PaxForex Review

Have been with them now for about 5 years (demo account) and several months (live account) and there has never been any issue whatsoever. My account manager is always very friendly and co-operative and doesn't put one under pressure like others do. Their spreads are maybe a bit wider than elsewhere, but other advantages make up for that. Unless you're an M1 scalper, heartily recommended !

im trying to access my demo account and cents account to this broker. i cant access it and it say not secure. and later found out that this broker has been seized by the FBI.
too late i cant withdraw my live cents account.

I decided to try Pax after getting a call from an account manager to take them up on their "special" for no commissions if depositing >$300 into a mini account. Spreads were supposed to be "from .8" on majors. The deposit was quick using bitcoin (less than 30 minutes). I apply an indicator in charts before I start trading to check for conditions. I then notice their spreads on EU were 45, GU 60, etc. No where near "from .8). I did not make any trades to check slippage, but I can assume that would be horrendous as well. I immediately requested a withdrawal via bitcoin for the money I deposited. They said it takes "24 hours" to process. I have used 5 brokers in the last year and not one takes 24 hours to process a bitcoin withdrawal. Then, when asking online in IM, the guys says it can take up to 48 hours! During this time, I did not receive one confirmation email about the withdrawal. I have asked over and over for the email and they keep saying to request the withdrawal again. It has been 21 hours since my original withdrawal request. I seriously doubt I am going to see my money ever again. And regardless of that, you should not use a broker who has such HUGE spreads. There will be no way for you to make any money with them. You have been warned.

The withdrawal was successfully submitted. And the account support replied to my emails and even the contacted me via phone. It was just a miss-understanding.

They have excellent service and it just need time and patience to resolve any issues.

Please disregard the review below.

Jan 12, 2020 - 1 Star Since on Friday January 4th, 2020 I submitted a request for a withdrawal of $100.00. Then I got a notification, but did not get a confirmation Email. So I contacted support via chat and they said they would submitted again to account support. On Monday January 6th , 2020, I received an email for the following notification:

Thank you for choosing PaxForex as your trusted forex broker.

The amount of 100.00 USD has been deducted from your account xxxxxx55 and sent to Bank.

Part of PaxForex is about making forex trading easy for our users. The other part is about maintaining quality service delivery, always.

Which one did we fail at? We are here to listen.

Do you plan to continue in the nearest future or would you like to close your account with us?

We’ll really appreciate your reply; it will help us to improve our services!

Kind regards,
Anastasia Pavlik
Customer relationship manager
------------------------------------------------------------------------

So far I have not received any amount and no one has replied to my Email. How can you trust someone like them, be careful where you place your funds.

The price are not accurate. The making there own price against u . Stay away guys . U will lose all money

PaxForex has good software, with small spreads, good market execution, and with fast customer service, I feel happy and comfortable trading with PaxForex

PaxForex really worked out for me very well. The Approval process was thorough but easy to pass and order execution was real quick. I made a nice few thousand dollars in a very short period. I was also able to withdraw all my money (including the profits) with no issues.

The only thing I didn't notice beforehand is that they charge 7% for withdrawing with BitCoin (US Customers can only deposit/withdraw using bitcoin due to US regulations so had no other choice available), but I made enough money so it didn't matter too much.

Thanks PaxForex team. See you again soon!

I can’t blame Pax for the loss of my account I was chasing the trades Pax an awesome brokerage.

Mar 21, 2019 - 1 Star I have traded live with this company over the course of a year with 3 accounts and it’s always the tragic emotionally deceptive feed worse trading conditions they place the little trader ($1000) mini. I have demo traded like a seasoned pro on mt4 using VPA. My rep over at Pax is with this scamming company. He waited for me to lose my money again to tell me about better trading conditions with a $2000 deposit with a standard account. Why is it not the same across the board! UNETHICAL is the correct response. When my account got down to the bare minimum I had no choice but to trade with proper leverage yet that made no difference. When the market went against me 15 pips the amount in the negative was like $20 bucks but when the market went in my favor like 45 pips I was only in the money maybe $6. The way they adjust there feed in the mini is treacherous. I pray that they loose all of there sleep for this robbery. When I questioned Will of this his response was that of acquiring a standard account. Then he said they have billions of dollars and they wouldn’t scam me for my little $800. My response to that was “ Will your brokerage makes there money on the little stupid trader like me that gets taken on an emotional rollercoaster that your feed is designed and programmed to do just that. PAXFOREX IS A HIGH IMMORAL AND UNETHICAL BROKERAGE. DO NOT TRADE WITH THEM THEY ARE SUPER THIEVES. Make them go hungry and homeless!

