PaxForex is a legally registered forex broker located in Saint Vincent and the Grenadines, but not regulated by any government agency.
PaxForex accepts clients from all over the world, excluding USA and some countries where restrictions apply.
Forex broker offers the following underlying assets for trading.
|60+ Currency Pairs||Based on major and minor world currencies.|
|4 Crypto Pairs||Based on Bitcoin, Ethereum, Ripple, Litecoin.|
|9 Indice CFDs||Based on baskets of different blue-chip stocks.|
|2 Metal Spot CFDs||Based on Gold and Silver.|
|40+ Stock CFDs||Based on shares of US companies.|
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:
– Cent Forex Account – The best account for newbies in trading who want to test the water before jumping into trading with both feet. Minimum deposit is just USD 10.
– Forex Mini Account – A good option for new traders with a minimum deposit of only USD 100 and spreads from 1.4 pips.
– 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.
As with most forex brokers, 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 what other comparable brokers can offer.
In terms of platforms, 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, and as a multiterminal platform for traders who manage several accounts.
When it comes to available trading instruments, PaxForex’s offering is quite good with a large selection of currency pairs, CFDs based on global share indices and shares of individual companies, as well as gold, silver, and cryptocurrencies like Bitcoin, Ethereum, Ripple (XRP), and Litecoin.
As an offshore broker, PaxForex accepts deposits and withdrawals 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 for most payment methods. 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 that 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.
For me, everything has been good for the last year that I have been working with PaxForex. I saw someone put a bad review and its very funny to me. I trade on standard account with Pax and I enjoy that there's no commission and the spreads are normal and they have a positive swap that can be useful if you know how to trade on it. I use BTC to deposit and withdrew since it's fast and easy for me.
Thank you so much for your flattering review. It is truly motivating to read such positive words about our company, and particularly that you noted our fast execution and deposits & withdrawals.
Best wishes and good luck!
Spreads are massive. And forget about ever getting your money back from them. They are scam artists! I never even made a trade!
If you are a client with PaxForex Demo or Live take a look at the type of account that you have and what are the spreads. Standard and VIP spread as low as 0.04.
Please note for withdrawal you will need to make a request from your cabinet or get in contact with your manager He/She will help you more.
Also, I see you said that "I never even made a trade!" there for you will need to trade with PaxForex before stating false this info.
I've been working with PaxForex for almost a year. One of the okay brokers. I trade with a minimum, but still: the terminal is not bugging, the connection with the server is stable, can not recall any glitches so far.
It was such a pleasure to read your flattering review of our company. We are very grateful.
We believe it’s important to keep our clients abreast of volatile events in the forex market and we are pleased to see that our efforts are paying dividends.
Hoping to sign up with you guys in the near future. Still doing some research on finding a good broker. You guys seem promising so far from what I’ve seen and heard. Narrowing down my results. You guys are in the Top 5.
Thanks for sharing your experience with us, we’re pleased that it’s been a positive one. If you experience any difficulties with setting up your account, we encourage you to contact our 24/5 Customer Support Team via Live Chat or Email, or by requesting a callback.
Very interesting, I have been working with them for over a year now, I'm very happy to be working with them :)
Very reliable broker, there was no problem. Spreads are the lowest I've seen. In general, I recommend them.
Well, it was better than expected, very professional and good intended. Thank you and good luck in future.