PaxForex Review
4.3/5

PaxForex Review

✅ More than 100 Instruments
✅ Daily Technical Analysis of Forex
✅ Licensed by SVG FSA
✅ Best Broker for Small Depositors

Home » PaxForex Review
OverallCommissions & FeesLicensing & SafetyPlatforms & Tools
Points89879391
*To test the broker, we used our unique and detailed methodology, which assesses over 200 criteria points in 10 key areas.

OverviewFees and commissionsSafetyOpening an accountAccount typesTrading PlatformsMarkets and productsResearch toolsEducation and trainingCustomer supportOur verdict

Our expert review of PaxForex looks at a broker that’s been in business since 2010 and is licensed by the SVG FSA. The broker offers multiple account types to suit a wide range of trading needs and allows you to get started with as little as $10. You can trade forex, stocks, metals, and cryptocurrencies at PaxForex, via MetaTrader 4 which is also available on mobile devices. Paired with competitive spreads across asset classes, PaxForex is a great choice for low-cost, on-the-go trading.

Pros
  • Offers more than 100 instruments
  • Benefit from daily technical analysis of forex
  • Licensed by SVG FSA
  • Best broker for small depositors
Cons
  • Only authorized by one regulatory body

overall scores

In this review, you can find all the information you need to decide whether is the right broker for you. Our expert team has thoroughly explored the broker, using a tested methodology and scoring system. This process places importance on the things we know matter most to traders. Below you can see how scored in each of our high-priority categories.

PaxForex fees and commissions

Compared to other brokers, our review team found that PaxForex offers competitive trading and non-trading fees. The broker does not charge commissions, and you can benefit from tight spreads with a higher-tier account. PaxForex also charges no inactivity fees, putting it ahead of the competition, and, whilst some payment methods may incur charges, there are also multiple ways of making deposits and withdrawals for free.


Our experts have reviewed PaxForex’s fees based on how they compare with the fees of other reviewed brokers. For each broker, we analyze both trading fees and non-trading fees:

–      Trading fees are charged every time you place a trade. They include spreads, commissions, overnight and rollover fees, and currency conversion fees.

–      Non-trading fees aren’t directly related to trading, but you should consider them as they make up the cost of using a certain broker. They include payment fees and inactivity fees.

Below you will find a snapshot of the fees charged at PaxForex. Our experts have created these tables based on the fees applied to a standard account. We consider a standard account to be the one that will appeal to most traders, often not the cheapest option but not a premium option either.

Trading Fees*
TYPE OF FEECOST
Minimum Spread EURUSD (pips)
Commission (%)%
Commission on Islamic Accounts (%)%

*Based on Standard account type.

Non-Trading Fees
Account FeeN
Inactivity FeesN
Deposit FeesN
Withdrawal FeesN

PaxForex trading fees

The trading fees for PaxForex are competitive, especially if you upgrade your account to a higher tier such as Standard or VIP. As is common among brokers, the trading fees from PaxForex come in the form of spreads. None of the account types from PaxForex charge commissions.

The following list shows you what to expect as the minimum spreads when trading forex with PaxForex, based on account type:

  • EUR/USD from 0.4 for Standard & VIP, 1.4 for Mini, 2.4 for Cent Accounts, respectively
  • GBP/USD from 0.5, 1.5, 2.5, respectively
  • AUD/CHF from 1.0, 2.0, 3.0, respectively
  • NZD/USD from 0.8, 1.8, 2.8, respectively

The following are the minimum spreads for trading share CFDs on Standard or VIP accounts:

  • Apple from 35 (Typical: 55)
  • Cisco from 5 (Typical: 9)
  • Boeing from 40 (Typical: 55)
  • Coca-Cola from 8 (Typical: 10)
  • Twitter from 30 (Typical: 35)

The following spreads show you what to expect when trading spot metals:

  • Gold from 60 on Standard & VIP, 80 on Mini accounts
  • Silver from 50 on Standard & VIP, 70 on Mini accounts

The following are the typical spreads in USD for trading cryptocurrency CFDs with Standard or VIP accounts:

  • Bitcoin from 35
  • Ethereum from 3
  • Ripple from 3
  • Litecoin from 55

Financing/overnight rates

Our team appreciates the ability to review PaxForex swap rates on the instrument specification pages of the broker’s website. This is a nice contrast to many brokers who only display this information on the trading platforms.

