PaxForex Review

PaxForex is a viable online trading brokerage who’s dedicated to their client’s success. Traders receive free training, personal account managers, and benefit from low spreads and favorable trading conditions.

PaxForex review
Overall

Introduction

PaxForex is a reputable online trading brokerage that was established in 2014 by a team of professional traders and investors. The brokerage specializes in the trading of Forex, Stocks, CFDs and Options and provides their traders with all of the tools and resources needed to succeed.

PaxForex is owned and operated by Laino Group and is based offshore with their headquarters located at 1825, Cedar Hill Crest, Villa, Kingstown, St. Vincent and Grenadines. Though PaxForex is located offshore, the brokerage is still highly reputable and trusted by many as they serve clients from around the world and support their services in 8 different languages.

While PaxForex has a good reputation, how do you know if they’re the right online trading brokerage for you and should you choose them? It can be a hard decision and we’re here to make it easier for you with our in-depth PaxForex Broker Review where we analyze all aspects of this lucrative trading broker.

Overall Rating

Products & Fees
3.5
Security
3.5
Tools
4
Desktop Experience
4
Mobile Experience
4
Banking
4
Customer Support
5
Education
4

Pros

  • Trading Platform

    PaxForex features the most popular trading platform in the world, the MetaTrader 4 (MT4) platform.

  • Trading Conditions

    Traders can choose between multiple account types with different spreads and trading conditions to suit their needs.

  • Customer Care & Support

    PaxForex cares deeply for their clients which is shown through their level of customer support.

Cons

  • Offshore and Not Regulated

    PaxForex is not regulated and is located offshore which raises some concerns for many traders.

  • Lack of Trading Products

    PaxForex is primarily a forex trading brokerage and does not feature too many additional tradeable assets.

As traders we know by experience exactly what our clients deserve. Providing services and trading at the financial markets is all we do.

Commissions & Fees

In order to provide traders with the best trading experience, PaxForex offers traders competitive low spreads for any trade size with no restrictions or commissions. All trading fees are incorporated into the spread on each trade and traders can choose between fixed spread accounts and variable spread accounts. The prices for each asset are collected from the most reliable and reputable liquidity providers and the best BID/ASK is presented to traders without any intervention or manipulation.

See below, the minimum spreads associated with the 4 different account types.

Cent

  • Forex spreads from 2.4 pips
  • Spot Metals spreads from 80 pips
  • Crypto spreads from 95 pips
  • Shares spreads from 5 pips

Mini

  • Forex spreads from 1.4 pips
  • Spot Metals spreads from 70 pips
  • Crypto spreads from 95 pips
  • Shares spreads from 5 pips

Standard

  • Forex spreads from 0.4 pips
  • Spot Metals spreads from 50 pips
  • Crypto spreads from 95 pips
  • Shares spreads from 5 pips

VIP

  • Forex spreads from 0.4 pips
  • Spot Metals spreads from 50 pips
  • Crypto spreads from 95 pips
  • Shares spreads from 5 pips
Commissions & Fees
Stock
Forex Spreads
CFDs
Metals
Cryptocurrency
 
PaxForex
Spreads from 5 pips
Spreads from 0.4 pips
Spreads from 5 pips
Spreads from 50 pips
Spreads from 95 pips
Olymp Trade
N/A
N/A
N/A
N/A
N/A
IFC Markets
From 0.1%
Spreads from 0.4 pips
Spreads from 34 pips
Fixed spreads at 45 pips
Fixed spreads at 50 pips
Binomo
N/A
N/A
N/A
N/A
N/A
IronFX
Spreads from 0.3 pips, commissions of 0.10%
From 0.5 pips
N/A
Spreads from 0.04 pips
Spreads from 100 pips
Robinhood
Commission-free
N/A
N/A
N/A
Commission-free

Platform & Tools

PaxForex features the ever popular MetaTrader 4 (MT4) trading platform for their traders to use. The MT4 trading platform is highly equipped with sophisticated tools for the trading of forex and various other financial assets. The platform features an advanced charting package complete with multiple time frames, chart types, technical indicators, and drawing and analysis tools. As well, traders can participate in automated trading with the use of Expert Advisors (EAs). Also, the MT4 platform has an intuitive and customizable user interface that provides a very user friendly experience. Traders also benefit from one click trading and ultra fast execution speeds, among other things. All in all, traders will not be disappointed with the MT4 trading platform by PaxForex.

