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.
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.
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.
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.
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.
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.
the process to open an account is hassle free. Your live account is up and running in no time and the documents they require (as all other brokers) is a copy of your ID and a bill with your registered address. It can be an electricity bill, bank statement etc. They work fast when it comes to that, but you can start trading right after you make a deposit. Your documents should be verified within 24 hours. Just scan your ID and statement or bill and upload it from their website through your account panel.
Yes, I have. Withdrawals are handled either the same day (depending on when you request it) or the following day. It also depends on if you transfer it to your bank which takes a bit longer or if you use an online payment processor.
I am not aware of any maintenance fees. The account is free and you use it as much or little as you wish. You can always ask their support team which is very professional and friendly.
I have been with them for a while and so far I can only say positive things about them.
You are welcome. In case you decide to give them a try I hope you enjoy the same thing I have. Give their $200 No Deposit Bonus a try and see how you like them as a broker.
Looks like PaxForex have redesigned their website and made it look more professional.
However, I notice a security problem while logging into the MyPaxForex area. The password field is not encrypted (see the screenshot).
I also get a “This page has insecure content.” alert on Google Chrome browser. It means that the password is being transmitted in plain text instead of being encrypted. The earlier design had an encrypted login. The password field should not be plainly visible like this.
He he. looks like those guy didn’t read bonus conditions well.
I used thosee bonus. But those condition didn’t affacted me.
Here they are: Forex Deposit Bonus Conditions - PaxForex
Points: 5, 6,7 and 8 say, that they has right to hold the profit before conditions complete.
