PaxForex is this a scam? Review and Customers Reviews

PaxForex – broker managed by Laino Group Limited. The physical location of the company is unknown, but it is registered in St. Vincent and the Grenadines, and the helpdesk number offers British.

And the legal name does not appear anywhere online, except for one review, to which a link is given on the site (and it may well be written to order). So, is PaxForex a scam or just a little-known Forex brokerwho has problems with PR? Let’s study everything carefully and make our own conclusions.

 

Terms of trading with PaxForex

At PaxForex there are 4 types of accounts available to you:

• Cent (for beginners) – with a minimum deposit of $10, the lot from 0.0001 and high spreads from 2.4 pips. Interestingly, the provider recommends to have a balance of $100 – apparently, because the fluctuations will sharply hit your balance, while the level of stop-out is 20%. It opens only in USD.
• Mini (for beginners with a more serious capital) – the minimum deposit is already $100 (recommended – $500), and lots from 0.01. The spreads are lower here: from 1.4 pips, and stop-out is declared here and further at 5%. Opened in euros, dollars and pounds.
• Standard – With a minimum deposit of $2,000 (recommended – $5,000), lot size from 0.1 and spreads from 0.4 pips. Account for more experienced traders, trading is conducted on a large scale. USD, EUR and GBP are also supported.
• VIP – with the minimum deposit of $10 000 (recommended – $50 000), lot volume from 0.01 and spreads from 0.4 pips. In our opinion, the optimum variant from the point of view of risks, but it demands serious initial investments. Account in dollars, euros and pounds sterling.

In all packages it is possible to use the leverage up to 1:500. In addition, the so-called Islamic accounts are connected: with zero Swaps (Swap-free). To do this, you need to contact the support team, having previously closed all open transactions (if any).

In this case, you will be charged a commission for each lot on orders. It is set depending on the currency pair and varies between $8 and $20. In other cases no commission is charged on transactions. Swaps, for example, for the EUR/USD pair are -7.6 (Long) and 0.4025 (Pip).

Total for forex trading There are more than 100 assets: currency pairs, cryptocurrency, stocks and precious metals. Free training (demo) accounts on MT4 terminals are provided for training newbies, as well as individual training (Forex Trading Training). The variety of reference materials on the site paxforex.com is not observed.

But there is quite a lot of analytics and tools: economic calendar, fundamental and technical analysis, reviews, currency calculators. Among other things, there is a paid VPS (dedicated server). Support is provided in 24/5 mode (as well as trading) by phone (international number only), by e-mail, in online chat/form of feedback on the website paxforex.comsocial networks and messenger/chatbots.

 

Platform paxforex.com

The broker works with the popular MetaTrader 4 terminals, available in three main formats: web (opened from computers and tablets connected to the Internet), install (for installation on a PC and subsequent work offline) and mobile (application for mobile devices). Despite the fact that some time ago came out the fifth version of the platform, MT4 is still trusted by traders, because it works more stable. At the same time, all the basic functionality is available here:

• 3 types of charts (lines, candlesticks, bars) with modifications.
• 9 timeframes.
• Several dozen indicators and trend patterns.
• Chart settings, color schemes, scaling, scrolling, and other interactive features.
• Statistics and data export.
• Analytical reports and notifications.
• Online chat with other users and support.

All the terminals of the MetaTrader line are also distinguished by their user-friendly interface, which is used by other software producers as a reference point for the creation of their software. For example, WebTrader is visually very similar to MT4. Security is provided by verification of users (AML and KYC policies), as well as SSL-encryption when performing transactions. Each client’s assets are placed in a segregated account, which is separate from the company’s accounts.

Broker quotes

PaxForex offers about 60 currency pairs: EUR/USD, USD/CHF, GBR/USD, AUD/CAD, AUD/JPY, AUD/NZD, CAD/JPY, EUR/CHF, etc. Trading is done on two models: STP and ECN.

The quotes come from notable first-tier liquidity providers – the primers: Barclays (the largest banking conglomerate based in London), Credit Suisse (Swiss bank), Deutsche Bank (German bank), Goldman Sachs (New York investment bank, also known as The Firm), UBS (Swiss financial holding company), Merrill Lynch (another New York financial giant).

 

PaxForex Demo Account

As we wrote above, the training of novice traders is carried out on free MetaTrader 4 simulators with the connection of a demo account, where you trade with “dough” rather than real money. But first, as usual, you have to register on the website paxforex.com. To do this, click on “Open Forex Demo Account” on the page with the description of the demo and go to the questionnaire. It is the same for all, which means that you create an account, from which you can later open a trading account, adding to your balance.

E-mail confirmation will be required (activation link will come in the letter from the broker).

After clicking on the link you will open a personal account for downloading and logging in to the training platform and account.

It cannot be used in the web version – you have to install it on your phone/tablet/computer. All options and settings are available. There is no time limit for use. However, note that the margin in the demo versions is always times higher than in real trading conditions, because the providers are interested in you to deposit your account.

 

Mobile application

PaxForex does not have its own mobile application, the broker uses the MT Mobile version, where the client simply chooses the company’s server. The software itself is evaluated by the users well enough: by 4.6/5 among the owners of “apple” devices and by 4.6/5 by those who have a smartphone/tablet on the Android OS. The functionality and settings of the dextop version are fully supported here. The only thing clients are dissatisfied with is technical glitches, but this problem is present in any software. With MetaTrader it does not occur so often.