Platform & Tools
Desktop Platform (Windows)
Desktop Platform (MacOS)
Web Platform
MT4
MT5
Research & Analysis
Social trading
Education
Demo account
 
PaxForex
Olymp Trade
IFC Markets
Binomo
IronFX
Robinhood

Mobile App

For busy traders on the go, PaxForex provides them with an advanced MT4 mobile trading application that can be downloaded for free from the Apple App Store and the Google Play Store for iOS and Android mobile devices. The MT4 mobile app is fully optimized for mobile devices including smart phone and tablets and if supports most of the same features as the desktop trading platform.

Account Types

PaxForex does their best to accommodate traders of all types and experience levels. One of the ways they do this is through different account types. See them overviewed below.

Cent

  • Minimum initial deposit: $10
  • No shares trading
  • Minimum lot size: 0.0001

Mini

  • Minimum initial deposit: $100
  • No shares trading
  • Minimum lot size: 0.01

Standard

  • Minimum initial deposit: $2000
  • Shares trading
  • Minimum lot size: 0.1

VIP

  • Minimum initial deposit: $10,000
  • Shares trading
  • Priority execution
  • Minimum lot size: 0.01

Deposits & Withdrawals

PaxForex provides traders with a wide variety of fast deposit and withdrawal methods for multiple currencies. All deposit methods are processed and completed nearly instantly with the exception of Bank Transfer deposits which take between 3 – 5 business days. As for withdrawals, most methods are completed within 1 business day with the exception of Bank Transfers taking 4 – 7 business days and credit card withdrawals taking 5 – 15 business days.

See below the available deposit methods and their associated fees.

  • Bank Transfer: (Bank commission)
  • Credit/Debit Cards: ($10 - $299 - 6% + $0.5 above $300 - 0%)
  • Neteller: (3.2% -3.7% + $0.29 min $1)
  • Skrill: (2.9% - 3.9% + $0.38)
  • Perfect Money: (zero fees)
  • WebMoney: (0.8%)
  • QIWI: (4%)
  • FasaPay: (0.5%)
  • Bitcoin: (zero fees)
  • Ethereum: (zero fees)
  • Vload: ($10 - $299 - 6% + $0.5 above $300 - 0%)

See below the available withdrawal methods and associated fees.

  • Bank Transfer: (Bank commission)
  • Credit/Debit Cards: (5.5% min $10)
  • Skrill: (from 1% up to 3.9% + $0.35)
  • Neteller: (zero fees)
  • WebMoney: (0.8%)
  • Perfect Money: (2.5%)
  • QIWI: (1%)
  • FasaPay: (0.5%)
Deposits & Withdrawals
Minimum deposit
Withdrawal Time
Withdrawal Fee
PaxForex
$10
Within 1 business day
Varies
Olymp Trade
$10
1 - 5 business days
Free
IFC Markets
$1.00
1 - 5 business days
Fees vary
Binomo
$5.00
Within 3 business days
Free
IronFX
$100
1 - 5 business days
Free
Robinhood
None
5 days trading holding period for uninvested funds
Free

Customer Support

The level of customer care and support at PaxForex is very good as the brokerage values each and every customer highly. Customers can contact customer support reps 24 hours a day, 5 days a week via email, telephone, and live chat. Additional methods of support include a blog, education centre, and an extensive FAQ page.

Security & Fairness

Since PaxForex is located offshore in Saint Vincent and the Grenadines, many traders may be wary of trading with them because of the reputation of many offshore trading brokerages. However, PaxForex does not fall into the category of fraudulent trading brokerages as they have been competently offering reliable trading services since their inception in 2014. PaxForex may not be licensed or regulated by any reputable regulatory authorities, but the brokerage maintains a fair and transparent trading environment by implementing the same security measures and practices as regulated brokers.

For instance, client funds are held in secure and segregated European bank accounts. Therefore, client funds are protected in the event of broker insolvency or loss of funds due to fraud. Also, PaxForex encrypts all transmitted data using advanced SSL (Secure Socket Layer) encryption technology to protect sensitive client information. PaxForex also encodes all passwords so that users are the only ones who know their passwords. All in all PaxForex is a secure, fair, and transparent online trading brokerage despite being located offshore and unregulated.