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

kevin,
california, USA,
Feb 14, 2013,
Guest

requotes after requotes!!! normally 1 to 3 requotes and sometimes 8 requotes in a row which mean they do not want you to get out of losing trade at all!! spreads and excutions are not any better and sometimes mt4 freezes. is this a scam?
 
yambo,
, Spain,
May 31, 2015,
Guest

The Financial Services Authority wishes to advise that an entity called “PaxForex” claiming to offer Forex Services as a registered St. Vincent and the Grenadines International Business Company, is not and has never been registered by the St. Vincent and the Grenadines Financial Services Authority.

The purported entity PaxForex advertises its services through the website http://www.paxforex.com/paxforex. It also claims that its address is Cedar Hill Crest, Villa,
Saint Vincent and the Grenadines. The Financial Services Authority therefore advises that persons who have paid funds to PaxForex through its website and are experiencing difficulties recouping their funds, should consider contacting their relevant authorities.

Issued By:
Financial Services Authority
29th May, 2014
 
zone,
Miami, USA,
Jan 22, 2014,
Guest

After comparing their execution speed, spread differences, etc on a demo account with other brokers this broker is highly questionable, especially with luring people with their bonuses...I guess they make up their giveaways bonuses with their huge spreads lol
 
James,
Perth, Australia,
Apr 20, 2012,
Guest

I would be very careful about trading with this broker. There demo and live servers are the same and the account man for live accounts is Green! Sounds like a big red flag!! Live chat cant assist in this problem also
 
Umberto,
, Italy,
Nov 11, 2013,
Guest

That's a joke broker. Their spreads are most of the time huge! Incomprehensible slippage too... Tested with their MT4 terminal.
However the $7 welcome bonus is available in few minutes for trading after opening account with them...
 
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.
 
United States of America, USA,
Mar 12, 2019,
Registered user

Pax Forex amazing broker!

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!
 
Mur, Switzerland,
Jan 6, 2021,
Registered user

Pax Forex just fine !

Service use: Live

Length of use: over 1 Year

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 !
 
Qambari,
mazar, Afghanistan,
Aug 3, 2016,
Guest

hello i register in paxforex every thing is good they have difrent type account and dfrent promotion the live support is fast and good try it and be succes
 

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