviews
It's important to note that online reviews can be subjective and may not represent the overall experience of all traders.
Key concerns raised in reviews:
- Withdrawal delays
- Customer support responsiveness
- Lack of regulation
Positive aspects mentioned:
- Competitive trading conditions
- User-friendly platforms
TF Expert Suggestion
PaxForex provides excellent trading conditions with low spreads on its Cent (from 2.4 pips), Mini (from 1.4 pips), standard (from 0.4 pips), and VIP (from 0.4 pips) accounts and 8 different deposit and withdrawal methods.
However, this broker isnāt regulated by top-tier financial authorities such as SEC, FCA, and ASIC, which could raise concerns about the legitimacy of this platform.
