PaxForex Review 2023: Pros, Cons, and Important Details

Are you seeking an online broker that offers a diverse range of tradable instruments and exceptional features? Look no further than PaxForex. In this comprehensive review, we'll delve into everything you need to know about PaxForex, from lucrative no deposit welcome bonuses to seamless MT4 platform downloads, leverage options, and minimum payments. Discover if PaxForex is the right broker to fulfill your trading aspirations.

PaxForex Company Overview

Founded in 2011, PaxForex, operating under Laino Group Limited, is an offshore broker registered in Saint Vincent and the Grenadines. This international brokerage caters to traders worldwide and sets itself apart with its commitment to fast executions, competitive spreads, and round-the-clock multilingual support.

Trading Platforms

MetaTrader 4:

MetaTrader 4, a globally renowned platform, is the backbone of PaxForex's trading experience. It boasts built-in automated trading programs, a wide range of order types, and a comprehensive suite of technical and fundamental analysis tools. This user-friendly interface is particularly favored by beginners. As a PaxForex client, you can access:

• A customizable interface equipped with dozens of technical indicators.
• Three types of forex charts: bar, candlestick, and line, to cater to your analysis preferences.
• Nine distinct timeframes for detailed price analysis.
• The convenience of one-click trading.

For your ease, MT4 is compatible with both Windows PCs and Mac computers.

MetaTrader 4 MultiTerminal:

The MT4 MultiTerminal is a powerful tool that enables users to oversee up to 100 accounts simultaneously. This feature is especially useful for investment managers looking to streamline multiple trading operations efficiently. The MultiTerminal also encompasses all the features found in the standard MT4 software. To get started, visit the broker's website to download this versatile trading platform.

Markets: Diverse Options

At PaxForex, you have the liberty to choose from five distinct asset classes:

1. Forex: Engage in trading popular currency pairs like EUR/USD and USD/GBP.
2. Stocks: Invest in shares of renowned global companies such as Apple and Google.
3. Indices: Explore opportunities in global indices, including the FTSE 100 and DAX 40.
4. Spot Metals: Diversify your portfolio by trading in precious metals like gold and silver.
5. Cryptocurrencies: Embrace the future with access to four major cryptocurrencies, including Bitcoin and Ethereum.

Trading Fees:

PaxForex offers a transparent fee structure that sets it apart from competitors like HotForex. Here's a breakdown:

• Forex Spreads: Start from as low as 0.4 pips with the Standard account.
• Indices Spreads: Begin at 9 pips for the FTSE 100.
• Cryptocurrency Spreads: Initiate at just 3 pips.

In addition to spreads, PaxForex charges overnight swap fees and a nominal inactivity fee for dormant accounts.

PaxForex Leverage:

PaxForex offers a maximum leverage of 1:500 across all account types. Leverage is a powerful tool for traders seeking to open positions larger than their capital allows. You can easily calculate your margin requirements using the provided margin calculator in the Trading Tools section on the broker's website.

Mobile Apps:

PaxForex provides clients with the convenience of trading on the MT4 mobile app. This versatile app is available for free download on a variety of smartphone devices, including Android (APK) and iPhone (iOS). Enjoy full account management, access to numerous built-in indicators, multiple charts and graphs, and receive push notifications and news alerts, all with a simple internet connection.

Payment Methods:

Depositing funds into your PaxForex account is a breeze with various fast and fee-free methods at your disposal. Options include bank transfers, card payments, e-wallets, and cryptocurrencies. Most deposit methods are credited within an hour, with bank transfers and cryptocurrencies taking slightly longer. Notably, the minimum deposit requirement is just $10. PaxForex does not impose deposit fees, except for intermediary fees for deposits over $300.

Withdrawals are also efficient, with most methods processed within one working day. While bank transfers and credit/debit cards may take a few more days, all withdrawals come free of charge. The minimum withdrawal is a reasonable $10 for most methods. If you encounter any withdrawal issues, reach out to PaxForex's dedicated customer support team for assistance.

Demo Account:

New to forex trading or want to test strategies risk-free? PaxForex offers a free MT4 demo account. This invaluable tool allows users to customize their virtual funds and practice trading without financial risk. Keep in mind that accounts left dormant for 90 days will be deactivated, so stay active to make the most of this opportunity.

