PaxForex is an offshore broker based out of St. Vincent & the Grenadines, established by professional traders in 2011. They offer several different account types and a wide variety of underlying assets, including spot metals and cryptocurrencies, along with competitive spreads. There is no per-trade commission charged, and you can get started with as little as a $10 deposit in your account. With a variety of tools, deposit and withdrawal methods, and contact options, this brokerage seems to know what the people want. Stay with us to find out if PaxForex could be a perfect fit for all of your trading needs.
PaxForex offers four different account types: Cent, Mini, Standard, and VIP. It’s great to see options available with key differences, where even new traders that don’t want (or aren’t yet ready) to take high risks can benefit from smaller deposit amounts and available lot sizes. Those inexperienced traders should consider opening either a Mini or Cent account, both of which carry a lower risk experience. More experienced traders would do better opening either a Standard or VIP account, where they could reap the benefits from depositing a larger amount of cash. There are key differences regarding minimum deposits, spreads, and lot sizes for each account type, so do make sure that you choose the account that best fits your needs.
Minimum Deposit $10
Minimum Spread: 2.4
Minimum Lot Size: 0.0001
Minimum Deposit: $100
Minimum Spread: 1.4
Minimum Lot Size: 0.01
Minimum deposit: $2000
Minimum spread: 0.4
Minimum Lot Size: 0.1
Minimum Deposit: $10,000
Minimum Spread: 0.4
Minimum Lot Size: 0.01
Each Forex account type gives investors access to the highly impressive MetaTrader 4 platform, along with all of the helpful tools available to platform users. There is no per-trade commission charged on any accounts. All of the spreads offered are reasonable and those using the Standard and VIP accounts can take advantage of the highly competitive spread offered there. Unfortunately, Islamic accounts are not offered at this time, but check back in the future to check for any updates.
PaxForex exclusively features the MetaTrader 4 platform, which is the top choice for millions of professional traders. The platform can be downloaded on Windows or accessed through the app store on a variety of devices, including Android and Iphone/Ipad/IPod. Since MT4 was designed with the PC in mind more so than Mac, another option which may appeal to Mac users would be to access the platform through Webtrader. With so many ways to access the platform using various devices, one simply needs an internet connection to get started using the program. MT4 can be downloaded from the website, or by using the link https://paxforex.com/metatrader4/download_MT4. Expert Advisors are allowed when using the MT4 platform through this broker.
Regardless of the chosen account type, the maximum leverage offered is 1:500. While it is possible to find higher leverages offered elsewhere, this is the most common maximum leverage offered among various brokers. Keep in mind that if you do find higher leverage offered elsewhere, it could actually backfire and result in big losses to your account balance. The lowest leverage available is 1:100, which is usually preferred among professional Forex traders. So, the options are flexible and everyone should be able to select a leverage they’re comfortable with, regardless of skill level. If you decide you’d like to try a different leverage, it can be changed by logging into your back-office account, selecting the MT4 account in the ‘My Accounts’ area, selecting the desired leverage from the drop down, and then clicking on ‘Submit’ to lock in the selection. Otherwise, you can simply use one of the many available contact methods to get a member of support to update your leverage for you.
The smallest allowed trade sizes differ based on which account type has been chosen. For both a Mini and VIP account, the smallest trade size is 0.01 lot, or one micro lot. This size is especially ideal for anyone that does not wish to take a large financial risk. On a Standard account, the smallest trade size allowed is 0.1. The largest lot size available is 1,000 lots, generous even for professional traders. The Margin/ Stop Out rules are as follows:
At a Margin level of less than 10% the Company has a discretionary right to begin closing positions starting from most unprofitable. If the Margin level is equal or less than 5%, all positions are automatically closed at market price. You should always remain aware of your Margin level within MT4 in order to avoid a Stop Out. Keep in mind that this is something to keep tabs on regardless of which broker you choose to trade with, as it is put in place to keep your account from going into the negative. Note, a margin level of 10% and Stop Out at 5% is lower than what other brokers would typically offer.
PaxForex does not charge any per-trade commission, which you may find elsewhere as well, but it could be considered somewhat uncommon to find a brokerage that lacks this charge. Do remember that their profits have to come from somewhere, therefore they do charge swap fees, which can be viewed on-site and in MT4. To view the specific cost for each swap fee within MT4, right click on an asset and then click on specifications. The lowest spread available is 0.4, but the average varies, based on both the asset and account type being used. If you’d like to compare the spreads, you can follow the links included later in this review to find more detailed information about the minimum and typical spreads associated with each specification.
