PaxForex Review – What to expect from the broker

PaxForex is a Forex and CFD Broker that features on its trading platform currency pairs as well as CFDs on shares, commodities, cryptocurrencies. PaxForex is an offshore company, which is regulated by the Labuan FSA. The broker charges on the currency pair EUR/USD spread 1.8 pips*, real trading is possible with a minimum deposit of $10. The PaxForex website is available in English, Russian, Portuguese, Chinese, Arabic, Lao.

What do we cover in our PaxForex Review?


General Risk Warning: 74–89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Basic information about the broker

  • Website address: www.PaxForex.com
  • Leverage: up to 1:500
  • Instruments: Forex, CFDs – Shares, commodities, cryptocurrencies
  • Minimum deposit: $10 (base account currencies – USD, EUR, GBP)
  • Demo account: Yes, free of charge
  • Methods of deposit and withdrawal: Wire Transfer, Skrill, Neteller, Trustly Credit and debit cards (Visa/MasterCard)

PaxForex Trading Platform

For FX and CFD trading, PaxForex offers MT4. A popular platform used not only for executing trades but also for analyzing financial markets and automated trading. MT4 can be downloaded to any computer or can be accessed via just a web browser or a mobile application.

PaxForex Spreads

As any other CFD broker, PaxForex charges a spread fee. For the most current spread charges, please visit the PaxForex.com website. Here is a spread comparison table that contrasts PaxForex spreads with popular industry competitors.


Asset EUR/USD USD/JPY GBP/USD AUD/USD
PaxForex* 1.8 2.7 2.8 3.1
Plus500** 0.6 0.7 1.1 0.6
IQOption** 1.2 0.9 1.5 1.6

*Typical spreads recorded on 21.10.2019 at 22:00 GMT for the mini account. Data about spreads were taken from the website of the broker. **Spreads recorded on 26.09.2019 at 11:26 GMT from the trading platform of the broker.

Advantages and disadvantages

Every Broker has its pros and cons, let’s have a look at the ones that elevate & denounce PaxForex.

PaxForex Pros
  • Low minimum deposit
  • High leverage
PaxForex Cons
  • Broker is not regulated in Europe and Australia
  • CFDs on shares are availeble only for accounts from $2 000 deposit
  • No CFDs on indices
  • A bit worse than average spreads

To sum up the PaxForex Review

PaxForex is not regulated in Europe nor Australia, so it provides no investor protection. The broker charges a bit worse than average spreads and allows only to traders from 2k dollar deposit to trade CFDs on shares. The company has a low minimum deposit, which is only 10 dollar. The spread charges above were taken for the mini account which starts from 100 dollars. In case you would want to open a cent account from 10 dollars, the minimum spread for the EUR/USD is 2.4 pips.

 

Your review can make a difference to other traders, please leave a comment if you have any personal experience with PaxForex.



Michael
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