Swaps are charged on all positions left open from 23:59:45 to 23:59:59 (server time) and are calculated as a percentage of the interest per year.  The following are some of the swap values you can expect on different instruments:

  • EUR/USD: -0.72 pips long / 0.09025 short
  • GBP/USD: -0.35 pips long / -0.26 short
  • USD/CHF: -0.45 pips long / -0.74 short
  • NZD/USD: -0.41 pips long / -0.31 short
  • All share CFDs: -1.3% long / -4.71% short
  • Gold: -11.5 USD long / -1.05 short
  • Silver: -7.2 USD long / -0.68 short
  • All cryptocurrency CFDs: -30% short / -45% long per annum

Non-trading Fees

PaxForex does not charge any inactivity fees, which is a rare but much-appreciated feature. This is particularly useful if you are a beginner who may not trade as regularly.

No matter your deposit method, PaxForex will not charge you any deposit fees, but your electronic payment system or card processor may. Fortunately, if you deposit at least $300 via a method other than a bank transfer, PaxForex will recover any fees your processor charges.

PaxForex also does not charge fees for most withdrawal types, except for credit and debit cards. In this case, there is a 5.5% fee and minimum withdrawal limit of $10. As with deposits, your payment processor may charge an additional fee for your withdrawal method. These fees are passed directly onto you. Our PaxForex review team appreciates that the broker lists the fees that you are likely to be charged by the processor, as this eliminates unpleasant surprises.


PaxForex safety

Our review of PaxForex can confirm that this is a safe forex broker to work with, as it is licensed and has a strong trading history. Whilst the SVG FSA is not considered to be a top-tier authority, many other factors provide confidence such as a good reputation amongst users and industry experts. We do wish that PaxForex explicitly stated more of its protective and safety measures on its website, however, as there is much that’s left unclear.

Pros
  • Licensed by the SVGFSA
  • <liSegregated client funds
  • Uses SSL technology
Cons
  • No details on investor compensation fund
  • The SVGFSA does not offer forex regulation

PaxForex licenses and regulation

Laino Group Limited is the company behind the trading name PaxForex. Laino Group Limited is registered with the Financial Services Authority in St. Vincent and the Grenadines (SVG FSA). It has the registration number 271973 IBC 2014.

Whilst Laino Group Limited is registered with SVG FSA, it is worth noting that the authority does not currently have any specific regulations for forex brokers. They do, however, ensure that international standards and best practices govern registered international financial services.

Is PaxForex safe?

Our review methodology considers several factors to ensure that all of our recommended brokers are safe and reputable. Alongside the number and strength of licenses, we also consider:

  • What protection and/or insurance PaxForex offers should something go wrong
  • PaxForex’s reputation, history, and management

PaxForex client protection

PaxForex does not offer any details on its client protection in case of insolvency. However, the broker makes it clear that it is part of an Investor Compensation Program, as mentioned in its FAQ.

Client Protection

CountryLegal EntityProtected Up ToRegulators
InternationalLaino Group LimitedNo Specific Protection ListedSVG FSA

PaxForex does also state that client funds are stored in segregated accounts that are spread among investment-grade European Banks that are monitored closely. This protects you in the event of the broker going bust, as they cannot use your funds for operational reasons.

Each PaxForex account type also comes with a specific stop out percentage and, after reaching out to customer service, our reviewers clarified that the broker does also offer negative balance protection.

PaxForex background and reputation

PaxForex has been in business since 2010, during which time it has weathered varying market conditions. This ability to handle economic downturns should provide confidence that the broker is here to stay.

PaxForex has maintained a strong reputation during its decade of history, without any major scandals tarnishing its name. Moreover, the Laino Group company owners are easy to locate via LinkedIn, which gives the broker another layer of transparency.


