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PaxForex Review – Who Is Behind PaxForex.Com?
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Pax-Forex, the website looks pretty impressive – at first glance, it gives us no reason to doubt that this is the award-winning forex broker it claims to be. But appearances can be deceiving.
The website also looks suspiciously familiar. The reason is that it is almost 100% a copy of XM, which is one of the leading brokerage providers in the world. But there is no real content behind this copy. Closer inspection shows that Pax-Forex is nothing more than a typical investment scam.
The company has been warned twice and changed some of its business practices but continued onboarding customers without a license. And this PaxFore broker review will cover all you need to know about them.
|Headquarters||St Vincent and Grenadines|
|Review Rating||1 out of 5|
Is PaxForexLegit or a Scam Brokerage?
At first glance, the Pax Forex website looks pretty legit. And with all the claims they made, there is almost no reason to doubt that this award-winning forex broker is anything less than perfect. But before you go ahead and deposit your money, remember that appearances can be deceiving.
Pax Forex investment scam claims to be licensed and authorized in several jurisdictions among which are: ASIC in Australia, CySEC in Cyprus, the FSC in Belize, and the DFSA in UAE.
If these claims were more than blunt lies, we would be able to find this broker’s name and license number in every single database of the regulatory bodies. After taking the time to check this, we found no mention of any license ever issued to this broker.
In conclusion, all we can say is that your funds are not safe when dealing with Pax Forex as this is not a regulated broker you can trust to. On top of that, PaxForex has an official warning issued against them by CFTC and BVIFSC.
Trading Software Overview
This broker claims that they offer the two best trading platforms in the industry, MetaTrader 4 and MetaTrader 5. But of course, this is just another lie written to sound more reliable and legit.
They also failed to provide links to download the software, and all you can access is a funny-looking dashboard after you sign up. It is evident that these simple charts are only there to look at as they basically have no functions or buttons you can press.
As a matter of fact, when you register an account, all you get is a trading chart resembling a basic WebTrader. Yet, it has no features, so we’re unsure if it can serve its purpose and if you can place any trades.
Account Types Available
You can choose from one of the four PaxForex account types and those include the following ones:
- Cent – $10
- Mini – $100
- Standard – $2,000
- VIP – $10,000
The last two accounts include share trading, while only the VIP one gives access to priority execution. The leverage ranges from 1:100 to 1:500, regardless of the account and the minimum deposit you make.
You can use the PaxForex Demo account through their lackluster WebTrader. The broker will allow you to test the system, but since you have no functions other than the chart, the experience surely won’t be satisfying.
Available Trading Instruments
While offering crypto trading in the past, which is clear from the CFTC charges, the broker currently only advertises four asset classes. And those are:
- Currency pairs – EUR/USD, GBP/NOK, AUD/SEK
- Indices – AU200, FTSE100, IBEX35
- Shares – Amazon, Netflix, nVidia
- Commodities – gold, silver, natural gas
Quite a poor offering by an unlicensed brokerage. Clearly to be avoided!
Deposit and Withdrawal Procedure
In the Pax Forex menu, we found these deposit options:
- Visa and Mastercard
But funny enough once you try any of these methods, you will be met with a message that this payment option is currently unavailable and you can only deposit in Bitcoin. This is so common for financial frauds out there as cryptocurrencies are harder to track and later get refunded.
As the Pax Forex scam failed to provide proper legal documentation, it is unclear what traps they may have set when it comes to withdrawing the money. Typically, fake brokers make this step impossible through huge fees and traded volume conditions.
Nonetheless, after reading many reviews to see what other people’s experiences have been like, we found many complaints stating many withdrawal issues.
Got Scammed by PaxForex? Get Your Money Back!
Being a victim of an online scam is never easy. If you’re one of the unlucky customers of PaxForex, you’ve probably already experienced withdrawal issues. In such cases, we’ll be happy to evaluate your issue during a free consultation and find a way to help.
It is very important not to rush into trusting people on the internet who offer to magically refund your money for a fee. These are also scammers, and they may even be the same ones who scammed you in the first place.
If you have made the transfers using a credit or debit card, you can claim a chargeback. Visa and MasterCard allow this to be done within 540 days. Chargeback is the solution and we can help you get your money back!
- PaxForex is an offshore broker that follows no regulations and has no licenses for providing financial services of this kind.
- They have been issued multiple warnings by many regulatory bodies including CFTC and BVIFSC.
- Pax Forex claims to offer their customers an opportunity to invest in forex, stocks, indices and commodities. However, something as basic as their platform is missing, indicating that you are dealing with a scam.
- This broker stated that they offer a demo account to their potential new clients but many people complained that this option does jot even work.
FAQs About PaxForex Broker
Is My Money Safe With PaxForex?
No, your money or your personal data will not be safe with this scam broker.
What Is The Minimum Deposit for PaxForex?
The minimum deposit that PaxForex seeks from their clients is set at $10.
Does PaxForex Offer a Demo Account?
Yes, PaxForex does allegedly offer a demo account to their potential clients.