In this review, we will describe why PaxForex is a scam that you should avoid at all cost !
Is PaxForex Legit?
PaxForex is an unregulated broker. Problem with unregulated brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice.
To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why PaxForex is a dangerous broker to deal with.
Are Funds Safe with PaxForex ?
With such lack of information and PaxForex being unregulated, funds are not safe. Security of funds is a huge problem with unregulated brokers. A red flag that we noticed is PaxForex is withholding vital information to users.
PaxForex could go bankrupt from one day to another since there are no banking information about this broker.
PaxForex Review: our Conclusion!
PaxForex is an unregulated broker to avoid at all cost. If you have been scammed, check out our ChargeBack process here or get a Free Consultation by a team of expert by clicking here.
PaxForex Scam Review
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Website URL : www.paxforex.com
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Type of Scam : Unregulated Broker (CFDs, Forex)
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Regulation : None
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Minimum Deposit : $5
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Leverage : 1:1000
I am an experienced forex trader recently retained by a client to trade their funds, their broker was Paxforex. I have never used them but my client had used them before.
My issue comes as 1 trade in particular moved dramatically in my favour to the tune of 3500 as per MT4 and Tradingview. Exactly at the same time Paxforex’s spreads jumped by 750% and according to their price went in the opposite direction by over 7k. A difference of 10k between their price and all other price indicators. It timed to perfection, as to make me extremely suspicious.
I believe they fixed this so that they profited from the trade rather than let me close I held on to mitigate my losses.
In the end I still lost around 1400, when I should have gained 3500.
How do I best approach this.