Opening an account with PaxForex

You will find it incredibly simple to create an account with PaxForex, as the process can be done entirely online. It should only take you a matter of minutes to open an account and submit your verification documents. Additionally, the minimum balance for opening an account is low, at just $10. This makes PaxForex incredibly accessible, especially if you are a beginner who doesn’t want to take huge risks.


Is PaxForex available in your country?

There are only a handful of countries that PaxForex does not accept clients from. According to the broker’s terms of use, these are:

  • The United States
  • Canada
  • Japan
  • Germany
  • New Zealand

No other countries are explicitly listed, leading to the assumption that as long you are not a resident of one of these five countries, you can open an account.

How to open an account at PaxForex:

The process of opening an account with PaxForex is completely digitalized. Our experts opened an account to conduct this review and were able to do so in less than five minutes. Follow these steps to register at PaxForex with ease:

Those who prefer to keep their accounts streamlined will also appreciate the ability to sign up via Facebook or Google.

What you will need to open an account

You will need to have the following documents and pieces of information available to fully open and verify your account. Collect these requirements ahead of time to make the process quicker:

  • Personal information – First and last name, phone number, address, country, and taxpayer ID number or something similar.
  • Regulatory information – The regulatory information required by PaxForex consists of the above personal information and the following documentation. Additionally, PaxForex does require you to physically sign an application.
  • Documentation – Proof of identity (a government-issued document that includes your photo, such as a passport) and proof of address (this must show your full name and postal address and be from within the past six months). If your documents are not in English, you will need to translate them and have them signed and stamped by the translator.

To open an account with PaxForex, you’ll need to provide proof of identity and proof of address. This process allows PaxForex to meet KYC (Know Your Customer) guidelines. KYC guidelines keep you safe and stop the broker from accidentally facilitating illegal practices, such as money laundering.

What is the minimum deposit at PaxForex?

The minimum deposit at PaxForex is just $10 for Cent accounts, although the broker suggests you deposit at least $100 for this account type. Minimum deposits for Mini, Standard, and VIP accounts are $100, $2,000, and $10,000, respectively. PaxForex recommends deposits of $500, $5,000, and $50,000 for these account types.

PaxForex payment methods

As you review PaxForex forex broker payment methods, you should have no problem finding one that meets your needs. The broker accepts a range of popular e-wallets, as well as international bank and debit cards. You can also fund your account with cryptocurrencies, or via localized services for your country. Cent accounts can only be set up with USD as the base currency, while all other account types can have USD, EUR, or GBP. If you are depositing in a different currency, you may be subject to an exchange fee.

Payment Methods

METHODDEPOSITING TIMEACCEPTED CURRENCIESDEPOSITING FEEMAX. DEPOSITWITHDRAWALWITHDRAWAL TIMEMINIMUM WITHDRAWALWITHDRAWAL FEE
Neteller1 hourEUR, USD, GBP, CHF3.2%–3.7% + $0.29 (min $1)Y1 business day$10N/A
Bank transfer3–5 business daysEUR, USD, GBP, CHFBank commissionYProcessed within 1 business day, 4–7 business days to arrive$100Bank commission
Credit and debit cards1 hourEUR, USD, GBP, CHF3.75%–8.5% + $0.5YProcessed within 1 business day, 5–15 business days to arrive$155.5% (Min $10)
Skrill / Moneybookers1 hourEUR, USD, GBP, CHF2.9%–3.9% + $0.38Y1 business day$101%–3.9% + $0.35
Perfect Money1 hourEUR, USD, GBP, CHFN/AY1 business day$102.5%
WebMoney1 hourEUR, USD, GBP, CHF0.8%Y1 business day$100.8%
QIWI1 hourEUR, USD, GBP, CHF4%Y1 business day$101%
FasaPay1 hourEUR, USD, GBP, CHF0.5%Y1 business day$100.5%
BitcoinDuring one dayBTCN/AY1 business day$107% + 0.0006 BTC
EthereumDuring one dayETHN/AY1 business day$107%

PaxForex account types

PaxForex boasts a range of four different account types, which means you should find one to suit you. These accounts come with similar features, although the higher tier you select, the tighter the spreads and the more assets you can trade. You must select an account type when you first register with the broker, however, our PaxForex reviewers found that you can change it easily later on.


