PaxForex is an offshore online trading broker that provides forex and CFD trading services in over 70 tradable assets, spread across currency pairs, equities, metals, and crypto assets. They provide clients with the widely acclaimed MetaTrader 4 platform, educational resources, daily market analysis, many useful trading tools, and good trading conditions with competitive trading fees and good trade execution speeds. The broker claims to use the STP model of trade execution, but they are not regulated by any tier-1 financial authority.
PaxForex Review Introduction
In this PaxForex review, we will take a look at some of the most important factors worth considering when choosing a forex broker for your online trading needs. This includes trading platforms, trading tools, research and education, account funding options, customer support and broker regulation.
You may also wish to view my best forex brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews. You can also use my free trading tool to compare forex brokers including PaxForex.
PaxForex Platforms & Tools
PaxForex provides clients with the famous MetaTrader 4 (MT4) trading platform, which is the most widely accepted platform for trading forex and CFDs. MT4 is the only platform available for trading with the broker. They only made available the desktop platform and the mobile trading apps:
- MT4 Desktop Platform: The platform has a simple, user-friendly, and easily customizable interface. It comes with 3 chart styles — candlestick, bar, and line charts — but you can also add scripts for other charts like range bar and Renko charts. There are over 30 technical indicators and more than 44 analytical tools, as well as automation tools.
- MT4 Mobile Trading App: MT4 mobile trading apps are compatible with Android and iOS devices and can be downloaded from the broker’s website. The app is simple, intuitive, and user friendly to help you trade and manage your trades from anywhere.
In addition to the tools in the trading platform, the broker provides other helpful tools, such as Virtual Private Server (VPS), Economic Calendar, Forex Calculator, Forex Blog, and Fundamental Analysis.
PaxForex Research & Education
The broker provides a collection of educational resources on their website, including articles and a glossary of forex/CFD trading jargon. The articles are organized into a trading course covering a range of topics that both new and experienced traders may find useful.
PaxForex Trading Accounts
PaxForex offers the following account types:
- Cent Account: For beginners who want to test the waters. It has the following features: a $10 minimum initial deposit, only available in USD, and spreads from 2.4 pips.
- Mini Account: For new traders who don’t want to take big risks. The minimum deposit is $100, and spreads start from 1.4 pips.
- Standard Account: For experienced traders, the minimum account balance is $2,000, and spreads start from 0.4 pips
- VIP Account: For professional traders, the minimum account balance is $10,000, and spreads start from 0.4 pips.
PaxForex Account Funding
The broker accepts different payment methods, such as bank wire transfers, debit/credit cards, Bitcoin, Ethereum, and online payment processors like Skrill, Neteller, WebMoney, QIWI, FasaPay, and Perfect Money. Bank transfers can take a few working days to clear.
PaxForex Customer Service
PaxForex’s multi-lingual customer support team is available 24/5. They can be reached via email, phone, fax, live chat, and “Ask Your Question” form, which is available on the website. You can also reach them on Facebook, Twitter, Instagram, YouTube, Telegram, and LinkedIn.
PaxForex is an online brokerage brand owned and operated by Laino Group, which is a financial service firm registered in St. Vincent and the Grenadines. The broker does not state its regulatory status, and most traders would be cautious about dealing with an unregulated broker.
PaxForex Review Summary
PaxForex is an offshore online broker that offers forex and CFD trading. They provide clients with the MT4 platform, additional trading tools, and a collection of educational materials. However, they are not regulated.
It is worth mentioning that some of the trading products and services in this PaxForex review may differ or not be available to traders in some countries due to regulations. As brokers terms can change over time, please verify all information is up to date directly from the PaxForex broker website which you can visit by using the link below.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.