Reply by PaxForex Team submitted Apr 10, 2019 Dear Marcus Wayne Rauls

We are very sad and sorry to see that

It is all a misunderstanding situation from your side

Our support team and your account manager were in constant communication with you to explain it for you

If you would like you can download your Detailed history from the mt4 and compare all the deals with any other provider and you will see that there is no manipulation at all

If you don't know how to download the detailed history please contact our support team to provide it to you

you said it yourself you have been trading with us for almost a year and a half, during this time we were providing you with the best service and recommending for you the best trading conditions according to your investment as you mentioned it as well.

Feel free to contact us if you still need any explanation about your trades

Paxforex team

I have tried many brokers among my years in trading. Pax Forex is by far the greatest broker I have used, from quick easy deposits via wire transfer, bitcoin or debit card be well assured your deposits are handled in a very appropriate time. The spreads are just perfect for any type of trader from scalper to day and position trading. Excellent execution time with in seconds to have your trade placed. Pax Forex is very transparent with customer support available any time day or night for any questions or help customer support is very friendly and easy to talk to either thru live chat or a phone call away. I am beyond satisfied with the services Pax Forex has to offer they have accounts for any budget. I am so great full to have found them when I did. My experience with such a friendly broker has been amazing. Thank you Pax Forex!

PaxForex is very good since I started to work with them. But there are some good things and bad things about them. Like, they have not fast deposit. It takes three days ordering money for withdrawal from the account. But the good thing is they offer 1:500 leverage. That’s sound pretty good to me. There are no problems I had with them. If I have a problem there is always someone to help me to solve the problem. Finally, i can say that Thank You PaxForex team. I really appreciate PaxForex and recommend everyone.

I 1st started out with them using a EA by a guy I used them for a few months pretty good for so I thought. I loaded my account using my debit card then after a few months I tried to withdrawal I couldn’t get back with my debit so I had to use a bank wire now I put my information in waited 2 weeks and got nothing I then emailed and they told it didn’t go through but these scam artist still took commission fees and never notified me the info was wrong. If I was you I wouldn’t deal with this broker at all not even a little bit run for the hills these guys suck and still having issues trying to get my money out from theses scam artist... they don’t even disclose there bank commission fees????

I would like to take a minute and say THANK YOU Paxforex team. There are some really shady establishments out there but I have never had any problems with them. Nice market execution, spreads, support. worth trying.

They manipulate prices for your loss

Deals are executed at prices not recorded in the market

A question for the company's employees: Do you sleep in peace and you are a group of thieves

Ready to share your opinion on the broker. I read different reviews, but it is always necessary to personally check the information. You can trade here, but the conditions for some currency pairs leave much to be desired. It is convenient that the level of the spread can be read in advance, before opening an account. And everyone can decide whether the broker suits him or not. I also did not like the fact that I had to wait about three days ordering money for withdrawal from the account.

This is a very unique broker and there are good things and bad things about them that I do have to say.

Let's start with the good things:

They offer 1:500 leverage in the US! That's something very rare and that is something that should definitely be factored in as a major plus.

They are also super easy to open an account with and it's no big deal. Love it.

Also, they have a personal manager who is there to help you which is nice and should be utilized.

Cons:

Depending on your account type your orders will be executed at different speeds. This makes sense from a business standpoint to incentivize the use of a higher value account. But obviously you should test a broker out live with a smaller amount so for me I used the smallest account (cent) and executions are the slowest I've seen from a broker.

The spreads are obviously very high for the type of account that I have and it makes sense. There's no fault of Pax for this but it would not be worth your time if you don't have a lot of money to go in.

