|Forex, indices, commodities, shares, cryptocurrencies, ETF’s and bonds|
PaxForex is an online Forex broker that has been operational in the industry since 2011. Based in Saint Vincent and Grenadines, they have grown across several major markets to include an extensive range of Forex currency pairs and CFDs trading in stocks, spot metals, and cryptocurrency.
PaxForex is a MetaTrader broker, featuring the MT4 trading platform and a variety of accounts for traders to choose from. This level of flexibility has proven attractive to traders over the years, who have enjoyed freedom to trade through accounts which match their budget and experience levels. PaxForex was founded by a group of like-minded professional Forex traders.
Broker Locations and PaxForex Regulations
PaxForex is operated by the Laino Group Company, registered and headquartered in Saint Vincent and Grenadines. This is a popular location for many financial operations and forex brokers of a similar stature.
PaxForex provides its range of trading services to users around the world. Its traders come from more than 200 countries and although the broker website states that the services are not aimed at US or Japan based traders, a company representative confirmed to us that accounts are available to residents of all countries.
The flexibility which PaxForex provides in this regard is likely made possible due to the fact that they are based in Saint Vincent and Grenadines and so are unregulated by any financial authority. This may be a point which concerns some potential traders who wish to trade with a major forex broker regulated by one of the recognized financial bodies such as CySEC or ASIC.
These regulatory bodies are among the most respected in the industry and around the world. They provide a sense of security and transparency to traders. With that said, non-regulation also has the benefits of increased flexibility in terms of account opening and the PaxForex deposit bonus which would otherwise be unavailable to traders.
News from the company also states that they are in the process of becoming regulated by the IFSC of Belize. A timeline for this process, however, has not been confirmed. Regulation in such an emerging hub would still allow PaxForex to preserve much of its current flexibility.
PaxForex Financial Instruments
PaxForex broker offers trading in various markets to an impressive degree, which guarantees a sufficiently broad range of choices to traders of all levels both in terms of volume and experience. This broker particularly excels when it comes to forex currency pairs. PaxForex offers a total of 60 Forex currency pairs. This is a number on the same level as major brokers like FXTM, and is expansive beyond what many other Forex brokers tend to offer.
This offering is inclusive of all the major forex currency pairs you would expect to see from any broker such as EUR/USD, GBP/USD, and USD/JPY. The markets also include both minor and exotic pairs such as EUR/MXN and USD/TRY. Many of these are pairs which traders will struggle to find through other forex brokers, and thus, this creates a strong point of attraction for PaxForex.
Beyond the Forex currency pairs, PaxForex offers you the opportunity to trade in metals, shares, and cryptocurrency CFDs. Silver and Gold are available in spot metals trading, as well as Ripple, Ethereum, and Bitcoin CFD trading in the cryptocurrency market.
PaxForex also offers share CFDs trading from some of the largest publically traded companies in the world with very competitive spreads. The share trading options include a total of 42 international brand names, listed on both the NASDAQ and New York Stock Exchange.
PaxForex Spreads, Leverage, and Account Conditions
PaxForex offers a range of account types with something available to suit all kinds of Forex traders. These account offerings include the Cent Account, Mini Account, Standard Account, and PaxForex VIP Account. These help the broker cover a broad range of demographics in terms of trader appeal. The PaxForex Cent Account is ideal for industry newcomers who wish to get a feel for learning to trade forex. This account features a minimum deposit of just $10, and spreads starting from as little as 2.4 pips.
Graduating to the Mini Account, spreads drop to as low as 1.4 pips with a 1:500 leverage and minimum deposit of only $100. This allows for maximum potential to become engaged in many markets for casual traders. The recommended Standard Account type features ultra-competitive spreads from just 0.4 pips on major currency pairs. This represents some of the best value in the sector from a forex trader’s perspective.
Finally, the PaxForex VIP Account is ideal for professional forex traders who are accustomed to trading in higher volumes or frequency. The account features the same great spread value and leverage of as much as 1:500 as well as a free VPS on request. The minimum deposit required to open a VIP Account is $10,000.
All PaxForex trading accounts operate on a commission-free basis. This allows Forex traders to focus their efforts on trading, rather than be concerned about incurring trading fees.
PaxForex deposit methods are varied. These include credit or debit cards, bank transfers, and a host of other methods including Neteller, Skrill, Perfect Money, Web Money, QIWI and FASAPAY. Cryptocurrency deposits are accepted in the form of Bitcoin or Ethereum.
PaxForex withdrawal methods are the same as the available deposit methods and all can be utilized to process withdrawals from the broker. These withdrawals are often quickly processed within one working day, regardless of the method selected.
