Hi, I have read about your case and I have an account with PaxForex myself but I did waive the bonus due to their conditions. I never had a problem with my withdrawal requests. I did ask them about their bonus conditions and here is what they have told me. I think every trader should read the terms and conditions very carefully in order to avoid such problems.
Trying to answer to your problem, I looked at their terms and conditions for the bonus and found out that if you want to withdraw all of your profit there is a minimum number of trades that needs to be done. Also, they specifically mention that:
Forex Deposit Bonus Conditions - PaxForex
6. In Case the client wishes to withdrawal amount which is more than 40% of deposit amount, it will consider as a cancellation of Forex Deposit Bonus Promotional.
7. A client has a right to decline the FOREX Deposit Bonus program of PaxForex. In this case (s)he can withdraw sums from his/her account without any limitations and restrictions, and the FOREX Deposit Bonus and Profit will be written off the account.
I have talked to them on live chat and here is my conversation.
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17:30Vlad V: Thanks for coming into live chat. Please feel free to ask me any questions you need; note that I am chatting with several other customers as well, so my responses may be delayed. I will be with you as soon as possible.
17:30Vlad V: Hello. How may I help you?
17:30Paul: I have a question about your bonus
17:31Vlad V: Yes, sure
17:32Paul: I would like to make a $300 so I would get a $300 bonus correct?
17:33Vlad V: Yes, it is correct
17:34Paul: Alright, let's say I make a $200 profit but have not met the lot requirement yet. Will I be able to request a withdrawal?
17:36Vlad V: Sir, in that case you will be able to withdraw funds after makind the required volume of lots, even after period needed.
17:36Vlad V: So, your bonus will be written off and
17:36Paul: alright, but if I would need to make a withdrawal would I be bale to do so without making the lot requirement?
17:36Vlad V: and all you need is just complete volume of lots needed.
17:38Vlad V: After 2 months or before?
17:38Paul: can you give me both scenarios?
17:39Vlad V: Before 2 months - in that time you aren’t allowed to withdraw a sum which exceeds your Forex Profit more than 40% of your deposit amount.
17:40Vlad V: After 2 month - you can withdraw initial deposit and profit which is 40% of deposit.
17:40Paul: so if I make a $300 deposit I can only request a $120 withdrawal no matter how much money I have earned?
17:41Vlad V: Within 2 months - yes, sure
17:42Paul: and after 2 months I can request to withdraw my initial deposit and all my profits even if I have not met the lot requirement?
17:44Vlad V: In that case, you can request initial deposit and the profit in the amount of 40% of your initial deposit.
17:46Paul: so if I make $200 in profits I would have a total of $800 in my account. After two months if I have not met the lot requirement I can request a total withdrawal of $380 (My initial deposit of $300 plus 40% of my $200 profits which would be $80)?
17:47Vlad V: 40% of your initial deposit, sir
17:48Paul: but you said the profit in the amount of 40%
17:49Paul: so I can request all my profits plus 40% of my initial deposit?
17:51Vlad V: Not exactly, sir - you can request withdraw profit in the amount of 40% of your initial deposit
17:52Vlad V: For example, you have deposited: 300 Before completing bonus deposit conditions you can withdraw no more than: 120$ (40%) within two month and 420 (300 + 120) after two months.
17:53Paul: no matter how much I made in profits I can only withdraw $420 until I make the lots?
17:54Vlad V: Yes, you are absolutely right, sir
17:55Paul: ok, thank you
17:55Paul: why do you have those rules?
17:55Vlad V: You are welcome!
17:56Vlad V: We allow our clients to lose the bonus amount which is real company funds. The company invests into the client’s strategy and most clients lose funds while only few like you make profits. When that happens the company records a loss, but when clients generate profitable trades it helps to give bonuses to other clients. Overall the company does not have a profit from the bonus. Rules are needed to ensure bonuses are provided to other traders like you.
18:01Vlad V: Do you have additional qustions, sir?
18:01Paul: no, that is all. thanks for your time
18:02Vlad V: You're very welcome! Feel free to contact us back anytime. Have a good day!
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