PaxForex is currently my #1 rated Forex broker. I’ve been dealing with this group for over 5 years, and have nothing but positive experiences to report. All of my withdrawals have been fast, on time and the support response times are exceeding my expectations.
They are available in most countries including Australia, United Kingdom, France, South Africa, Thailand, Hong Kong, India, Qatar, Luxembourg, Saudi Arabia, Italy, Kuwait, Denmark, Sweden, Norway and many others. They are currently not available in the United States, Germany, Japan and New Zealand.
Founded in 2010, the PaxForex brokerage is located at 1825, Cedar Hill Crest, Villa, Kingstown, St. Vincent and Grenadines. They are regulated by the SVGFSA, and require a minimum deposit of just $10 in order to get started.
There are many reasons why PaxForex is my top broker choice for active Forex traders in the countries they’re available. Obviously, my personal experience with the group is what matters most to me, but there are specific features and benchmarks that I require.
Firstly, they provide access to the MetaTrader 4 platform, which is still the best platform for all Forex traders. Over 90% of my accounts are in MT4, and only 10% of them are in MT5. I still don’t see a major reason to utilize the MT5 platform, unless you are doing exhaustive testing of trading strategies. For trading, especially with Forex robots, you are best sticking to the MT4 platform as it has a much longer track record of reliability.
Next, PaxForex offers incredible execution times with “industry leading datacenters in London (Equinix LD4) and New York (Equinix NY4).” With these hubs, connected via fibre optic cables, trades are processed fast and efficiently.
Lastly, is their low spreads. I like to make quick trades, frequently scalping the markets with different automated trading solutions, and low spreads are necessary for this. So, it’s perfect that they are able to meet my demands for low spreads even on their Cent accounts.
For traders interested in opening an account with the PaxForex brokerage, there are three different account options available. Traders can sign up for a mini account with a minimum deposit of $100. This account offers traders a minimum spread of 1.4 and a minimum lot size of 0.01. Next, there is the Standard account which requires a $2000 deposit and offers a minimum spread of 0.4 and a minimum lot size of 0.01. Last is the VIP account, which requires a $10000 deposit and provides traders with a 0.4 minimum spread.
Each account meets market requirements, and is in line with the other top brokers. The broker is very accessible, as traders can start with a deposit as low as $100.
Withdrawals & Deposits with PaxForex
Earlier in the review I mentioned that the PaxForex withdrawals are fast and on time. Now, I’ll walk you through the options you have when using this broker for putting in funds and more importantly taking out your winnings.
When depositing, you will get your funds processed and ready to trade within 1 hour, unless you use a bank transfer which takes 3-5 days. In terms of options, you can use Neteller, Credit / debit cards, Skrill, Monye bookers, Perfect Money, WebMoney, QWI FasaPay and Uphold. There is a small fee depending on the deposit method that you choose.
In terms of withdrawing your funds, it will generally take 1 working day to process. If you use a bank transfer there is an additional 4-7 business days for the bank to process the withdrawal. The same goes for credit cards which will add on an addition 5-15 days.
The minimum withdrawal is 10 USD for most withdrawal methods, with credit cards at 15 USD and bank transfers at 100 USD. The fees are pretty close to what you see in the deposits, ranging from 0% to 5.5% (credit cards). I generally do bank wires for all of my withdrawals.
PaxForex provides just about ever leverage possible, going all the way up to 1:500. This is the highest you really ever want to go, as far as I’m concerned.
With 1:500 leverage, you will be able to open very large positions, giving you significantly more buying power than you would on lower leverage accounts.
Educational Guides & Videos
It’s common for brokers like PaxForex to provide education, but rarely is it useful. In this case, there are both guides and videos aimed mostly at new traders. If you already know what you’re doing there’s really nothing much to learn here. It’s really just an effective resource for newbies or traders that want to get a bit of a better understanding of the trading process.
The videos on MT4, and MT4 Mobile are great to get better acquainted with the trading platform. The rest of the videos provide helpful tidbits, but nothing that’s going to transform your ability to trade.
For more advanced information on Forex trading you are better off here at Forex Robot Nation, or at other well-known resources like Forex Factory, or BabyPips.
Technical Analysis (Forex Signals)
While I don’t use it as often as I should, the PaxForex blog is filled with Forex analysis. In many cases, they will provide traders with free Forex signal opportunities. These signals are available to all traders, and while they aren’t as reliable as the best Forex signals providers I’ve ranked, they can be helpful when you’re just starting out.
In the example above, you can see the PaxForex analyst is recommending traders take a short position on the NZDUSD pair. They provide details as to why they believe this is a viable trade opportunity and include multiple take profit levels.
Likely, this isn’t a resource that you need to rely on, especially if you use the #1 signal service I recommend, Learn 2 Trade. That being said, it’s nice to have the option, and I appreciate brokers that put forth an effort.
Frequently Asked Questions
- Is PaxForex available in the United States?
At this time, PaxForex is not accepting any US clients. There are many other options for US clients in the Forex market like Forex.com, Oanda and FXCM just to name a few.
2. Are there any deposit bonuses available?
There are no deposit bonuses available right now, but there’s frequent promotions running. At the time of writing this they have are providing traders with the chance to “Spin PaxForex New Year 2021 Roulette” to qualify for a prize.
3. Have you ever had any issues with withdrawals?
Personally, I have never had a single problem with a withdrawal. If you ever run into any withdrawal issues, simply contact support via phone, live chat or email to get help.
4. Is PaxForex Safe?
Yes, I am confident in this broker and their services.
5. What is the minimum deposit?
The PaxForex minimum deposit is $100. This small deposit is great for new traders that just want to play around on a micro account to get a better feel for live trading conditions
6. I heard PaxForex was seized, what does this mean?
The broker has an ongoing dispute with the CFTC in the US, which is why they are no longer offering their services to US clients.
As it stands, PaxForex is the #1 rated brokerage here at Forex Robot Nation. There are some areas where they can improve, like with regulation or opening their services up to more countries, but I’m confident that they will take positive steps in these areas soon.
If you are able to use this broker, then I recommend that you do. They provide everything any trader needs in order to be successful. A solid platform, high leverage, tight spreads, top of the line execution times and a fast withdrawal process.
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- Client Feedback
PaxForex is a well-known broker with a solid reputation ranked #1 here at Forex Robot Nation.
Quick withdrawal process
Helpful support team
Free trading signals and analysis
High leverage and tight spread
$100 minimum deposit
Easy platform (MT4) to utilize
Some regulation concerns