PaxForex Review

MIN. DEPOSIT $10
Up to 500:1
Up to 100% BONUS
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PaxForex
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Overview

Company Information PaxForex is a Forex broker company, based in Montenegro. The business is on the market for more than five years now. The company registration is under the name… more

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Details

BrokerPaxForex
Website URLhttps://paxforex.com/
Founded2010
HeadquartersLondon, United Kingdom
Support Number+44 208 133 1627
Support Emailinfo@paxforex.com
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish, Russian, Chinese, Portuguese, Thai, Lao, Arabic
Minimum 1st Deposit$10
Minimum Trade Amount0.01 lots
Maximum Trade AmountUnlimited
BonusUp to 100%
PayoutUp to 500:1
Free Demo AccountYes
Regulated Yes
RegulationInternational Financial Services Commission, Belize
Account TypesCent, Mini, Standard, VIP
Deposit MethodsNeteller, Bank Transfer, Skrill, Credit / Debit cards, Perfect Money, WebMoney, OKPay, Qiwi, FasaPay, UnionPay
Withdrawal MethodsNeteller, Bank Transfer, Skrill, Credit / Debit cards, Perfect Money, WebMoney, OKPay, Qiwi, FasaPay, UnionPay
Types of AssetsForex, Shares, Metals
Account CurrencyUSD, EUR, GBP, CHF
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

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Company Information

PaxForex is a Forex broker company, based in Montenegro. The business is on the market for more than five years now. The company registration is under the name of Laino Group Limited, St. Vincent and the Grenadines. Sadly, PaxForex is still not regulated by any country or fairness body. However, the broker offers some quite nice small spreads and fast execution. PaxForex doesn’t provide many protections but accentuates on the risk and reward. Even though the broker is officially from Montenegro, the company also runs an office in London for clients around the world. Traders can earn money from various instruments – Forex, CFDs, futures, and commodities. A very nice feature over the other Forex brokers is the variety of account types. Most brokers offer one to three account types, while PaxForex offers five different options for different traders.

PaxForex’s website is fantastic regarding design. The dark blue and orange colors contrast well with each other. The background uses gradients with white and light beige. It’s soothing to look at. The broker offers many informational guides, articles and blog posts for free. You can learn how to analyze the market, make calculations and even receive Forex recommendations from professional traders. There are different sections for new traders, like Learn Forex, Infographics, Forex Glossary and FAQ. All of those are freely accessible and, paired with a demo account, are the perfect way to learn Forex trading with a hands-on approach.

Trading Information

PaxForex is a company run by professionals, and as such, it provides many options for trading. The broker supports CFDs, commodities, stocks, oil, metals, gold and indices. If you prefer to trade with ETFs and binary options, you should look elsewhere. PaxForex is an ECN/STP type of broker. Due to specific regulations, US clients may not create accounts with the broker as of this moment. The overall minimum deposit is $10 and the maximum leverage 1:501. However, you can open an Islamic account, in case your religion forbids you to earn money from interest. Institutional accounts are also welcome to PaxForex.

The broker allows traders to choose between five different account types. The first one is a demo account, sharing all the features of the Standard plan. Cent is the smallest account type. The minimum deposit is $10, and you can only use it with one currency – USD. The major differences of this account are that the margin call is 55%, compared to the 10% of the other types, and the stop out is set to 20%, contrary to the 5% of the other plans. The minimum spread of Cent is 2.0. Mini is a bit larger option, with a minimum spread of 0.8 and a minimum deposit of $100. Cent and Mini users cannot trade with shares and are not eligible for a personal manager. The Standard and VIP plans have a minimum spread of 0.3 pips and a minimum volume lot of 0.1. Both accounts can trade with shares and can apply for certain personal education options. Only the VIP account is eligible for Priority execution.

Trading Platforms

PaxForex prefers to trust the classics. The broker utilizes MetaTrader 4 as its only platform. To be fair, you most probably won’t ever feel the need for another trading platform. And, while MT4 is over a decade old now, it’s still the most widely used Forex trading solution on the market. Its’ straightforward and user-friendly interface contains all the customization you will need. Over 50 built-in indicators will help you during the analyzing process. Using as many indicators in one chart and setting up multiple tables are essential. Regarding trading, the platform offers market analysis and automated trading. Brokers can also make use of the modern scalping technique. However, PaxForex doesn’t allow trading signals, charting packages, hedging, trailing stops and guaranteed stop loss. The limitations are many, but the trading conditions are excellent.

Security and Customer Service

Cyber security is more than a must in this age of technology. Even more – it’s required for Forex brokers. It’s important to have a well-protected website when you are dealing with money and personal information. This is why PaxForex utilizes SSL encryption, provided by Go Daddy. The next level of protection is the use of segregated accounts. Traders’ money are being held in personal accounts, different from the broker.

The PaxForex website can be browsed in 7 languages. The customer support department functions 24/5 and is available to be reached by phone, e-mail and live chat. The support employees are all great and know how to quickly handle any situation. You will be pleased by the service, since you can contact them instantly and get your issue resolved within minutes, with professionalism.

Deposits and Withdraws

Depositing and withdrawing money from PaxForex happens easily and quickly. You can deposit funds to your account by using credit/debit cards, bank transfers, or e-wallet services like Neteller and Skrill. There are fees for almost every payment method, but you can see this information on the broker’s website. Every method has a deposit time of one hour, except for the bank transfer. The withdrawal methods are the same as the deposit. However, some of the e-wallets take one working day to credit you the money, and the banks/credit cards have various procedures, usually going for a week or more. Be careful which way you process your payments – you can save a lot from commissions and fees.

Deposit bonus and loyalty programs

PaxForex offers a 100% deposit bonus to all customers. You need to deposit $1200 or more at once, and you will receive the same sum as bonus money. The condition is that the money will be given to you over the course of a year. Some might find this fact annoying, but others will certainly use the bonus funds to increase their leverage and trade for higher profit.

PaxForex doesn’t offer a particular loyalty program. The VIP account and the deposit bonus are the closest things to a loyalty program from this broker.

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