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PaxForex.com Review Visit site

Updated: Oct 16, 2018
2.596 · 41 REVIEWS
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Pax Forex is a forex broker. Pax Forex offers the MetaTrader 4 and MT Mobile global forex trading top platforms. PaxForex.com offers over 20 forex pairs, gold, and silver for your personal investment and trading options.

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2.596 · 41 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

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

Your feedback matters!

Astangi,
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.
KevinDKao,
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.
Roomalahmadzai,
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
Apple22,
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
risingzombi,
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
chemie262,
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
Shukrullahahmadzai,
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 .
Old-Trader,
Amsterdam, Netherlands (really the offices of PaxForex in the Ukraine),
Sep 26, 2017,
Registered user

Bad for one, but not bad for everyone. - Very good for me because they pay my salary

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.
Forex Peace Army
Review moderation team note
5 Star rating removed.

This review came from the offices of PaxForex in the Ukraine.

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

The FPA is very disappointed that an PaxForex employee submitted a fake client review to dispute another review instead of using the company representative comment function.

The FPA does not appreciate review spammers.
ajt1970,
USA,
Aug 12, 2017,
Registered user

Extremely Bad Broker

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.