Introduction

PaxForex is a forex trading platform that has been in operation since 2010. The platform offers a range of services including forex trading, CFDs, commodities, and indices. This review will delve into the features, pros, and cons of PaxForex to provide a comprehensive overview of the platform.

Trading Platforms

MetaTrader 4

PaxForex utilizes the popular MetaTrader 4 trading platform. This platform is widely recognized for its user-friendly interface, advanced charting capabilities, and a variety of trading tools. However, the lack of support for MetaTrader 5, the latest version of the platform, is a notable drawback.

Mobile Trading

PaxForex also offers a mobile trading platform for both iOS and Android devices. This allows traders to manage their accounts and execute trades from anywhere at any time. However, some users have reported that the mobile platform lacks some of the more advanced features found on the desktop version.

Account Types

PaxForex offers four types of accounts: Cent, Mini, Standard, and VIP. Each account type has different minimum deposit requirements, leverage, and spread levels. This flexibility allows traders of all experience levels and financial capabilities to find an account that suits their needs. However, some users have reported that the minimum deposit required for the VIP account is quite high compared to other platforms.

Customer Support

PaxForex offers 24/5 customer support via live chat, email, and phone. The support team is reportedly responsive and helpful. However, the lack of 24/7 support can be inconvenient for traders who operate in different time zones or prefer to trade during the weekend.

Regulation and Safety

One major concern about PaxForex is its regulation. The platform is registered in St. Vincent and the Grenadines, a jurisdiction known for its lax regulatory standards. This lack of stringent regulation raises questions about the safety of funds and the integrity of the platform.

Deposits and Withdrawals

PaxForex offers a variety of deposit and withdrawal options, including bank wire transfers, credit/debit cards, and various e-wallets. However, some users have reported delays in withdrawals, which can be frustrating for traders.

Conclusion

In conclusion, PaxForex offers a decent range of services and a user-friendly platform. However, concerns about regulation, the lack of support for MetaTrader 5, and reported delays in withdrawals are significant drawbacks. Therefore, while PaxForex might be a suitable option for some traders, others might want to consider platforms with stronger regulation and more reliable withdrawal processes.