• Mon. Feb 17th, 2025

PaxForex Review (paxforex.org) FRAUD EXPOSED – PaxForex Scam Broker

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Byfraudulentbrokers.com

Jul 14, 2023
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PaxForex (paxforex.org)
Conclusion
After you have done your evaluation of PaxForex, you can conclude that this brokerage is up to no good and you should look for a different option.
Broker Rating
0.1

PaxForex (paxforex.org) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! PaxForex scam works by getting you to believe you can become rich by trading with them.

PaxForex Review

The number of online brokers continues to grow with each passing day and while this means that you have lots of companies to choose from, you should not forget that it can make the decision a tad more difficult.

PaxForex

 


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This is due to the fact that scams are also active in the space and many brokerages eventually turn out to be fraudulent. Unless you want to find yourself in the list of victims, you need to be prepared to do your homework to know what kind of broker you are dealing with. This PaxForex review can shed some light on how you can accomplish this goal.

Many people are under the impression that they would be able to understand the differences between a legitimate and a scam broker simply by skimming through their website. There was a time when you could do so because scammers had poorly designed websites with some obvious flaws. But, this is no longer the case nowadays because there are plenty of software that can be used for crafting professional websites that do not even hint at any kind of fraud.

Thus, you have to make a bit more effort to find out what you are dealing with if you do not want to take the risk of getting trapped in a scam. Bear in mind that no matter how hard they try, fraudulent brokerages cannot actually become legitimate ones and there will always be some disturbing details that give away their true nature. You can see this firsthand in the case of PaxForex that is presented as a world-class brokerage that claims to be based in the US and is offering access to thousands of trading instruments.

The PaxForex website seems well-designed and very similar to a lot of legitimate brokers out there, which can create a false impression. It also promises an advanced trading platform and competitive trading conditions that can be quite appealing. But, when you do your homework, you will find some disturbing facts that can make you doubt PaxForex’s authenticity. Some of these details are mentioned as follows:

paxforex.org

 

Offshore brokerage

The first disturbing fact that you will uncover about PaxForex is regarding its location. As mentioned above, the broker claims to operate in the United States and it has even shared an office address that puts it in New York. This is quite impressive because the US is one of the world’s most strictly regulated jurisdictions and companies operating there can offer a lot of protections. A license is needed from the Commodity Futures Trading Commission (CFTC) and brokers also need to be members of the National Futures Association (NFA).

But, when you check the online register of the CFTC and the NFA, you will not find the name of PaxForex and this is where you begin to see the problems. It shows that the broker is outright lying about where it is based and you cannot trust a company that would do so. Moreover, when you dig into its Terms and Conditions, you will discover that PaxForex is actually registered in Saint Vincent and the Grenadines. This does nothing to establish the credibility of the broker either.

After all, the SVG is an offshore zone that is notorious for being a haven for scammers. It is because the financial authorities in Saint Vincent and the Grenadines have issued a clear notice that they do not regulate the forex industry. This means that anyone can set up a company there and now have to answer to anyone. It makes it evident that PaxForex cannot be trusted because it is an offshore brokerage and not operating from the US.

No professional platform

The trading platform that you are promised at PaxForex is also nowhere to be found on its website. This feature is key in your overall trading performance because it is used for executing your trades and offers trading tools that are used for making smart and timely decisions. You are promised an advanced trading platform and it is natural to expect leading options like the MT4, or the MT5, which are equipped with sophisticated tools and functionalities.

But, what you actually find at PaxForex is a web trading platform that offers very limited capabilities to the users. Even beginners will not find the platform useful for long because it is quite primitive. In fact, it is commonly provided by most of the scam brokers that try to create the illusion of a genuine company. This is yet another disturbing detail about PaxForex that you cannot ignore.

Stealing information and funds

Another disturbing fact that you will discover on the PaxForex website are the two benign icons of AnyDesk and TeamViewer. These are remote desktop applications that are designed to help people in accessing their PCs over the internet from anywhere. This is certainly beneficial, but their existence here is suspicious.

Scam brokers usually offer these apps to traders and ask them to share installation details when they download them. It is likely that PaxForex will do the same and this would give them access to your desktop PC, which means they can steal your passwords and access your bank account directly. It gives them the ability of stealing your funds.

Poor trading conditions

Even though they advertise excellent trading conditions, you will find that what PaxForex is offering is far from competitive. The spreads they advertise start at 0.3 pips, but the actual spreads offered are 3 pips, which are extremely high. Most competitive brokers do offer spread lower than 0.5 pips.

Furthermore, the leverage ratios that are promised by PaxForex and even though they seem attractive, these are proof that the brokerage is lying about where it is based. Brokerages in the US cannot offer leverage of more than 1:50 because it is considered dangerous for retail traders. Yet, PaxForex is offering excessive ratios and this shows it is up to no good.

Bottom Line

These disturbing facts about PaxForex show that the brokerage is just another one of the scam companies operating in the market that you need to avoid.

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