PaxForex Review

Regulated by: FSA

Headquarters: Saint Vincent and the Grenadines

Ranking: 17

Spread: As low as 0.4 pips for EURUSD

Leverage: 500:1

Minimum Deposit: $10


PaxForex Review & Author's Comment

PaxForex was founded by a team of professional traders in 2010 and is registered in Saint Vincent and the Grenadines. The company’s owners have extensive experience as traders and dealers in the Forex, stocks, options and CFDs markets. They have gained their experience through working for the prestigious forex brokers for years in managerial positions.

The Broker provides traders the advantages to use an offshore forex broker with quick registration procedure, low trading fees and a high leverage of up to 1:500. Although PaxForex is regulated by any financial watchdog, it has become a praised forex broker among retail forex and CFD traders in recent years. The Broker owes these praises to its welcoming policy to accept traders from all over the world, including the United States.

PaxForex Account Types

PaxForex offers a variety of different account types to ensure that there’s something for every need, from the newbie traders to forex veterans. There are a total of four trading accounts types for the traders’ choice; Cent, Mini, Standard and VIP.

Cent: Cent accounts allow traders to execute trades with much lower contract size. Thus, it is recommended for newbie traders to train and improve their trading without staking a lot of money. PaxForex requires at least $10 for Cent accounts, though, $100 is suggested. Spreads begin at 2.8 pips for this type of account. The maximum leverage for Cent accounts is 500:1 and clients can use the private VPS service for a monthly fee of $25.

Mini: This account is intended for new forex traders just like the Cent account. A minimum deposit of $10 is expected but the suggested deposit amount is $500. Spreads go down as low as 1.4 pips. Accounts are available in USD, EUR and GBP and maximum leverage is 500:1. Margin call and stop-out rates are set at 10 percent and 5 percent respectively and traders can opt for swap-free account on request, plus all other features listed under Cent account.

Standard: Required minimum deposit for a Standard account is $2,000 deposit amount. However, PaxForex suggests an initial deposit of $5,000. Spreads start at 0.4 pips for this type of account and traders also are offered free training services. The minimum volume lot is set at 0.1, and traders are also assigned to personal account manager in addition to the entire services provided for Mini account.

VIP: VIP account is intended for veteran and risk-taker forex traders. This account comes with the lowest trading fees and direct access to their own dedicated Account Manager via phone, live chat or email. It requires a minimum deposit of $10,000. However, the broker recommends a minimum deposit of $50,000. The VIP account traders can benefit from VPS services for free along with all the other services that are provided under the other account types.

In addition to the account types mentioned above, PaxForex offers swap-free accounts for clients of Muslim beliefs who cannot earn or pay any interest due to Sharia law.

PaxForex Customer Support

PaxForex clients can access customer support through a variety of options including phone, email or live chat. All of these methods are available for 24/5 and competent to respond to the inquiries from existing and future clients with the most useful and accurate information.

The broker also provides a helpful FAQ section in addition to these contact options which features comprehensive answers to many of the most frequently asked questions.

PaxForex Trading Platforms

PaxForex provides the industry’s most commonly preferred trading platform, MetaTrader 4. The MT4 platform is available in its traditional desktop format, as well as on mobile devices via the MT4 mobile platform.

MetaTrader 4 remains one of the industry’s most successful forex trading platforms, and is viewed by many as the pinnacle of forex trading platforms. MT4 has been a highly effective, and user-friendly platform for forex traders for more than a decade. To PaxForex none of that has changed.

The MT4 desktop version is a platform which is visually simple but technically powerful. The platform allows traders to utilize a plethora of charting tools and technical indicators without any extra fee. Traders who wish to automatize their trading strategies can also make use of Expert Advisors (EA).

PaxForex Withdraw and Deposit Methods

PaxForex clients can choose withdraw and deposit funds into their account through Wire Transfer, Credit / Debit Card, Neteller, Skril, OkPay, Qiwi, FasaPay, Perfect Money, WebMoney, UnionPay, Bitcoin, Ethereum and Uphold.

For most methods, the minimum deposit is either $10 or $30, but for wire transfer, which usually takes between 3 and 5 business days, the minimum deposit amount is set at $100. All methods, except Perfect Cash, OKPay, UnionPay and Neteller incur some kind of fee when you deposit and withdraw.

