ParagonFx.com Review

Hi All,

To clear a few things up to everybody, Paragon FX is no longer accepting US retail clients. We are only dealing with institutional level clients at the time due to new U.S. regulations.

We were sad to see our U.S. retail clients go, and wish them good luck and good trading always.

For anybody who qualifies as an Eligibile Contract Participant please visit our website and contact us for all of your trading needs.

Kind Regards,

Basil Fayadh
Managing Partner
Paragon FX

First I have to say, it's interesting how the previous reviewer, Peter Dawson, of the UK, in his LIST of things he finds impressive about Paragon FX, notes "Swap free accounts for Islamic clients." Peter Dawson doesn't seem like he's from an Islamic country etc. I opened a demo acct with Paragon FX and the MT4 did not have proper functions (little back data on charts). When I wrote to ask about this and a couple other things, they did not even respond to me. They responded to me once, at 1st, before I opened the demo and then never again after that.

I was with another broker that went under and they transfered some accounts to ParagonFX.com.

While I never actually traded with them I was very impressed and happy with the way they dealt with the return of my money.

As I was realizing my account was with ParagonFX the rules for Forex trading changed and ParagonFX shifted to institutional trading.

I was just very relieved and pleased to get the money returned and the help I received even as a client by a series of bad events....none of the bad events were due to ParagonFX's.

Read the reviews and thought they might be worth a look, but there is virtually no information on their web site. Nothing about software platforms, spreads, margin, fees, min deposit, etc.

I have been trading a small live account with ParagonFX for several months. I have always received excellent customer support, and some of the best spreads, pricing, and order execution that I have experienced.

Recently, I received word of a business decision made by ParagonFX to exit the retail market. To quote from their message:
"Dear Valued Trader, Paragon FX regrets to inform you that due to the change in regulation we are going to discontinue our retail business effective end of day OCTOBER 11TH 2010. ..."
The message goes on to say, "Paragon FX values all traders/clients. Due to the (Dodd-Frank) law and the rapid expansion and growth of Paragon FX, we are taking steps to better our product offerings. With this, some of the steps will require us to follow laws that are being implemented in the US. Unfortunately, for Paragon FX to continue doing business we can no longer accept or have retail accounts."

Since I am a retail customer, this means that my account will be closed and the money returned to me. I truly feel a loss at this decision.

I wish ParagonFX well in its ongoing business with institutional and well-qualified clients. I hope to be able to trade with them again some day.

Regards,

Bill

I have recently signed up to Paragon..

In summary...
Customer service - very helpful
Free VPS with commercial network services (as long as account >$2500) - real bonus
Spreads - competitive and they are adding more liquidity all the time.
ECN broker
Not regulated - BUT account held separately at Chase Manhattan bank which IS regulated.
Execution - INSTANT - i.e. everything done WITHIN the second.
No commission based service as yet but they are considering adding this.
Swap free accounts for Islamic clients.

Overall - VERY impressed

If they offer a commission based service I will be even happier :)

I don't really have anything "negative" to say about them...

Can you get lower spreads elsewhere... I dare say you can.. especially if you get a commission based broker.

However.... Free VPS (low latency), Instant execution, based in NY - (where a good chunk of the liquidity providers are based!) and helpful customer service make up for the lack of commission fee structure for me.

Great services provided by Paragon FX. Paragon FX provides promptly and fast technical support to resolve any issues. Fast order execution time.

Dear Forex Peace Army,

I feel the need to leave 1 more post in regards to comments on the forum. Reviews were left from the same location, but not by the same people. We also provide FX education for traders (yes some of them are former clients and friends) and I asked them to leave reviews as I thought it would help our company on this forum, that I have been a member of for quite a while. Apologies for coming off as a review "spammer" as that was not our intention. I ask all of our clients to leave reviews, so hopefully they will after they have had any dealings with us in the future.


In response to your inquiry regarding compliance, Paragon FX is compliant with all pertinent laws dictated by the SEC. It was designed as a technology provider and ECN to institutional liquidity at major liquidity providers (top tier banks), and follows the laws of the State of New York (where we are incorporated) as well as Federal U.S. regulations. We do not house customer funds, nor do we provide ANY counterparty transactions to our clients.

In short, we are truly looking for the best for our customers, and will not leave anymore reviews from our main office location. Apologies for the confusion on our part and happy trading.

Kind Regards,

Basil Fayadh

The proprietor of ParagonFX called me to clarify some concerns, and I am happy to say that the mysteries are solved and ParagonFX appears to be legitimate enterprise in NYC.

Mr Fayadh recently acquired the ParagonFX.com domain from a defunct talent agency, to go with Paragon-FX.com domain, which Mr Fayadh has operated since March. The failure of website links is probably due to the incomplete duplication of the first website to the new domain.

Mr Fayadh described his liquidity pool and primary banking relationships for his ECN model, so this too sounds sincere and credible so far. He certainly understands traders' concerns and disappointments. I will give his shop a spin and will report results if relevant. He didn't dodge me and is readily accessible.

In response to Dave from California,

Paragon FX is a full service ECN brokerage located in New York City at 80 Broad Street Suite 609 NY, NY 10004 Telephone 212-504-2975 which is listed on the website. We recently bought the domain paragonfx.com, as our previous domain had a "-" in it. I used to reside in Westlake Ohio a long time ago, which may be where a mailing address is popping up or something to that effect. I have been in the FX markets for 10 years in New York, and have worked not only retail, but for top tier institutions and FCM's. We are incorproated in New York, and do not IB for anybody else. I welcome all to sign up for a demo account, or even call to make an appointment to come visit us at our offices in Manhattan.

Hope this clears things up for you Dave,and we will send you a demo account within 24 hours after we receive the request.

Kind Regards,

Basil Fayadh
Managing Director
Paragon FX