This broker is horrible. I traded with them for about two weeks and it only took that amount of time for me to realize what a mistake it was. Firstly, their order executions were terrible. I was looking at most fills falling somewhere in the 2 second range and some were as high as 9 seconds. When I hit the button to enter I should be getting a near immediate fill. Instead with them, I hit the button to enter and it was “one thousand one….one thousand two….etc.” and then it would be filled. In those few seconds price can move a lot, so precision is out of the question with them, and precision is crucial for short term traders. Imagine that…in this day and age of technology and it takes that long to get a fill? With other brokers it is more like one TENTH of a second or so. Certainly nowhere near 2-9 seconds. As an intraday trader, those seconds can be agonizing waiting for confirmation of a fill, whether that be for an entry or an exit. And it is not because of my computer or Internet speed as they are both top notch speed. It was all on their end with their server.
Second, their bank fees just to withdraw funds is ridiculous. They say it is because of their bank processors for bankwires. Whatever. I was charged $85 by them to withdraw my initial 3,000. And then an additional $30 to get my small $144 profits in another transaction (because they initially would not send me my profits with the 3k withdrawal due to what they said were some unverified corporate documents, which is B.S. because all my documents and verification were taken care of during the initial stages of opening the acct.).
And lastly, their slippage is incredibly bad. I was slipped 11 pips on my stop-loss in EUR/USD during a liquid part of the day (approximately noon Eastern time). This lead to an additional $450 loss ….money they robbed me of on a 4 lot trade……because of what they say was a credible fill. Trading the most liquid pair during a very liquid time, and with no news announcements…there is NO WAY anyone should ever be slipped 11 pips in this pair! They claim there was “extreme volatility” at the time my stop-loss was filled and that is why it was slipped so much. To them, a 30 pip spike is “extreme volatility” and warrants 11 pips of slippage. So every time EUR/USD moves 30 pips I have to expect 11 pips of slippage??! Ridiculous! They also said if I deposited more money with them I would be able to open an account on their VPS server, which would allow for better fills and less slippage. But if I can’t trust them with order fills and slippage with a small account, I certainly will not trust them with a larger account.
When I tried to bring up all these issues with my account manager and his boss, I got nowhere. So my advice, stay FAR AWAY from this broker. They cannot be trusted.
Most Forex brokers are terrible. Look at what Fxcm did recently where they were selling their trades to a third party, and then, sold all their accounts to Forex.com. Forex was always the wild west of the trading world. The only good thing you can say is that, at least there is now some regulation that got Fxcm kicked out of this country. Personally, if I was you, I’d trade with someone like Interactive Brokers if you want to trade Forex.
I don’t think this is really anything to be surprised about, as I feel when you do some research about this broker then it’s easy to know that they are not exactly all that highly rated, so such things don’t surprise me, at least. However, it’s obvious that no one on purpose go with wrong brokers, so you must had your reason for joining them and I feel sorry for you due to such situation, but all you can do is to learn from it.
I’ve never heard of this broker before but…execution between 1 and 9 seconds!!! Wow, this is way too much. Not to mention the ridiculous withdrawal charges. Are they even regulated. Who are their liquidity providers or they are a market maker? Because if they have a dealing desk, I would not be surprised at all. Close your account and run far far away.
I have been trading with Paxforex for well over five years and they are part of my group of trusted forex brokers. With that in mind, execution time of 2-9 seconds is not acceptable. I have not seen that in my account. Did this occur only once or did you experience this more frequently? I would not trade at a broker if I would see this non-sense either, but again in my account I have not seen this in well over three years. There have been isolated cases where the execution was not tenths of a second, but I think that may have occurred once every 60-70 trades.
Before the ‘regulated crowd’ gets all worked up about regulation, he did get his withdrawal processed. A scam broker does not act in such a way. As far as fees are concerned, I personally don’t use my bank for withdrawals as fees are often ridiculous. I do agree that $115 is non-sense. I am not one to tell others how to deposit or withdraw, but in my experience it is just easier and more cost-efficient with third-party payment services who offer you a Visa/Master debit card to take your cash.
One thing I would like to point out is that regardless of where you trade, if you experience anything you don’t like, close your account and trade where you feel comfortable. I have added Paxforex to my group of brokers when they were just starting out as I was looking to diversify and the offer I received was good. I have been with them as they matured over the last half-decade and overall I am happy trading one of my forex accounts there. As with every broker, you will have traders who like the broker and others who just hate trading there or who had a bad experience. No broker has a 100% satisfaction rate and sometimes things do go wrong for various reasons.
Assuming that this trader really had the experience listed above (I am neither suggesting it is fake nor asking for proof), but let’s not ignore that most negative broker reviews are either from traders who lost money and are simply pissed off or from competitors tarnishing the reputation of others through paid comments and threads (both positive as well as negative; FPA is a great example of this in my opinion), then in this case I totally agree and understand why the trader is suggesting for others to be careful and stay far away. In general, I disagree that Paxforex is a broker to be avoided and think it has a place with forex traders who seek a broker who overall performs well. In conclusion, each trader needs to determine what they are looking for and then go and find a broker who offers that; make a deposit and see for themselves.