Bonuses & Promotions:

PaxForex extends a 100% loyalty deposit bonus that matches deposits over $1,200 up to

$10,000. This bonus is distributed monthly over 12 months and is stackable. Be sure to check the broker's website when opening an account, as they occasionally offer enticing no deposit welcome bonuses. Always review bonus terms and conditions before commencing your trading journey.

Regulation:

It's important to note that Laino Group Limited (PaxForex) is registered with the Financial Services Authority (FSA) in Saint Vincent and the Grenadines. While this regulatory body may not be as widely recognized as some others, it's crucial to consider the level of oversight it provides. For a more secure trading experience, you may wish to explore brokers regulated by more established bodies, such as CySEC. PaxForex does not provide clear information about the segregation of client funds in separate bank accounts, which can be a concern for some traders.

Additional Features:

PaxForex stands out by offering a wealth of educational resources and trading tools suitable for traders of all levels. These include:

• Forex News and Blog
• Copy Trading Service
• Educational Guides
• Economic Calendar
• Daily Forex Signals
• Forex Calculator

Account Types:

PaxForex presents four distinct account options, each offering leverage up to 1:500. Here's a brief overview:

• Cent Account: Minimum deposit of $10, 2.4 pips minimum spread, 0.0001 minimum lot size, USD account only.
• Mini Account: Minimum deposit of $100, 1.4 pips minimum spread, 0.01 minimum lot size, available in USD/EUR/GBP.
• Standard Account: Minimum deposit of $2,000, 0.4 pips minimum spread, 0.01 minimum lot size, available in USD/EUR/GBP. This account type includes educational resources, shares availability, and a personal manager.
• VIP Account: Minimum deposit of $10,000, 0.4 pips minimum spread, 0.01 minimum lot size, available in USD/EUR/GBP. This premium account offers educational resources, shares availability, a personal manager, and priority execution. Islamic swap-free conditions are also available upon request for Mini, Standard, and VIP accounts.

Trading Hours:

PaxForex ensures that its trading hours align with market activity. Here's a snapshot of server times for different asset classes, all in GMT+2 (GMT+3 during the Summer):

• Cryptos: Available for trading from 00:00 to 23:59, Monday to Friday.
• Metals: Open for trading from 01:00 to 24:00, Monday to Friday.
• Shares: Trading hours are from 16:30 to 23:00, Monday to Friday.
• Forex: Accessible 24/5, from 00:00 to 24:00, Monday to Friday.
• Indices: Trading hours vary, so it's advisable to check the website for specific details.

Customer Support:

PaxForex offers robust trading support available 24/5 in multiple languages. You can reach out through various channels, including:

• Email: Write to info@paxforex.com.
• Telephone: Contact the broker at +44 2035040303.
• Online Contact Form: Access the "Contact Us" page on their website.
• Live Chat: Benefit from real-time assistance available in English, Russian, and Thai.

Customer reviews commend PaxForex's reliable support staff, who are quick to address queries. For the fastest response, consider using the live chat service.

Security and Safety:

At PaxForex, security is a top priority. The broker utilizes industry-standard security protocols, including SSL encryption, and offers a dual-factor authentication option during login. Transactions within the client area are also encrypted to safeguard your information.

Pros and Cons

Pros:

• Various trading tools and resources
• Cent accounts, training, and demo accounts for beginners
• Multilingual customer support
• Accessible account options
• Popular MetaTrader 4 platform
• Deposit bonuses and daily signals

Cons:

• Concerns about regulatory oversight
• Legal issues with CFTC for offering unregistered services to US traders
• High minimum deposit for the Standard account

In summary, PaxForex presents a compelling package for traders. It offers a wide range of assets with competitive spreads and significant leverage options. Notable advantages include helpful additional trading tools, multilingual customer support, and accessibility for traders with base currencies in USD, EUR, and GBP. The availability of the popular MetaTrader 4 platform, combined with a 100% loyalty deposit bonus, enhances the overall trading experience. However, it's important to be aware of some potential drawbacks, including past regulatory concerns and a relatively high minimum deposit for the Standard account. When considering PaxForex as your broker, weigh the pros and cons to make an informed decision about your trading journey.

PaxForex Broker Details

Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.