PaxForex is a small, privately traded brokerage site that started operation in 2010. It is marked by its low spreads and fast trading executions. However, it remains unregulated and has yet to earn a certification from any regulatory body.
PaxForex Background and Safety
Headquartered in Saint Vincent and the Grenadines, PaxForex was established by a group of traders aided by some investors. Its founders were experienced traders and dealers who held key leadership roles in big brokerage firms turned competitors since the broker’s inception.
Since it is a small firm catering to a few hundreds of traders, PaxForex focuses on giving its clients a positive trading experience by giving them competitive trading conditions in the form of low spreads, lightning-fast trading executions, high leverage, smooth deposit and withdrawal transactions, and Multilanguage support.
Unfortunately, PaxForex is not affiliated to any regulatory body in its main office or in countries it caters to. A regulatory certification will be a good addition to its trading services and will attract more traders who are looking for safe and documented brokers.
PaxForex Features and Fees
PaxForex is a gateway for traders going to the following markets:
- (Spot) Metals
PaxForex offers five different forex trading accounts, namely, Forex Mini Account, Standard Forex Account, VIP Forex Account, Cent Forex Account, and Islamic Forex Account.
Each of these account types gives the user access to the MT4 trading platform utilized by the broker. Let us know more about each account type.
Forex Mini Account – best suits a beginning trader who wouldn’t want immediate exposure to high-risk trading and requires a minimum deposit worth $100. Its best feature is the competitive spreads.
Standard Forex Account – this account is intended for experienced traders who have a vast working knowledge of the world of trading. Trading capital starts at $2,000, with users treated with the lowest fixed spreads for forex, gold, and silver markets.
VIP Account – professional traders inclined to trade in large volumes are encouraged to use this account. Aside from the perks package included in the Standard Forex Account, an account manager is an addition to the package of features of this account. The initial deposit is set at $10,000.
Cent Forex Account – this special account type is specially made for newbies who would like to try trading with PaxForex with minimal risks. This is the account for traders who are trying out strategies and navigating the markets with precaution. A $10 deposit is worth the try.
Islamic Forex Account – this account is for Muslims to engage with settled financing charges based on the assets traded and lots amount.
PaxForex has a special loyalty bonus for its clients, who will deposit at least $1,200. PaxForex will give $1,200 as well starting from the date of deposit through one year. What’s even more fascinating is that this bonus is stackable. The more deposit transactions, the more bonuses will come.
Deposit & Withdrawal
PaxForex employs good facilities to enable quick and efficient online deposit and withdrawal transactions. It accepts different currencies for deposits and has several methods, including credit and debit card transfers, bank transfers, Perfect Money, and Web Money. Deposit and withdrawal fees apply depending on the transaction method used.
Here’s the deposit process for its users:
PaxForex Trading Platform and Tools
MetaTrader 4/ MultiTerminal Platform
PaxForex is a MetaTrader 4 brokerage site. The platform is compatible with several devices, including Windows, iOS, and Android. Aside from this popular platform, PaxForex offers an upgraded MT4 called MetaTrader 4 Multiterminal platform. This special platform enables users to trade from different accounts all at the same time.
The MultiTerminal Platform features:
- Managing multiple accounts simultaneously
- Trading in multiple assets
- Multiple languages including English, German, and Chinese
- Secure market for shares, forex, and futures
- All the tools included in the traditional PaxForex MT4 including email updates, financial news, and closing positions
PaxForex gives a fair experience for mobile trading as it enables its clients to utilize the basic features of an MT4 mobile platform. If anything, mobile MT4 platforms are easy-to-use and have a simple interface for easy navigation and account management.
Special Trading Tools and Facilities
Aside from the common tools available in an MT4 platform, the PaxForex site features good research and educational facility for its users.
PaxForex houses a Forex Trading Course as a guide for beginning traders and those who would want to work their way to higher trading profitability.
The broker also posts informative blogs to aid traders’ understanding of the market condition and trends. Complementing the blogs are the other educational videos, forex calculator, and forex terms glossary.
With its basic and standard trading features, PaxForex is a domicile for beginning traders as it specializes in providing good trading knowledge for a positive trading experience on a foundational level.