PaxForex

[FxAll]

Hi Baby Pips "Forumers"
I have account with Paxforex, and would like to share my experience with them.
You are welcome to post your opinion about this broker if you have any experience with them.

My experience Until now is:
The have three types of accounts:
mini - the spreads are hiigher
Standard - the lowest spreads
VIP - lowest spreads plus personal manager.
Support is fast and polite.

Deposit is really fast, my deposit was executed within 30 minutes.
Accepts deposit on weekends.
Made one withdrawal, it took them one day, maybe because I made it late.
The minimum spreads on standard account at EURUSD that I saw is 1.3 pips
Spread During the night is around 3 pips.
Maximum Leverage is 1:500

If you have any other question please ask and I would be glad to share.

[TheLastBear]

Hi,

I have opened a Standard Account with PaxForex and been using them for a while. So far I am very pleased with their customer service and how fast and professional they handle requests from deposits/withdrawals to general questions. I feel that my funds are very secure there and can only recommend them. They offer extra features such as a forex blog and a forex market news section which are quite interesting.

[NewNine]

PaxForex seems okay and uncomplicated at first glance. However, they are unregulated and headquartered in the British Virgin Islands (with a rep office in the UK), so there's a legitimate concern about how the uploaded documents for live trading will be used.

One more thing I noticed is that when you open a demo account with them, it can be used for live trading too (depositing funds, submitting documents, etc.) I hope they're not using the same servers for live and demo trading, or at least have properly segregated servers.

Lastly, their "About" page is a little vague on details. It says that the company has been started by "team of professional traders with the help of investors". But there are no names or photos as yet.

I sure hope this is not one of those brokers who make it "too easy" in the beginning with bonuses and stuff, and one day pack up and vanish without a warning. I hope I'm wrong but they have been around for only 1 year, is what I'm saying.

[TheLastBear]

Hi NewNine, I have never had an issues with them so from my experience I can recommend them. I do see your concern and maybe PaxForex will address those concerns in the future as they grow their operations.

Have you traded with them yet?

[NewNine]

Have you traded with them yet?

I have them on my shortlist but I'm uncomfortable sending a faceless and unregulated organization my documents and money.

The Mini account spread seems high, so I think it will go higher in actual trade.

I'll demo them for a while and see how it goes.

[TheLastBear]

I have them on my shortlist but I'm uncomfortable sending a faceless and unregulated organization my documents and money.

The Mini account spread seems high, so I think it will go higher in actual trade.

I'll demo them for a while and see how it goes.

I know what you mean about the documents. I did send them mine, after a longer chat with their customer service (not online). I feel safe after that.

The spreads did not go higher in actual trade, other then after-hours. The EUR/USD is at 1.9 pips, but I would love to see it go lower closer to the 1 pip level. I hope as they grow bigger they will make downward adjustments.

Since you already shortlisted them and plan to give their demo a try I would recommend that you give their $200 No Deposit a go. That way you will not waste time with a 'normal demo'. You get 30 days to make $200 and then they will transfer $200 into your real trading account after trading 5 lots. I decided to start that way, because 5 lots for $200 is unmatched at least by what I saw. Good luck if you decide to give it a go.

[NewNine]

Sounds like a good idea, TheLastBear.
Thanks for the heads up.

[TheLastBear]

You are welcome

[FxAll]

One more thing I noticed is that when you open a demo account with them, it can be used for live trading too (depositing funds, submitting documents, etc.) I hope they're not using the same servers for live and demo trading, or at least have properly segregated servers.

Strange I see both servers in there platform: PaxForex-Live Server and PaxForex Demo Server

I sure hope this is not one of those brokers who make it "too easy" in the beginning with bonuses and stuff, and one day pack up and vanish without a warning. I hope I'm wrong but they have been around for only 1 year, is what I'm saying.

If you know how to do it, lets make company and earn easy money. Write me privet massage and lets do it together :-)

[NewNine]

@TheLastBear

How long do PaxForex take to verify your documents for opening a live account? Is the process lengthy (like asking for too many document or credit card scans and stuff) or is it hassle-free?

A brief insight about the documentation process would be useful.

Secondly, if you have a live account with them, have you successfully made any recent withdrawals?

Lastly, if you fund a live account with them and decide to take a break from trading for a couple months, do they deduct anything as maintenance or monthly charges? Since I'm a part-time trader, I'm looking for a broker that doesn't penalize temporary account inactivity.

Thanks for your time.