PaxForex is an online CFDs and Forex broker founded in 2018. The broker’s parent company is Laino Group Ltd, registered in St. Vincent and the Grenadines since 2011. PaxForex provides a diverse range of Forex, Stocks, Options, and CFDs trading options via STP/ECN connection to its clients. The broker provides low spreads and commission-free trading through the adaptable and user-friendly MetaTrader 4 platform for web, desktop, and mobile devices. Traders also get access to educational content, daily market research, handy trading tools, a variety of payment methods, and 24/5 customer support. First, let’s summarise the pros and cons of PaxForex. Then we’ll closely address each feature and service provided.
PaxForex provides customers with some of the best possible conditions for forex trading. They have offers for both beginners and experienced traders alike. However, they are not regulated which may cause concern for some potential clients.
The parent company of PaxForex has been offering its services since 2011. Various trading instruments over several asset classes with tight spreads and low commission make PaxForex a broker suitable for scalping and running automated systems. The broker requires a very low minimum deposit to start trading, offers demo trading, and also offers swap-free Islamic accounts. A wide range of educational and research resources also help traders in making the right decisions. New traders can benefit from free trade signals and demo accounts to practice trading. You can automate trading with a free VPS service provided by the broker.
On the other hand, PaxForex is not registered by any government regulatory authority yet. The broker is not a public company and does not hold a banking license. The broker has no financial statements available publicly. The broker only offers an MT4 trading platform. PaxForex does not offer cryptocurrency trading, and shares trading costs are comparatively high. In addition, the broker does not provide zero spread accounts. If you like many would prefer to use a regulated broker, AvaTrade are regulated in multiple countries and have a wider range of financial products and services.
- User-friendly MetaTrader 4
- Low minimum deposit
- Tight spreads & swift executions
- Zero commission
- Various payment methods
- Multiple account types
- Daily analysis
- Research and recommendations
- Free VPS
- Training resources
- 24/5 multilingual customer support
- Islamic account
- Free trade signals
- MT4 MultiTerminal
- Demo trading
- Cent account
- $10 minimum deposit
- No inactivity fees
- Not regulated
- MT4 trading platform only
- No banking license
- No cryptocurrency trading
- High spreads on shares
PaxForex is a CFD broker that offers over 100 CFD trading instruments over a few asset classes such as forex, commodities, indices, and shares. The broker does currently not offer cryptocurrencies, options, bonds, or ETFs at all. Overall, the broker has a limited product portfolio when compared to brokers such as Freedom Finance who have thousands.
PaxForex Instruments Summary
Commission and Spread Fees
PaxForex offers commission-free trading with reasonable spreads. The spreads start from 0.4 pips on the VIP account and go beyond 2.4 pip on a Cent account. However, each account requires different minimum deposits. Therefore, traders of all types can open an account according to their needs but it is disappointing you need deeper pockets to get access to better trading conditions. On the positive side, the broker does not charge any commission fees because they are already accounted for within the spread. If you are day trading and want the lowest possible spreads, you could have a look at IC Markets who have spreads from 0.0 pips and ECN execution with deep liquidity pools for superior pricing.
|Fee||Cent Account||Mini Account||Standard Account||VIP Account|
|Commission (per standard lot per side)||$0||$0||$0||$0|
Deposit and Withdrawal Fees
PaxForex charges a deposit fee for some electronic payment methods and bank transfers. The broker does not charge any deposit fee on deposits above $300 from debit/credit cards. PaxForex charges a withdrawal fee for most of the payment methods. 5.5% withdrawal fee from debit/credit cards, bank commission on bank transfers, and on average 1% withdrawal fee on some electronic payment methods apply.
PaxForex does not charge an inactivity fee from its clients who have not conducted any trading activity for a while. This is a plus point as it is quite common for a broker to start deducting funds from your account if you are not trading frequently enough.
PaxForex offers an innovative proprietary web trading platform for those of you with basic trading needs. The broker also offers the powerful MetaTrader 4 platform and MetaTrader Multiterminal across web, desktop, and mobile devices. I think they could improve by adding support for MetaTrader 5 as many other brokers do such as Valutrades.
MetaTrader (MT4) Desktop
All PaxForex clients have access to the popular MetaTrader 4 (MT4) trading platform. PaxForex’s platform is the only one accessible. Because of its speed, functionality, and intricacy, MT4 is frequently used by both brokers and traders. The MT4 platform is used by millions worldwide, and dozens of custom indicators and expert advisers are accessible. The PaxForex MT4 platform is offered for desktop and as a user-friendly mobile trading app. The desktop platform has all of the features including automated trading whereas the app is ideal if you plan on trading whilst on the move.
Here are a handful of the key MT4 features:
- Market watch
- Customisable charts
- 3 chart types and 11 timeframes
- 40+ technical indicators and many chart drawing objects
- Support for expert advisers (EAs)
- Price alert messages
- Real-time price quotes
- Market and pending orders
- Stoploss and take profit orders
- Available on windows
- One-click trading and trading from charts
- MetaQuotes marketplace
Web Trading Platform (Allpips)
PaxForex offers its proprietary web trading platform provided by Allpips. The trading platform is very modern and up-to-date. It makes everything from loading to analysing charts and placing trades a breeze. However, the overall functionality is limited somewhat in comparison to what MT4 can do.
