Last update: 28 February 2020
14 min read

PaxForex Review

PaxForex
$10 Min. Deposit
N/A Bonus
Open account
Regulatory Body
SVGFSA
Trading platforms
MetaTrader 4
Customer support
Phone, Email, Live Chat, Fax, Skype, Call Back Request
Languages support
7
Num of instruments
110

PaxForex Review

In this review of PaxForex, we take a look at a trusted broker that provides clients with access to over 100 assets, including currency pairs, cryptocurrencies, stocks, and metals. Launched in 2010, and licensed in St. Vincent and the Grenadines, PaxForex has an excellent reputation with clients all over the world.

At PaxForex, you can trade via the popular MetaTrader 4 platform. This is an industry-leading forex trading platform that offers complete mobile compatibility. This makes this broker perfect for on-the-go traders.

Our PaxForex reviewers also discovered that the broker provides a range of account types, which can be opened with as little as $10. As such, PaxForex is suited to both beginner and experienced traders. Read our full broker review to learn more about what’s available.

Pros

  • ProMinimum deposit of just $10
  • ProLeverage of up to 1:500
  • ProBest broker for Introducing Brokers
  • ProAccount options for beginners and advanced traders

Cons

  • ConMany brokers offer more instruments

Company informationCompany information

PaxForex is the trading name of Laino Group Limited, an international business with offices in St. Vincent and the Grenadines as well as the United Kingdom.

Our PaxForex review team was happy to learn that the broker was founded by professional traders and investors, as this ensures the company has a firm understanding of everything you need to trade successfully. Moreover, PaxForex has now been welcoming clients for a decade, which serves as a testament to how reliable it is.

Paxforex welcomes traders from over 50 countries. Unfortunately, however, they do not accept clients from the USA, Germany, New Zealand, Japan or Canada at this time.

PaxForex regulation and licensingPaxForex regulation and licensing

As mentioned, PaxForex is a trading name of Laino Group Limited. Laino Group Ltd is registered with the Financial Services Authority (FSA) of St. Vincent & the Grenadines, under registration number 21973 IBC 2014.

In accordance with its regulation by the FSA, all client funds at PaxForex are stored separately from the broker’s operational funds. The designated client accounts are held at investment-grade European banks, all of which receive close monitoring.

Our PaxForex review 2020 also found that the broker is part of the Investor Compensation Program. This, paired with the segregated bank accounts, protects your funds in the case of insolvency. To keep this unlikely, PaxForex meets capital adequacy requirements that are similar to those of banks.

It’s worth noting that, whilst the SVGFSA is trusted, the regulatory body is less strict than other popular regulators such as the FCA and CySEC. Our PaxForex reviewers believe, however, that this isn’t concerning as the broker has a longstanding good reputation.


Opening an account with PaxForex:Opening an account with PaxForex:

Opening an account with PaxForex is a straightforward process that can be completed easily online.

What is the minimum deposit at PaxForex?

The minimum deposit at PaxForex is just $10, which is why our forex broker review team thinks that the broker is accessible to all traders. Should you open an account with a base currency other than USD, the minimum deposit is simply the equivalent of $10 in the currency you’ve chosen.

How to open an account at PaxForex

As mentioned earlier, creating a PaxForex account is completely digital. There are also clear instructions for this process on the PaxForex FAQ section.

Step 1. Select “Open trading account” at the top of the website.

Step 2. Enter your personal details, including full name, email, country, phone, city, and address, and then agree to the terms of service before selecting “next step.”

Step 3. Enter the SMS activation code you receive on your phone to verify your number.

Step 4. Click on the confirmation link you receive in your email to verify your email address.

Step 5. Select your account type and trading conditions of choice.

Step 6. Fund your account and begin trading.

During the registration and verification process, you will need to submit the following information.

