PaxForex Review 2022

PaxForex review
PaxForex Awards

PaxForex have won numerious industry awards over the 12 years they have been operating as a financial broker. We have listed the most notable awards and mentions for PaxForex below.

• Award winning trading platform and mobile apps

PaxForex review
PaxForex Fees Explained

• PaxForex withdrawal fees varies on payment method
• PaxForex does not charge a fee for inactive accounts.
• PaxForex does charge deposit fees.

Brokers offer state of the art online trading platforms, mobile trading apps, financial research tools and educational resources. For a brokerage to maintain these services and earn revenue as a company. Brokers may charge clients various trading fees that you need to be aware of as they may affect your bottom line.

How PaxForex Fees Compare Against Other Brokers

PaxForex Minimum Deposit

PaxForex require a minimum deposit of 10 GBP/USD/EUR when opening an PaxForex trading account.

A minimum deposit is the minimum amount of money required by PaxForex to open a new online brokerage account with them.

Don't be scared off by brokers like PaxForex charging a minimum deposit to open a trading account. Brokers that charge higher minimum deposits often offer additional premium services on their platforms that are not available for free on other platforms.

Brokers that offer lower minimum deposits are generally geared towards a more mainstream audience that do not require some of the more advanced features and research tools.

Brokers that do not charge minimum deposits do so usually to attract new customers. They have to make returns some way, so transaction commissions and other trading fees may be higher with a low minimum deposit account.

Brokers that require a larger minimum deposit amount usually offer a greater range of trading features on their platforms. These brokers often have more in depth technical analysis and research tools and better risk management features.

As more and more online trading platforms have entered the market, minimum deposit requirements to open a live trading account have gone down as an increasing number of brokers compete for new clients.

Depending on the type of trading account you opt for some brokers require a minimum deposit as high as 6500 GBP/USD. Some brokers can go as high as 10,000 GBP/USD.

PaxForex Withdrawal Fees

PaxForex withdrawal fees vary depending on your selected withdrawal payment method.

Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.

This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees, processing times and a potential currency conversion fee. The Conversion fee is dependant on your base currency, your receiving currency and your payment provider.

For example PaxForex allows you to withdraw your funds to Credit cards, Debit cards, Bank Transfer, Neteller, Skrill, Perfect Money, WebMoney, QIWI, FasaPay, Bitcoin, Ethereum.

PaxForex Inactivity Fees

PaxForex does not charge a fee for inactive accounts.

An account inactivity fee is a fee charged to the registered brokerage client.

Brokers may have certain trading activity requirements that under the terms and conditions of the accounts and clients may have to fulfill.

If a clients trading account does not have any buying and selling over a period of time as dictated by the broker an inactivity fee may be due.

Inactivity fees are not specific to online trading accounts. Many financial service companies may charge inactivity fees. Please check on the brokers website and make sure you are aware of and are happy with all the services and fees you may be charged.

If you are no longer using your trading account close it with the brokers customer support. And make sure you have a confirmation that any remaining fees are not due.

Depending on the type of account you have signed up for you can only be charged an inactivity fee under certain circumstances. As part of a brokers regulation they are required to clearly disclose any inactivity fees.

Some brokerage firms may charge inactivity fees as compensation for maintaining your account on their expensive trading platforms, in an attempt to claw back revenue for the lack of commission fees from your trading.

PaxForex Deposit Fees

PaxForex does charge deposit fees.

You must always review deposit fees as some brokers may charge a fee when you deposit funds from your payment method to your trading account. This is because the payment method which you use to fund your account may accrue a fee.

The fee may be a fixed fee when you deposit a specific fiat currency to your account. For example fees are known to be high when depositing funds from a credit card. This is if your broker accepts funding your account via a credit card.

PaxForex Commission Fees

PaxForex does not charge commission on CFD instruments.

A broker may charge a commission fee as a service charge for facilitating the buying and selling of financial assets through your trading account.