All deposit and withdrawals with PaxForex are free of charge from the broker side. The only fees levied are those charged by your financial institution. PaxForex will also reimburse these fees for deposits over $300, with the exception of bank transfers.
There are also swap fees, as is standard with all Forex trading brokers, although PaxForex attempts to keep these as minimal as possible. Swap free accounts are also available to traders who require them upon request. PaxForex also does not charge any other fees, such as inactivity fees. These are commonly charged by other major brokers, so it marks another positive for traders who decide to open their forex trading account with PaxForex.
Unlike many major forex brokers who are regulated more stringently by CySEC in the EU, PaxForex is unregulated and so is able to provide a deposit bonus. This bonus is a 100% deposit bonus, which is applied to deposits over $1200 and paid over the course of one-year. The first bonus payment is released to the traders account immediately upon clearance of their deposit. This is an excellent way to get started in trading forex.
PaxForex Trading Platform
PaxForex is a MetaTrader broker. This means they offer one of the most respected platforms in the industry, MT4. The MT4 platform is offered in its traditional desktop format, and is also available on mobile devices through the MT4 mobile trading platform.
MetaTrader 4 continues to be one of the most respected forex trading platforms in the industry and represents what many view as the pinnacle of forex trading platforms. For more than a decade, MT4 has been a leading example of a robust, highly efficient, and user-friendly platform for forex traders. None of this has changed with PaxForex.
MT4 desktop trading is a visually basic, but technically powerful platform. The platform displays all of the necessary charting information clearly in the central console and each chart is highly customizable. MT4 provides access to a plethora of indicators and professional charting tools, more than most other trading platforms. The ordering process is also concise, and access is provided to more advanced traders who wish to implement automated trading strategies via the Expert Advisors function.
On mobile, the platform is equally impressive. The MT4 app is compact and allows for easy access to all your trading positions, and features the same high volume of professional tools and streaming news services. You’d be hard-pressed to find another Forex trading platform with any broker that is so professional yet lightweight.
PaxForex Customer Service
As with any top Forex broker review, PaxForex has showcased a range of options available when it comes to customer support. Specifically, forex traders can access support by phone, email, or web-based live chat on the broker website. Current and potential traders with PaxForex can make use of these methods on a 24/5 basis, and can expect to have all their questions answered with helpful and pertinent information.
In addition to these contact options, the broker also provides a helpful FAQ section which features in-depth answers to many of the most commonly asked questions.
PaxForex Education and Research
PaxForex also presents a strong offering when it comes to educational infrastructure and trading research tools for the forex market. All traders can benefit from the provision of a comprehensive forex education course which guides them through the entire Forex market, covering many of the important basics of forex trading along the way.
The broker also has an educational and research-based blog available which not only provides information for new traders, but also market analysis and technical information for more experienced traders to help increase their chances of engaging in successful forex trading.
Aside from the detailed blog and fundamental analysis provided by their in-house team of forex professionals, PaxForex also features a very easy to use, and detailed economic calendar charting all of the important upcoming economic events, and a useful calculator to ensure traders always remain aware of their position when engaged in the forex market.
PaxForex Review Verdict
- Multiple trading account options are available which can cater for all traders regardless of experience or budget levels.
- Provision of one of the most respected trading platforms in the industry, MetaTrader 4.
- Great accessibility with just a $10 minimum deposit to get started.
- Some of the most competitive spreads in the sector, starting at just 0.4 pips.
- Commission-free trading is available on all account types.
- The minimum deposit on the VIP account is relatively high at $10,000.
- Lack of a respected regulatory authority may be difficult for some traders to accept.
- Traders may like to see more than just the MT4 trading platform available.
Is PaxForex a scam broker?
Absolutely not. PaxForex has been active in the forex industry for the best part of a decade. It has provided top-level service to forex traders since 2011 and continues to operate in the most transparent fashion. This trust from users is confirmed by the many user reviews which report positive experiences from both past and current traders.
What is the minimum deposit required to open a PaxForex account?
The minimum deposit required to open an account with PaxForex is $10. This is sufficient to open a Cent Account with the broker. The minimum deposit varies on other account types between $100 – $10,000 depending upon which account option from Mini, Standard, and VIP Account is selected.
Can U.S. residents open an account with paxforex?
Yes. U.S. residents are entitled to trade with PaxForex.
Is PaxForex a regulated broker?
PaxForex is based in Saint Vincent and Grenadines. Although it is not regulated by any major financial body it is a registered company and operates within strict business guidelines as imposed by those regulations. This regulatory situation also uniquely allows them to offer deposit bonuses and leverage of up to 1:500 which other forex brokers cannot offer.