The minimum withdrawal is $10, but it is $30 for UnionPay and $100 for Wire Transfer and Credit / Debit Card.

PaxForex Trading Instruments

PaxForex offers trading services in forex, precious metals, company shares and cryptocurrencies. All major forex pairs, minors and various exotic currencies are available for investing. The spreads vary depending on the type of account that the client has selected.

The major pairs such as EURUSD, GBPUSD, USDJPY and USDCHF charge a spread of 0.3 pips to 3.0 pips depending on the account type. On the other hand, the spreads for minor pairs such as AUDJPY, EURJPY and GBPJPY change from 2.0 pips to 12 pips according to the account type.

Apart from forex pairs, PaxForex provides opportunity to speculate on Gold, Silver, Bitcoin, Ethereum, Ripple, Litecoin and company shares.

PaxForex Bonus and Promotions

  • 100% Loyalty Deposit Bonus – PaxForex doubles your margin for every $1200 deposit. This is a stackable bonus which means that you can activate the 100% for every deposit of at least $1200 with the condition that at least 31 days have passed following the previous deposit.
  • Other Bonus and Promotions – Various arbitrary bonuses and promotions such as 4th of July Independence Day Bonus, Labor Day Promo, etc…

Does PaxForex Accept US Clients?

Yes, PaxForex accepts clients from the US.

PaxForex Review Final Word

PaxForex is not regulated but follows a pro-customer approach with attractive trading conditions and superior client relations. Maximum leverage is 500:1 and spreads could lessen as low as 0.3 pips depending on the account type. Traders can invest in precious metals, company shares, cryptocurrencies in addition to forex pairs through the state-of-art MetaTrader 4 trading platform. A notable further benefit of PaxForex is the 100% Loyalty Deposit Bonus which doubles the client’s margin for every deposit over $1200. Along side all the other things being said, PaxForex is another off-shore choice for US clients who are in search of a forex brokers.


Broker Detail
Address: 1825, Cedar Hill Crest, Villa, Kingstown, St. Vincent and Grenadines
Phone: +44 203 504 0387
Web: http://www.paxforex.com
E-Mail: [email protected]
Regulator: FSA
Year Founded: 2010
Instruments
Forex:
Precious Metals:
Energy:
Soft Commodities:
Indices:
CFDs:
Stocks:
ETFs:
Bonds:
Options:
Cryptocurrencies: Bitcoin, Ethereum, Ripple, Litecoin
Account Options
ECN + STP Account:
Swap-Free Account:
Nano Account:
MAM / PAMM Account:
Demo Account:
Funding Methods: Wire Transfer, Credit / Debit Card, Neteller, Skril, OkPay, Qiwi, FasaPay, Perfect Money, WebMoney, UnionPay, Bitcoin, Ethereum and Uphold
Withdrawal Methods: Wire Transfer, Credit / Debit Card, Neteller, Skril, OkPay, Qiwi, FasaPay, Perfect Money, WebMoney, UnionPay, Bitcoin, Ethereum and Uphold
Customer Services
Live Chat:
24 Hours Support:
Languages: English, Russian, Portuguese, Chinese, Thai, Laotian, Arabic
Platforms
Supported Platforms: MetaTrader 4
Webtrader:
Mobile: IOS, Android
Trading
Leverage: 500:1
Spreads: As low as 0.4 pips for EURUSD
Minimum Deposit: $10
Fixed Spreads:
Automated Trading:
Hedging:
API Trading:
Negative Balance Protection:
Accepts Clients from the US:
Bonus:

PaxForex Review

PaxForex Review
  • 6/10
    Reliability - 6/10
  • 8/10
    Deposit & Withdrawal - 8/10
  • 7/10
    Bonus - 7/10
  • 9/10
    Customer Support - 9/10
  • 8.5/10
    Overall Trading Conditions - 8.5/10
7.7/10

Summary

Maximum leverage is 500:1 and spreads could lessen as low as 0.3 pips depending on the account type. It offers 100% Loyalty Deposit Bonus and accepts traders from the US.


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