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PaxForex
Unregulated
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PaxForex

Saint Vincent and the Grenadines
2014-05-16
2
1.67
Rating Index
Software
6.1
Licensed
0
Risk Control
1.2
Experience
5.5
Institution
0
Industry Classification
D
Unqualified
Trading Platforms
MT4, Allpips

Basic Information

  • Registered Region
    Saint Vincent and the Grenadines
  • Operation Status
    Abnormal
  • Operating Period
    2014-05-16
  • Deposit Methods
    Neteller, Skrill
  • Website
  • Market Type
    FX, Stocks, Indices, Spot Metals
  • Support Languges
    English
    Russian
  • Main Business
    Forex, Stocks, Indices, CFDs
  • Business Type
    FX broker
  • Social Media
  • Contact Details
  • Type of Accounts
    Cent, Mini, Standard, VIP
  • Trading Platforms
    MT4, Allpips
  • Withdraw Methods
    Credit Cards, Bank Transfer, Skrill, Neteller
  • Auto Trading
    EA supported

Pros and Cons

Pros of PaxForex include the availability of a demo account for novice traders, competitive spreads starting at 0.4 pips, and support for the popular MT4 trading platform. However, significant cons are the lack of regulatory oversight, which raises concerns about safety, and limited customer support options which are not available 24/7.

Company Background

PaxForex is a forex broker operating from Saint Vincent and the Grenadines. Established in May 2014, it targets traders by offering various market instruments, including forex, stocks, indices, and spot metals. However, the broker operates without a valid regulatory license, indicating a potential risk for traders.

Fund Security

Due to its unregulated status, PaxForex does not offer the same level of fund security typically associated with regulated brokers. Traders should exercise extreme caution when dealing with unregulated firms to avoid risks associated with potential fraud or mismanagement of funds.

Account Opening

PaxForex provides several account types, including Cent, Mini, Standard, and VIP accounts. Opening an account is straightforward, and the minimum deposit is low, starting at $10 for Cent accounts. The demo account is an important feature for traders to familiarize themselves with the platform.

Trading Fees

The trading fees are competitive, with spreads starting from 0.4 pips. However, specific commission fees are not disclosed, which may vary based on the account type and trading volume. Traders should be diligent in reviewing the terms to understand fee structures completely.

Trading Instruments

PaxForex offers a limited range of trading instruments, including Forex, Stocks, Indices, and Spot Metals. However, it does not support trading in shares, ETFs, bonds, or mutual funds, which may restrict asset diversification for traders.

Trading Technology

The broker utilizes both the Allpips platform and the widely recognized MT4 platform, catering to both web-based and mobile trading needs. This technology supports various trading strategies, including algorithmic trading (EA).

Research and Education

PaxForex lacks comprehensive educational resources or research tools, which could benefit traders in developing their skills and understanding market dynamics. Therefore, potential traders should consider their own preparedness before engaging with this broker.

Customer Support

Customer support for PaxForex is available via phone and email, with live chat offered 24/5. However, this support is not available on weekends, which may hinder assistance during peak trading times. Traders should prepare accordingly to manage inquiries or issues outside of these hours.
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Rating Instructions
Rating Index
PaxForex
PaxForex
Unregulated
Legal Environment
6.1
License Value
0
Risk Management
1.2
Investor Protection
5.5
Regulatory Policy
0
  • Software

    Evaluates the regulator's legal foundation, organizational structure, leadership experience, and enforcement capacity. Focuses on whether it enforces strict regulations, maintains transparency and fairness, and engages in international cooperation and technological supervision.

  • Institution

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  • Licensed

    Assesses the market value of the licenses issued by the regulator, including entry thresholds, compliance costs, approval duration, and overall global recognition and influence.

  • Risk Control

    Evaluates the regulator's financial stability and risk management capacity, including budgeting, reserves, revenues, expenditures, and ability to respond to market or financial shocks.

  • Investor Protection

    Examines the regulator's complaint-handling and investor protection systems, assessing fairness, responsiveness, and enforcement effectiveness in safeguarding investor rights.

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