PaxForex Review 2023

2.5
/ 5
PaxForex is #109 in our CFD broker rankings.

PaxForex is an offshore broker offering $10 minimum deposits & MT4 trading.


Trusted

Demo Account

MetaTrader 4

Bonus Offer
$10
MT4
Forex, stocks, indices, metals, cryptocurrencies
100% loyalty deposit bonus up to $10,000
Neteller, Wire Transfer, Skrill, WebMoney, Visa
and 6 more

Forex Trading

Trade FX with tight spreads & 1:500 leverage.

Stocks Trading

Trade shares on top global companies, including Google and Facebook.

CFD Trading

Trade across markets with leveraged CFDs.

Crypto Trading

Trade popular cryptos against the US Dollar.

PaxForex is an online broker offering a range of tradable instruments across four account types. In this review, find out about no deposit welcome bonuses, MT4 platform downloads, leverage and minimum payments. Is PaxForex the right broker for you?

The www.paxforex.com domain has been seized by the FBI due to an ongoing dispute with the CFTC in the US.

PaxForex Company Overview

Founded in 2011, PaxForex, operating under Laino Group Limited, is an offshore broker registered in Saint Vincent and the Grenadines. Catering to traders around the world, the company aims to separate itself from the crowd with fast executions, low spreads and 24/5 multilingual support.

Trading Platforms

MetaTrader 4

With global popularity among traders, MT4 offers built-in automated trading programs, multiple order types, plus a range of technical and fundamental analysis tools. The user-friendly interface also makes it a favourite with beginners. From the cabinet login area, clients can access:

PaxForex MT4 trading platform
PaxForex MT4 trading platform

MT4 can be downloaded to Windows PCs and Mac computers.

MetaTrader 4 MultiTerminal

The MT4 MultiTerminal allows users to manage up to 100 accounts simultaneously. This option is ideal for investment managers looking to integrate multiple trading operations efficiently. MultiTerminal also comes with all of the same features found in the standard MT4 software.

Head to the broker’s website to download the trading platform.

The www.paxforex.com domain has been seized by the FBI due to an ongoing dispute with the CFTC in the US. See below for alternative options.

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Markets

Users can choose from five asset classes:

Trading Fees

PaxForex offers commission-free and competitive trading conditions compared to brands such as HotForex. Spreads on major forex pairs such as the EUR/USD start from 0.4 pips with the Standard account. For indices, spreads start from 9 pips on the FTSE 100. Cryptocurrency spreads start at 3 pips.

Other fees include overnight swap charges as well as an inactivity fee charged to dormant accounts.

PaxForex Leverage

The maximum leverage offered across all account types is 1:500. Leverage is an excellent tool if you’re looking to take larger positions than your capital allows. However, it also increases the size of potential losses.

A margin calculator can be found in the Trading Tools section of the broker’s website.

Mobile Apps

PaxForex’s clients can trade on the MT4 mobile app, which can be downloaded for free to any smartphone device, including Android (APK) and iPhone (iOS). The app allows for full account management with just an internet connection. Mobile traders also benefit from dozens of built-in indicators, multiple charts and graphs, plus push notifications and news alerts.

PaxForex MT4 mobile
PaxForex MT4 mobile

Payment Methods

Deposits

PaxForex offers several fast and fee-free deposit methods, including bank transfer, card payments, e-wallets, and cryptocurrencies. All deposit methods are credited in 1 hour, except for bank transfers which take 3 – 5 working days, and cryptos which take around 1 day. The minimum deposit is $10.

The broker doesn’t charge any deposit fees but will recover intermediary fees for deposits over $300, except for bank transfer. Details of fees charged by card or e-payment systems are listed on the website.

Withdrawals

Most withdrawals are credited in 1 working day, apart from bank transfers which take 4 – 7 business days, and credit/debit cards which take 5 – 15 business days. Again all methods are free on the broker’s side and the minimum withdrawal is $10 across most methods.

Speak to the customer support team using the details below should you encounter any withdrawal problems.

Demo Account

A demo account is a great way of gaining experience in forex trading and to practice strategies in a no-risk environment.

PaxForex offers a free MT4 demo account where users can set their own amount of virtual funds. The account is available for an unlimited period of time, as long as you are active on the account. Accounts left dormant for 90 days will be deactivated.

Bonuses & Promotions

PaxForex offers a 100% loyalty deposit bonus which matches deposits over $1,200 up to $10,000. The bonus is paid out monthly over 12 months and can be stacked. Also check the broker’s website when you open an account as they occasionally offer no deposit welcome bonuses.

Always check bonus terms and conditions before you start trading.

Regulation

Laino Group Limited (PaxForex) is registered with the Financial Services Authority (FSA) in Saint Vincent and the Grenadines. This is not a reputable regulatory agency and does raise potential scam concerns. We’d recommend considering brokers regulated by more trusted bodies, such as the CySEC.

Unfortunately, the broker doesn’t provide any information on whether it segregates client funds in separate bank accounts.

Additional Features

PaxForex offers clients a range of educational resources and trading tools for beginners and experts, including:

economic calendar
PaxForex economic calendar

Account Types

PaxForex offers four account options, all offering leverage up to 1:500:

Islamic swap-free conditions are also available upon request with the Mini, Standard, and VIP accounts.

Benefits

Benefits of trading with PaxForex include:

Drawbacks

Problems highlighted in Paxforex.com customer reviews include:

Trading Hours

Server times for each market are listed below. All times are GMT+2 and GMT+3 in the Summer.

