PaxForex Review

Extensive Review

Founded in 2011, PaxForex offers online trading services to forex retail traders. The company is registered in St. Vincent and the Grenadines, a well-known offshore jurisdiction for CFD brokers with the intention of providing the most flexible trading environment for all types of traders. However, the broker is yet to be licensed as a financial service provider by the Financial Services Authority of St. Vincent and the Grenadines.

PaxForex embraces traders from all over the world, including the USA; an extremely unique decision as offshore-based forex brokers rarely allow traders from the US to register under their service. The trading instruments offered include Forex pairs (majors, crosses, exotics), Spot Metals, Shares, and Cryptocurrencies. The trading condition details for each asset are displayed thoroughly on PaxForex's official website, so anyone can attest to their products with no significant difficulties.

The account types are specifically designed to suit several types of traders with the following conditions:

Cent Account

• Minimum Deposit: $10
• Minimum Spread: from 2.4 pips
• Shares: No
• Priority Execution: No
• Minimum lot size: 0.0001

Mini Account

• Minimum Deposit: $100
• Minimum Spread: from 1.4 pips
• Shares: No
• Priority Execution: No
• Minimum lot size: 0.01

Standard Account

• Minimum Deposit: $2000
• Minimum Spread: from 0.4 pips
• Shares: Yes
• Priority Execution: No
• Minimum lot size: 0.1

VIP Account

• Minimum Deposit: $10,000
• Minimum Spread: from 0.4 pips
• Shares: Yes
• Priority Execution: Yes
• Minimum lot size: 0.01

From the specified details above, it is quite easy to see that traders with a small amount of capital and have low-risk tolerance would fit the Cent Account perfectly. Aside from the low minimum deposit, the account applies a minimum trade size as low as 0.0001, so traders can trade with only $0.001 pips value.

Meanwhile, Mini Account is the meeting ground between small capital traders and the need for low spread. This is because the spread given in Cent Account is not competitive for retail brokers' standards. For the more experienced traders who are finally ready to step up their game, Standard Account provides an even lower spread and the option to trade Shares. On the other hand, the high requirement of deposit amounts in VIP Account signifies that it is not for everyone.

There is nothing groundbreaking in terms of trading technology since trading in PaxForex serves traders with the choice of only using MetaTrader 4 as the main platform. The broker may upgrade their platform list by adding MetaTrader 5, as MetaQuotes itself confirm that the operation of MT4 would eventually cease in the future.

What PaxForex lack in the trading platform, they cover it with their commitment to providing traders with convenient payment methods, both for deposit and withdrawal purposes. In addition to bank transfer and credit cards, PaxForex enlists Neteller, WebMoney, FasaPay, Perfect Money, and Qiwi to complete the options of payment methods. Beyond the usual e-payments, this broker also manages to add Bitcoin and Ethereum as alternatives.

In terms of trading education, PaxForex creates the study resources in various forms of media, including written articles, infographics, as well as video tutorials. The analysis is also provided with two divisions of concepts, mainly by their focus on in-depth fundamental and critical technical contents.

All in all, PaxForex is an adequate choice for retail trading in the forex market with a minimum deposit and lot size. Their resourceful contents are also proved unique and insightful for traders with a high interest in continually expanding their knowledge.