Pax Forex review
While most brokers offer a couple to three account levels, PaxForex customers can sign up for one of five available account types.
The Cent and Mini accounts are both designed for new forex traders, who wish to gain experience with lowest risks.
For those, who prefer fixed spreads, the broker offers the Fix account, suitable for both newbies and experienced traders.
The Standard and VIP accounts are both appropriate for experienced professional traders, the VIP one is especially tailored at clients ready to trade in large volumes. They offer lower spreads, starting from 0.3 pips on majors.
What is more, Islamic Mini, Standard & VIP accounts are also available to clients who don’t want to earn interest for religious reasons.
PaxForex is the trading name of Laino Group Ltd., an international business company registered in the St. Vincent and the Grenadines.
Based in Montenegro, this broker states on its website that it also has an official office in London and clients around the world: from Asia to North America.
It offers trading in forex, Contracts for Differences (CFDs), futures and commodities through the popular MetaTrader 4 platform.
Security of Funds
Due to where its physical headquarter is situated, PaxForex is not regulated by any internationally recognized financial authority. Presently, Montenegro is an official candidate for EU membership and therefore, adoption of the Directive 2004/39/EC on Markets in Financial Instruments (MiFID) is expected soon.
As regards to liquidity providers, PaxForex states on its website that one of the most reliable financial institutions worldwide ensure the provision of liquidity: Credit Suisse, Barclays, Deutsche Bank, Goldman Sachs, UBS, and Merrill Lynch.
Minimum Initial Deposit
Traders are required to deposit just $10 in order to open an account with PaxForex, which is a comparatively low minimum initial amount. There are forex brokers demanding $500, like FxPro, and others, like Interactive brokers, requiring as much as $10,000 from their clients to start with. On the other hand, some brokerages have no requirements for initial deposit. This is the case with another Montenegro-based FX brokerage AGEA.
Average Spreads & Commissions
There are trading accounts with both fixed and floating spreads in the broker’s product portfolio. Fixed spreads are average, amounting to 2 pips on EUR/USD, while floating ones on the Standard & VIP accounts are as low as 0.5 pips on EUR/USD. In comparison, AGEA`s average variable spreads are 2 pips on EURUSD on Streamster platform, 1,3 pips on EURUSD on MT4. You may look up real-time spreads of 15 leading brokers here.
All account types with PaxForex are commission-free, as the broker gets its remuneration through the spread.
The maximum leverage rates PaxForex offers are high, reaching 1:500, available to all types of account holders. Most FX brokers provide leverage ratios up to 1:200 or 1:400. AGEA also offers maximum leverage of 1:500, however it is available on the Cent account only. Here you may look up more brokers, offering leverage ratios of 1:500 and more.
Traders are often tempted by higher leverage as it provides the opportunity of making striking profits on a small deposit. The reverse, however, is also true – the higher the leverage, the higher the risk of losses in excess of deposited funds. So, one should trade with caution.
The broker supports the most popular trading platform MetaTrader 4, available as a desktop version only. MT4 is the preferred platform by most traders, because it allows full automatization of trades by the so called Expert Advisors (EA). What is more, it offers a number of built-in technical indicators, extensive back-testing environment and advanced charting package. Here is a list of more forex brokers offering MT4 platform.
Every client of PaxForex that makes a deposit more than $1200 is eligible to request 100% deposit bonus. Clients can activate the bonus again, as long as 31 days have passed from receiving the previous one.
Methods of Payment
PaxForex offers its clients a wide range of payment methods available: Credit / debit cards, Bank Transfer, e-wallets: Neteller,Skrill, PerfectMonew, WebMoney, OkPay, QIWI, FasaPay and UnionPay.
The broker does not charge any fees for the external transfer of funds to your forex account (except for credit/debit card deposits, which incur 2.5% charge).
Although this forex broker is not regulated, it appears to offer attractive trading conditions to clients of all experience levels: a variety of commission-free account types, high leverage levels and competitive spreads, both fixed and floating. What is more, its customer support responds immediately to any questions.
Pax Forex review Conclusion
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