Account Types

CENTMINISTANDARDVIP
Minimum Deposit$10$100$2,000$10,000
Max Leverage1:5001:5001:5001:500
Minimum Order Size0.00010.010.010.01
SpreadsFrom 2.4From 1.4From 0.4From 0.4
CommissionN/AN/AN/AN/A
Available Instrument TypesForex, Precious MetalsForex, Precious MetalsForex, Precious Metals, Cryptocurrency, SharesForex, Precious Metals, Cryptocurrency, Shares
Available Instruments6262100+100+
Trading PlatformsMetaTrader 4MetaTrader 4MetaTrader 4MetaTrader 4
Automated TradingYYYY
Execution TypeECN, STPECN, STPECN, STPECN, STP

Demo accounts

PaxForex offers a demo account, which is incredibly easy to set up. It offers you a chance to familiarize yourself with the MT4 platform, market movements, or trading forex in general. We strongly suggest that you use the demo account before trading real money, especially if you are a beginner.

Islamic accounts

Islamic accounts are available for Muslim clients in Mini, Standard, or VIP accounts. These accounts are swap-free, although PaxForex does apply a commission or settled financing charge. This is based solely on the lots traded and the asset traded, without any influence from the interest rate, so it remains Sharia-compliant.


PaxForex trading platforms

Our review of PaxForex notes that the broker only offers one trading platform, which is far less choice than at similar brokers. As this sole platform is MetaTrader 4, however, you are guaranteed a range of features and you can use it with Windows, Mac, iOS, Android, Windows Mobile, or PDA. You can also obtain a Multi-Terminal version for Windows.


PaxForex offers one trading platform. A trading platform is simply a software interface that allows you to place trades. Trading platforms often come with charting, research, and order processing tools too.

To ensure that we only recommend high-quality brokers, our reviewers have tried and tested each of PaxForex’s trading platforms. When doing so, they considered a range of factors, including how easy the platforms are to use, what features each trading platform offers, and how suited each platform is to different types of traders.

Trading Platforms

METATRADER 4
Instrument ClassesForex, Spot Metals, Crypto CFDs, Share CFDs
Number of Instruments100+
Number of Order Types4
Number of Indicators50+
Number of Drawing Tools24
Robots/EAsY
Social/Copy TradingY
DownloadableY
Browser CompatibilityN

MetaTrader 4

MetaTrader 4 is the sole trading platform available from PaxForex, but it is available in multiple versions, which helps PaxForex continue to appeal to a range of traders. MetaTrader 4 is commonly considered the industry standard and has a user-friendly interface that is perfect for beginners. It is also highly customizable and lets you use line, candlestick, or bar charts.

To conduct analysis, you can enjoy multiple chart setups, use as many indicators as you want on a single chart, and make use of its nine timeframes and over 50 built-in indicators. MT4 also supports automated trading, in addition to real-time data export with the DDE protocol. The platform can be set up in 24 languages.

The mobile version of MetaTrader 4 is fully functional and was specifically designed to work on devices with smaller screens and internal capacities. You can enjoy full graphical visualization, technical analysis, and even an offline mode. The application is safe and confidential, and it gives you full access to your trading history.

MetaTrader 4 MultiTerminal lets you manage multiple accounts simultaneously via a single platform. It is available in four languages and supports multi-asset trading, making it a popular choice for account managers. You also get all the classic features from MetaTrader 4, including complete and partial closing positions, news updates, and broker emails.

What is the execution policy at PaxForex?

PaxForex follows an ECN and STP execution policy, depending on how you set up your account. The broker considers the following best execution factors: price, costs, speed of execution, likelihood of execution, likelihood of settlement, size of order, and market order. The best execution criteria also include the characteristics of the client, client order, financial instruments, and execution venues.

When executing orders, PaxForex may act as the principal execution venue, or it may act as an agent with a third party serving as the execution venue. At all times, PaxForex ensures the provision of liquidity through six international banks; Credit Suisse, Barclays, Deutsche Bank, Goldman Sachs, UBS, and Merrill Lynch.

