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PaxForex review and ratings

Established 2011
Location Saint Vincent and the Grenadines
Regulation None
Offices Kingstown, London
Broker type MM | STP
Leverage up to 1:500
Deposit from 10 USD
Spreads low  low
Platforms MetaTrader 4
Instruments Currencies Crypto Metals Stocks
Funding methods Wire Transfer Credit Cards Skrill Neteller VLoad FasaPay WebMoney Perfect Money Qiwi Bitcoin Ethereum UPayCard

Company information

PaxForex is a legally registered forex broker located in Saint Vincent and the Grenadines, but not regulated by any government agency.

Availability

PaxForex accepts clients from all over the world, excluding some countries where restrictions apply.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

60+ Currency Pairs Based on major and minor world currencies.
2 Crypto Pairs Based on Bitcoin and Ethereum.
2 Metal Spot CFDs Based on Gold and Silver.
40+ Stock CFDs Based on shares of most well-known US companies.

Comprehensive review

Registered in Saint Vincent and the Grenadines, PaxForex provides traders with the flexibility of using an offshore-registered broker with straightforward verification requirements, tight spreads, and high leverage of up to 1:500.

Although PaxForex is unregulated by any government agency, it has become a popular broker among retail forex and CFD traders, partly due to the fact that it caters to traders from all over the world, including the USA.

PaxForex offers a range of different account types to be sure there is something for every need, from the very small new trader, to veterans in the forex market. In total, there are five trading accounts to choose from:
– Forex Mini Account – A good option for new traders with a minimum deposit of only USD 100.
– Fixed Spread Account – The classic option for forex traders who prefers fixed 2 and 4 decimal quotes in their forex pairs.
– Standard Forex Account – Best for experienced forex traders with low spreads and a minimum deposit of USD 2,000.
– VIP Forex Account – Ideal for professional traders who can deposit a minimum of USD 10,000, wants low spreads, and a dedicated account manager.
– Cent Forex Account – The best account for newbies in trading who want to test the water before jumping into trading with both feet.

Spreads and commissions are generally low with the higher-level trading accounts at PaxForex, but are on the high side when trading with beginner-level accounts such as the Forex Mini Account or the Cent Forex Account. Traders who can afford to pay up the higher initial deposit requirements can therefore get a pretty competitive deal with PaxForex that is certainly at the same level as other comparable brokers can offer.

PaxForex uses the very popular MetaTrader 4 (MT4) as its only trading platform. This means that traders who are switching over from other brokers are welcomed by the familiar user interface that MT4 offers, which significantly eases the transition. The platform is available in versions for desktop and web, as well as Apple and Android mobile devices.

When it comes to available trading instruments, PaxForex’s offering is quite good with a large selection of currency pairs, CFDs based on global shares, gold, silver, and cryptocurrencies like Bitcoin and Ethereum.

Deposits and withdrawals can be made conveniently via cryptocurrencies bitcoin and ether, international bank transfer, credit & debit cards, or online e-wallets like WebMoney, Skrill and others. The initial minimum deposit amount is USD 10 or the equivalent in another currency. Note that the broker charges a rather high service fee of 5.5% for withdrawals to credit and debit cards.

A nice extra benefit of using PaxForex are the daily forex fundamental analyses that are published for traders to read. Unlike many other brokers who largely focus on technical analysis, this broker does a nice job educating its clients on the important fundamental drivers in the forex market with daily updates, covering both the precious metals market and the most popular currency pairs.

In terms of customer service, we appreciate the 24-hour phone and live chat service available at PaxForex. This differs from many other brokers who are only available for their traders during regular business hours. However, we all know that technical glitches and platform issues can happen at any time of the day, which means having customer support available can be critically important. It is, however, unclear exactly which languages support is offered in other than English.

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