Frequently Asked Questions
PaxForex is a trading name of Laino Group Limited, which is not regulated by any authority, but registered by (FSA) Financial Services Authority in St.Vincent & the Grenadines Registration Number 21973 IBC 2014 1825.
However the St. Vincent and the Grenadines Financial Services Authority (FSA) does not issue any licenses to carry on the business of FOREX Trading or Brokerage or Binary Options Trading nor does the FSA “Regulate, Monitor, Supervise or License” International Business Companies (IBCs) which engage in such activities.
PaxForex introduces a variable minimum deposit based on the account type.
- Cent account: the minimum deposit is $10
- Mini account: the minimum deposit is $100
- Standard account: the minimum deposit is $2,000
- VIP account: the minimum deposit is $10,000
PaxForex does offer Islamic (swap-free) accounts.
Instead of swap, a settled commission is applicable on Islamic accounts and it bases on the asset traded and the amount of lots only, not on the interest rate.
The procedure of opening a new account with PaxForex is pretty straightforward.
- 1. Click on the "Open trading account" in the site header
- 2. Fill the personal data form
- 3. Enter the SMS activation code
- 4. Click the confirmation link from email you've received
- 5. Choose the account type and the conditions which you prefer