PaxForex Video Review
VIDEO
Review sections
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.”
Laino Group is the owner of the PaxForex brand. It is registered in St. Vincent and the Grenadines with the registration no. 21973 IBC 2014 1825, however it is unregulated.
PaxForex states clearly that it has a robust Anti Money Laundering (AML) policy. Therefore, all traders are verified using two documents: a government issued identity card like a passport or driving license and a utility bill not older than six months. Third party deposits are prohibited in compliance with the policy.
PaxForex asserts that clients’ funds are held separately in European bank accounts. These accounts are closely monitored and are not used by PaxForex for running its internal operations.
To further protect the client, PaxForex has implemented industry-standard security measures which include SSL encryption for its website and trading platform. This ensures encryptions of data as it is transmitted over the internet.
Tradable Products
“On the PaxForex platform, 60 currency pairs, 2 metals, 7 stock shares and 3 crypto assets can be traded.”
Here are the tradable assets on PaxForex:
Instrument Class Number of Instruments
Currencies
60
Spot Metals
2
Shares
7
Cryptocurrencies
3
Account Opening
“The provided account types are: Cent, Mini, Standard and VIP accounts with opening balances of $10, $100, $2,000 and $10,000 respectively. Islamic and demo accounts are also provided.”
The supported account currencies are USD, EUR and GBP. A standard lot is 100,000 for all accounts except for the cent account. For all account types, the maximum leverage is 1:500.
The following are the types of accounts:
Cent Account: The minimum deposit amount is $10 but PaxForex recommends $100. The lot size is 1000, margin call is 55% and stop out is 20%. The account currency is only USD. The minimum spread is 2.4 pips.
Mini Account: The opening balance is $100 but $500 is recommended by the broker. A lot size is 100,000 and the minimum volume lot is 0.01. The margin call is 10% and the stop out is 5%.
Standard Account: The minimum spread is 0.4 and the minimum opening balance is $2,000 while PaxForex recommends $5,000. The minimum lot size is 0.1. All the tradable assets on the broker platform can be traded with this account type.
VIP Account: The opening deposit amount is $10,000 but PaxForex recommends $50,000 for optimum benefits. The minimum tradable volume is 0.01 lots. It features the lowest spreads from 0.4. This account is designed for large volume professional traders. A personal account manager is attached to account holders.
Swap free accounts are available on request. It is available as mini, standard or VIP accounts. The account is designed for Muslims who are prohibited by their faith from earning or paying interest on investments, such as rollover fees.
Demo accounts are provided with virtual trading funds. The demo account is designed for free learning, MT4 training practice and strategies testing. The demo account has no limits and the trader chooses the amount to use as virtual funds.
To open an account, click on “Open Trading Account” located on the top of the website. Fill the ensuing 4-page form. The form’s first page is personal details as shown below.
Fill the details and select ‘next step’. For page 2 of the form, select an account type, method of payment, payment amount, currency and leverage.
For page 3, verify your phone details by entering a six digit code that will be sent immediately. The last page of the form is email verification. Once this is done, you are logged into the PaxForex’s cabinet.
From the cabinet, you can create more accounts, both demo and real. Click on the link to download the desired MT4 platform and install it.
Select the correct server; real (Paxforex-Live Server) or demo (Paxforex-Demo Server).
Use the provided login credentials to login to the platform. The MT4 platform opens and live trading can commence after a deposit has been made. Demo trading can start immediately.
Deposit & Withdrawals Options
“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.”
PaxForex only accepts deposits from bank accounts that match the name listed on the trading account opening form. Deposits from third parties are rejected. The accepted currencies are USD, EUR and GBP. Withdrawals are processed from 9am to 6pm every week day except on weekends and public holidays. The minimum withdrawal amount is $10.
The following payment options are accepted by PaxForex:
Credit/Debit Card: The minimum deposit is $15 and the deposit is instant but sometimes can take up to one hour. The deposit fees depend on the country and it is about 3.75% – $8.5% + $0.5. But PaxForex affirms that all fees are covered if the deposit is $300 and above. A withdrawal charge of 5.5% is charged with a minimum of $10 and it takes 5-15 working days to completely process a card withdrawal.
Neteller: The minimum deposit amount is $10 and the transactions are usually instant but can take up to one hour. The deposit fees are 3.2% – 3.7% + $0.29, minimum of $1. The withdrawal takes up to 24 hours and there are no withdrawal charges.
Bank Transfer: This method is the slowest as it take 3-5 bank working days for complete processing. PaxForex will only pass the bank commission to clients. The minimum transaction amount is $100.
Skrill: The commission charged is 2.9% – 3.9% + $0.38 and the transactions are promptly processed within one hour. The minimum transaction amount is $10. For withdrawals, the commission is 1 – 3.9% + $0.35.
Perfect Money: The minimum transaction amount is $10 and there are no deposit fees. The transactions are processed instantly or at times it can take up to one hour. Withdrawals can take up to one day and a 2.5% commission is charged.
