Is  PaxForex Scam or Legit Broker?

PaxForex has been suspected as a scam broker. The company is registered in St. Vincent and the Grenadines, an offshore zone, and does not hold any authorization or license to perform financial services. Even though it is mentioned about many jurisdictions are restricted to open a trading account with PaxForex.

Due to its situated office, PaxForex does not hold any authorization or regulation licenses from world-recognized financial authorities.

About PaxForex
🗺️ Registered inSt. Vincent and the Grenadines
🗺️ Type of LicenseOffshore License
🛡️ Is PaxForex safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is PaxForex?

PaxForex operates under the brand name PaxForex and is a brokerage firm that provides online currencies and CFDs trading services. PaxForex review is about a company Laino Group Ltd which is a brand name established and registered in St. Vincent and the Grenadines financial investment firm.

Notwithstanding by the fact that the PaxForex company does provide an attractive selection of account types that might suit the need of beginning and seasoned traders, the sum of the above and the non-licensed company nature impacts in a negative recommendation of account opening.

  • The broker claims to run an office in the UK, which is not, for instance, a case and offers a wide selection of trading opportunities to trade on Forex, Stocks, Options, and CFDs through an STP/ ECN connectivity (See ECN Broker's List) to the liquidity providers.
  • In fact, the company partners with Total Capital Forex Promotions (Pty) Ltd and other companies that are located in various jurisdictions, but do not serve itself any other office than its headquarters in the known offshore zone St. Vincent and the Grenadines.
  • Besides, the negative reviews and much of disappointed traders by the broker’s provided operations releases the question, is it really a good idea to trade with the PaxForex Broker? It is absolutely clear that financial investment involving high risks and it is at the paramount priority to reduce risks as much as possible.

PaxForex Review

Overall PaxForex Ranking 

Due to our finds and issues on PaxForex regulations and safety, we do not rank positively PaxForex, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

  • PaxForex Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

RankingPaxForexFP MarketsPepperstone
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading ConditionsTrading Instruments

PaxForex Alternative Brokers

Regarding our research results and PaxForex safety issues we revealed, here are much better Alternatives to PaxForex with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

  • FP Markets – Good for CopyTrading
  • FXTM – Good for Beginners
  • Plus500 – Good for Futures Trading

Deposit & Withdrawal

PaxForex offers straightforward facilities to perform fast online deposits and withdrawals. The broker supports multiple currencies and a wide range of deposit/withdrawal methods, including bank transfers, credit/debit cards, WebMoney, Perfect money.

  • All transfers via electronic payment systems are automatic. Transferred funds become available immediately.
  • Bank transfers are made within 24 hours  to the bank account of the Company.

PaxForex Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules and have a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Eightcap.

  • Overall ranking and experience for PaxForex is Negative

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