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
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Traders Reviews

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...
 
Pavel,
Moscow, Russian Federation,
Sep 11, 2013,
Guest

Put these broker in to my portfolio almost a year ago. Good broker with own pluses and minuses. Requotes happens but very rare, but I'm not a scalper. Spreads most of the day below average, makes them wide during the news time. But I saw such picture with every broker. Support is ok. Withdraw take some times few minuts, some time few hours. Only at once they make my withdraw next day.
 
Jason C,
Alaska, USA,
Aug 9, 2013,
Guest

Follow up review:
Stay away from this "broker", if they could even be called a broker.
Observe how people are posting their account numbers in the reviews recently and if you visit "http://www.bestforexbonus.com/no-deposit-bonus/paxforex5" you will find nothing but people posting positive reviews with their account number.
This broker is a scam; people post their account numbers to receive small amounts of money in return for leaving positive reviews. They would have absolutely zero positive reviews if not for this deceitful practice as they have truly TERRIBLE trading conditions and are simply out to own your deposit. Stay away, do not deposit any money. You will receive nonexistent price spikes just large enough to wipe you out, you will receive requote after requote in an effort to keep you in bad trades and out of good trades, they will not pay you if you do manage to get a little profit. You have been warned.

2013-05-28 1 Star To anyone considering this broker; DONT GIVE THEM A PENNY. All of the reviews here are people taking advantage of their referring broker offer (they tried to offer me $7 to post a positive review).
In reality this is a bucket shop like any other. They will raise the spread, send spikes, give you a requote every single time you place an order(if its a good one), and when all else fails and they had no way to keep me from profiting they began to resort to crashing the client. Please do me a favor and help them go out of business. This is the worst broker you could imagine. Once I did stop trading with them I began to receive multiple calls a day trying to convince me to resume trading (handing them money).
  1 trader has found this review helpful
bxxxx,
uk, United Kingdom,
Jul 16, 2013,
Guest

the best brooker around is paxforex so get in today.
My account number is 1*****

Review Moderation Team Note: Name, rating, and account number removed. The FPA is not going to approve any more "Broker is great! My account number is 123456" reviews for this company.

 
Dxxxxx,
rawalpindi , Pakistan,
Jul 9, 2013,
Guest

excellent broker and good turms and conditionos for new user !! My Account Number: 1*****

Review Moderation Team Note: Name, rating, and account number removed. The FPA is not going to approve any more "Broker is great! My account number is 123456" reviews for this company.
 
Лисогор Николай Юрьевич,
LIS39, Russian Federation,
Jul 4, 2013,
Guest

PAXFOREX one of the best centers with whom to work,everything is very clear and understandable,and most importantly,support,works very fast and very politely,continuing the network.
 
NAME REMOVED,
LOCATION REMOVED,
Jun 10, 2013,
Guest

Please. I want 100% bonus of my initial deposit. Thanks

FPA Review Moderation Team Note: 5 star rating, name, and location removed from this review.

The FPA does NOT support this abuse of giving bonuses in exchange for reviews. If a broker offers you money in exchange for submitting a review, please use the "Contact Us" link and let us know.
 
niuyue,
shandong, China,
Mar 4, 2013,
Guest

pax forex is truthful, this broker give me chance to trade with good conditions and I can withdrawal my profit now
 
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?
 
Chet,
, India,
Dec 13, 2012,
Guest

Hi,

They seem to be making money by cheating their clients. Seems like whenever their monthly revenue goes down(may be because the clients quitting the company) they find ways to make money by other means. I read thier bonus advertisement on a forex forum and I thought that I could use the bonus as an extra cushion during my trading. Before registering I had checked with their support team at least twice that in case if I can't complete thier volume lots trading then can I still withdraw my money in the future. They clearly said "Yes, you can take everything except the bonus amount ". After 2 months of hard work and with my friend's assistance in the setups I was able to make about #1296 USD. Due to unavoidable reasons I thought I would withdraw for now and may be start my trading after january. But now the broker does not want to give me my profits.. They are forcing me to complete 60 lots else I cannot withdraw my profits. I had confirmed this twice before I deposited my money and then once recently when they emailed me saying that I cannot take my profit. The support guy confirmed the same that I can withdraw everything except the bonus. I have the proof of that communication. It is my hard earned money, but I am now struggling to take my own money. More info here - http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/22419-fellow-traders-kindly-guide-me-paxforex-has-cheated-me.html
 

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