PaxForex Review (2023)

Is  PaxForex a scam or a legit broker?

PaxForex has been suspected as a scam broker. It operates under the brand name PaxForex is a brokerage firm that provides online currencies and CFDs trading services. The company is registered in the St. Vincent and the Grenadines, an offshore zone, and does not hold any authorization or license to perform financial services. Even though it is mentioned about many jurisdictions that are restricted to open a trading account with PaxForex.

PaxForex review is about a company Laino Group Ltd and is a brand name of the established and registered in St. Vincent and the Grenadines financial investment firm.

The broker claims to run an office in the UK, which is not, for instance, a case, and offers a wide selection of trading opportunities to trade on Forex, Stocks, Options and CFDs through an STP/ ECN connectivity (See ECN Broker’s List) to the liquidity providers.

In fact, the company partners with Total Capital Forex Promotions (Pty) Ltd and other companies that are located in various jurisdictions, but do not serve itself any other office than its headquarter in known offshore zone St. Vincent and the Grenadines.

Due to its situated office, PaxForex does not hold any authorization or regulation licenses from the world recognized financial authorities.

Besides, the negative reviews and much of disappointed traders by the broker’s provided operations releases the question, is it really a good idea to trade with the PaxForex Broker? It is absolutely clear that financial investment involving high risks and it is at the paramount priority to reduce risks as much as possible.

That’s why trading with the Regulated Brokers increases the reliability timely since the company is constantly watched by the respected authority.

The world leading watchdogs including companies regulated by ASIC, BaFIN or FCA, thus it is a much smarter idea to engage in trading with the regulated brokers.

Notwithstanding by fact that the PaxForex company do provide an attractive selection of account types that might suit the need of beginning and seasoned traders, the sum of the above and non-licensed company nature impacts in a negative recommendation of account opening.

Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Eightcap.

Yet, it is always great to hear your personal opinion about PaxForex. So you may share your experience or thoughts or discuss them below or ask us for additional information.