A brokerage may make most of their revenue from charging registered traders a commission fee on client transactions.

Commission fees can differ depending on the trading type, financial asset type and what level of trading account you have.

Broker commissions are charged if the brokerage fulfills an order, cancels an order or modifies and order on your behalf.

If a market order is not fulfilled by your brokerage usually no commission is charged.

Be aware that if your order is modified or canceled, your brokerage may charge a commission fee.

PaxForex review
Trading on PaxForex web platforms and other applications

PaxForex offer a user-friendly custom trading platform, available as a browser based web application. If you would rather see a comparison of MT4 brokers, you can so here.

A PaxForex iOS or Android native App on your phone or tablet will Work quicker Than the Avatrade Website on the same device.

PaxForex also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you’re on the move.

See PaxForex's platforms

Is the PaxForex Trading Platform Secure?

PaxForex safeguards the personal information of its clients through SSL encryption in its PC and mobile platforms. PaxForex also urges its clients through its web platform to always look for the SSL security sign (a lock sign) on the browser while operating PaxForex.

PaxForex Trading Platform Options

PaxForex does not offer the MetaTrader 4 (MT4), MetaTrader 5 (MT5) or cTrader trading platforms.

PaxForex offer an their own custom trading platform developed and tested in house. The PaxForex trading platform allows traders to track their portfolios, track the current markets, locate trade ideas and place trades.

The PaxForex platform allows traders to filter the financial marketplace for trade opportunities that match a criteria.

With PaxForex you can look for and examine opportunities with actionable research and stock evaluations. Get streaming real-time information on the PaxForex platform including news and quotes. Discover possible trades with the strong charting tools found with PaxForex. PaxForex is available as downloadable applications or online through the cloud. Monitor your orders with PaxForex and receive breaking news in your positions.

PaxForex Trading benefits

• Allows scalping
• Offers STP
• Low min deposit
• Guaranteed stop loss
• Offers Negative Balance Protection

PaxForex Trading Accounts Offered

Below we give an overview on the account types that PaxForex offer. Whatever you are looking to trade the varying PaxForex account types will be able to provide you with what you need.

• Demo account
• Cent (Micro trading)
• Mini account
• Standard account
• ECN account
• STP account
• Islamic account

Can I try PaxForex?

PaxForex offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

Your capital is at risk

PaxForex withdrawal and funding methods

Please note that the list of PaxForex payment methods below depend on the PaxForex Entity and the Clients Country of Residence.

All available PaxForex payment methods available to you can be found in your PaxForex members area checked on the PaxForex website.

PaxForex offer the below funding payment methods. You can use any of the below deposit options if available in your region. learn more about PaxForex

PaxForex Payment Methods

• PaxForex accepts Credit cards
• PaxForex accepts Debit cards
• PaxForex accepts Bank Transfer
• PaxForex accepts Neteller
• PaxForex accepts Skrill
• PaxForex accepts Perfect Money
• PaxForex accepts WebMoney
• PaxForex accepts QIWI
• PaxForex accepts FasaPay
• PaxForex accepts Bitcoin
• PaxForex accepts Ethereum

How can I start trading with PaxForex?

When opening a trading account with PaxForex, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on PaxForex trading platforms here. You will need to provide some basic documentation to prove your identity as part of PaxForex onboarding and normal KYC identity checks. These checks are standard practice and help PaxForex provide a safe financial environment for their 350 users.

Your capital is at risk

Performing trades with PaxForex

PaxForex allow you to execute a minimum of trade of varies. This may vary depending on the account you open. PaxForex allow you to execute a maxium trade of varies. As PaxForex offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you‘re paying to execute your trades.

As with most brokers, margin requirements do vary depending on the instruments.

CFD Trading on PaxForex

let's take a look at some of the basics of using PaxForex leverage.

PaxForex offer CFD which are a leveraged product for this example we describe ten times leverage.

So you have a ten thousand dollar position but you only tie up a thousand dollars a tenth of the value on your account. You have a situation where a small sum of money is controlling a much bigger financial position. This is your leverage.

