Founded in 2010, PaxForex is a private trading site offering more than 120 CFD instruments covering forex, stocks, cryptocurrencies, indices, and metals. An offshore-based firm, PaxForex is an unregulated broker.
Read this broker review to know more about the services and offering of PaxForex.
PaxForex Background & Safety
Laino Group Ltd founded the forex trading brand PaxForex back in 2010. This firm is based in St. Vincent and the Grenadines. The company is not known to be affiliated with any regulatory body.
This simply means that the broker is not regulated. It is also uncertain if the company is following the safety procedure of segregating the client funds from the company funds. Hence, signing up for an account with PaxForex is a risky and gutsy move. On a positive light, the firm has a client testimonial page where you can read their clients’ feedback regarding their experience with the broker.
PaxForex’s founding team is a group of professional traders and investors. These individuals, as reported from the official site of PaxForex, are experienced traders, dealers, and managers in large brokerage sites. Despite being in the business for a decade, the company remains a relatively small brokerage firm. It boasts of its 24/5 customer support team that can be reached through various online platforms and via a landline.
Catering to a few hundreds of traders, PaxForex focuses on providing quality service and positive trading experience to its traders by offering competitive trading conditions including tight spreads, fast execution, high leverage levels, a range of funding methods, and multilingual support.
PaxForex Features & Fees
Financial Instruments
PaxForex provides its traders access to different financial markets including forex, stocks, indices, and spot metals.
Account Types
As seen on the above reference, PaxForex offers a range of account types including Cent, Mini, Standard, and VIP.
For as low as $10, traders can access forex markets by opening the Cent account. The highest minimum initial deposit is $10,000 if you choose to sign up for a VIP account.
The Standard and VIP accounts contain the tightest spreads starting from 0.4 pips. When executing trade orders, the VIP accounts are given the highest priority to transact during trading hours. In terms of trading size, the minimum lot size is 0.01 except for the Cent account with 0.0001 lot.
Beginning traders best suit the Cent and Mini accounts while experienced or professional traders are fit for the Standard and VIP accounts. Moreover, the VIP account provides the user with a personal Account Manager and access to all financial markets offered by the broker.
PaxForex also offers the Islamic account or the swap-free account. This account type is specially offered to cater to Muslim traders observing the Sharia Law.
Funding Methods
PaxForex offers a range of funding methods to its clients. These methods include Neteller, bank transfer, credit/debit cards, Skrill/Moneybookers, Perfect Money, WebMoney, Qiwi, FasaPay, and Uphold.
Deposit fees vary depending on the method of payment. However, Uphold and Perfect Money have 0% deposit fees. There is a required minimum deposit for each payment option. Bank transfer has the highest minimum deposit transaction at $100.
The same options are available when withdrawing funds from your trading accounts. The minimum withdrawal amount is $10 for all methods except for bank transfer and credit card as they require $100 and $15 respectively.
Promotions
Loyalty Bonus is awarded to traders who deposit a minimum amount of $1,200. The bonus is leveled at $1,200 from the date of deposit through one year. The bonus scheme is stackable: more deposits, more bonuses rewarded.
PaxForex Trading Platforms & Tools
Offering the standard trading platform in the industry, PaxForex provides the MetaTrader 4 in several versions.
PaxForex offers Multiterminal MT4 to traders who want to trade across financial markets using a single account. This platform has multilingual support to access all the features of a standard MT4 platform.
The broker also offers PaxForex MT4 Terminal for PC and MT4 mobile app for Android and iOS devices.
Supporting its trading platform offering is PaxForex’s Forex Trading Course as an educational resource for traders. Its site also has a blog page where it posts market analysis and trends. Other useful tools of PaxForex include educational videos, forex calculators, and forex terms glossary.
Bottom Line
PaxForex is a standard broker offering basic trading services to its clients. It has a low-entry trading account to provide beginning traders the opportunity to access the forex market. However, the broker is unregulated and has yet to prove its financial capability to save its clients in the event of insolvency.