  • Personal information – PaxForex requires clients to submit their first and last name, email address, country, phone number, city, and address.
  • Documentation – A copy of a government-issued ID card, such as a driver’s license or passport, and proof of address, such as a copy of a utility bill.PaxForex account types

During our research to review PaxForex online forex broker, we found that the broker offers five account types, including an Islamic account. All five account types have maximum leverage of 1:50. Aside from the Cent Account, all account types also have lot sizes of 100,000, margin calls of 10% and stop-outs of 5%.

The Cent Account is ideal for beginners as the minimum deposit is just $10 and the recommended deposit is $100. This account is only available in USD and offers a minimum volume of 0.0001 lots with a lot size of 1,000 and no maximum lot size. This type of account gives you access to forex and precious metal trading, but not share trading. The minimum spread is 2.4. Margin calls are at 55% and stop-outs are at 20%.

The Mini Account is the next step up, with a minimum deposit of $100 and a recommended deposit of $500. Available currencies include USD, GBP, and EUR. The lot size is 100,000 with a minimum lot volume of 0.01. Gold and silver are available for trading, but shares are not. There is a minimum spread of 1.4.

The Standard Account has a minimum deposit of $2,000 with a recommendation of $5,000. It offers the same base currencies and the minimum lot volume is 0.1. Standard Account holders also receive access to personal education, a personal manager, and the ability to trade shares. The minimum spreads are 0.4.

Our PaxForex reviewers recommend VIP Accounts for more experienced traders. This account type has a minimum deposit of $10,000 with a recommendation of $50,000. The only other differences from the Standard Account are the minimum lot volume of 0.01, priority execution, and free VPS by request.

Islamic accounts

Swap-free Islamic accounts are available for clients who open Mini, Standard, or VIP accounts. You can convert your account by contacting customer services.

Demo accounts

Our PaxForex review 2020 recommends that beginners try the free demo account using MT4. The free demo trading account allows you to practice trading without risking funds.

PaxForex trading costsPaxForex trading costs

Trading Fees*
Type of FeeCost
Minimum Order Size (lots per trade)0.1
Average Spread USDEUR (pips)0.8
Commission (%)0
Commission on Islamic Accounts (USD%)8**

Non-Trading Fees
Type of FeeYes or No
Inactivity FeesN
Deposit FeesY
Withdrawal FeesY

*Based on Standard account type.
**For 1 standard lot, USDEUR pair.

Trading fees

Trading fees on PaxForex are charged via spreads instead of commissions. The broker offers very competitive spreads, especially on Standard and VIP accounts. As an example, the minimum spread on EURUSD trades is 0.4 pips, and the average spread is 0.8. For Mini Accounts, this only increases to 1.4 and 1.8 for minimum and typical spreads. Cent Accounts have minimum spreads of 2.4 for the pair. While this is a higher spread, it is still lower than what many competitors offer, especially with such small lot sizes.

Financing/overnight rates

Our broker review team found that the PaxForex swap rates are also competitive and highly transparent. You can view all of this information on the Trading Conditions page of the website.

Deposit fees

Deposits made via Bitcoin, Ethereum, and Perfect Money do not incur fees and the only fee for deposits made via bank transfer is your bank’s commission. Deposits on credit and debit cards are free above $300, but lower amounts cost between 3.75 and 8.5%, plus $0.50. Neteller deposits cost 3.2 to 3.7%, plus $0.29 and fees for Skrill deposits are 2.9 to 3.9% + $0.38. Fees for WebMoney, QIWI, and FasaPay are 0.8%, 4%, and 0.5%, respectively.

Withdrawal fees

As with deposit fees, the withdrawal fees vary by method. Our PaxForex review team advises that you confirm the fee before selecting your withdrawal method. Withdrawals made via bank transfer will cost you whatever commission your bank charges, credit/debit card withdrawals cost 5.5%, and e-wallet withdrawal charges cost up to 3.9%. Cryptocurrencies are by far the priciest withdrawal option, costing 7% + 0.0006 BTC for Bitcoin, and 7% for Ethereum.

