Today we will take a closer look at PaxForex. We have mentioned them before and briefly touched on ten aspects about this broker we really like. They are growing steadily and becoming a bigger and bigger outlet for retail traders. Plenty of brokers remain static and stop innovating in order to remain competitive. PaxForex is a very dynamic broker and works hard every day in order to stay ahead of their competition which explains their growing market share of the forex market.
Let’s take a deeper look into the ten factor’s The Last Bear likes about this broker
- PaxForex is a stable, secure and reliable off-shore broker who welcomes U.S. clients. PaxForex is backed by several big investors which provides stability as well as security to its clients as they can rest assured the company remains liquid and will be able to always honor its commitments. PaxForex also welcomes traders from the U.S. who seek to move their forex accounts off-shore due to the increasing uncompetitiveness of the U.S.
- PaxForex Trading Recommendations which we have followed for over six months before we have our stamp of approval. They have in-house forex analysts who give trading recommendations to clients. Over the six months we tracked their recommendations they made on average 250 pips per week with a slight uptrend at the start of 2013. It is a great service for traders who wish to put their capital on cruise control.
- They offer plenty of forex pairs for traders. The range of products they trade is above average and allow trader’s to not only trade the most popular forex pairs, but also the less liquid pairs which allows for more trading opportunities and a wider forex trading strategy. We would like them to add even more pairs in the future and will report once they decide to increase their offering even further.
- Leverage of up to 500 times your investment. You can chose your leverage and the most you can enjoy up to 500 times your capital which will greatly enhance your ability to profit from your trades. Just keep in mind that leverage may also increase your losses and you need to be aware of how to use leverage and manage your funds wisely. There are a handful of brokers who allow you even more leverage which is very dangerous. The Last Bear recommends leverage of 1:200 which will give you ample trading power and still protect your downside.
- PaxForex offers attractive bonuses. Some hate bonuses and prefer to only trade their own capital which is absolutely fine. Just fund your account and don’t request a bonus. There are others who enjoy great bonuses and PaxForex offers a range of deposit bonuses which are great for traders who do not plan to withdraw their funds until they reach the bonus requirements. We strongly advise ever trader to read the requirements carefully and fully understand them before they request a bonus.
- A great customer service team is employed at PaxForex which is dedicated to answer all of your questions in a professional manner. Even better is that you will not require their services on too many occasions as we have experienced ourselves that PaxForex allows you to trade in the forex market and offers an environment that just works. They make sure everything on their end works so that you can spend your time focusing on your currency trades. Should you ever encounter a problem or have a question you will be catered to immediately.
- They run their own PaxForex blog with interesting posts about the forex market and economic events while they also educate you about what happens in the economy. The information is relevant to your trading portfolio and will give you better understanding of big market moves while they also offer advice on how to react during turbulent times. It is a nice resource for traders who are interested in the wider economy.
- Rare re-quotes with PaxForex is another great benefactor when you decide to move your forex trading here. During highly volatile times and fast market movements you may experience re-quotes which is normal due to high volume moves. There will be no re-quotes during normal market moves and PaxForex never manipulates its prices.
- Slippage is another problem which you do not have to worry about with PaxForex. They execute almost 100% of their entered trades without issues. Slippage may occur from time to time, but can be viewed as an abnormal event. In general PaxForex executes all forex trades for their clients.
- Spreads are around average for their offered currency pairs. Overall there are quite acceptable, but we hope to see even lower spreads in the future in order to remain competitive.
There are plenty of positives to say about PaxForex, but no broker is perfect and below are some factors that are missing over at PaxForex:
- PaxForex does not offer ECN accounts which is the biggest drawback for more active, high volume and professional traders. We will monitor the developments over at PaxForex and let you know should they decide to add ECN accounts to their offerings.
- There are no PAMM accounts offered which is rather disappointing and we hope they will implement them in the future.
- PaxForex does not host trading challenges in demo accounts with real cash prices and it would be nice to see those offered.
We believe PaxForex is the best destination for all new retail traders who enter the market due to their services offered as described above. They also work on a forex trading course in order to promote
understanding amongst new traders and give them a strong fundamental foundation so they can create their own forex trading strategy.
PaxForex is a rare case where the broker actually cares about all its clients and wants them to better their trading results. As every other broker they earn their money through spreads and the more clients trade successfully the more they earn which is why they care about results achieved by their traders and want them to be as profitable as possible. Two claws up, The Last Bear has roared!