They don't actually accept a debit card. Lots of brokers will offer debit card deposit and they simply refer you to use your debit card through a company known as UPayCard and then you have to verify your account information which is absolutely terrible, they constantly reject your documents for the dumbest reasons, like the picture is too blurry for your ID (fun fact I resubmitted the same photo and it got accepted a couple days later) which is just an absolute hassle and I've been in this whole process to withdraw for about 2 weeks. Hopefully, I get it to work.

Something I'm not sure yet is if to transfer the money from UPayCard back to my bank account will cost the international wire fee and if it does then there's no point working with these guys since it's so costly and timely to work with them. However, I did use Forex.com and FXChoice as my former brokers and Forex.com is incredibly quick and FXChoice does take 3-5 business days and international wiring fees but it's got incredibly small spreads and 1:200 leverage which is definitely enough. This is just too many ropes to run through. If only straight debit card deposit and withdraws existed.

This company is scammer and fraud if u deposit with them say good bye to ur money Becoz u will never get it back.!! So please don't deposit with this company!!!!

Feb 1, 2018 - 1 Star This company is fraud. Please don't invest or open account with this company. I open account and did profit and I did withdraw but they didn't send me my money. This company is thefts they will stolen ur money. Please don't open account with this company. And I'm going to report on this company this company is fraud must be banned.

Reply by William-Paxforex submitted Feb 27, 2018 Dear Mr.Ahmadzi

We appreciate your comment

But as we reviewed your profile with Paxforex the last update we were waiting for your bank confirmation that you didn't receive your funds back.

As from our side, we proceeded your withdrawal on the same day you requested it and got confirmation from the processing system company that the transaction has proceeded

However, we didn't receive any prove from your side that you didn't receive your funds back to your bank account, and all that we got was just Empty emails with bad words which we don't appreciate it at all

We are still waiting for your further communication with our accounting team to solve this issue if you provided us with the proof that was requested before a month ago.



We do not hold clients withdrawals or profits earned. We are an ECN/STP Brokerage striving to provide our clients with the very best solution for online trading.



We look forward to welcoming you back trading with us again soon.



Regards,

William

Paxforex Official Representative

THEY ARE HORRIBLE. If you are making a deposit with this company days good bye to your money because there is NO WAY YOU WILL GET IT BACK. I did not believe the reviews i believed the sales person who insisted the withdraw problems was only with bonuses . I made a deposit 1 week later GBPUSD breakout trade got triggered with 17 pips spread (11 AM GMT) then when i wanted to withdraw my money it happened.
FRAUD thats the only way i can explain this company.
3 years with another broker and not once I had any problem with them.
1 week with these people was enough.

If I can be serious for a minute..... Any serious traders out there who looking for the "one" of the business minded Above average firm. Paxforex is the real deal. Extremely Timely withdrawal is a must, which they do provide. Deposit, are credited timely too during normal business hours. I do not understand what is the bad fuss on some of their rating about. It's probably a misunderstanding or something. HIGHLY RECOMMEND PAXFOREX!!!! :)

I opened a small account with intent of trading news release. I set up buy and sell stops accordingly on usd/cad this morning. Should be great right...wrong! For a non DD they are slow as ****! The first order was placed about 34 pips above my entry point. Because of that it wiped out my account. I understand about margin, risk etc. But, what should have been a nice gain today turned into a bad loss. I am no genius but not stupid either. They wont do anything about it as it is "my fault". Total b.s. Their system sucks for volatility trading!

This broker introduced a commission of 50 $/lot!!! This was done without any forwarning.

This company is scam. I did deposit when I did profit they didn't send my profit . This is fraud .

I disagree with Ajt1970. Not all his issues are broker faults. Here is my vision:

An interesting fact about regulation is that it really doesn’t guarantee anything. I view it more as a false layer of security. A good broker is a good broker, period. On top of that, most regulated brokers are regulated in places where regulation is nothing more than a word. Anyone who truly believes that a Cyprus, Belize, Mauritius, Seychelles, etc. broker is a well regulated one may wake up one day very surprised. I never picked a broker based on regulation, but I tried brokers in order to weed out the good from the bad. In this case, the trader did get his funds back which is one reason why Paxforex is not a scam broker. The purpose of scamming is to enrich the broker while the trader faces partial or total loss. Is $115 in fees ridiculous? Of course it is, but that’s part of the issue with the global banking system. Make smarter banking decisions, and this can be avoided.

