PaxForex is an unregulated broker evading justice for years. The company has been warned twice and changed some of its business practices but continued onboarding customers without a license.
Hence, this PaxForex review. We want our readers to understand what they’re dealing with and to know how to avoid being scammed.
PaxForex is a Laino Group brand registered in 2014 in Saint Vincent and the Grenadines. However, this registration doesn’t impact you as a trader much. Namely, the FSA, the official authority of SVG, declared itself unauthorized to issue Forex and binary options licenses. Since PaxForex was first a binary options broker and currently offers Forex trading, it must obtain permission in the country of service.
Since the firm is widespread, we checked major Tier 1 authorities such as FCA, ASIC, BaFin, and CFTC, looking for PaxForex regulation. As you can already guess, we found nothing. Actually, not nothing but investor warnings of fraud. Read on to learn more about this broker trading scam.
PaxForex is an offshore trading brokerage without regulation. The US regulator has charged them for illegally offering leveraged crypto products.
According to our comprehensive research, the firm mainly offers its services in the following countries:
Note that there’s an official warning against fraud in the US, while other regulators are expected to react.
We have two PaxForex trading platforms advertised on the website – MT4 and WebTrader. However, if you try to download the MT4 terminal, you will be prompted to choose a broker. And PaxForex is not on the list of those.
As a matter of fact, when you register an account, all you get is a trading chart resembling a basic WebTrader. Yet, it has no features, so we’re unsure if it can serve its purpose and if you can place any trades.
Simultaneously, none of the Android or iOS links work, meaning even if you can access the software, it’s via the web.
While offering crypto trading in the past, which is clear from the CFTC charges, the broker currently only advertises four asset classes. These are:
Quite a poor offering by an unlicensed brokerage. Clearly to be avoided.
According to the account types section, the spread ranges from 0.4 to 2.4 pips, depending on how much money you are willing to invest. Other commissions and fees are not mentioned. However, the broker offers an Islamic swap-free account, meaning there will be no overnight fees but possibly a higher spread.
You can choose from one of the four PaxForex account types:
The last two accounts include share trading, while only the VIP one gives access to priority execution. The leverage ranges from 1:100 to 1:500, regardless of the account and the minimum deposit you make.
Surprisingly, yes. You can use the PaxForex Demo account through their lackluster WebTrader. The broker will allow you to test the system, but since you have no functions other than the chart, the experience surely won’t be satisfying.
We always advise you to find a regulated broker with third-party software, such as MT4, MT5, or cTrader. Each of these has millions of downloads and a risk-free account included. Yet, a broker license means that when you invest in actual money, it’ll be safer.
The minimum PaxForex withdrawal amount is $10 for all payment methods, except for wire transfers ($100) and credit cards ($15). These are:
According to reviews, getting your money back might be quite a struggle and even require legal aid. There’s a reason this broker has been blacklisted even by the offshore authorities.
Being a victim of an online scam is never easy. If you’re one of the unlucky customers of PaxForex, you’ve probably already experienced withdrawal issues. In such cases, we’ll be happy to evaluate your issue during a free consultation and find a way to help.
Don’t give up on your hard-earned money. Contact our chargeback experts now!
PaxForex is an unregulated online trading fraud. If you have already invested your money with this firm, we might be able to help you with a refund.
While claiming to offer MT4, PaxForex only offers a basic WebTrader.
The minimum deposit amount with PaxForex broker is $10.
PaxForex is an unregulated online trading fraud. If you have already invested your money with this firm, we might be able to help you with a refund.
While claiming to offer MT4, PaxForex only offers a basic WebTrader.
The minimum deposit amount with PaxForex broker is $10.
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