BROKER REVIEW

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GENERAL INFORMATION

Broker Name:

PaxForex

Broker Type:

Forex

Country

 St. Vincent and Grenadines

Operating since year:

2010

Regulation:

SVGFSA

Address:

1825, Cedar Hill Crest, Villa, Kingstown, St. Vincent and Grenadines

Broker status:

Active

CUSTOMER SERVICE

Phone:

44 125 920 7457, 44 844 507 0446

Languages:

English, Russian, Chinese

Availability:

 24/5

TRADING

Trading platforms:

MT4

Trading platform Time zone:

GMT +2

Demo account:

YES

Mobile trading:

YES

Web-based trading:

YES

Bonuses:

YES

Other trading instruments:

YES

ACCOUNT

Minimum deposit ($):

$10

Maximal leverage:

1:500

Spread:

YES

Scalping allowed:

YES

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GENERAL INFORMATION

PaxForex is a broker operating under the SVGFSA license. It has a decade of experience, starting to work in 2010.

 

The broker is based in St. Vincent and Grenadines. The firm’s address is Suite 305, Griffith Corporate Centre, Kingstown.

 

It seems to enjoy a positive reputation overall online as far as users are concerned, but once you dig deeper, that turns out to be false. Namely, the broker has been involved in multiple fake review scandals across numerous different websites. Furthermore, once you read the negative comments, it becomes clear that PaxForex has historically acted maliciously towards its users.

 

There are numerous accounts of the website not allowing withdrawals, closing accounts, and not responding to their users. All in all, the broker seems suspicious at best. However, before digging into that, let’s present some of the features the broker prides itself on:

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  • QUICK EXECUTION

 

The broker’s IT infrastructures is connected to leading datacenters via fibre optic cables. That allows them to go past internet congestion and execute its users’ trades at a rapid pace.

 

  • LOW SPREADS

 

Each currency pair updates thrice per second, which allows the broker’s prices to accurately show the levels of the global forex market.

 

  • 500:1 LEVERAGE

 

The website offers decent leverage, which allows users to have an easier time turning a profit. At 500:1, it’s not the best on the market, but the offer is quite solid.

 

  • QUICK WITHDRAWALS/DEPOSITS

 

PaxForex provides above-average deposit and withdrawal speeds, with only a tenth of deposits taking over 7 minutes. Meanwhile, 75% of deposits take less than half an hour. The speeds are far above a lot of the competition, and that might be PaxForex’s strongest selling point.

FOREX WHAT EVERY
CORPORATION CAN LEARN FROM START-UP

We’ve already mentioned some of the security concerns at PaxForex. Adding fuel to the fire is the fact that they are licensed by an offshore regulator, which is usually quite lax with their requirements.

 

The company has a long history of negative reviews, accusations of them not letting people collect the funds they’ve earned. There were numerous coverup attempts in the form of fake positive reviews, but even with those, the negative ones were far more numerous.

 

Accusations against PaxForex are quite severe and can’t be ignored. The company often responds in a rude and dismissive manner and seems eager to dodge the claims. The combination of poor licensing, serious malicious practice accusations, and inadequate responses makes the site look like nothing more than a scam.

TRADING ACCOUNTS

PaxForex has four live account types, with two catering to budget traders, and two to those willing to invest more. There’s also a demo account option, which lets you check out the service before investing any real money into it.

Here’s some more info about the live account types:

 

  • CENT

 

Trading instruments: 28 currency pairs, Metals, CFD on US stocks, CFD on Indices, CFD on Oil, Cryptocurrencies

 

Minimum deposit: $10

 

Spread: Floating from 0 pips

 

Maximum leverage: 1:300

 

Deposit bonuses: Not available

 

Loyalty bonuses: All offers

 

  • MINI

 

Minimum deposit: $10

 

Min. spread: 2.4

 

Shares: Not available

 

Priority execution: No

 

Min. lot size: 0.0001

 

  • STANDARD

 

Minimum deposit: $100

 

Min. spread: 1.4

 

Shares: Not available

 

Priority execution: No

 

Min. lot size: 0.01

 

  • VIP

 

Minimum deposit: $2000

 

Min. spread: 1.4

 

Shares: Available

 

Priority execution: No

 

Min. lot size: 0.1

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The leverage for each account type is shared at 500:1, which is the most common rate you’ll see online. However, the strange thing about the accounts is that there’s no midrange variant. The jump from $100 for a mini account and $2000 for a standard account seems quite steep, and the accounts as a whole would look much better if there were a $500 or $1000 option in between, or even both.

