Editor’s Verdict
PaxForex, founded in 2011, is an online Forex broker domiciled in Saint Vincent and the Grenadines offering its clients low spreads and fast execution. It is not regulated.
Overview
PaxForex offers traders a wide choice of accounts.
Headquarters | Saint Vincent and the Grenadines |
|---|---|
Year Established | 2011 |
Execution Type(s) | ECN/STP |
Minimum Deposit | $10 |
Trading Platform(s) | MetaTrader 4 |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
Accounts
The Cent account is designed for newcomers who want to experience trading with real money with the least risk. It requires a minimum deposit of only $10 to start but recommends that $100 be deposited. This account is with USD only, there is a minimum lot size of 1000, leverage of 1:500 and it does not offer trades in gold or silver. The spread is 3.0.
Account Types
The Mini account is designed for new traders and can be started with as little as $10 but at least $500 is recommended in order to receive all the benefits. These include a minimum spread of 1.8, leverage of 1:500 and the ability to trade in USD, EUR and GBP. Gold and silver can be traded and there is a swap account available.
The Standard account recommends a deposit of $5000 but it can be opened with $2000. The spread is 0.3 and there is 1-on-1 education provided as well as a personal manager. Swap accounts can be opened.
$1000 is the recommended deposit for the Fix account but this account can be opened with as little as $100. It is designed for experienced Forex traders as well as for new Forex traders who do not like modern 5 decimal flexible quotes. CFDs on Forex can be traded in this account without exposing clients to high risk.
The VIP account is the premier account and it comes with many bells and whistles including a personal manager, 1-on-1 education, free VPS, a swap version and leverage of 1:500. $50,000 is recommended to open this account but $10,000 is enough to get started.
Each account type gives the Forex investor full access to the highly accredited MetaTrader4 trading platform, which includes unlimited charts and technical indicators, automated trading, mobile trading software and access to detailed forex account information.
Demo accounts are available using any of the above accounts. PaxForex provides the Metatrader platform in the free demo account mode in order for the trader to become familiar with the software features without having to risk real money in the learning process.
Features
Trading conditions as well as separate spot metal conditions are posted on the site in clear chart displays that include spreads, swaps and contract details.
Fundamental analysis and Forex recommendations are posted daily as is the news and the market calendar posts up-to-date financial events throughout the world.
Technical Analysis
A glossary of financial terms is available as well as a FAQ section which is rather limited in its information.
Forex calculators include a Forex Margin Calculator and a Forex Pip Calculator.
Forex Calculators
Partnerships are available as Introducing Brokers and White Labels. PaxForex also offers a "Rebate Program" whereby IB receives opportunities to pay their clients a part of the spread from every trade that is closed throughout the month by his clients. This account type was specially developed for IB’s that attracts clients using Forex rebates. There is no cost to join the Rebate Program and trading conditions (spreads, execution and service) will be the same as any other PaxForex account type.
Education
PaxForex offers a complete trading guide that is split into ten different parts that offer lessons for both experienced and new traders. There are also other services including several infographics and insightful blogs.
Bonuses/Platforms
A $7 No Deposit Bonus is available to every new registered client for anyone opening a Bonus Forex Trading Account. This money can be used for trading only.
Traders depositing $1200 or more at the time of this review received a match of the amount into their trading account. The bonus is paid out over the course of one year and the first payment is sent as soon as the deposit clears.
A unique bonus offered at PaxForex is their blog bonus wherein anyone with a blog that draws up to 5000 monthly visitors receives a minimum of $20 into his/her account and $40 for blogs with monthly visitors above 5,000. The blog must be at least 1500 words and must be in English.
At the time of this review, PaxForex was offering free prizes through their Roulette program. Traders need only enter their email, ‘spin the wheel’ by clicking on the roving red gift box and see if they win a prize. No additional details were offered.
Deposits/Withdrawals
Deposits to traders’ accounts can be made using bank transfers, credit cards, WebMoney, Neteller, Skrill, Perfect money and other online wallets. Only in USD, EUR, GBP and CHF deposits are accepted.
PaxForex does not charge any fees for the external transfer of funds to a Forex account except for Credit/Debit Card deposits, and if used, a 2.5% charge is applied to cover a portion of the total charges made by the card processors involved in the transactions. For all other payment methods no fees are charged.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | 24/5 |
Website Languages |  |
The PaxForex Customer Support Team is available 24-hours a day, 5 days a week via Live Chat, Skype, Email, Call Back Request and Telephone.
Conclusion
PaxForex is a good destination for new retail traders who enter the market because they offer all the standard features needed to be a successful trader. Their Forex trading course promotes understanding amongst new traders and gives them a strong fundamental foundation so they can create their own Forex trading strategy.
Features
The feature that stands out the most at PaxForex is their choice of different trading accounts. There are five different accounts starting with a minimum deposit of only $10 and it goes all the way up to a VIP account where $50,000 is recommended. Leverage remains at 1:500 for all of them and spreads are some of the lowest in the industry. The account spread sheet is clear and informative and lists everything a trader should know before selecting the account he/she is comfortable with.
Platforms
MT4 | |
|---|---|
MT5 | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
OCO Orders | |
Interest on Margin |
MetaTrader 4
PaxForex uses the popular MT4 platform in web and mobile forms. The platform offers all the benefits of the MetaTrader4 and it accommodates demo accounts as well.
MetaTrader 4 Platform