PaxForex Review 2019

Regulated By:Not a regulated broker

Foundation Year:2010

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

Min Deposit:$10

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  • 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.

    Top User Reviews

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    Alex Alex
    5/5
    Reliability:
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    Better than expected

    I have been trading with them on standard account for almost 3 months good spread and services

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