Online trading has become very common, and hundreds of trading platforms are operational today. Some bring good experience and features, while some fail to do so. However, here in this PaxForex review, we will discuss the value you get from this platform. So, here you will know all about the fees, experiences, safety, account, and other things that you must know.
Please stick with us till the end of this article so you know whether PaxForex is the right choice for you or not.
In This Guide
- 1 Best Brokers That Are Better Than PaxForex
- 2 What is PaxForex?
- 3 PaxForex at a glance
- 4 PaxForex Features
- 5 PaxForex Safety
- 6 Education available at PaxForex
- 7 Pros and Cons of PaxForex
- 8 Different PaxForex fees you need to know
- 9 Trading options at PaxForex
- 10 Account options available at PaxForex
- 11 PaxForex Customer Support Review
- 12 Payment methods at PaxForex
- 13 PaxForex ratings
Best Brokers That Are Better Than PaxForex
FCA, ASIC, CIMA, SIBL
up to 50% bonus
ASIC, CBI, BVI, FSCA, IIROC, FFAJ, JFSA, ADGM FRSA
up to 40% bonus
VFSC, FSC, IBFC
$10 000 demo
What is PaxForex?
PaxForex is a globally operational trading platform and an asset broker that has been providing its services since 2010. In fact, over the years, it has grown in terms of its trading options and asset and now it is best known for its CFD trading options and Forex trading. So, it makes trading easier with its online trading and mobile application platforms. Here you get to trade more than 188 assets.
It is an award-winning trading platform that makes it attractive to many users. Meanwhile, here is a lot more to it, and we will try to cover every aspect of this trading platform in our PaxForex review.
PaxForex at a glance
|Headquarters||Grenadines and Saint Vincent|
|Trading Platform||MT4 (MetaTrader4 )|
|Global operation||194 countries|
Now that you have a general idea about PaxForex, we will start our detailed PaxForex review below.
The following are some of the best features you get at PaxForex:
PaxForex comes with a virtual portfolio that is a demo account. So, you can learn trading without losing any money.
It provides advanced learning, financial comparison, and research tools for a better trading experience.
Online and Mobile usage
PaxForex works on all devices. It is available for mobiles as an application. On your computers, you can use its web version on your browser.
Easy trading tools
At PaxForex, you can use easy trading tools with the interface in 15 different languages. So, the trading experience is immersive whether you are a new or experienced trader.
It is important to check the regulatory authorities to ensure that your trading platform brings the best security. When we talk about PaxForex, there are not a lot of regulatory authorities. However, it still comes with FSA(Financial Services Authority). It means that PaxForex comes with regulations. If you are looking for specific country regulations, you may not find any.
It may mean that you rely on offshore regulations, and there are no dedicated regulations for your country. So, it will not be wrong to say that your capital might be at risk. Talking about the actual money, PaxForex saves your money using a segregated bank account. That bank is Tier-1, meaning that you will have the best safety. However, in terms of regulation safety, it is a bit complicated.
PaxForex regulations against some other competitors:
|Regulations||FSA||FCA, CySEC, MiFID, ASIC||FSA, CySEC, ASIC||FCA, CySEC, IFSC, KPWiG, DFSA, DIFC, FSCA|
You can see how much of a difference there is between PaxForex and other world-leading platforms.
Education available at PaxForex
One very attractive thing about PaxForex is its educational material. There is a guide that is based on 10 different parts. So, as a new trader, you can gain all the knowledge you need. The material is also good for the experienced traders out there. The best part is that using infographics and blog references makes the learning material even more effective.
Pros and Cons of PaxForex
PaxForex keeps things neutral by having pros and cons along with them. So, in this section of the PaxForex review, we will be talking about some Pros and Cons of PaxForex.
Pros of PaxForex:
- Easy to meet minimum deposit limit of $10
- Allows you to select between different account
- Reliable MT4 trading platform
Cons of PaxForex:
- No regulations apart from FSA
- It does not allow hedging
- Trades only in 4 currencies: USD, EUR, GPB, and CHF.
Different PaxForex fees you need to know
PaxForex charges fees for different things, and the fees are also not fixed. The fee you pay for the same thing may differ depending on different factors. So, here are details about the different fees you have to pay here.
PaxForex charges you fees for your withdrawals. This fee differs depending on the platform you choose to withdraw your money.
There is a deposit fee, and things are similar over here. The fee you have to pay depends on the deposit method.
Interestingly, there is no inactivity fee at PaxForex. So, it does not mean how long you stay inactive; there will be no inactivity fee.
When you trade CFDs at PaxForex, you do not have to pay any fee. It is also an attractive point about PaxForex.
Trading options at PaxForex
The following are some trading options at PaxForex:
- 62 forex pairs
- 40 commodities
- 42 stocks
Account options available at PaxForex
At PaxForex, you can have the following account opening options:
You can go for Islamic, segregated, intuitional, and managed accounts for all of these accounts.
PaxForex Customer Support Review
PaxForex provides its customer support in 15 different languages in the following ways:
- Live chat with a response time of 8 minutes only
- An email with a response time of 40 minutes only
- Phone call with a response time of 5 minutes only
Payment methods at PaxForex
PaxForex allows payments in 11 methods. Those 11 payment methods include:
- Credit cards
- Debit cards
- Bank transfer
- Perfect Money
Below are our ratings of the PaxForex trading platform
|PaxForex||Rating out of 5|
|Account opening ease||3.5|
|Security and Regulation||2|
|Withdrawal and Deposit experience||3|
Now you will have a better idea about the experience with PaxForex.
If you are a beginner in forex trading, then PaxForex might be one of the best choices for you. It provides good learning materials for beginners, and all the standard features are also good enough for newbies to gain the necessary experience.
However, you may find better options in comparison if you have trading experience and knowledge. We hope that this PaxForex review was helpful for you in deciding whether you will choose it as your trading platform or not.