 

Bonuses at PaxForex

Most of the bonuses are distributed by the company among users who have joined one of the affiliate programs:

• Introducing Broker (IB). By attracting new clients to PaxForex (with referral links, banners, etc.), you get a fixed reward from each of their transactions. Depending on the country of residence of the trader it reaches $2750 per month. If you have a large database of referrals (people who came by your recommendation), you will get an additional bonus from each of their deposits and will be awarded the status of Master IB. The Forex Rebate Program also covers part of spreads from trades closed by clients during a month.
• Regional Representative Office. For experienced traders who are ready to register themselves as a legal entity and act as an official dealer. The commission for each attracted client is also provided.
• White Label. Providing a trading platform and administrative tools to work under your own brand. You act as a separate broker and pay PaxForex a share of profit.

As for the standard promos, they are not valid at this time.

However, occasional ones are held. For example, Happy Labor Day, which ended in September, reducing spreads on the trading account and covering commissions for transfers of a certain number of transactions:

• When making a deposit of $500 – for 4 transactions (which, the client chooses).
• With a deposit of $1000 – for 10 trades.
• If credited from $1500 – for 15 transactions.
• With a deposit of $3000 – for 30 trades.

The company does not hold contests or tournaments.

 

Deposit and withdrawal

Deposit and withdrawal to PaxForex are carried out by the following methods:

• Wire transfer: crediting within 1-3 working days, withdrawal within 4-7 working days.
• Bank cards (VISA, MasterCard): crediting within 1 hour, withdrawal within 5-15 working days.
• Payment Systems: Neteller, Skrill, WebMoney, Perfect Money, QIWIFasaPay – crediting within 1 hour, withdrawal within 24 hours.
• Cryptocurrencies Bitcoin, Ethereum: deposit and withdrawal within 24 hours

The broker himself does not charge commissions for operations, but also does not cover those amounts that are deducted by payment services. In the case of the deposit the percentage varies in the range 3.9% depending on the chosen method (there are commission-free options – Perfect Money, BTC, ETH). In the case of transfer payments sometimes reach 7% (without fees you can request a transaction only through Neteller, but this option is not always available).

There are limits: minimum deposit/withdrawal 100 c.u. by bank transfer, 15 c.u. from/to card, 10 c.u. by means of payment systems. Previously, you will be required to undergo the procedure of identity verification: provide scans of identity card, address receipts (confirmation of your location) and a photo of bank card (confirmation that it was you who made a deposit). Funds are withdrawn to the same details that were used for deposit.

 

Complaints about PaxForex

There are not many reviews about PaxForex. And there is no assurance that they are really written by clients of the service (especially considering that most of the authors have written only 1 opinion for the entire time they were on Review site). However, positive comments prevail, where people praise the broker for high-quality support and stable work of the platform.

Among the reasons for dissatisfaction are poor functionality and limitation of trading. In some cases there are complaints about the distortion of data in the interface of the terminal.

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Regulator Laino Group Limited

Laino Group Limited, the owner of PaxForex, operates under the certificate number 21973 IBC 2014 1825, issued by St. Vincent & the Grenadines. A scan of the document is available on the broker’s website paxforex.com, but it is not possible to obtain confirmation from the regulator, as St. Vincent & the Grenadines does not provide information about its counterparties. In addition, user support and financial control by the aforementioned organization is not carried out, it only provides paid registration confirmation, which is purely formal in nature. So we cannot say that PaxForex clients are under legal protection.

View PaxForex license at paxforex.com

User Agreement paxforex.com

PaxForex User Agreement (Terms of Use) is presented only in English version. The document regulates the rights and obligations of the broker and the client to each other. Let’s examine a few terms so that you can get an idea of this policy. So, in the section The Rights and Responsibilities of Clients it is said that when registering you must provide accurate and complete information about yourself. In case of an error, you can change the data by contacting the company through the contact form.

Registration of third parties (even with their permission and/or by request) is prohibited, and if the operator suffers a loss due to your violation of the terms of the agreement, you must compensate everything.

The broker has the right to adjust the rates and conditions, as well as to limit your access to certain services and charge you additional fees for them at his discretion.

You use the platform on an “as is” basis. This is a European term, meaning that no claims are made about the accessibility of the site or parts of it, or the veracity of the information displayed.

The administration can change the user agreement. And the publication of changes itself is considered as a notification of the client about it (no one will warn you beforehand), but they come into force, after 5 calendar days. And, continuing to use resources of PaxForex after this time, the trader automatically agrees with corrections.

 

Is PaxForex a scam?

PaxForex It is not able to boast of a great variety of assets (the emphasis here is on forex, and all other areas are poorly represented) and truly favorable conditions. Yes, the deposit requirements here are not as strict as at most brokers. However, the deposit/withdrawal fees are not covered, spreads and swaps are quite large, and if you decide to trade on an Islamic account, you will pay a good commission: 8-20 US dollars.

The certificate from St. Vincent and the Grenadines does not inspire much confidence either, because in case of a claim this regulator will not help you in any way. And the user agreement does not indicate the company’s obligations to customers. Rather, on the contrary, it removes the latter’s responsibility. In general, there is no serious reason to believe that PaxForex is a scam. And still the operator does not inspire full confidence (despite some interesting offers).

 

Conclusion

PaxForex brokerHowever much we would like to convince ourselves of its status and serious legal basis, it cannot, in our opinion, compete with serious market participants:

• Expensive maintenance.
• Lack of a verified license demonstrating strict regulation.
• Scarce functionality (no PAMM-accounts, automatic trading, elaborate bonus program, contests and in general any dynamics in the development).
• Complaints from traders about data changes in the interface (when trades that were supposed to bring profits were considered loss-making).

And even some advantages (an interesting affiliate program, small deposits, transparent trading conditions and a wide range of analytics) are not able to fully cover them. We advise to use the services of PaxForex with great caution.