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 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.
“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.
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.
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.