PaxForex Review 2020

5.0

By 2 User Reviews

Regulated By:SVGFSA

Foundation Year:2010

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

Min Deposit:$10

Open Account

Your Capital is at Risk

Jitan Solanki

Last updated: Jul 01, 2020

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“PaxForex offers users the ability to trade commission-free on more than 120+ financial CFD instruments covering Forex, Stocks, Indices, Cryptocurrencies and Metals on the MetaTrader 4 platform for Windows PC and Android/iOS mobile trading apps.”

PaxForex was founded in 2010 and is a trading name of Laino Group Limited which is a company based offshore in the St. Vincent and the Grenadines and as such is not licenced or regulated by a financial regulator.

The broker offers access to four core trading accounts called Cent, Mini, Standard and VIP, as well as Islamic swap-free and demo trading accounts. Each account offers commission-free trading with spreads and swaps varying depending on the account type.

Users can trade on 120+ financial CFD instruments covering Forex, Stocks, Indices, Cryptocurrencies and Metals on the MetaTrader 4 trading platform for Windows PC, Android and iOS mobile trading apps.

Clients can also access a wide range of trader research and education tools in the form of Forex Calculators, Education Guides and Videos, Forex News, Daily Trading Analysis and Fundamental Analysis via its blog. The customer service desk is open 24 hours a day, 5 days a week via live chat.

Pros:	Cons:
Commission-free trading available. Can trade on MetaTrader 4 for Windows desktop and Android/iOS app. Large range of research and educational resources.	Unregulated and company based offshore. No mention of segregated client funds in Terms and Conditions.

General Information

Official Site:https://paxforex.com

Demo:Open Demo Account

Regulated By:SVGFSA

Foundation Year:2010

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

Min Deposit:$10

Max Leverage:1:500

Publicly Traded:No

Deposit Options:Credit Card, Cryptocurrencies, FasaPay, Moneybookers, Neteller, PerfectMoney, QIWI, Skrill, Webmoney, Wire Transfer

Withdrawal Options:Credit Card, Cryptocurrencies, FasaPay, Moneybookers, Neteller, PerfectMoney, QIWI, Skrill, Webmoney, Wire Transfer

Tradable Assets:Currencies, Commodities, Stocks, Crypto

Trading Platforms:MT4

Commission on Trades:No

Fixed spreads:No

Trading Desk Type:ECN, No dealing desk, STP

OS Compatibility:Desktop platform (Windows), Desktop platform (Mac)

Mobile trading:Android, iOS

Accepts US Clients:No

Rate PaxForex

Investor Protection & Regulations

“PaxForex is an International Business Company in St. Vincent and the Grenadines and as such is unregulated.”

PaxForex is an International Business Company in St. Vincent and the Grenadines and as such is not licenced or regulated. There is also no mention of client funds being segregated from company funds in the broker’s Terms and Conditions document.

Tradable Products

“PaxForex offers users the ability to trade on more than 120+ financial CFD instruments covering Forex, Stocks, Indices, Cryptocurrencies and Metals.”

PaxForex offers users the ability to trade on more than 120+ financial CFD instruments covering Forex, Stocks (USA), Indices, Cryptocurrencies and Metals, with a larger range of exotic currencies.

Below is a list of just some of the CFD instruments available for trading:

Forex	Stocks	Indices
AUDNZD	Cisco	ASX200
EURUSD	Intel	CAC40
GBPJPY	Microsoft	SP500
CADCHF	Metals	Cryptocurrencies
AUDDKK	Gold	BTCUSD
USDMXN	Silver	ETHUSD
USDTRY		XRPUSD

* Details regarding the available assets are taken from the PaxForex website and trading platform and are correct at the time of this review.

Trading costs such as spreads and overnight funding (swap) rates vary depending on the instrument being traded and account type opened and are covered further down this review.

Account Opening

“PaxForex offers four account types called Cent, Mini, Standard and VIP. They also offer Islamic swap-free accounts and demo trading accounts.”

PaxForex offers four account types called Cent, Mini, Standard and VIP which all come with different features and benefits. All accounts are commission-free with just spreads and swaps payable and access to maximum leverage of 1:500, as shown below:

The Mini, Standard and VIP account can be funded in USD, EUR and GBP. The higher minimum deposit accounts have the best spreads with the lowest minimum deposit on the Cent account of $10. Users can only trade Stocks on the Standard or VIP account.

To open an account, users simply need to click on the Open Trading Account button on the broker’s homepage to start the registration process. The account opening procedure can be done in three steps with the first step requiring name, email, telephone number and address with an SMS verification process of your telephone number.

To comply with anti-money laundering rules, users will need to verify their identity and proof of address.

Deposit & Withdrawals options

“PaxForex offers a variety of deposit and withdrawal methods which include credit card, debit card, bank transfer, Neteller, Skrill, Perfect Money, WebMoney, QIWI, FasaPay, Bitcoin and Ethereum.”

PaxForex offers a variety of deposit methods and passes on card processing or electronic payment fees to its clients unless above $300. The broker lists all of the available options and fees on its website, as the sample shows below:

The minimum withdrawal amount is 10 USD and must be made to the same name as the person who deposited funds. There are a variety of withdrawal methods with some fee-free and some fee-based, as shown in the withdrawal section of the broker’s website below:

Web & Desktop Trading Platforms

“PaxForex offers users the ability to trade on the globally-recognised MetaTrader 4 trading platform for Windows PC. There is no Web Trader option available.”