 

Additionally, shares being locked behind a $2000 deposit account might, rightfully so, deter some. Stocks are a go-to trading product for many, so locking them behind a significant paywall just seems illogical.

TRADING CONDITIONS

Theoretically, trading conditions at PaxForex would be decent for those willing to invest more substantial sums of money. The Standard and VIP accounts have low spreads and solid 500:1 leverage. The broker’s choice of trading platform is also right, with MT4 being a safe, reliable option enjoyed by many traders. The deposit and withdrawal options are quick, ensuring that you won’t spend much of your time waiting for your payments to process.

 

And although all that seems entirely fine, there’s a long list of negatives that follows. Firstly, the cent and mini accounts are nearly worthless, making the entry barrier into PaxForex quite high. Next, although there is some account variation, there’s not nearly enough to call the provided experience customizable or to allow newer traders to transition to more serious levels smoothly.

 

The assets they made available are also lacking in some areas, without any spot energies available, for example. Stocks could also fall under that category since you’ll need to invest $2000 to access them.

 

The final nail in the coffin is the fact that PaxForex has a history of scamming its users out of their funds. Although we are sure not every user was scammed, we don’t recommend gambling because the one that gets tricked might be you.

TRADING PLATFORM

To give credit where credit is due, PaxForex did choose a good trading platform in MetaTrader4. It’s the most used and widely-spread platform, and for a good reason, with the accesibility and ease of use allowing new traders to grasp the essentials easily. Veterans aren’t left in the dust either, with tons of analytical tools at their disposal, helping them make all the right decisions.

 

PaxForex also has a mobile client, which allows its users to trade on the go. Many consider that a necessity in recent times, and you can download the client from the Google Play or Apple App stores.

PAXFOREX’S TRADING PRODUCTS

The trading products at PaxForex are decent in some areas and non-existent in others. That makes the trading experience they provide feel incomplete and negative overall.


• Over sixty currencies – Currencies are one of the two areas where PaxForex has a decent selection. With over sixty to choose from, your needs should be satisfied.


• Spot metals – The company provides only two spot metals in Silver and Gold, although those two are the most popular ones to trade with.


• Spot shares – PaxForex enabled its users to purchase and sell stocks from some of the world’s leading companies and smaller firms alike. However, the option is tied to an at least standard account, which requires a $2000 investment.


• Digital currencies – The broker provided a few digital currency options for those that use them as their preferred trading products. There aren’t many choices, but they include the prominent BTC, LTC, and ETH.

CUSTOMER SERVICE

PaxForex provides the usual service methods consisting of a phone line, live chat, and email support. They also added a fax option which, while dated, might be of use to some, and you can also message them on Skype for a slightly more modern alternative. All the support methods are available 24/5, so you, unfortunately, won’t be able to get help over the weekend.

 

Phone number: +44 2035040303

 

Email: [email protected]

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CONCLUSION

PaxForex does a few things right and a lot of things wrong. The biggest strength that they possess are their quick deposits and withdrawals and strong trading platform. They also do provide good leverage and an excellent training program for new traders.

 

The few good things are, however, negated by the many bad. Little account variation, high deposit requirements to trade stocks, a low amount of trading products, are just the beginning of the issue. If that was it, we could say PaxForex provides at least a decent experience to people who, for example, only trade currencies.

 

The one issue that breaks everything apart is safety. We can’t, in good faith, recommend anyone to invest in a company that might trick them. From the years of complaints PaxForex has received, it’s apparent that they aren’t looking to improve their ways, and they’d rather just make a quick buck off their users.

 

The verdict is clear, stay away from PaxForex. Many competitors provide a better experience on top of being more honest towards their users.

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