PaxForex Review

PaxForex is an online STP Forex broker that emphasizes the fun of trading Forex perhaps more than the seriousness that this profession requires.  Even a cursory glance at the PaxForex website will show the company’s stress on the company’s Forex trading contests and bonuses.  If you keep reading you’ll find some information about the trading conditions, which most professional traders may find more important than the other information. 

During our PaxForex review we discovered that the brokerage offers different leverage options, from 1:1 to 1:500 that offers no dealing desk trading for as little as a $10 deposit, as well as a demo account that is unlimited in time.  There’s no question that PaxForex is looking to attract new Forex traders with its low barrier to entry and appealing bonuses, but we couldn’t help but question whether this is a brokerage for serious traders.  Likewise, we were unable to confirm any regulation for PaxForex, forcing us to once again question the seriousness of this brokerage.  Though the company’s business registration number is listed on its website, this should not be confused with a license or regulation number under any circumstances.

PaxForex Services

Traders that open an account with PaxForex have access to trading Forex, CFD, futures trading and commodities. During our PaxForex review we determined that the brokerage uses only the MetaTrader4 platform, which is both popular and respected.  However, we always appreciate the option for a web-based trading platform, which was notably absent from this broker’s offerings.

Types of Accounts

There’s no question that PaxForex offers a competitive selection of trading accounts. 

Mini Forex Account- This is an account for new traders and can be opened with as little as $10. A Mini account allows clients to trade CFDs, Gold, Silver and other stocks without high risk.

Standard Forex Account- This account is for traders depositing $300-$9,999, and is good for experienced and professional traders. It has the lowest spreads and lets users trade CFDs, Gold and Silver.

VIP Forex Account- This account is for traders interested in depositing $10,000 USD or more. The biggest advantage of a PaxForex VIP account is getting your own personal account manager, something some other brokers offer less-invested traders.