Non-trading fees

Our PaxForex forex broker review team was happy to learn that the broker does not charge inactivity fees. This is very rare among competitors, helping PaxForex to prove itself to be one of the best forex broker choices for beginners.

PaxForex payment methodsPaxForex payment methods

Between bank wire transfers, credit and debit cards, and various electronic wallets, most clients should find at least one payment method that they find convenient.

visamaster-cardskrillnetellerbank-transfer

Bank transfers take 3-5 working days to deposit, with a minimum deposit of $100. Withdrawals have the same minimum and are processed within 1 business day. After that, it may take your bank up to 7 more business days to credit the funds.

Credit and debit cards take up to an hour to process with a minimum deposit of $15. The same minimum applies for withdrawals and PaxForex processes them within 1 business day. It may take between 5 to 15 more days, however, for the withdrawal to appear in your account.

Neteller deposits take up to an hour with a minimum of $10. The same is true for Skrill/Moneybookers, Perfect Money, WebMoney, QIWI, and FasaPay. Withdrawals take up to 1 working day, with the same minimum limit.

Bitcoin deposits can take up to 1 day with a minimum of 0.01, while Ethereum payments can take the same amount of time with a minimum of 1. Withdrawals will also be processed within 1 working day and the minimum is $10.

During this Paxforex broker review, we discovered that all transactions made to PaxForex are secure thanks to the use of SSL technology and password encryption. PaxForex also never shares clients’ personal information with third parties.

PaxForex trading bonusesPaxForex trading bonuses

PaxForex offers a rotating selection of trading bonuses for all types of traders, which often include rebates and reduced spreads.

Aside from these, our reviewers also found that PaxForex offers big bonuses via it’s Introducing Broker program. Referred clients receive forex rebates and partners receive the highest commissions on the market, a custom IB partnership plan, a special personal area, deposit bonuses, branded marketing materials, 24/5 support, personal account managers, and transfers between the clients’ and IB’s accounts.

For Introducing Brokers with a larger client base, PaxForex also has a Master IB program with higher commissions and the chance to be a regional representative.

PaxForex also offers white label partnerships.

PaxForex trading platformsPaxForex trading platforms

PaxForex only offers one trading platform. This platform is, however, the industry-leading MetaTrader 4 so our PaxForex reviewers remain confident you’ll be able to trade comfortably.

MT4 is available for Android, iPad, iPhone, iOS, Mobile, PC, Multiterminal, Mobile, and PDA.

The MetaTrader 4 platform has a user-friendly interface and a customizable view. Clients can use line, candlestick, or bar charts with 9 timeframes and more than 50 indicators built-in, along with the ability to use more than one on a single chart. Advanced traders will appreciate the multi-chart setups and the support for automated trading.

For those that are happy to trade on a small screen, they will find the mobile version of MT4 very satisfactory. It is a stripped-down version of the desktop platform, yet it comes with all the main features you would need to monitor your account, the news and place trades.

The platform is available in dozens of languages, appealing to clients around the world.

What is the execution policy at PaxForex?

Regardless of your account type, PaxForex doesn’t limit your order volume. We can also praise this broker in our Paxforex review 2020 for its fast execution speeds and lack of requotes.

PaxForex employs a 5-decimal pricing system for all major currency pairs, aside from JPY pairs. This helps to reduce the amount you pay on spreads.

PaxForex markets and products

PaxForex offers a well-stocked portfolio of over 100 different instruments. This includes a wide range of forex currency pairs as well as cryptocurrency, stock and spot metal CFDs.

PaxForex Markets and Products
InstrumentNumber
Currency Pairs60
Cryptocurrencies4
Stocks44
Spot Metals2

Currency pairs

Our PaxForex review 2020 found that the broker prioritizes offering a nice selection of currency pairs, over other asset classes. They offer 60 currency pairs, allowing you to trade majors, minors, and exotics. The trading conditions of all forex pairs are clearly defined too, which means you can check out the minimum and typical spreads, swaps, and contract details with ease.