Some of the key features of the Allpips web trading platform are as follows:
- Free for all
- Demo trading
- Safe and secure (cloud terminal)
- Trading dashboard
- Accounts management
- One-click trading
- Trade from the charts
- Multiple order options
- 3 charts types
- Customisable chart templates
- Technical indicators for technical analysis
Mobile Trading (MT4)
MT4 is also available for mobile devices running Android or iOS. The mobile programme may be downloaded from the PaxForex website’s traders’ cabinet area. The MT4 app is straightforward and easy to use. It is entirely compatible with accounts made with the desktop version. I like the app as you can follow the markets and manage trades whenever you need to, but it is limited when it comes to features compared to the desktop version of the platform. It also does not support automated trading systems (EAs).
Here are the key features of the MT4 mobile app:
- Live price quotes
- Favourite instruments list
- Simple design
- 3 chart types and 11 timeframes
- 30 technical indicators
- 24 drawing objects
- Market and pending orders
- Notifications alerts
Users of the MT4 MultiTerminal may handle up to 100 accounts at the same time. This approach is suitable for investment managers who want to easily combine different trading activities. MultiTerminal has all of the same capabilities as the basic MT4 terminal.
Virtual Private Server (VPS)
PaxForex provides all clients with a Virtual Private Server (VPS). On the other hand, VIP account members get free access to VPS, while other clients must pay a monthly subscription price of $25. The virtual private server (VPS) is appropriate for clients that employ automated trading systems such as expert advisors (EAs). The VPS provides low latency and dependable and consistent connection to PaxForex trading servers. A virtual private server (VPS) is used to remotely run trading platforms 24 hours a day, seven days a week, without the requirement for your own computer to be turned on. You can get a free VPS from some other brokers including Switch Markets.
PaxForex’s copy-trading service allows you to manage an infinite number of accounts from a single account using the MT4 platform. When clients request to be linked to your copy trading service, all you have to do is open trades and you can start earning money through the PaxForex Revenue Share programme. This can be a solution for those of you who do not have the time to learn how to trade manually. However, it is important to emphasise that there is absolutely no guarantee on how good or bad the trading signals will perform. You should be aware of the significant risks involved with trading online. If you are looking for copy trading solutions, Axiory might be worth a look.
PaxForex Platforms Summary
|MetaTrader 4 (MT4)||✓|
|MetaTrader 5 (MT5)||x|
PaxForex’s website has a number of educational resources. Several articles about forex and CFD trading are categorised under the ‘forex trading course.’ These article lessons are intended to provide novices with a solid foundation to build on. Lessons include a variety of trading subjects such as market research, trade positions, money management, platform, and much more. There is also a glossary of forex/CFD trading lingo. The vocabulary includes over 200 technical trading words, as well as their definitions or explanations.
This is a calendar of global economic events, including dates, timings, and locations. These occurrences are expected to have an influence on currencies or other trading instruments. Traders may base their trading decisions on historical data, analyst estimates, and a variety of other considerations. For traders who speculate on fundamental research, the economic calendar is an essential trading tool. It may also be configured to display only the trader’s preferred events, assets, country, dates, and so on.
Forex News/Blog section contains various articles related to trading strategies and global economic events that can change the course of markets.
Daily Forex Technical Analysis
In this section, PaxForex offers daily technical analysis for popular currency pairs. These technical analyses explain all the technical aspects of those forex instruments and recommend action in the described case.
Daily Fundamental Analysis
In this section, daily fundamental analysis is provided for popular markets such as currencies and stocks.
This tool is intended to assist traders in calculating pip costs depending on the instrument of choice, leverage, and quantities traded. It provides a simple, quick, and economical method for calculating trading expenses. Forex Margin Calculator and a Forex Pip Calculator are included in this calculator.
PaxForex Research and Education Summary
PaxForex offers many payment options for deposit and withdrawal, such as bank wire transfers, debit/credit cards, and popular electronic wallets. The broker is one of a few that currently offer cryptocurrency as a payment method, KOT4X being a competitor to consider who also do.
PaxForex Funding Summary
PaxForex operates from St. Vincent and the Grenadines, where its parent company Laino Group Ltd is registered. The broker is not yet authorised or regulated by any known government regulatory body. Regulatory agencies safeguard traders by instituting programmes such as reimbursement plans that return the client’s money if the broker goes insolvent. Brokerage businesses must follow a number of regulations and criteria for licence approval, which are set by a recognised international organisation in order to guarantee secure trading and remain licenced. The goal of regulation is to safeguard traders and to offer a secure trading environment.
PaxForex Regulation Summary
|SFC (Hong Kong)||x|
According to the broker’s website, investors’ monies are reportedly housed in segregated accounts labelled ‘customers accounts.’ They claim that these funds are held in top-tier European banks. Client funds that have been segregated cannot be utilised for other business objectives such as operating expenses. The PaxForex trading and transaction environment is secured by a Secured Socket Layer (SSL), which is the industry standard for discouraging online fraudsters and protecting user transactions on the website and platforms. To be honest, I would always prefer to use a regulated broker such as City Index. This is because you have somewhere to turn if things do not go to plan.
PaxForex offers 24/5 customer support via live chat, email, and phone. They also offer a get a call back service. I think they could improve by extending support to weekend, just like another competitor in Hugo’s Way do.
PaxForex is an online broker that provides competitive trading conditions for trading various assets such as Forex and Stock CFDs online. The usage of the user-friendly MT4 platform, as well as the variety of account kinds, demonstrate that PaxForex brokerage services are intended for all types and levels of online traders. The account signup procedure is quick and simple. There are many payment methods available, including cryptocurrencies such as Bitcoin and Ethereum. Demo accounts are limitless, free, and may be readily made in the traders’ cabinet area with a few clicks. I think they could be an option for forex traders who want to fund using cryptocurrency. Despite the positives, the lack of regulation is a big concern. I feel there are better options out there in terms of product range and safety. Please take a look at our broker reviews if you are looking for some further inspiration.