PaxForex is an offshore forex and CFD trading broker that was formed in 2011. They offer highly competitive spreads and make use of the MetaTrader 4 platform.
With PaxForex, users have access to educational tools, daily market analysis and other helpful trading tools.
The only downside for me is that they have limited trading instruments and regulations are distinctly lacking.
PaxForex was founded by a group of professional traders who have experience working in managerial positions in other brokerage companies. Using a vast wealth of knowledge and experience, they set up PaxForex with hopes of providing a reliable trading environment for its clients.
PaxForex is an offspring company of The Laino Group, a company registered in St. Vincent and the Grenadines, while its head office is in the U.K.
Their official website caters to several nationals, as it can be accessed in 7 different languages.
PaxForex claims to be a true broker that offers competitive spreads and trade execution speeds. It obtains its liquidity from premium banks like Credit Suisse, Barclays, Deutsche, Goldman Sachs, UBS and Merrill Lynch.
PaxForex are hosted in Equinix Data Centers, located in New York and London. With this, they ensure a fast connection to exchanges and the various liquidity providers.
They offer over 70 tradable assets and they make use of the trusted MT4 trading platform.
Most traders would consider using an unregulated broker a risk, and even though PaxForex is registered in St. Vincent and the Grenadines, they do not provide their regulatory information.
Nonetheless, they keep trader’s monies in a segregated account and they claim these accounts are ran with top ranking banks in Europe. Segregated client funds cannot be used for PaxForex businesses.
Secured Socket Layer (SSL) is responsible for protecting the PaxForex trading and transaction environment. This is the standard practice put in place to check the illegal activities of internet fraudsters and to protect user transactions on their website and trading platforms.
In compliance with the Anti Money Laundering Policy, every client must be verified before their registration is complete.
PaxForex states that its services are not for citizens or residents of the United States of America and Japan.
PaxForex offers the MetaTrader 4 trading platform to all its clients. It is the only trading platform available from PaxForex.
This isn’t much of a problem because the MetaTrader 4 is a very popular trading platform used by most renowned brokers in the world. Its speed and ease of use are among the major reasons why it is such a popular trading platform.
The MT4 was developed in 2005 by Metaquotes Software Corporation and as at this day, it is used by millions of traders worldwide.
The PaxForex MT4 platform is available as a desktop application and as a mobile app.
Below are some of the key Features of the MetaTrader 4 –
It gives you real time display of all the tradable assets
It has a simple, easy to use interface
It is user friendly and can be customized to the user’s preferred layouts, instruments and colors
It has 3 chart styles (candlestick, bar and line charts)
All trading instruments can be displayed on charts over 9 timeframes from 1 minute to 1 month
It has 44 built-in analytical tools and objects
It offers price alert notifications via pop-ups, SMS and email
They provide The Virtual Private Server (VPS) to all their clients.
VIP account holders enjoy free access to VPS while other clients have to pay a subscription fee of $25 on a monthly basis.
The VPS is suited for clients that use complex trading systems like Expert Advisors (EAs) or mechanical systems.
A VPS gives users an advantage of remotely running their trading platforms 24/7 without the need for their computer to be switched on.
Another trading tool PaxForex offers is the Forex Market Economic Calendar. It lists global economic events, dates, times and location.
This allows traders make trading decisions based on history, analysts forecasts and several other determining factors.
The economic calendar is a vital tool for traders who base their trades on fundamental analysis.
Another great feature of this calendar is that it can be filtered to display only the trader’s choice of events, assets, country and dates.
PaxForex makes it very easy to open and fund your account through a variety of safe and secure means.
To open an account with PaxForex, all you have to do is visit the PaxForex website and fill out the account opening form.
You will need to provide a means of identification and home address verification.
To verify your identity, it is required that you upload a picture of a valid ID card. These include –
National ID card
To verify your home address, you are required to upload your utility bills from the past 6 months. The utility bill must have your full address on it. You can also upload your bank account statements from the past few months as well for verification.
Funding your PaxForex account can be done in several ways. These include –
Credit or Debit card
All transfers made via electronic payment systems are instant. Your account will be credited as soon as you’re done with the payment process.
Bank transfers usually take one business day to be completed, however, it could take 3 to 5 business days depending on the bank you are using.
Credit and debit card deposits attract a 2.5% charge on the deposit amount, while bank charges may vary depending on the bank you are using.
Clients’ funds are saved in a segregated account with top tier European banks and are closely monitored by the relevant regulatory bodies.
You can get in touch with PaxForex customer support via email or phone. They are available 24/5 and cater to customers who speak diverse languages.
I trust this PaxForex review has been informative.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 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
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