PaxForex MetaTrader 4 Trading Platform

Users can download the globally-recognised MetaTrader 4 trading platform for Windows PC desktop download and enjoy the following features:

Trade on multiple asset classes
One-click trading option available
View 30+ technical trading indicators
View multiple chart types and timeframes
Access multiple order types
Run Expert Advisors for automated trading

The PaxForex MetaTrader 4 desktop platform is covered in more detail in the video review with a screenshot of it shown below:

Mobile Trading Platforms

“PaxForex offers users the ability to access the MetaTrader 4 mobile trading app for Android and iOS operating systems.”

PaxForex offers users the ability to access mobile trading on the go from MetaTrader 4 mobile trading app for Android and iOS operating systems. The app download links can be found on the broker’s website, or in the Google PlayStore or Apple AppStore.

The PaxForex MetaTrader 4 mobile trading app offers the following features:

30 technical indicators
Full management of trading accounts
Multiple order types
Price alerts and market news
Real-time price quotes

The PaxForex MetaTrader 4 mobile trading app is covered in more detail in the video review.

Trading Features

“PaxForex does not provide any additional trading features beyond what is offered in the MetaTrader 4 trading platform such as access to the MQL4 database to download custom made indicators and expert advisors.”

Commissions & Spreads

“Trading with PaxForex is commission-free with just spreads and swaps (overnight charges) payable.”

Trading with PaxForex is commission-free. The spread and overnight fees can be found directly in the trading platform and on the website. The broker also provides the minimum and typical spread information for its different tradable asset classes on its website.

Below is a list of some markets and the minimum and typical spread offered trading with PaxForex.

PaxForex Forex Trading

PaxForex Stocks Trading

PaxForex Metals Trading

Bonus & Promotions

“Due to no regulatory restrictions, PaxForex does provide bonus and promotion offers, such as the 100% Loyalty Deposit Bonus.’’

Due to no regulatory restrictions, PaxForex does provide bonus and promotion offers. The 100% Loyalty Deposit Bonus means the broker will match your deposit over $1,200 which increases the leverage for your trading which can increase the wins and also the losses.

Bonus and promotion offers are subject to change.

Customer Support

“PaxForex offers customer support 24 hours a day, 5 days a week via phone, email, online live chat and contact form.”

PaxForex offers customer support 24 hours a day, 5 days a week via phone, email, online live chat and contact form. After logging into the online live chat facility we were greeted by a customer service agent within a few seconds who answered the question well, as shown below:

Contact Information:

Address: Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines
Email: info@paxforex.com
Phone:
- +44 2035040303
Social Media:

Research

“PaxForex provides access to trader research in the form of an Economic Calendar, Forex Calculators, Forex News, Daily Trading Analysis, Fundamental Analysis, a Blog and analysis via Telegram.’’

PaxForex provides access to trader research in the form of an Economic Calendar, Forex Calculators, Forex News, Daily Trading Analysis, Fundamental Analysis, a Blog and analysis via Telegram. Users can access these research tools directly from the broker’s website, as shown below:

Trader Education

“PaxForex provides access to educational tools through Education Guides and Educational Videos covering a variety of different topics.”

PaxForex provides access to educational tools through Education Guides and Educational Videos covering a variety of different topics such as Trading Strategies, Social Trading, MT4, Stocks, Technical Indicators and more. Users need to register to unlock the videos.

The Education Guides and Articles page offers information on different topics such as What is Forex Trading?, Types of Analysis, Strategy, Forex Charts, Pending Order and more. The Forex trading courses are available online to view and also cover a wide range of trading topics.

Trading Experience

“PaxForex provides a simple trading offering to trade commission-free on 120+ financial CFD instruments on the globally-recognised MetaTrader 4 trading platform.”

From our observations, PaxForex provides a simple trading offering to trade commission-free on 120+ financial CFD instruments covering Forex, Indices, Metals, Cryptocurrencies and Stocks (USA).

Users can trade from the globally-recognised MetaTrader 4 trading platform for Windows PC and Android/iOS mobile apps, from four core trading accounts which provide access to leverage of up to 1:500 but have varying minimum deposits.

FAQ

Is PaxForex regulated?

No.

Where is PaxForex based?

PaxForex is based at Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines.

How does PaxForex make money?

PaxForex makes money mainly through spreads and swaps on certain asset classes.

How do I deposit in PaxForex account?

Funds can be deposited into a trading account via credit card, debit card, bank transfer, Neteller, Skrill, Perfect Money, WebMoney, QIWI, FasaPay, Bitcoin and Ethereum.

What is the min. deposit for PaxForex?

The minimum deposit is $10.

How do I withdraw money from PaxForex?

Withdrawals can be made via credit card, debit card, bank transfer, Neteller, Skrill, Perfect Money, WebMoney, QIWI, FasaPay, Bitcoin and Ethereum.

What is the max leverage in PaxForex?

The maximum leverage offered by PaxForex is 1:500.

How do I open an account with PaxForex?

An account can be opened at the click of a button on the PaxForex website and can be done in just a few steps.

Does PaxForex use MetaTrader?

Yes, MetaTrader 4.

Conclusion

PaxForex was founded in 2010 and is a trading name of Laino Group Limited which is a company based offshore in the St. Vincent and the Grenadines and as such is not licenced or regulated by a financial regulator.

The broker offers access to four core trading accounts called Cent, Mini, Standard and VIP, as well as Islamic swap-free and demo trading accounts. Each account offers commission-free trading with spreads and swaps varying depending on the account type.

Users can trade on 120+ financial CFD instruments covering Forex, Stocks, Indices, Cryptocurrencies and Metals on the MetaTrader 4 trading platform for Windows PC, Android and iOS mobile trading apps.

Clients can also access a wide range of trader research and education tools in the form of Forex Calculators, Education Guides and Videos, Forex News, Daily Trading Analysis and Fundamental Analysis via its blog. The customer service desk is open 24 hours a day, 5 days a week via live chat.