PaxForex Review

2.53 · 53 REVIEWS

was PaxForex.com

Updated: Oct 16, 2020 · PaxForex.org  · Is this your company?

PaxForex is a forex broker. Pax Forex offers the MetaTrader 4 and MT4 Mobile global forex trading top platforms. PaxForex.org offers over 55 forex pairs, shares, gold, silver, bitcoin and other cryptocurrencies for your personal investment and trading options.

PaxForex

September 2020:  The FBI has seized the PaxForex.com domain name.  If you have any dispute with PaxForex, please submit your information to www.IC3.gov.

PaxForex is still operating under PaxForex.org

February-March 2019:  Large numbers of fake and highly suspicious positive reviews have been submitted for PaxForex.
If you were required to submit a review, forums post, or blog post as part of a bonus program, please CLICK HERE and submit evidence.

Broker Details

Minimum Trade Size: 0.0001
Maximum Leverage: 500:1
Minimum to Open Live: $10
Established: 2010
Address: 1825, Cedar Hill Crest, Villa, Kingstown, Saint Vincent And Grenadines
Contact: info@paxforex.org, +44 203 504 0303
Regional offices:
Regulators: SVGFSA #201973 IBC 2014 1825
Prohibited countries:
Trading platforms: MT4
Mobile Trading: Yes
ECN: Yes
Currencies: (60+)
Cryptocurrencies: (4) Bitcoin, Litecoin, Ethereum
CFD: (40+) Gold, Silver, Stocks
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
MAM: Unknown
CopyTrading: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, Bitcoin, Ether/Ethereum, FasaPay, Neteller, PerfectMoney, Qiwi, Skrill, Uphold, WebMoney
Withdrawal Methods: Bank Wire, VISA, MasterCard, Bitcoin, Ether/Ethereum, FasaPay, Neteller, PerfectMoney, Qiwi, Skrill, Uphold, WebMoney

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2.53 · 53 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

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Traders Reviews

USA (Really the offices of PaxForex in Ukraine),
Dec 3, 2018,
Registered user

I work and spam for Pax Forex

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.
  1 trader has found this review helpful
Forex Peace Army
Review moderation team note
4 Star Rating Removed.

This review did not come from the USA.  It came from the Ukranian offices of PaxForex.

Per FPA Policy, the rating on this review has been set to Zero stars.

The FPA does not appreciate review spammers.
jeddah, Saudi Arabia,
Oct 26, 2018,
Registered user

Dirty company

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
 
Reply by William-Paxforex submitted Feb 21, 2019:
We are very sorry for any inconvenience, The Client is happy and satisfied and started to trade again with us, As he is a loyal regular client of Paxforex, It was all just misunderstanding and has been solved.
Dzerzhinsk, Russian Federation,
Oct 14, 2018,
Registered user

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.
 
USA,
Aug 3, 2018,
Registered user

Good and Bad, No actual Debit Card Deposit/Withdraws

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.
 
USA,
Jul 4, 2018,
Registered user

Fraud company

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
 
Reply by PaxForex Team submitted Jul 18, 2018:
Dear Roomal Ahmadzai

On your part, you have not shown confirmation of the absence of the incoming funds on the account to our manager as we advised, and as such, we can not know for sure whether you received the money or not.
Even with the receipt of funds, you could continue to say that you did not receive them. A statement from the account will address this issue.

If on February 1, you were deceived (like you claimed), then why did you return on May 29th and continued trading, making deposits, several times higher than the initial deposit? And on May 30th, having received a substantial profit, you made a withdrawal using the same method but in the amount of 30 times more than the alleged "lost" sum? You also went ahead and left us a positive feedback. You continued to deposit funds and trade on our platform until July 3, when you lost, because of an incorrectly set SL and TP.

And the next day being July 4, you wrote a negative post on the FPA about the incident that took place six months ago, the details of which are still sketchy.

Roomal, we are always happy to help you with our expertise and service. But do not slander what we do because you lost a trade. In the previous month, you worked well with us and made withdrawals without any problems.

P.S. According to the events described, we have compiled a log of your activities. We choose not post it for privacy reasons.

Best regards,
PaxForex Team
USA, USA,
Jun 30, 2018,
Registered user

FRAUD thats the only way i can explain this company.

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.
 
Reply by PaxForex Team submitted Jul 18, 2018:
Hello, Apple22

From your message, it is not entirely clear what is the reason for the negative feedback.
As far as I understand you were able to withdraw your deposited amount successfully. If this is not the case, contact the support team or the business department by filling out the form at https://paxforex.com/paxforex/contacts from the Category "Service Issues", and we will resolve this issue.

As for the 17 pips spread on the GBP/USD pair, this is quite normal, because quotations are provided with five digits after the decimal point. If you have read our terms and conditions (which is available to everyone who wants to open an account with us), you might notice that the typical spread for this pair:
Cent Account 25 pips,
Mini Account 19 pips,
Standard and Vip Accounts 9 pips

Therefore, depending on which account you opened, such spread could be quite normal. Next time, be careful and study the trading conditions before trading.

If you have any more questions, write to support or contact your personal manager.

Best regards,
PaxForex Team
CENTRAL CALI, United Kingdom,
May 31, 2018,
Registered user

HIGHLY RECOMMEND PAXFOREX!!!! :)

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!!!! :)
 
Reply by PaxForex Team submitted Jul 18, 2018:
Dear Risingzombi,

Thank you for the Recommendation.

PaxForex Team
Marty,
TN, USA,
Apr 20, 2018,
Guest

Terrible execution that wipes out your account

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!
 
Reply by PaxForex Team submitted May 2, 2018:
There is always volatility in the market price whenever negative news circulates. Sometimes the price can pass more than ten points in just a second. This fact most likely influenced your order.

But since you choose this Forex trading strategy, you should be prepared for these risks (by the way, this pair passed about 600 points that day).

However, no matter how volatile the market is, we always execute orders at the best market price.

Best regards,
PaxForex Team
Vienna, Austria,
Mar 11, 2018,
Registered user

This broker introduced a commission of 50 $/lot!!! This was done without any forwarning.
 
Reply by PaxForex Team submitted Mar 20, 2018:
Dear, chemie262,

PaxForex offers traders the lowest spreads on the market. Meanwhile, we do not impose any commission for the volume traded on standard accounts.

You can see the spread conditions through this link
https://paxforex.com/trading-conditions/forex

If the commission was deducted, it simply means - in most cases - that you have been given a Swap-Free account on an individual basis which is done upon client's request.

In this case, you should have been informed by your account manager about the deduction on your trading commission.

We deeply regret that you have to face this issue while working with us.

We are always open to dialogue. If you have any other contested cases, please contact our support team.

Yours faithfully,
PaxForex Team
USA,
Jan 21, 2018,
Registered user

Fraud company

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

Frequently Asked Questions

Is PaxForex regulated?

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.

What is the minimum deposit for PaxForex?

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

Does PaxForex offer Islamic (swap-free) account?

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.

How to open new Forex account with PaxForex?

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