WebMoney: The minimum deposit/withdrawal amount is $10 and the commission is 0.8%. Traders’ accounts are credited within one hour of payment. For withdrawals, 0.8% commission is charged but it takes up to 24 hours to reflect in the trader’s account.
QIWI: The deposit commission is 4% and the minimum amount is $10. Payments are processed within the hour. Account withdrawals using this method take a day and the withdrawal fee is 1%.
FasaPay: $10 is the least amount for deposits and 0.5% of the transaction amount is charged as commission. Within one hour, the trader account is credited. Withdrawals attract a commission of 0.5% and the processing takes up to 24 hours.
Bitcoin: There are no deposit fees and the minimum deposit is 0.01BTC. Transactions are processed within a day. Bitcoin withdrawals attract a commission of 7% and it takes up to one working day to process.
Ethereum: Transfers are completed within a day and no commissions are charged. Minimum of 1ETH can be deposited into the trading accounts.
PaxForex ensures safety and security at all times. There are no reports of stolen or missing funds that cannot be accounted for.
Web & Desktop Trading Platforms
“The only platform provided by PaxForex is the MT4 foe download and mobile.”
The MetaTrader 4 (MT4) is a very well known platform in the industry. It was developed by MetaQuotes Inc. in 2005. Today, it is the most popular forex trading platform in the world. PaxForex provides the MT4 in its various versions: terminal client for pc, Multiterminal for pc and MT4 for the mobile operating systems.
Here are some of the features of the MT4:
Order Management: The platform is capable of placing trades from the charts or from quotes with one click when it is activated. There are 4 pending order types: buy limit, sell limit, buy stop and sell stop. All open trades can be easily monitored, modified or closed.
MetaTrader Market: The MT4 platform gives access to the market where traders can buy apps in form of indicators, expert advisors (EAs) and other utility softwares. Some are free while others are for outright sale or accessed on subscription basis.
Charting: 3 types of charts; line, bar and candlesticks can be used to plot the prices of the quote currency against time. 9 timeframes from one minute to one month is available. The charts are fully customizable.
Technical analysis: There are 30 inbuilt indicators and 24 analytical tools available for technical analysis.
News: The PaxForex MT4 features news headlines on the platform. The news keeps coming in as it breaks. This is very important to news traders or traders who use fundamental analysis.
Mobile Trading Platforms
“The MT4 mobile version is available as android, iOS and on windows mobile operating systems.”
The MT4 mobile apps give traders the opportunity to trade anywhere anytime.
Here are some of the features of the mobile apps:
The apps feature a simple and intuitive user interface.
The apps have charting functionality and technical analysis tools.
Quotes and charts display the buy and sell prices of the instruments.
Orders can easily be monitored, adjusted and managed from the apps.
The app is perfect for managing your account, staying on top of the market news and of course trading. You can apply complex studies and indicators to the charts.
Trading Features
“PaxForex website has a forex blog and features daily technical and fundamental analysis as well forex recommendations for its users.”
Forex blog: The website features a blog that writes on the trending news, strategies, financial advice and general trading information. It is prepared by the PaxForex analytics department.
Expert Advisors: This feature comes as standard with the MT4 platform. You can code or upload expert advisors, which are robots that will engage in automated trading on your behalf, using preset strategies.
Forex recommendations: These are basically trading signals which feature entry points, exits and stop loss levels. An excellent feature.
Economic calendar: An economic calendar is available featuring the key events and indicators of each day. The calendar shows the impact the event will have on the releveant asset.
These include the forex margin calculator and the forex pip calculator. These calculators are important because they help the trader to determine how much he should have in order to deal at a particular leverage, currency, etc to make profits.
Virtual Private Server (VPS):
It is available on request. It is free only to VIP account holders. Other account holders who wish to enjoy VPS services will have to pay a monthly fee of $25.
Commissions & Spreads
“PaxForex offer tight spreads on their tradable assets. The higher the account type, the lower the spread.
The table below shows some of the trading instruments and their minimum spread at time of writing.
SYMBOL MINIMUM SPREAD SYMBOL MINIMUM SPREAD
CURRENCIES SPOT METALS
EUR/USD
0.4
Gold
60
GBP/USD
0.5
Silver
50
USD/CHF
0.6
SHARES
USD/JPY
0.6
#Apple
35
AUD/CAD
1
#Cisco
5
AUD/CHF
1
#Facebook
50
AUD/JPY
0.8
#Google
105
AUD/NZD
2
#Intel
8
AUD/USD
1.2
#Microsoft
25
CAD/CHF
0.8
#Alcoa
10
CAD/JPY
1
CRYPTOCURRENCIES
CHF/JPY
1
BTCUSD
95
EUR/AUD
1
ETHUSD
9
EUR/CAD
1
XRPUSD
0.016
EUR/CHF
1
EUR/GBP
1.5
EUR/JPY
2
EUR/NZD
1
GBP/AUD
3
GBP/CAD
3
GBP/CHF
1.5
GBP/JPY
2
NZD/JPY
1
NZD/USD
0.8
USD/CAD
1
USD/SEK
30
EUR/SEK
40
USD/NOK
30
USD/DKK
20
EUR/SGD
7
USD/HUF
35
EUR/HUF
40
AUD/DKK
20
AUD/PLN
36
AUD/SGD
90
CHF/SGD
100
EUR/HKD
40
GBP/DKK
60
GBP/NOK
60
Bonus & Promotions
“PaxForex rewards clients with a 100% deposit bonus for deposits of up to $1,200”.