Although PaxForex does not share its execution speed, our testing and various client reviews have confirmed that it is fast, reducing the risk of requotes. VIP account holders receive priority execution.


PaxForex markets and products

When you trade with PaxForex, you will be able to trade forex, precious metals, stocks and shares, and cryptocurrencies. Only the first two of these are available on Cent and Mini accounts while all four asset classes are available on Standard and VIP accounts. With over 100 instruments, PaxForex offers plenty of opportunities for diversification in your trading strategies.


InstrumentNumber
Currency Pairs
Commodities
Precious Metals
Indices
Stocks and Shares
Cryptocurrencies
Options
ETFs

Currency pairs

With over 60 currency pairs to choose from, PaxForex allows you to trade majors, minors, and exotics. For forex, Cent accounts feature four-decimal pricing while Mini and Standard accounts have five-decimal pricing.

The range of currency pairs available on PaxForex allows you to take advantage of fluctuating conditions around the world in various ways. You will find that each USD, EUR, and GBP are paired with numerous other currencies, giving you multiple ways to trade your favorite currency, no matter how popular it is.

Precious metals

At PaxForex, you can trade gold or silver CFDs with margin requirements of just 1%. Our PaxForex reviewers were a little disappointed that there’s no option to trade platinum or palladium, which is possible at other leading brokers. The good news is that the spreads and swaps on spot metals at PaxForex are very competitive.

Stocks and shares

The broker offers over 40 different share CFDs. This includes 6 NASDAQ listed companies, such as Apple and Google, as well as 36 NYSE listed companies. Ranging from Disney to Home Depot, this wide range of companies allows you to choose trades based on your interests.

Share CFDs have pricing to two decimals, lot sizes of one, and minimum contract sizes of 10. The margin requirement is 25% for this asset class.

Cryptocurrencies

PaxForex is among the growing number of brokers that offer cryptocurrency CFDs for trading. This asset type has a margin requirement of just 20% and, thanks to the volatility of cryptocurrency, there is a great deal of potential for profit.

PaxForex gives you the chance to trade popular cryptocurrencies via CFDs. Of the 4 currencies available, Bitcoin is the most popular, but the ability to trade Litecoin, Ripple, and Ethereum too will be appealing to all crypto enthusiasts.

Cryptocurrencies are priced to two decimal places and have minimum contract sizes of 0.01. Lots for Bitcoin and Ethereum are 1, while those for Ripple and Litecoin are 100.

Social trading

Although PaxForex does not offer a social trading platform, experienced traders can join a copy trading program. This allows you to profit even further from your knowledge and successful trades. The copy trading program works with Expert Advisors, Master Traders, and Robot Trading. To start copy trading at PaxForex, open a regular account and attract clients. You’ll then earn a commission for each completed copied trade.


PaxForex research tools

Our review of PaxForex finds that this forex broker truly excels when it comes to research tools and resources. To help you to increase your profits, the broker offers a detailed forex calculator, trading news, forex analysis, fundamental analysis, an economic calendar, and more. You can also benefit from VPS service at PaxForex. This is $25 per month for regular clients, and free of charge if you hold a VIP account.


Research Tools
News (from top-tier sources)N
Trading Signals and IndicatorsN
Trade IdeasN
Expert AnalysisN
Autochartist ToolsN
Sentiment ChartsN
Economic CalendarN

News

PaxForex offers news on their blog page. Although this is updated often, it’s worth noting that this is more focused on trends and opinion pieces than at other brokers. If you’re looking for market updates, however, you can find these on the Daily Technical Analysis page

Trading signals and indicators

You can benefit from a wealth of trading signals and indicators at PaxForex via the MetaTrader 4 platform. All formats of the trading platform support the use of trading signals and Expert Advisors (EAs), which means that there’s almost no limit to what you can use.

Trade ideas

At PaxForex, trade ideas are supplied daily. You can check out both the Daily Technical Analysis and Daily Fundamental Analysis pages for insights on the markets, as well as clearly outlined trading ideas. The articles on specific assets tell you when to place a trade and the recommended position. In many cases, there are even multiple trade ideas depending on the market conditions and the performed technical analysis.