PaxForex offers over 60 currency pairs on Forex, and CFD’s on stocks, futures, and precious metals. At this time, precisely 60 currency pairs, 2 spot metals, 7 stocks, and 3 cryptocurrencies are offered. Gold and silver are the spot metals which are offered, and Apple, Facebook, and Google, can be found among others on the stocks list. Available cryptocurrencies are Bitcoin, Ethereum, and Ripple. PaxForex has done an excellent job providing investors with an array of financial instruments, which can be used to create a portfolio tailored to the investor’s needs. Another thing that you may not find so readily available elsewhere is the opportunity to trade spot metals and cryptocurrencies.
PaxForex makes it easy to check the spreads for all offered assets by simply checking their website. In order to view the contract specifications related to specific spreads on PaxForex, follow the links below to check both the minimum and typical spreads associated with the differing account types. This can also be done by navigating to the ‘Accounts’ tab on their website and choosing which category of assets you’d like to view. Of course, if you want the best spreads available, you’ll want to be operating either the Standard or VIP account, as this is one of the many benefits associated with making a larger deposit. Note that the spreads listed on the website are the best possible spreads used in normal market conditions but could be wider under certain market conditions.
The minimum deposit amount varies widely for each specific account type. The smallest deposit amount available is $10 when using a Cent account, while the next smallest, and most common deposit minimum of $100, would be used for the Mini account. Those wishing to operate a Standard account would need to deposit $2,000. Finally, professional traders wishing to use the highest tier account, the VIP, would need to deposit $10,000. Most brokers require a deposit of at least $100, so it’s nice to see PaxForex offering a $10 deposit minimum for those beginner traders operating Cent accounts. Although some of the accounts require larger deposits, traders can also enjoy more benefits, like better spreads and lot sizes. If your chosen deposit method is credit/debit, do note that your deposit minimum would be $15, and if using bank wire, the minimum would be $100, even if operating with a Cent account. Once again, PaxForex has options for everyone when it comes to deposit minimums.
Deposit Methods & Costs
PaxForex offers some of the most preferred deposit methods among traders, along with other convenient methods. Deposits to traders’ accounts can be made using bank transfers, credit cards, WebMoney, Neteller, Skrill, Perfect money and other online wallets. All of the available deposit methods, along with their minimum deposit amounts, and any applicable fees have been listed below.
•Neteller: 10 USD minimum. Fee: 3.2% -3.7% + $0.29 min 1$
•Bank Transfer: 100 USD minimum. Fee: Bank commission
•Credit/Debit Cards: 15 USD minimum. 2.5% charge, unless more than $300 is deposited.
•Skrill/Moneybookers: 10 USD minimum. Fee: 2.9% – 3.9% + 0.38 USD
•Perfect Money: 10 USD minimum. No fees.
•WebMoney: 10 USD minimum. Fee: 0.8%
•QIWI: 10 USD minimum. Fee: 4%
•FasaPay: 10 USD minimum. Fee:0.5%
•Bitcoin: 0.01 minimum. Fee:0
•Ethereum: 1 minimum. Fee: 0
Note that deposits will only be accepted in made in USD, EUR, GBP and CHF.
If you wish to avoid paying deposit fees altogether, consider depositing with Perfect Money, Bitcoin, or Ethereum. You could also avoid paying credit/debit card fees if you choose to deposit $300 or more, which would already be necessary if you have a Standard or VIP account. Although some of the other methods do have fees, they are quite minimal and will not have much of an impact on your deposit. Deposits also clear relatively quickly with this broker, so you can get trading as quickly as possible.
Withdrawal Methods & Costs
The minimum withdrawal amount for most methods is 10 USD, or the equivalent amount in your base currency. However, if using bank transfer there is a 100 USD minimum withdrawal, and a $15 minimum for credit/debit card withdrawals. All of the available deposit methods are also available for withdrawals, with the exception of Ethereum. Withdrawal methods and associated costs are noted below.
•Bank Transfer: Bank commission
•Credit/Debit Cards: 5.5% (Min 10 USD)
•Skrill/Moneybookers: from 1% up to 3,9% + 0,35 USD
•Perfect Money: 0
•Bitcoin: 7% + 0.0006 BTC
If you decide to withdraw using a credit/debit card, you will be charged a 5.5% (min 10 USD) charge, which is somewhat high, but necessary because it is applied to cover a partial amount of the processor fees. There are reasonable charges on all of the other available withdrawal methods and a few are even fee free. While you may be able to find better withdrawal fees with other brokers, these fees would likely be made up for in other areas. Note that PaxForex does not actually profit from any of these fees, as all fees are charged by processors or electronic payment systems.
