PaxForex Company OverviewTrading PlatformsPopular Alternatives To Paxforex in Hong KongMarketsTrading FeesPaxForex LeverageMobile AppsPayment MethodsDemo AccountBonuses & PromotionsRegulationAdditional FeaturesAccount TypesBenefitsDrawbacksTrading HoursSupportSecurityPaxForex VerdictAccepted CountriesAlternatives to PaxForexFAQ
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:
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
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:
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.
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:
Forex news and blog
Copy trading service
Educational guides
Economic calendar
Daily forex signals
Forex calculator
PaxForex economic calendar
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.
Benefits
Benefits of trading with PaxForex include:
Daily free signals
MT4 MultiTerminal
Copy trading service
$10 minimum deposit
MT4 platform download
100% loyalty deposit bonus
Drawbacks
Problems highlighted in Paxforex.com customer reviews include:
Untrustworthy regulator
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.
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.
Alternatives to PaxForex
If you are looking for alternatives to PaxForex we have compiled a list of the top 5 brokers that are similar to PaxForex below. This list of brokers like PaxForex is in order of similarity and only includes companies that accept traders from your location.
AdroFX – AdroFX is a regulated, global broker offering forex, CFD and crypto trading with MT4 access and attractive welcome bonuses.
EZ Invest – EZ Invest is a CySEC-licensed broker offering trading on the financial markets.
Hantec Markets – Hantec Markets is a multi-regulated online FX broker offering MT4 and a tailored service providing flexibility to suit any trader.
RoboForex – RoboForex is a multi-asset online broker offering powerful trading aides.
EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
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.