PaxForex Review 2019 | Is PaxForex a Scam or Legit Forex Broker?

Read our PaxForex review to find out if PaxForex is a scam or a reliable forex broker. Unbiased Forex brokers reviews combined with user comments.

Average broker rating

3.2/ 5

Rating breakdown

Protection & Regulations
20% Complete (danger)
1.0/5
Trading platforms
80% Complete (danger)
4.0/5
Tradable Products
100% Complete (danger)
5.0/5
Deposit and withdrawal
100% Complete (danger)
5.0/5
Trading Fees
20% Complete (danger)
1.0/5
Support
60% Complete (danger)
3.0/5
PaxForex
PaxForex Overview

PaxForex was founded in 2010 and it operates from St. Vincent and the Grenadines. The broker offers low spreads on over 70 forex and CFD assets, such as 0.4pips on the EUR/USD and offers trading on the MT4 platform.

# Broker's Features PAXFOREX Availability
# Commissions
# Hedging
# PAMM
# Scalping
# Accepts US traders
# 24 hour trading
# Swaps
# Demo account
# Daily analysis
# Automated trading
# Mobile trading
# Trading by phone
# 1st deposit bonus
# Forex contests competitions
# Bonuses Promotions
# Interest charges on the balance
# Free education
# Expert advisors
# Partnership programs
# Trust management
# 24 hour support

The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review PaxForex.

Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. PaxForex offers Online Financial Trading and Investment Services Such as Currencies, Commodities, Stocks, Crypto.

Tradable Products: On the PaxForex platform, 60 currency pairs, 2 metals, 7 stock shares and 3 crypto assets can be traded.

Broker Type: Many types of brokers can be found in the most dynamic market in the world. PaxForex is ECN, STP.

Features: PaxForex website has a forex blog and features daily technical and fundamental analysis as well forex recommendations for its users.

Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. PaxForex recommended minimum capital is $10.

Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. PaxForex is regulated by Not regulated. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.

Investor Protection & Regulations: PaxForex does not provide its regulatory information, which one assumes to mean that they are unregulated, but it claims to comply with AML policy. The brand also claims to have implemented SSL and clients’ account segregation.

Languages Available: Next lets have a look at each broker's different Language options. PaxForex offers Arabic, English, Russian.

Payment methods: Next lets have a look at each broker's payment options. PaxForex offers Credit Card, Cryptocurrencies, FasaPay, Neteller different payment methods for each account types.

Deposit and withdrawal: Credit/debit cards, Bank Transfers, Skrill, Neteller, WebMoney, Perfect Money, QIWI, FasaPay, Bitcoin and Ethereum are the acceptable payment options on PaxForex,with really low minimum deposits.

Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, PaxForex makes MetaTrader 4 available to clients.

Web & Desktop Trading Platforms: The only platform provided by PaxForex is the MT4 foe download and mobile.
Mobile Trading Platforms: The MT4 mobile version is available as android, iOS and on windows mobile operating systems.

Other

Trader Education
Trader education on Paxforex is very basic. The website has lessons on Forex basics. A glossary of trading terms is also provided.

Promotions
PaxForex rewards clients with a 100% deposit bonus for deposits of up to $1,200

Support
PaxForex has a responsive customer support desk. The desk operates 24 hours a day, 5 days a week. Customer support can be obtained via phone, web chat, email, web forms and social media

Recup
PaxForex is an offshore broker that could serve as an alternative to those traders who cannot afford the margin requirements on UK and European forex platforms. It provides multiple account funding options and the MT4, which has become a standard for retail forex trading.

Final Thoughts
The broker further provides educational resources and daily analysis, but these are a bit scanty and cannot compete with other offshore brokers who offer better quality trading resources. PaxForex is therefore a broker for beginners. To cater to intermediate or advanced level traders, the brand needs to improve its offering.

Trading Experience
PaxForex is a broker that has resources that are best for beginner traders. Intermediate and advanced traders may not find the available resources appealing enough for their trading activity.

People Also Asked

Is PaxForex regulated?
Yes, PaxForex is regulated by top-tier regulators, Not regulated inclusive.
Where is PaxForex based?
PaxForex is based in St. Vincent and Grenadines
How does PaxForex make money?
PaxForex charges a spread between the bid price and ask price. It does NOT charges a commission.
How do I deposit in PaxForex account?
With PaxForex you can deposit money via the following means; Credit Card, Cryptocurrencies, FasaPay, Neteller.
How do I withdrawal in PaxForex account?
PaxForex lets you request a withdrawal of funds from your account via the following means; Credit Card, Cryptocurrencies, FasaPay, Neteller.
What is the minimum deposit for PaxForex?
PaxForex has $10 minimum deposit.
What are the available account base currencies with PaxForex?
PaxForex trading accounts are offered in N/A. If your country's currency isn't included in the list, you will need to open an account with another currency base.
What is the max leverage in PaxForex?
PaxForex has a maximum leverage is 1:500 for professional traders.
How do I open an account with PaxForex?
Opening an account with PaxForex is a three-step process. First fill out the registration form, second is to send verification details to the verification department and lastly is to fund your account.
Does PaxForex use MetaTrader?
PaxForex platforms: Yes, PaxForex use MetaTrader as well as the following platforms: MetaTrader 4
What type of broker is PaxForex?
PaxForex appears to be a ECN, STP broker which offers market access to a variety of traders.
Does PaxForex accept US clients?
No
Does PaxForex offers Islamic accounts ?
Yes
What financial instruments can I trade?
You can trade a wide variety of instruments with PaxForex: You can trade a wide variety of instruments with PaxForex: Currencies, Commodities, Stocks, Crypto