PaxForex Review 2024
Please see the list of similar brokers or the Best Brokers List for alternatives.
United States not accepted.Pros
- 24/5 multilingual customer support via live chat, telephone and email
- Cent accounts, free training and demo accounts available for beginners
- Helpful additional trading tools including copy trading, daily free signals and an economic calendar
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 Review
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:
- A customisable interface with dozens of technical indicators
- 3 types of forex charts: bar, candlestick, and line
- 9 time-frames for detailed price analysis
- One-click trading
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:
- Forex – Trade popular currency pairs like EUR/USD and USD/GBP
- Stocks – Invest shares in well-known global companies such as Apple and Google
- Indices – The FTSE 100 and DAX 40, among several other global indices are available
- Spot metals – Diversify your portfolio with trading in gold and silver
- Cryptocurrencies – Four big cryptos are on offer, including Bitcoin and Ethereum
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.
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:
- Forex news and blog
- Copy trading service
- Educational guides
- Economic calendar
- Daily forex signals
- Forex calculator
Account Types
PaxForex offers four account options, all offering leverage up to 1:500:
- Cent – $10 minimum deposit, 2.4 pips minimum spread, 0.0001 minimum lot size, USD account only
- Mini – $100 minimum deposit, 1.4 pips minimum spread, 0.01 minimum lot size, USD/EUR/GBP account
- Standard – $2,000 minimum deposit, 0.4 pips minimum spread, 0.01 minimum lot size, USD/EUR/GBP account, education resources, shares available, personal manager
- VIP – $10,000 minimum deposit, 0.4 pips minimum spread, 0.01 minimum lot size, USD/EUR/GBP account, education resources, shares available, personal manager, priority execution
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.
- Cryptos – 00:00 – 23:59 Monday to Friday
- Metals – 01:00 – 24:00 Monday to Friday
- Shares – 16:30 – 23:00 Monday to Friday
- Forex – 00:00 – 24:00 Monday to Friday
- Indices – varies, check the website
Support
Trading support is available 24/5 in multiple languages:
- Email – info@paxforex.com
- Telephone – +44 2035040303
- Online contact form – Contact Us page
- Live chat – available in English, Russian and Thai
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.
- IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US 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.
- Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
PaxForex Comparison Table
| PaxForex | IG | Interactive Brokers | World Forex | |
|---|---|---|---|---|
| Rating | 0.5 | 4.4 | 4.3 | 4 |
| Markets | Forex, stocks, indices, metals, cryptocurrencies | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $10 | $0 | $0 | $1 |
| Minimum Trade | 0.0001 Lots | 0.01 Lots | $100 | 0.01 Lots |
| Regulators | FSA | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA | SVGFSA |
| Bonus | 100% loyalty deposit bonus up to $10,000 | – | – | 100% Deposit Bonus |
| Education | No | Yes | Yes | No |
| Platforms | MT4 | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral | MT4, MT5 |
| Leverage | 1:500 | 1:30 (Retail), 1:250 (Pro) | 1:50 | 1:1000 |
| Payment Methods | 11 | 6 | 6 | 10 |
| Visit | – | Visit | Visit | Visit |
| Review | – | IG Review |
Interactive Brokers Review |
World Forex 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.
| PaxForex | IG | Interactive Brokers | World Forex | |
|---|---|---|---|---|
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | No | Yes | No | Yes |
| Gold | Yes | Yes | Yes | Yes |
| Copper | No | Yes | No | No |
| Silver | Yes | Yes | No | Yes |
| Corn | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes |
| Futures | No | Yes | Yes | No |
| Options | No | Yes | Yes | No |
| ETFs | No | Yes | Yes | No |
| Bonds | No | Yes | Yes | No |
| Warrants | No | Yes | Yes | No |
| Spreadbetting | No | Yes | No | No |
| Volatility Index | No | Yes | No | No |
PaxForex vs Other Brokers
Compare PaxForex with any other broker by selecting the other broker below.
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.
Customer Reviews
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