PaxForex Review 2019
PaxForex is an online broker offering a wide range of tradable instruments for four types of accounts. Founded in 2011, PaxForex, operated by Laino Group Limited, is an offshore broker registered in Saint Vincent and the Grenadines. Serving traders around the world, the company strives to stand out from the crowd with fast execution, low spreads and 24/5 multilingual support.
Laino Group Limited (PaxForex) is registered with the Financial Services Authority (FSA) of Saint Vincent and the Grenadines.
Due to its global popularity among traders, MT4 offers built-in automated trading programs, several types of orders, and a range of technical and fundamental analysis tools. From the login area, clients can access:
- Customizable interface with dozens of technical indicators
- 3 types of forex charts: bar, candles and lines
- 9 timeframes for detailed price analysis
- One click trading
- MT4 can be downloaded on Windows PCs and Mac computers.
MT4 MultiTerminal allows users to manage up to 100 accounts simultaneously. This option is ideal for investment managers looking to integrate multiple trades efficiently. MultiTerminal also has all the same features as standard MT4 software.
Users can choose from five asset classes:
- Forex – Trade popular currency pairs such as EUR / USD and USD / GBP.
- Stocks – Invest in stocks of well-known global companies such as Apple and Google.
- Indexes – FTSE 100 and DAX 30 are available, as well as several other global indexes.
- Spot Metals – Diversify your portfolio by trading gold and silver
- Cryptocurrencies – Four major cryptocurrencies are offered, including Bitcoin and Ethereum.
PaxForex offers competitive trading conditions with no commission. Spreads for major currency pairs such as EUR / USD start at 0.4 pips on a standard account. For indexes, spreads start at 9 points on the FTSE 100. Cryptocurrency spreads start at 3 points.
Other fees include swap fees per night, as well as inactivity fees charged from dormant accounts.
The maximum leverage offered for all account types is 1: 500. Leverage is a great tool when you want to open larger positions than your capital allows. However, this also increases the size of the potential loss.
The margin calculator can be found in the Trading Instruments section of the broker’s website.
PaxForex clients can trade on the MT4 mobile app, which can be downloaded for free on any smartphone, including Android (APK) and iPhone (iOS). The app allows you to fully manage your account using your internet connection. Mobile traders can also take advantage of dozens of built-in indicators, many diagrams and charts, as well as push notifications and news.
PaxForex offers several fast and free deposit methods including bank transfer, card payments, e-wallets and cryptocurrencies. All deposit methods are credited within 1 hour, with the exception of bank transfers, which take 3-5 business days, and cryptocurrencies, which take about 1 day. The minimum deposit is $ 10.
The broker does not charge a deposit fee, but refunds intermediary fees for deposits over $ 300, excluding wire transfer. Detailed information on fees charged using cards or electronic payment systems is indicated on the website.
Most withdrawals are credited within 1 business day, with the exception of bank transfers which take 4-7 business days and credit / debit cards which take 5-15 business days. Again, all methods are free for the broker and the minimum withdrawal for most methods is $ 10.
If you have any problems with withdrawing funds, please contact customer support using the information below.
A demo account is a great way to gain Forex trading experience and practice strategies in a risk-free environment.
PaxForex offers a free MT4 demo account where users can set their own amount of virtual funds. The account is available for an unlimited period of time. Accounts left dormant for 90 days will be deactivated.
Bonuses and promotions
PaxForex offers a 100% deposit bonus that matches deposits between USD 1200 and USD 10,000. The bonus is paid monthly for 12 months and can be accumulated. Also check the broker’s website when opening an account as they sometimes offer no deposit welcome bonuses.
PaxForex offers clients a range of educational resources and trading tools for beginners and experts, including:
- Forex news and blog
- Copy trading service
- Economic calendar
- Forex daily signals
- Forex calculator
PaxForex offers four account options with leverage up to 1: 500:
- -Cent – deposit from 10 dollars, spread from 2.4 points, lot from 0.0001, account in US dollars
- -Mini – deposit from $ 100, spread from 1.4 points, lot from 0.01, account in USD / EUR / GBP
- -Standard – deposit from 2000 dollars, spread from 0.4 points, lot from 0.01, account in USD / EUR / GBP, educational resources, available shares, and personal manager
- -VIP – deposit from USD 10,000, spread from 0.4 points, lot from 0.01, USD / EUR / GBP account, educational resources, available promotions, personal manager, and priority execution.
Islamic swap terms are also available upon request for Mini, Standard and VIP accounts.
Trading support is available 24/5 in several languages:
- Email – email@example.com
- Phone – +44 2035040303
- Online Contact Form – Contact Us Page
- Online chat – available in English, Russian and Thai.
The customer support reviews at PaxForex are worthy, with reports from reliable staff ready to answer most inquiries. For quick contact, we recommend using live chat.
PaxForex head office is located at Suite 305, Griffith Corporate Center, and Kingstown, Saint Vincent and the Grenadines.
MT4 uses industry standard security protocols that include SSL encryption as well as two-factor authentication at the login stage. Transactions within the client area are also encrypted.
PaxForex offers a good selection of assets with low spreads and leverage up to 1: 500. ECN Broker also offers a choice of four competitive account types that suit all levels, as well as several deposit and withdrawal options. The only real disappointment is the lack of credible regulatory oversight.
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