Support

Trading support is available 24/5 in multiple languages:

Reviews of customer support at PaxForex are decent, with reports of reliable staff on-hand to respond to most queries. For the quickest recourse, we’d recommend using the live chat service.

PaxForex is headquartered at Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines.

Security

MT4 uses industry-standard security protocols which include SSL encryption, as well as a dual-factor authentication option at the login stage. Transactions within the client area are also encrypted.

PaxForex Verdict

PaxForex offers a good range of assets with low spreads and leverage up to 1:500. The ECN broker also provides a choice of four competitive account types that suit all levels, as well as several deposit and withdrawal options. The only real disappointment is the lack of reputable regulatory oversight.

Accepted Countries

PaxForex accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use PaxForex from United States, Germany, Canada, Japan, New Zealand.

Payment Methods

PaxForex Details

Minimum Trade 0.0001 lots
Regulated By FSA
Islamic Account Yes
Mobile Apps Yes
Margin Trading No
Volatility Index No
Spot Trading No
Perpetual Swaps No
ELWs No
REITs No
AI / Machine Learning No
Robo Advisor No
P2P Trading No
Negative Balance Protection No
VPS Hosting No
Tournaments No
Demo Competitions No
Managed Accounts No
Market Maker No
Auto Trading Yes (EAs)
Social Trading Yes
Trade Signals Yes
Guaranteed Stop Loss No
Commodities
  • Gold
  • Silver

CFD Trading Details

FTSE Spread 9
GBPUSD Spread 0.5
Oil Spread N/A
Stocks Spread Variable
Leverage 1:500

Forex Trading Details

GBPUSD Spread 0.5
EURUSD Spread 0.4
EURGBP Spread 1.5
Assets 60

Cryptocurrency Trading Details

Crypto Spread From 3 pips
Crypto Lending No
Crypto Staking No
Crypto Mining No
Crypto Auto Market Maker No
Crypto Coins
  • BTC
  • ETH
  • LTC
  • XRP

Compare PaxForex

Compare PaxForex with similar brokers that accept traders from your location. Among available brokers these are the most similar to PaxForex:

  1. OANDA – OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is authorized by leading regulators, including the CFTC/NFA. Around the clock support is available, alongside flexible contract sizes and automated trade executions.
    Go to OANDA
  2. Webull – Webull is a US-regulated trading app that offers stocks, options, forex, cryptos, ETFs, fractional shares and more. The firm is authorized by the SEC and FINRA with a strong trust rating. Low fees, no minimum investment and generous bonuses have made the discount broker popular with online investors.
    Go to Webull
  3. Forex.com – Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they offer a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
    Go to Forex.com

PaxForex Comparison Table

Compare PaxForex With Similar Brokers
PaxForex OANDA Webull Forex.com
Rating 2.5 4.5 4.4 4.5
Markets Forex, stocks, indices, metals, cryptocurrencies Forex Stocks, ETFs, options, cryptos, forex, ADRs, fractional shares, OTCs Forex, CFDs, Stocks, Indices, Commodities, Cryptos, Futures, Options
Demo Account Yes Yes Yes Yes
Minimum Deposit $10 $0 $0 $100
Minimum Trade 0.0001 lots $0 $5 $1
Regulators FSA CFTC, NFA SEC, FINRA CySEC, IIROC, NFA, CFTC, FCA, CIMA, CIRO
Bonus 100% loyalty deposit bonus up to $10,000 $5,000 welcome bonus with a deposit of $500 Six free stocks
Education No Yes Yes Yes
Platforms MT4 MT4, TradingView, AutoChartist MT4, MT5, TradingView, AutoChartist, TradingCentral
Leverage 1:500 1:30 EU, 1:200 Global 1:200
Payment Methods 11 12 3 8
Visit Visit Visit Visit
Review PaxForex
Review
OANDA
Review
Webull
Review
Forex.com
Review

Compare Trading Instruments

Compare the markets and instruments offered by PaxForex and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare PaxForex Trading Instruments
PaxForex OANDA Webull Forex.com
CFD Yes No No Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes No Yes
Oil No No No Yes
Gold Yes Yes No Yes
Copper No Yes No No
Silver Yes Yes No Yes
Corn No Yes No No
Crypto Yes Yes Yes Yes
Futures No No No Yes
Options No No Yes Yes
ETFs No No Yes No
Bonds No Yes No No
Warrants No No No No
Spreadbetting No No No No
Volatility Index No No No No

PaxForex vs Other Brokers

Compare PaxForex with any other broker by selecting the other broker below.

PaxForex vs

FAQ

Does PaxForex offer a no deposit bonus?

At the time of writing, PaxForex isn’t offering no deposit welcome bonus deals. A 100% loyalty deposit bonus is available on payments over $1,200, however. Traders should check the broker’s website for news of future promotions.

Does PaxForex accept US clients?

No, PaxForex does not accept US clients. The broker does, however, accept clients from most other countries.

What should I do if there’s a problem with my PaxForex withdrawal?

Withdrawals can be made from within the PaxForex Cabinet area but if you need any help you can contact the customer support team by email, phone, or live chat.

Is PaxForex legit?

PaxForex is a legitimately registered company, however, it is not rigorously regulated despite 10 years of industry experience. Interested traders should conduct thorough research before depositing money with offshore brokers.

How do I register for a PaxForex demo account?

You can register using the link on the main page, which will take you to an online registration form. Once you have filled out your personal details, you will receive an email containing your MyPaxForex Cabinet and MT4 login credentials. Download the MT4 platform and start trading right away.

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PaxForex is an offshore broker offering $10 minimum deposits & MT4 trading.