PaxForex Review 2024

The www.paxforex.com domain has been seized by the FBI due to an ongoing dispute with the CFTC in the US. We urge traders to approach this firm with caution.
Please see the list of similar brokers or the Best Brokers List for alternatives.

1 / 5
PaxForex is #108 in our CFD broker rankings.

PaxForex may attract beginner traders looking for an accessible Cent account with high leverage, a low starting deposit and a 100% welcome bonus.

- Daytrading Review Team

PaxForex is an offshore ECN/STP broker offering forex and CFDs. Traders can access a range of popular markets on the MT4 and AllPips platforms, with high leverage up to 1:500. However, the brokerage has come under fire in recent years for violating federal securities law in the US.

$10
MT4
Forex, stocks, indices, metals, cryptocurrencies
100% loyalty deposit bonus up to $10,000
Neteller, Skrill, WebMoney, Visa, UnionPay, QIWI, Wire Transfer, FasaPay, Perfect Money, Cashu, Ethereum Payments

Forex Trading

PaxForex offers 60 currency pairs with minimum spreads from 0.4 pips. However, traders must deposit $2000 to access tight spreads which is disappointing and doesn't rival competitors.

Stock Trading

A small range of shares in major US companies are available, including Google and Microsoft, though these are only accessible for Standard and VIP account holders who can afford the high minimum deposit requirements.

CFD Trading

Trade CFDs on indices, commodities and other popular asset classes with leverage up to 1:500. You can also access minimum lot sizes of 0.0001 in the Cent account, though spreads are much wider at 2.4 pips.

Crypto Trading

Only 4 major crypto assets are available, which doesn't compete with other brands. Due to legal disputes in the US, we urge traders to consider a regulated crypto broker instead.

✓ Pros

  • Helpful additional trading tools including copy trading, daily free signals and an economic calendar
  • Cent accounts, free training and demo accounts available for beginners
  • 24/5 multilingual customer support via live chat, telephone and email
  • Accessible accounts with base currencies in USD, EUR and GBP
  • Access to the popular MetaTrader 4 platform
  • 100% loyalty deposit bonus
  • Daily free signals
  • MT4 MultiTerminal

✗ Cons

  • Sued by the CFTC for offering unregistered financial services to US traders
  • Offshore broker with weak regulation and safety rating
  • A high $2000 minimum deposit for the Standard account

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?

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.

Popular Alternatives To Paxforex

#1
AvaTrade
#2
OANDA US
CFDs are not available to residents in the United States.
#3
Deriv.com

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.

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.

Top 3 Alternatives to PaxForex

Compare PaxForex with the top 3 similar brokers that accept traders from your location.

  1. AvaTrade – AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.

  2. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

  3. Vantage – Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

PaxForex Comparison Table

Compare PaxForex With Similar Brokers
PaxForex AvaTrade IG Vantage
Rating 0.5 4.9 4.4 4.7
Markets Forex, stocks, indices, metals, cryptocurrencies CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
Demo Account Yes Yes Yes Yes
Minimum Deposit $10 $0 $50
Minimum Trade 0.0001 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Regulators FSA ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA FCA, ASIC, FSCA, VFSC
Bonus 100% loyalty deposit bonus up to $10,000 50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
Education No Yes Yes Yes
Platforms MT4 WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral ProTrader, MT4, MT5, TradingView, DupliTrade
Leverage 1:500 1:30 (Retail) 1:400 (Pro) 1:30 (Retail), 1:250 (Pro) 1:500
Payment Methods 11 13 6 12
Visit Visit Visit Visit Visit
Review AvaTrade
Review
IG
Review
Vantage
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 AvaTrade IG Vantage
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes Yes Yes
Gold Yes Yes Yes Yes
Copper No Yes Yes Yes
Silver Yes Yes Yes Yes
Corn No Yes No No
Crypto Yes Yes Yes Yes
Futures No Yes Yes No
Options No Yes Yes No
ETFs No Yes Yes Yes
Bonds No Yes Yes Yes
Warrants No No Yes No
Spreadbetting No Yes Yes Yes
Volatility Index No Yes Yes Yes

PaxForex vs Other Brokers

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

 

Customer Reviews

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PaxForex is an offshore ECN/STP broker offering forex and CFDs. Traders can access a range of popular markets on the MT4 and AllPips platforms, with high leverage up to 1:500. However, the brokerage has come under fire in recent years for violating federal securities law in the US.

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.