Withdrawal Processing & Wait Time
All withdrawal requests are processed daily from 9:00 to 18:00 Server time (GMT+3). Withdrawals are not executed on weekends and holidays. If a withdrawal request was made after 18:00 (GMT+3) of the current day, then it’ll be transferred to the next working day. Bank transfers take one day to process, and you can expect to see the funds in your account between 4 and 7 business days. Credit/debit card withdrawals are also processed within one day, but it can take 5 to 15 business days for the funds to land in your account, depending on your card provider. The remaining withdrawal methods only take up to one working day to become available. Several clients have mentioned how smoothly the overall withdrawal process went for them, regardless of which method was used. With the exception of credit/debit, all of the withdrawal methods are also processed and made available quickly.
Bonuses & Promotions
Currently, PaxForex is offering a 100% deposit bonus on deposits of $1,200 or more. You’ll be hard pressed to find this elsewhere, considering many brokers would never offer to match your deposit 100%, if they even offer bonuses at all. Although the deposit amount required is somewhat high for new traders, the reward is worth it. Do note that if you decide to go for the bonus, the amount is paid out over the course of one year, with the first deposit being made as soon as your first deposit clears. At this time, there are no other promotions being offered, but do keep in mind that there is a section dedicated to promotions on the website, so it would be beneficial to keep a look out so as not to miss out on any future promotions.
Educational & Trading Tools
On the website, you’ll find a variety of educational tools, including a Forex Trading Course which includes strategies, a Forex glossary, market analysis, Forex calendar, and more. If you’re interested in using these tools, they are available on the website under the ‘Forex Study’ and ‘FX Research’ tabs. There are also a variety of trading tools available, including automated trading, multiple chart setups, the ability to use as many indicators on one chart, more than 50 built in indicators that help traders during the analyzing process, nine timeframes, and customizable views. (You can put any group of colors for every Forex chart.) There are also three major types of Forex charts: Bars, Candlesticks, and Line Charts. With so many helpful tools being offered, it should be easy for beginners to get started, and professional traders should have access to every tool they could need.
With support readily available via Instant Web Chat, phone, email, and even social media, contacting a member of support is extremely convenient. Note that support is available 24 hours a day, Monday through Friday. Anyone wishing to ask a question can also visit https://paxforex.com/paxforex/contacts in order to fill out a contact form titled “Ask your question”. Simply fill in the form and a support representative will respond by email or phone call.
Phone Number: +44 125 920 7457
Fax: +44 844 507 0446
Social Media: The following social media channels are available:
As stated on the website, you can expect to reach the same knowledgeable, experienced support staff year after year, who are able to quickly provide helpful, accurate, and useful information. It is also a positive to see that PaxForex is up to date and widely available across so many social media platforms. Contacting support with this broker is easy and there are a number of contact methods available to suit everyone’s preference. PaxForex shows that they are dedicated to serving their clients here.
Signing up for a demo account with PaxForex is easy and free. The demo provides traders with an opportunity to test both the market and analytical tools available on the MT4 platform, without hurting their bank account. When signing up, traders can chose between leverages beginning at 1:100 and up to 1:500. After choosing leverage, simply type in any amount to be used as a mock balance and fill in a few personal details. Login details will then be received via email. With such a quick sign up process, there is really nothing to lose when it comes to practicing with a demo account.
Even though conflicting information is found on the website, US and Canadian traders are in fact accepted. The option to select the US or Canada is included on the sign-up page and we had no issues signing up for an account within the US. Lately it has become difficult for US based traders to find a trading home, with many brokers closing their doors to them, and many others that never accepted them to begin with. Hopefully, PaxForex will continue to allow these accounts in the future. Unfortunately, those located in Germany, Japan and New Zealand are out of luck, and will have to look elsewhere for an opportunity to trade.
The minds behind PaxForex have made it clear that they are dedicated to offering something for everyone. When it comes to different account types, this brokerage caters to different skill sets, ranging from beginner investors to expert trading professionals. Traders are able to use the familiar Metatrader 4 platform, which is available for download across a wide variety of devices, or accessible via Webtrader. Once again, PaxForex does an outstanding job by offering several tools and learning mechanisms. Clients can also take advantage of leverages up to 1:500 if they wish, along with reasonable spreads, which are even better if you go for one of the accounts with a larger deposit minimum.
There are several quick deposit and withdrawal options, many of which carry low fees, and some of which carry no fees at all. Customer support is available 24/5 and easy to reach across a variety of channels, PaxForex is even active on social media. If you’re interested in signing up, make sure you keep that big bonus in mind as well, as we had trouble finding brokers that offered such a great opportunity. Overall, this a broker that seems to know what their clients want, especially considering that the founders were once traders like all of us themselves. If you think this broker is for you, sign up on the website to get trading.