PaxForex Review

2.609 · 54 REVIEWS

was PaxForex.com

Updated: Jan 7, 2021 · PaxForex.org  · Is this your company?

PaxForex is a forex broker with its corporate flag located in Saint Vincent and the Grenadines. This leaves PaxForex free to offer high leverage, up to 500:1 currently.

In terms of platforms, PaxForex offers MT4, MT4 mobile, and MT4 multermimal, which permits multiple accounts to be traded simultaneously. ECN accounts are offered. Scalping, news spike trading, and EAs are permitted. There is also a copytrading feature available.

PaxForex's support options include an FAQ, phone, email, contact form, and live chat.

PaxForex has been offering forex trading since 2010. In addition to many of the usual CFDs offered by many forex brokers, PaxForex also has a small number of cryptocurrencies available for trading.

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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2.609 · 54 REVIEWS
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Traders Reviews

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,
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 .
 
New York, USA,
Jan 7, 2019,
Registered user

Worst broker ever

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????
 
Reply by William-Paxforex submitted Feb 21, 2019:
Dear Client, We are very sorry for any inconvenience, Please contact us to solve this issue about Your withdrawal, any wire withdrawal can not take more than 15 working days according to banks rules unless you provided wrong wire details, So please contact our accounting department to solve this issue.
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
Egypt,
May 31, 2017,
Registered user

Very dishonest broker, will cancel your winning trades to their likes and leave you the losing trades. Don't trade with those scams.
 
TUTY SUMARYANTI,
BOGOR , Indonesia,
Jan 8, 2012,
Guest

This is company a big scam, I deposit in forex pax and in 2 days, I have a 100% profit, and I want to withdrawal my profit, but they delete all my profit. please to all the traders , do not trade in this company, because your profits will not be paid.
 
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
JNANENDRA KISHORE,
JAMSHEDPUR, India,
Oct 20, 2012,
Guest

I am writing this review about Pax Forex because I recently joined with their "Be Online" Live Account with a "No Deposit Scheme" for USD 200. But this review is not only for this type of broker, but also for other brokers which we can find here on this website.

First of all, I would like to mention that Pax Forex broker has lots of "Requotes" when I place orders which is well programmed by the Dealing Desk.

Second problem is that I cannot place Stop Orders less than 50 points between TP AND SL.

Third, when you place orders for Scalp trading, find out that I am losing the trade and I want to close the trade they won't accept this order and a message will come like this---"MARKET ORDER IS TOO CLOSE". So, you are bound to face a losing trade.

Fourth and the last problem is that when you chat with the company person online, they will simply say that I should send an email to solve the problem. This means that these persons who chat with us is trained to inform the clients like this when I put my problems in front of them.

There is nothing like that one would benefit, from this scheme of "Be Online" USD 200 deposit.

The final thing which I find and which I want to write in general is that after going through the reviews of many forex brokers I HAVE A VERY MIXED FEELING, BOTH GOOD AND BAD.

The reason for this mixed feeling is simple. Almost all Scamming and Non-Scamming or well established brokers with good reputations have some percentage of negative reviews. Their plan is simple. The first plan which I can understand is that they decide each year how much percentage of clients to be scammed and how much percentage of clients not to be scammed. Some forex brokers who are totally defamed and labeled as Scammed on this website is that their ulterior motive is to scam 90% of its clients and leave the rest of the 10% as happy and satisfied clients. It is just the opposite of the well reputed brokers like Dukascopy, FXCM, etc. that they keep 80% to 90% of their total clients happy and satisfied with their services and victimize the remaining 20% or 10% of their clients each year. HENCE, THE VALID REASON OF THIS MIXED FEELINGS!!
 
Usa, USA,
Jul 17, 2019,
Registered user

Stay away this is scam and fraud

Service use: Live

Length of use: 0-3 Months

The price are not accurate. The making there own price against u . Stay away guys . U will lose all money
  1 trader has found this review helpful
Reply by PaxForex Team submitted Dec 20, 2019:
Dear Roomal Ahmadzai,
please send to your personal manager an account number and order number where you experienced an issue with the spread. We will make an investigation if the price was accurate or not at that particular moment.

Also, we would like to pay your attention to the fact that you were our client for the last 2 years. And during this period you were making withdrawals from any of your accounts many times and you received it without any delay.

Roomal, we are always happy to help you with our expertise and service.

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

Best regards,
PaxForex Team
Vladimir,
, Slovakia,
Jan 26, 2015,
Guest

Hello,
I was IB for this broker. Broker talk very sweet and look ok. So i give him chance. Pay me big zero! But will pay, when i send in this company client with 1000 usd.

Stay away! This is scam.
Change terms in agreement and lie.
I reccomanded use some normal broker. Not lost time and money in Paxforex.
 

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