The 100% deposit bonus is a program designed to reward clients and also support them by increasing their trading capital. To activate the bonus, a deposit of $1,200 or above must be made into the trading account before any trade. The 100% bonus is credited after a request from the trader. The total bonus for one account is capped at $10,000 and the maximum bonus for per trader is $30,000. The bonus cannot be withdrawn because it is solely for trading purposes.
Customer 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”
The customer support desk can be reached 24/5 on any of the following channels:
Instant Web Chat: This feature can be accessed via the website.
Web form: A form titled “Ask your question” is provided on the ‘contacts’ section of the website. Fill the form and a support representative will respond by email or phone call.
Email: info@paxforex.com
Phone Number: +44 125 920 7457
Fax: +44 844 507 0446
Social Media: The following social media channels are available:
Facebook.com/PaxForex.Best.Forex.Broker
Twitter.com/PaxForex
linkedIn/Paxforex-broker
instagram.com/pax_forex
youtube.com/PaxForex
Telegram/paxforex
The social media channels are active, and the Facebook support channel has to be singled out for its exceptional speed. It took a support representative only 25 seconds to respond to a chat session when it was initiated. Emails are responded promptly. The customer care attendants are knowledgeable and eager to assist. They are friendly which makes communication easy.
Research
“Trading research on Paxforex comes in the form of an economic calendar, VPS and forex calculators.”
The following resources are available for trading research.
The forex market economic calendar:
This is provided on the website. It is a calendar of important global financial events that are likely to affect the prices of tradable assets. It is a tool used for fundamental analysis. Click on any calendar event to show its details including history and even charts.
Daily technical analysis: This comes up every weekday on the website. The PaxForex analytics department picks a trending instrument and analyzes it from the graphs and timelines. Traders are advised on how to trade with entry points, stop loss and take profit prices.
Daily fundamental analysis: This is a piece of daily fundamental analysis that looks at the key indicators of the day. It also suggests trade setups dependent on the outcome of the data releases and indicators.
Trader Education
“Trader education on Paxforex is very basic. The website has lessons on Forex basics. A glossary of trading terms is also provided.”
The following training resources are available on the PaxForex website:
Forex basics: This comprises of a series of articles written in order to introduce forex trading to a newbie. It consists of 17 lessons covering forex terms, analysis, technical indicators, forex strategies, charts, trend lines, etc. There are other lessons on CFDs, Buffet strategy and infographics.
Glossary: This is an alphabetically arranged list of forex trading terms and terminologies with their detailed explanations. About 220 terms are defined in the glossary.
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.”
PaxForex has designed its services supposedly with every kind of trader in mind, but facilities are best suited for beginners. When specifying account types, the broker advises traders to start with a mini account to test the broker services and later move on to VIP account. New traders are advised to take the lessons provided on the website, and then proceed to demo account for practices. After demo trading, the new comers are encouraged to open a Cent account which has minimal risks and an opening balance of only $10. This is perfect for them to experience live trading without much risk.
Daily analysis and the use of any trading style such as scalping, hedging and the use of expert advisors are all encouraged.
However, PaxForex’s offering may not appeal to intermediate and advanced traders, as there are other brokers out there who provide a more extensive selection of resources than what is obtainable atPaxforex.
FAQ
Here are some of the “Frequently Asked Questions” about PaxForex:
Where is PaxForex based?
The PaxForex brokerage firm is based in St. Vincent and the Grenadines.
How does PaxForex make money?
PaxForex makes money primarily by charging from the spread.
How do I deposit in PaxForex account?
The payment options accepted are: Neteller, Skrill Bank transfers, Credit/Debit Cards like Mastercard and Visa card, PerfectMoney, WebMoney, QIWI, FasaPay, Bitcoin and Ethereum.
What is the min. deposit for PaxForex?
The minimum deposit is $10 for the ‘cent account’ type.
What is the maximum leverage in PaxForex?
The maximum leverage is 1:500 for all account types
How do I open an account with PaxForex?
Click on the ‘open trading account’ button located at the top of every webpage on the website.
Does PaxForex use MetaTrader?
Yes, the MT4 is available.
Conclusion
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. There is a conscious attempt at promoting gradual transition from demo trading to real money trading using accounts that require very little minimum capital. With a paltry sum of $10, trading can commence. 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. Perhaps with further improvements, it can become a global brand in the near future.
Here are some of the main features of trading with PaxForex:
Premium liquidity from 6 partners resulting in tight spreads and virtually no requotes.
The provided MT4 platform supports automated trading with robots.
Multiple account types which include accounts suitable for limited trading capital.
Trader assistance via market analysis, education and dedicated account managers.
