PaxForex Review

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.

Best Brokers That Are Better Than PaxForex

Broker
Rating
Regulated
Min. Deposit
Bonus
Max. Leverage
1.
easyMarkets

CySec, ASIC, BVI

Min $100 Deposit

Up to 50% With Sign-up

1:30

Review » Open Account » Open Account
Terms & conditions apply
Your capital is at risk.
2.
FXCC

CySEC, FCA

Min $100 Deposit

100% First Deposit

1:500

Review » Open Account » Open Account
Terms & conditions apply
Your capital is at risk.
3.
HYCM

CySEC, FCA, CIMA, FSC, DFSA

Min $100 Deposit

10% Credit Bonus

500:1

4.
Fusion Markets

ASIC, VFSC

Min $100 Deposit

-

500:1

Review » Open Account » Open Account
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% 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.
5.
Plus500

ASIC, FMA, FCSA, FCA, CySEC, MAS, FSA

$100

€25 No Deposit Bonus

1:30

6.
Blackbull Markets

ASIC, VFSC

Min $100 Deposit

-

500:1

Review » Open Account » Open Account
Terms & conditions apply
Risk Warning: Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.
7.
LegacyFX

CySEC, VFSC, NBRB, FCA

Min $250 Deposit

-

1:200

Review » Open Account » Open Account
Terms & conditions apply
Your capital is at risk.
8.
Vantage FX

FCA, ASIC, CIMA, SIBL

Min $200 Deposit

Up to 50% Bonus

500:1

Review » Open Account » Open Account
Terms & conditions apply
Trading Forex and CFDs involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
9.
Eightcap

ASIC, VFSC

Min $100 Deposit

$30 No Deposit Bonus

500:1

Review » Open Account » Open Account
Terms & conditions apply
Margin trading involves a high level of risk, and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary. Forex and CFDs are highly leveraged products which mean both gains and losses are magnified. You should only trade in these products if you fully understand the risks involved and can afford losses without adversely affecting your lifestyle (including the risk of losing substantially more than your initial investment).
10.
Forex.com

FCA, IIROC, JFSA, NFA, CIMA, FSA, ASIC, CFTC

$100

Up to $5000 Welcome Bonus

50:1

Review » Open Account » Open Account
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% 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.

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

Founded year 2010
Headquarters Grenadines and Saint Vincent
Trading assets 188+
Regulations FSA
Minimum Deposit $10
Account options 4
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.

PaxForex Features

The following are some of the best features you get at PaxForex:

Demo account

PaxForex comes with a virtual portfolio that is a demo account. So, you can learn trading without losing any money.

Advanced tools

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.

PaxForex Safety

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:

Broker PaxForex IC Markets eToro XTB
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.

Withdrawal

PaxForex charges you fees for your withdrawals. This fee differs depending on the platform you choose to withdraw your money.

Deposit

There is a deposit fee, and things are similar over here. The fee you have to pay depends on the deposit method.

Inactivity

Interestingly, there is no inactivity fee at PaxForex. So, it does not mean how long you stay inactive; there will be no inactivity fee.

Commission

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:

  • Cent
  • Mini
  • Standard
  • VIP

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:

  1. Credit cards
  2. Debit cards
  3. Bank transfer
  4. Bitcoin
  5. Ethereum
  6. Skrill
  7. WebMoney
  8. Neteller
  9. FasaPay
  10. Perfect Money
  11. QIWI

PaxForex ratings

Below are our ratings of the PaxForex trading platform

PaxForex Rating out of 5
Overall experience 3.5
Account opening ease 3.5
Security and Regulation 2
Asset selection 3.5
Fees 2.5
Withdrawal and Deposit experience 3

Now you will have a better idea about the experience with PaxForex.

Final Verdict

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.

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