Cryptocurrencies

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

Stocks

The broker offers over 40 different share CFDs. This includes 6 NASDAQ listed companies, such as Apple and Google, as well as 38 NYSE listed companies. Ranging from Disney to Home Depot, this wide range of companies allows you to choose trades based on your interests.

It’s worth noting that trading shares has a margin requirement of 25%.

Spot metals

PaxForex allows you to trade gold or silver CFDs. 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.

Social trading

Unfortunately, there are no opportunities for social trading or copy trading. If you want something similar, however, this PaxForex forex broker review suggests using Expert Advisors in MetaTrader 4 for automated trading. To glean the element of social trading, consider using third-party Expert Advisors instead of your own.


PaxForex mobile compatibilityPaxForex mobile compatibility

If you’re always on the go, you’ll enjoy PaxForex forex broker for its mobile compatibility. The website is optimized for mobile as well as desktop devices. Additionally, the MetaTrader 4 platform is available for mobile devices, including iOS and Android.

This combination of compatibility allows clients to use PaxForex online broker from anywhere with an internet connection or via their smartphone’s data connection.

PaxForex research tools

Our PaxForex broker review found the expected research tools, such as an economic calendar and a forex calculator, as well as some additional tools that help separate PaxForex from the competition.

The forex calculators include a margin calculator and a pip calculator with more detail than those offered by many other brokers. You can also add multiple trading instruments to the calculators and adjust the account currency, leverage, trading instrument, and lots.

There is a section dedicated to daily fundamental analysis, with detailed articles posted regularly by the PaxForex experts. There is a similar section for daily forex technical analysis. You can sort this section by currency pair or choose to view it chronologically to get ideas of what to trade that day.

The forex blog on PaxForex includes research information as well as educational information and news. This is a great place to learn more about trading specific assets.

PaxForex education and trainingPaxForex education and training

Most of the educational material from PaxForex is designed for beginners, which should encourage readers of this PaxForex review who are new to trading.

The Forex Trading Course is particularly helpful for new traders and worth exploring. There are over a dozen topics covered including forex trading basics to creating a trading plan. If you’re a professional trader, you’ll also find more detailed guides that cover topics such as the Warren Buffet strategy. There are also related forex infographics, including related to demo accounts, creating a strategy, and forex orders.

Beginners will also appreciate the convenient forex glossary on PaxForex. It includes terms related to the forex market as a whole, as well as trading with PaxForex on MetaTrader 4 specifically. The FAQ section also has a quick overview of some basic concepts in forex, such as lots.

The previously mentioned blog also has plenty of educational material. There is a range of topics for all skill levels, including profitable scalping, commodity future contracts, convergence trade, and more. This is a great resource for intermediate to advanced traders looking to hone and expand their skills.

PaxForex customer supportPaxForex customer support

As you review PaxForex forex broker customer service, you will find multiple methods of contacting the broker’s team. There is a phone number with a UK country code for English-speaking support, as well as a fax number. Alternatively, you can request a callback from PaxForex.

If you prefer, you can also use the live chat feature on the PaxForex website or send an email to the relevant email address. You can also contact PaxForex via Facebook, Twitter, LinkedIn, Instagram, Telegram, or YouTube.

Support is available 24/5, which is why our reviewers gave PaxForex a higher than average support ranking.

PaxForex — Our verdict:PaxForex — Our verdict:

After completing our review of PaxForex forex broker for 2020, it is clear that this is a reputable broker with a good selection of assets. PaxForex also boasts competitive spreads, multiple deposit methods, and 24/5 customer support that is easy to contact.

PaxForex has also scored high in our reviewing process by being a regulated broker with a compensation scheme for client protection. This means you can rest assured you’re funds are secure at all times.

With the information from this PaxForex review 2020 in mind, consider opening a PaxForex account with $10 or more to start trading.

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