PaxForex education and training

PaxForex comes complete with a wide range of educational content and resources, to ensure that beginner traders are properly supported. Our reviewers were happy to find PaxForex offers a comprehensive multi-lesson course, as well as dozens of educational videos divided into convenient categories. There is also a glossary and a blog filled with educational articles, both of which are accessible without logging in.


Educational Features
Demo AccountN
Platform Tutorial VideosN
Educational PDFsN
Live WebinarsN
YouTube VideosN
Trading AcademyN
Trading GlossaryN

Platform tutorial videos

Head to the educational video section of PaxForex, and you will find more than enough MetaTrader 4 tutorials. These teach you everything you need to know about using the platform so that you can get off to a flying start even with no previous experience. In addition to a highly descriptive and detailed video on MT4 Mobile, there are nine other videos on MetaTrader 4.

These videos range from a basic introduction to using charts. Other topics include opening and closing trades, downloading the platform, opening an account, automated trading, risk management tools, and pending orders.

Educational PDFs

Although PaxForex doesn’t offer any downloadable PDF guides, there’s a vast selection of educational articles for you to explore. These can be found in both the Trading Tools section and the broker’s Forex Blog. Blogs and news articles are posted almost daily, and they include a range of educational topics for all skill levels. The blogs are an excellent educational resource that we encourage you to take advantage of.

Example topics include Proven Forex Trading Strategies That Work in 2020Forex Day Trading Systems, Strategies, and Tips – For Beginners to Advanced Day Traders, and How to Trade the GBP/USD.

That small selection alone showcases how these educational articles appeal to all skill levels. There are nearly limitless articles in this area, as you can access archives which date as far back as 2012.

YouTube videos

PaxForex has dozens of educational videos for clients to watch. Most videos are locked until you register, however you can review a selection before deciding whether PaxForex is for you. If you do decide to begin the PaxForex video course, there is a progress bar that shows you how many videos you have watched to track your achievements.

Below, we’ve given some examples of what kinds of videos are available in each section:

  • Forex Trading – 16 videos on a range of topics, such as economic analysis, open trade, close trade, support and resistance, online trading, and leverage trading.
  • Market Analysis – 11 videos including economic analysis, key economic data, trends, technical analysis, trading news and events, and downward trends. The 10 videos on
  • Trading Psychology – Videos include fear of loss, solutions, position management, money management solutions, and risk management.
  • Trading Strategies – 10 videos which cover day trading, news trading, carry trading, swing trading, trend trading, classic chart pattern trading, and technical indicator trading.
  • Social Trading – 5 videos discussing copy trading guidelines, choosing a signal provider, and copy trading strategies.

There are also nine videos on MT4, eight on Stocks, six on CFDs, three on Managed Accounts, eight on Technical Indicators, one on MT4 Mobile, and 10 on Crypto Trading.

Trading academy

Our PaxForex review team strongly appreciates the trading course that the Forex broker offers, as this is a great tool for beginners. You must log in to access the course, but it is completely free for all account types.

The trading course is divided into 10 sections, and covers a range of topics, such as the basics of forex trading, learning forex, support, and resistance, trend lines, types of analysis, market hours, currency trading for dummies, demo accounts, forex charts, making a forex strategy, CFDs, and Warren Buffet’s trading strategy.

If you are a new trader you should have plenty to gain from nearly all of the above topics, while even if you are an experienced trader there are lessons to learn in the last two or three sections.

Trading glossary

You can easily review PaxForex’s extensive forex terms glossary. This glossary is alphabetized with drop-down menus, to make finding relevant definitions as easy as possible. Each term comes with a short, clear description.


PaxForex customer support

Both existing clients and our PaxForex broker review team agree that the broker offers high-quality customer support options that you can count on. Support is available 24/5 via email, live chat, phone, fax, and various social media pages. The inclusion of fax support is becoming increasingly rare, giving PaxForex a strong advantage if you prefer that method.

