Top Options
87/ 100
Type of Broker: Forex
Regulated: Unregulated
Min Deposit: $10
Min Trade Amount: 0.01
US Clients:
Bonus: 100% Welcome Bonus
Number of Assets: 27
Leverage: 1:500
Free Demo Account:
Trading Platform: MT4
Types of assets: Forex|Metals
Payment METHOD NAME Charge Time
Credit Card 8-10% 3-4 days
Debit card 1-5% 4-5 days
Neteller None 1-2 days
Qiwi 8-10% 2-3 days
Skrill one 3-4 days
Swift 8-10% Immediately

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Full Review

PaxForex is a forex trading brand founded by a team of professional traders with the help of investors. The founders of the company have expertise in Forex, Stocks, CFDs and Options markets after gaining valuable experience as traders/dealers. They have provided services to institutional clients since 2011.

The company was founded in 2014 and its headquarters are located at Saint Vincent and the Grenadines. The company also has official partners located in London, 78 York Street, W1H 1DP.

Promotions and Account Types

Traders at PaxForex can expect to receive a loyalty deposit bon us of up to 100% after funding their account. They can choose among five account types when making their initial deposit, which are purely determined by the level of deposit and trading conditions

Cent: This is the smallest account type at PaxForex. It requires a minimum deposit of $10 but the broker recommends a deposit of $100. Spreads for this account type begin at 3 pips and accounts are only available in USD. The minimum lot volume is set at 0.1 and the lot size is 1,000. There is no maximum lot size while margin call and stop out are set at 100%. Trading of gold and silver is available for this account type, and a private VPS is available at a monthly fee of $25.

Mini: Just like Cent account, this account is designed for new Forex traders. It requires a minimum deposit of $10, but the recommended deposit amount is $500. Spreads begin at 1.8pips. Accounts are available in USD, EUR and GBP while the maximum leverage is set at 1:500, same as cent account. However, the minimum lot volume for this account type is 0.01 whereas the lot is set at 100,000. Margin call and stop out levels are set at 10% and 5% respectively and traders can access swap free service upon request, plus the rest of the features listed under cent account.

Standard: This is the most popular account type at PaxForex. It requires a minimum deposit amount of $2,000, but the broker recommends a deposit of $5,000. Spreads for this account type begin at 0.3 pips and traders also get access to free 1-on-1 education services. The minimum volume lot is set at 0.1 and traders also get access to personal account manager plus the rest of the features listed under mini account.

Fix: this account type is for the old fashioned forex trader that does not like the new modern 5 decimal quotation rates. Here rates have fixed 4 or 2 decimals depending on the asset type. Traders are required to deposit a minimum of $100, but the recommended deposit level is $1,000. Spreads for this account type begin at 2 pips and accounts are available in only EUR and USD currency types. Traders also enjoy the rest of the features listed under Mini account, but there is no option for swap free transactions.

VIP: This is the most senior account type at PaxForex and it requires a minimum deposit of $10,000. However, the broker recommends a minimum deposit level of $50,000. Traders of this account type have access to free VPS plus the rest of the features listed under Standard account.

Trading Instruments, Margins and Leverage

Traders at PaxForex can trade in Forex pairs and Spot Metal prices. The broker offers all major currency pairs, minors and various exotic currencies. These currency pairs attract various spreads depending on the given account type opened by the client.

The most common trading pairs such as the EUR/USD, GBP/USD, USD/JPY and USD/CHF among others attract a spread of 0.3 pips to 3.0 pips depending on account type while other currency pairs such as AUD/NZD, EUR/JPY and GBP/JPY among others attract spreads of 2.0 pips to 12 pips. There are other pairs that attract a minimum of 3 pips, e.g. GPB/AUD.

With regard to Spot metals, only Gold and Silver are available and they attract spreads of between 60-102 and 5-12 respectively. In calculating margin levels for each: Gold Forex is calculated by multiplying 100 by the Metal rate times 1%, while in the case of Silver Forex it is 5,000 multiplied by Silver rate times 1%.

The rest of the information on margin and leverage is provided as per the account types.

Trading Tools and Resources

PaxForex has developed a comprehensive learning platform where traders can access trading courses, webinars, videos and eBooks about forex trading. There is also a news and analysis resource as well as various trading tools including pip and margin calculators, economic/financial calendars and research section. PaxForex also provides for its traders free 1-to-1 personal education.

PaxForex also made sure that traders are able to trade at any time and from anywhere by launching MT4 platforms for both desktop and mobile devices including iOS and Android versions.

 

Deposits and Withdrawals

Traders at PaxForex can deposit and withdraw funds in their accounts via Neteller, Bank Transfer, Credit/Debit Card, Skrill/MoneyBookers, Perfect Money, WebMoney, OkPay, Qiwi, FasaPay, and UnionPay.

The minimum deposit amount for most of the methods is either $10 or $30, but for wire transfer, which takes 3-5 days to clear the limit is set at $100. All methods apart from Perfect Money, OKPay, UnionPay and Neteller attract some sort of fee when depositing and withdrawing.

The minimum withdrawal amount is set at $10, but for UnionPay, it is $30 while Bank Wire and Credit/Debit cards have a limit of $100 each.

Support

Traders at PaxForex can contact support via Email, Telephone, Live Chat, Fax or Contact Form. Traders can also contact their personal account manager

Email: [email protected]

Telephone: +44 208 133 1627

Fax: +44(0)844 507 0446