Let’s take a look at execution time; 2-9 seconds is not acceptable regardless of strategy you use. I am with Paxforex for a little over three years now and can’t remember a trade taking that long to be executed. It usually happens in way less than 2 seconds, there may have been a trade here and there which took 2-3 seconds but less than a dozen trades in three years which is OK with me. In general the execution is good. Should any broker have permanent issues to fill orders, run!

I always advice traders to skip reviews by others (including this one) and know what you are looking for, then go out there and find it. Forget demo accounts, make a small deposit in a live account ($100-$500) and use the broker. Place trades, request withdrawals and do everything you need and want to do unless you are satisfied with the broker. After that make a real deposit. Yes, this takes a lot more time than reading a review and blindly trusting a stranger. It is no secret that the majority of reviews are either written by disgruntled traders who faced losses due to their own mistakes (accepting bonuses and not reading the fine print would be a big one) or sponsored by brokers in order to attempt to lessen the reputation of competitors.

I have tried Paxforex with a small deposit as mentioned above and after one year of no issues I increased my deposits and Paxforex is now one of my main brokers for various reasons. I like to not worry about what the broker may do and focus on my trading. It is hard to get an environment like that and I am glad that in my case Paxforex has given me and continues to give me just that.

This broker is horrible. I traded with them for about two weeks and it only took that amount of time for me to realize what a mistake it was. Firstly, their order executions were terrible. I was looking at most fills falling somewhere in the 2 second range and some were as high as 9 seconds. When I hit the button to enter I should be getting a near immediate fill. Instead with them, I hit the button to enter and it was “one thousand one….one thousand two….etc.” and then it would be filled. In those few seconds price can move a lot, so precision is out of the question with them, and precision is crucial for short term traders. Imagine that…in this day and age of technology and it takes that long to get a fill? With other brokers it is more like one TENTH of a second or so. Certainly nowhere near 2-9 seconds. As an intraday trader, those seconds can be agonizing waiting for confirmation of a fill, whether that be for an entry or an exit. And it is not because of my computer or Internet speed as they are both top notch speed. It was all on their end with their server.

Second, their bank fees just to withdraw funds is ridiculous. They say it is because of their bank processors for bankwires. Whatever. I was charged $85 by them to withdraw my initial 3,000. And then an additional $30 to get my small $144 profits in another transaction (because they initially would not send me my profits with the 3k withdrawal due to what they said were some unverified corporate documents, which is B.S. because all my documents and verification were taken care of during the initial stages of opening the acct.).

And lastly, their slippage is incredibly bad. I was slipped 11 pips on my stop-loss in EUR/USD during a liquid part of the day (approximately noon Eastern time). This lead to an additional $450 loss ….money they robbed me o on a 4 lot trade…..because of what they say was a credible fill. Trading the most liquid pair during a very liquid time, and with no news announcements…there is NO WAY anyone should ever be slipped 11 pips in this pair! They claim there was “extreme volatility” at the time my stop-loss was filled and that is why it was slipped so much. To them, a 30 pip spike is “extreme volatility” and warrants 11 pips of slippage. So every time EUR/USD moves 30 pips I have to expect 11 pips of slippage??! Ridiculous! They also said if I deposited more money with them I would be able to open an account on their VPS server, which would allow for better fills and less slippage. But if I can’t trust them with order fills and slippage with a small account, I certainly will not trust them with a larger account.

When I tried to bring up all these issues with my account manager and his boss, I got nowhere. So my advice, stay FAR AWAY from this broker. They cannot be trusted.

Deposited USD 2000 on the standard account. Made a profit of USD 7620 in a month (I am a long-run investor). Received the total of USD 9620 to my Neteller account within an hour. Wow!

The client area is the best I have ever seen. The house is full of good people.

Overall an excellent broker out there. Long live PaxForex!

Very dishonest broker, will cancel your winning trades to their likes and leave you the losing trades. Don't trade with those scams.