Pros
  • 24/5 support
  • Support via phone, fax, email, contact form, Skype and live chat
Cons
  • Limited FAQ section

To save you the time, we have listed all of PaxForex’s customer support options below:

  • Live chat
  • Phone: +44 2035040387
  • Fax: +44 (0)844 507 0446
  • Email: [email protected]
  • Contact form
  • Office address: Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines
  • Skype, Facebook, Google+, Twitter, LinkedIn, YouTube, Instagram, and Telegram

To get an accurate broker review, we contacted PaxForex’s customer support as clients and read client reviews of their own support experiences. It was acknowledged that the broker’s support is consistently friendly and knowledgeable, as well as quick to respond.

For added support, both Standard and VIP accounts receive personal managers. This provides a convenient contact point, so you do not have to worry about dealing with multiple different PaxForex team members.

PaxForex does have an FAQ section, but it is somewhat thin. There are only a dozen or so questions, although all of the answers are useful.

PaxForex mobile compatibility

As we reviewed PaxForex, we tested the broker on a variety of devices. Our team confirmed that the forex broker is ideal for on-the-go traders as, while most brokers only support mobile apps for Android and iOS, MT4 for PaxForex is also available for Windows Mobile and PDA.

The entire PaxForex website is viewable via a mobile device too and offers full functionality. You can register, review your account, deposit, and withdraw from wherever you may be.


PaxForex – Our verdict

Following extensive research for our review of PaxForex, our team can conclude that this is a trustworthy forex broker which is perfect for beginners. A low minimum deposit for Cent account applicants means you needn’t even invest much to get started, and you’ll definitely benefit from the free demo account and wide range of educational materials too.

The wide range of instruments, in different asset classes, gives you opportunities to diversify your portfolio and the trading fees are low compared to other brokers. PaxForex’s good reputation is also encouraging, as is the fact that you’re protected by an Investor Compensation Program and several risk management tools.

Put your new knowledge of PaxForex to use by opening an account today.

Final Summary
Minimum Deposit (USD)
Licenses
Max. Leverage
Client ProtectionN
Broker Type
Number of Instruments
Currency Pairs
Stocks
Cryptocurrencies
CFDsN
Proprietary Trading PlatformN
MT 4N
MT 5N
Mobile CompatibleN
Research ToolsN
Educational MaterialsN
Payment Methods
24/5 Customer SupportN
Live ChatN

PaxForex information

Risk Disclaimer: PaxForex offers CFD products. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Our methodology: This review of PaxForex has been created using accurate data and unbiased facts. To test the broker, we have used our unique and detailed methodology, which assesses over 200 criteria points in 10 key areas. This guarantees that all of our reviews are fair and extensive.

We update our methodology and our reviews regularly. Methodology updates are made so that new broker features and products are taken into consideration. Review updates ensure that all the information we provide is current and correct.


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Frequently asked questions (FAQ)

Is PaxForex regulated?

Whilst the broker is licensed by the SVG FSA (Financial Services Authority) in St. Vincent & the Grenadines, this body does not offer forex regulation. Fortunately, our PaxForex review team discovered that the SVG FSA does ensure many of the same conditions that other regulators ask for, including segregated accounts.

Is PaxForex a scam?

No, PaxForex is not a scam, as it is licensed and has a strong reputation and history. To help provide further confidence, PaxForex is registered with an Investor Compensation Program and all accounts come with a range of risk management systems and tools. In comparison to other brokers, this meets industry standards.

What is the minimum deposit at PaxForex?

The minimum deposit at PaxForex is just $10 for Cent accounts, $100 for Mini accounts, $2,000 for Standard accounts, and $10,000 for VIP accounts. The low limit for Cent accounts, paired with a free demo account option, makes PaxForex a great option for budget traders or beginners.

Does PaxForex charge commission?

No, PaxForex does not charge commissions. Instead, they charge spreads, which is the difference between the bid and ask price. Islamic accounts, however, do charge commissions due to their lack of spreads. The commission fee (or settled financing charge) is based on the lots traded and the asset traded, without any influence from the interest rate. This helps it to remain Sharia-compliant.

What PaxForex account types are there?

PaxForex offers Cent, Mini, Standard, and VIP accounts to appeal to all experience levels and trading volumes. You can also apply for an Islamic account and all clients can open a demo account completely free of charge. This allows you to try PaxForex without committing any real cash.

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