PaxForex Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- MT4
- FSA
- 2008
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- MT4
- FSA
- 2008
Our Evaluation of PaxForex
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
PaxForex is a broker with higher-than-average risk and the TU Overall Score of 3 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by PaxForex clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
PaxForex is a universal broker for active trading, which is perfect for manual trading and use of classic strategies without using scalping technologies.
Brief Look at PaxForex
The PaxForex brokerage was incorporated in 2010. The company provides classic OTC (over the counter) trading services to both novice and professional traders. The PaxForex team consists of former professional traders who rely on technological developments that allow them to successfully compete with other European brokers. The broker's trading toolkit is represented by currency pairs, CFDs (contract for differences) on stocks and metals, and cryptocurrencies. The company operates under the jurisdiction of Saint Vincent and the Grenadines Islands (SVG FSA).
- availability of cent accounts;
- relatively small spreads;
- expert assistance and support to create your own affiliate network.
- a commission charged for each withdrawal. The broker does not charge his commission, but also does not cover the costs of the trader;
- technical limitations when working with advisors;
- work according to the hybrid A-Book/B-Book scheme;
- no investment programs;
- offshore regulation, no insurance fund.
TU Expert Advice
Financial expert and analyst at Traders Union
PaxForex.com is a company that ranks in the middle position in the European market. PaxForex does not have any unique products or services that distinguish the company from its competitors, but overall, the trading conditions and order execution technology gives a rewarding experience. It works with global investment banks, which proves that PaxForex has a good reputation among its partners (liquidity providers).
PaxForex offers trading in classic Forex instruments on the familiar MetaTrader 4 platform.
The main focus is on the speed of order executions; slippages are relatively rare. The advantage for novice traders is cent accounts, where you can practice strategies and study the platform's functionality.
The company's website is convenient and it promotes trade and partner offers frequently, while urging you to compare various investment options. All of the above advantages of PaxForex allow us to recommend the broker as a reliable partner for traders at any level of trading experience. It is also worth admitting that PaxForex has been included in the Traders Union rating of Forex brokers for the last few years.
PaxForex Summary
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| 💻 Trading platform: | МТ4, All pips |
|---|---|
| 📊 Accounts: | Demo, Cent, Mini, Standard, VIP |
| 💰 Account currency: | USD, EUR, GBP (USD for the cent account) |
| 💵 Replenishment / Withdrawal: | WebMoney, Neteller, Skrill, Perfect Money, FasaPay, Bitcoin, bank cards, bank transfers |
| 🚀 Minimum deposit: | From $10 |
| ⚖️ Leverage: | Up to 1:500 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 (0.0001 for the сent account) |
| 💱 Spread: | From 0.4 pips |
| 🔧 Instruments: | Currencies, assets of stock and commodity markets, cryptocurrencies |
| 💹 Margin Call / Stop Out: | 10%/5% (55%/20% for cent account) |
| 🏛 Liquidity provider: | Credit Suisse, Barclays, Deutsche bank, Goldman Sachs, UBS, and Merrill Lynch |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Instant execution, Market execution |
| ⭐ Trading features: | Cryptocurrency trade available |
| 🎁 Contests and bonuses: | Yes |
PaxForex trading conditions are attractive to novice traders with a cent account with a minimum deposit of $10. The leverage is the same for all account types, 1:500. The stop-out level is 5% for all accounts, except the cent account.
PaxForex Key Parameters Evaluation
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Trading Account Opening
Before you start earning, register on the Traders Union website for free to receive your automatic rebates! Then go to the broker's website using the partner link.
How to register on the PaxForex website:
Click the “Register” button on the main page of the broker website.
Enter personal information, including telephone and e-mail. The code will be sent to your phone along with the verification link to your email.
The following is available in your PaxForex Personal account:
Other useful functions and features of the Personal account:
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work with trading platform;
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access to the training materials and videos;
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personal manager;
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affiliate program statistics.
Regulation and safety
Information
The PaxForex broker operates under the jurisdiction of Saint Vincent and the Grenadines Islands.
This broker is monitored by that official regulator; therefore it is assumed that it is accountable and responsible to its clients and will fulfill its obligations.
Advantages
- Provided with SSL system (Cryptographic Secure Communication Protocol)
Disadvantages
- Offshore regulator
- Complicated trader Complaint system
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Cent | From $2.4 | Yes (system’s commission) |
| Mini | From $14 | Yes (system’s commission) |
| Standard | From $4 | Yes (system’s commission) |
| VIP | From $4 | Yes (system’s commission) |
There is a swap commission (charged for shifting transactions to the next day). Also, the analysts at the Traders Union inspected the PaxForex trading commissions, and observed that each broker was assigned an appropriate level from low to high.
| Broker | Average commission | Level |
|---|---|---|
|
$6.1 | |
|
$1 | |
|
$8.5 |
Account types
PaxForex broker offers several types of accounts designed for different audiences of traders. There are cent accounts for novice traders, standard accounts, and accounts for institutional clients as well as an option to trade stocks.