So what effect does leverage have on your profits and losses well put simply it magnifies them in both directions.

PaxForex leverage magnifies both profits and losses when trading.

Let's say for example you buy/sell ten thousand dollars worth of General Electric (GE) using contracts for difference ( CFDs ) using the PaxForex trading platform.

let's say General Electric (GE) rises 10% because its results are positive your position which was worth ten thousand dollars is now worth $11,000.

It's grown by $1000 10% in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade.

Our initital investment of ten thousand dollars for the trade and has made a thousand dollars in profit because the price is up ten percent.

The PaxForex leverage goes both ways. If General Electric (GE) Falls 10% on week results your position which was worth ten thousand dollars is now worth only nine thousand dollars. It has fallen by a thousand dollars.

PaxForex CFDs are typically used for short to medium term trades. For example PaxForex intraday CFD trading. Although high risk because CFD trades are separate from the financial markets, a CFD trade can be more flexible than a traditional market trade where you own the underlying asset. CFD trades give access to CFD fractional shares, CFD international markets and CFD short selling. More advanced traders can also use CFDs to hedge.

Always be aware that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Your capital is at risk

Limiting Your Risk When Trading with PaxForex Negative Balance Protection

We should say something about negative balance protection with PaxForex. When trading using leverage an adverse move could result in losing more than your trading account balance at PaxForex. If your broker is regulated by the FCA Negative Balance Protection should be set in place by your broker as standard. Your PaxForex account could potentially become negative. We recommend you making use of negative balance protection. Using negative balance protection ensures your losses will always be limited to the current balance of the money in your account.

Education Resources at PaxForex

To trade effectively with PaxForex, it's important to get a have a good understanding of the PaxForex trading tools and the markets. Make sure you make full use of all education tools. This includes eduction tools with PaxForex and externally.

PaxForex offer a good selection of educational resources. Take your time, learn how the financial markets move. Take the time to learn how your trading platform works. Make buy/sell trades, learn how to take advantage of global trading times and most importantly learn how to mitigate and manage investing risk.

Having an analytical approach may be a good way to approach trading with PaxForex.

Take time to look around the PaxForex platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at PaxForex

As part of our PaxForex review we review customer service options, response times and PaxForex trading platform problem resolution effectiveness.PaxForex support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian.

PaxForex have a A grade support rating because PaxForex offer over three languages.

Livechat Support at PaxForex

We tested the PaxForex live chat and it works well. We sent messages to PaxForex livechat through their app and website and recieved a response within 8 minutes.

We tested communicating with PaxForex support in multiple languages in multiple countries. PaxForex where able to resolve our customer issues.

Email Support at PaxForex

We sent several emails to PaxForex and answer times overall were excellent. The fastest response from PaxForex was less than 40 minutes and the slowest response was 9 hours. Support response times may vary for you with PaxForex, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall good email support from PaxForex.

Phone Support at PaxForex

We called PaxForex and the call was answered very quickly. The call was answered in less than 5 minutes.

The PaxForex phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual PaxForex team by calling in varying languages. PaxForex made an effort to make sure our queries were answered.

Overall the phone support from PaxForex was okay.

See how PaxForex Support Compares Against Other Brokers

What you will need to open an account with PaxForex

As PaxForex is regulated by Financial Services Authority (FSA), Registration Number 21973 IBC 2014 1825, every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

• Be aware that the expiration date of Proof of address document for different entities under PaxForex Brand may be different.
• A scanned colour copy of your passport, driving license or national ID
• A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 5 minutes or so to complete the account opening process.

While you might be able to explore PaxForex's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with PaxForex you can visit the PaxForex trading platform here.

CFDs are leveraged products and can result in significant losses, excess of your invested capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://paxforex.com/ on August 14, 2022.

Watch this PaxForex Explainer Video

PaxForex review written by Andrew Blumer and Mark Hansen