Types of accounts:
It is also possible to open a demo account, where you can get acquainted with the broker's trading conditions and platform without risking any capital.
Deposit and Withdrawal
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PaxForex brokerage fulfills requests for withdrawal of clients' funds without any restrictions on the number of requests.
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There are several options for money replenishment or the withdrawal of funds: WebMoney, Neteller, Skrill, Perfect Money, FasaPay, Bitcoin, bank cards, and bank transfer.
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PaxForex does not charge a commission for withdrawing funds, but there is a commission on payment systems to be paid by traders.
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The minimum withdrawal amount for all electronic systems is $10, for bank cards it is $15, for bank transfers it is $100.
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Withdrawals are completed and finalized within 24 hours for electronic systems, for other options it could take up to 7-14 days.
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Withdrawal and replenishment currencies are EUR, USD, and GBP.
Investment Options
PaxForex broker promotes the classic active trading thread because of the absence of many investment programs.
Important!
If you are a large investor and plan on investments over $ 10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
PaxForex affiliate program
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IB-representative. Both an individual and a legal body can be a representative. Kinds of cooperation: СРА (fixed profit amount for each client attracted; $600 on average) and profit interest (up to 80% of the spread for each transaction made by the referral).
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Regional representative. An offer for legal entities for PaxForex brand promotion. Remuneration depends on the activeness of the referrals attracted.
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White label. An offer for legal entities that are ready to develop their own business under their own brand on the PaxForex platform.
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Return on the spread. The form of a partnership agreement, providing for the partner to return a part of his trading costs to the referral.
Customer support
Information
The broker's Customer Support service is available for each trader 24/5.
Advantages
- Competence and professionalism of managers
- Multilingual support
Disadvantages
- Customer Support is not open on weekends
There are several ways to contact Customer Support:
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by phone, as indicated on the website;
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via fax;
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via email;
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via chat on the broker’s website;
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using a questionnaire on the website in the "Contacts" section;
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using contacts on social networks.
Support is available on the broker's website and in your Personal account.
Contacts
| Foundation date | 2008 |
|---|---|
| Registration address | Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines |
| Regulation | FSA |
| Official site | paxforex.org |
Education
Information
Several sections have been created on the PaxForex broker's website. They are full of fundamental informational education and support for novice traders who don’t have very much trading experience, but it is often used by professional traders, too.
The information presented on the PaxForex.com website can be used to develop trading systems (strategies).
Comparison of PaxForex with other Brokers
| PaxForex | RoboForex | Pocket Option | Exness | IC Markets | Forex4you | |
| Trading platform |
MT4, MobileTrading, MultiTerminal, Allpips | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, cTrader, MT5, TradingView | MT4, MobileTrading, MT5 |
| Min deposit | $10 | $10 | $5 | $10 | $200 | No |
| Leverage |
From 1:100 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:10 to 1:2000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0.3 points | From 0 points | From 1.2 point | From 1 point | From 0 points | From 0.1 points |
| Level of margin call / stop out |
10% / 5% | 60% / 40% | 30% / 50% | No / 60% | 100% / 50% | 100% / 20% |
| Execution of orders | Instant Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution |
| No deposit bonus | $7 | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | No | Yes |
Detailed Review of PaxForex
The PaxForex company is part of the “Liano Group” financial corporation, which provides services in the European Forex market. PaxForex is registered under the jurisdiction of Saint Vincent and the Grenadines(SVG FSA), and also has offices in the UK and other countries. The broker is a universal classic company providing CFD trading services, including cryptocurrencies.
These are a few other interesting conditions by PaxForex trading:
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the minimum deposit is $10;
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the leverage is up to 1:500;
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withdrawal of deposits is completed in about 7 minutes.
PaxForex is the best broker for novice traders
PaxForex is a classic broker providing standard services on the Forex market. The broker's team is focused on the technological development of the order processing system and the electronic pricing system. The broker's IT infrastructure is deployed in leading data centers in London (Equinix LD4) and New York (Equinix NY4). PaxForex servers are connected to the servers of the largest exchanges and liquidity providers via optical fiber networks. Quotes update three times per second which guarantees traders with the best execution prices.
PaxForex has only MetaTrader 4 in its toolkit. That is a disadvantage since this version of the platform does not have a full-fledged depth of market and does not allow assessing the depth of the market. Per contra, it is one of the most popular platforms on the Forex market. For these and other reasons, PaxForex is convenient and intuitive for novice traders.
Useful services offered by PaxForex:
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pip value calculator. It allows you to calculate the pip value depending on the currency pair, the currency of the trading account, and leverage;
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economic calendar. It provides information about the fundamental events that may affect quotes.
Advantages:
relatively limited spread for individual trading assets;
it is possible to trade major cryptocurrencies (BTC, ETH, LTC, XRP); and
multilingual support for over 50 countries.
There is no information on the PaxForex website about any restrictions on the use of risk, hedging instruments, or trading advisors.
User Satisfaction