Paxton Trade Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
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I have been trading at this broker for almost half a year now. Last time I ordered a few stocks and made a profit, and the price started to be manipulated by another broker and all the profit and loss record was erased. My capital was gone. Everyone beware!! This is blatant fraud!! I want to recover my capital and my profit totaling 4815.8$!! This is cruel!
In this review, we take a comprehensive look at Paxton Trade, an offshore forex broker that has garnered mixed reviews from users and experts alike. While some praise its rebate system and trading platforms, numerous red flags regarding regulation and customer service have raised concerns among traders.
Note: It is important to highlight that Paxton Trade operates under different entities across regions, which can affect user experience and regulatory oversight. This review aims to present a fair and accurate assessment of the broker based on available information.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 3 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 2 |
| User Experience | 3 |
| Regulatory Compliance | 2 |
We evaluate brokers based on user feedback, expert opinions, and factual data.
Founded in 2020, Paxton Trade is an online forex broker that claims to offer a variety of trading instruments, including forex pairs, commodities, stocks, and indices. The broker operates using the MetaTrader 4 (MT4) platform, a popular choice among traders for its robust features and ease of use. However, the regulatory status of Paxton Trade is a significant concern; it is registered under the Financial Services Commission (FSC) of Mauritius, which is often viewed as a tier-3 regulatory body with limited oversight. As a result, traders may face challenges in terms of fund protection and withdrawal processes.
Regulated Geographical Areas:
Paxton Trade is primarily regulated in Mauritius, which raises questions about the level of protection offered to traders. The FSC is known for its lenient regulatory framework, which may not provide sufficient safeguards for clients. This lack of stringent oversight has led to skepticism about the brokers legitimacy.
Deposit/Withdrawal Methods:
Paxton Trade accepts deposits through bank transfers and credit/debit cards. However, the minimum deposit required to open a live account is reported to be $100, which is relatively standard in the industry. Withdrawal processes have been reported to be problematic, with users citing delays and difficulties in accessing their funds.
Promotions and Bonuses:
Currently, there are no significant bonuses or promotions highlighted in the reviews. Some sources mention a rebate system where traders can receive cash back on their trades, which is designed to lower trading costs. However, the effectiveness and reliability of this program are not universally endorsed.
Tradeable Asset Classes:
The asset classes available for trading on Paxton Trade include forex pairs, commodities, stocks, and indices. However, there is limited information on the specific instruments offered and their respective conditions, which can be a drawback for potential traders looking for variety.
Costs (Spreads, Fees, Commissions):
Spreads at Paxton Trade reportedly start at 2 pips for major currency pairs, which is higher than the industry average. Additionally, there may be rollover fees applicable, which can further increase trading costs.
Leverage:
The broker offers a maximum leverage of up to 1:500, which can be appealing for traders looking to maximize their trading potential. However, high leverage also comes with increased risk, particularly for inexperienced traders.
Allowed Trading Platforms:
Paxton Trade provides access to the MT4 platform, which is compatible with both desktop and mobile devices. This flexibility allows traders to manage their accounts and execute trades conveniently.
Restricted Areas:
Paxton Trade is reported to restrict clients from certain countries, including the United States and several European nations. This limitation may affect traders looking for a globally accessible platform.
Available Customer Service Languages:
Customer support is primarily offered in English, but user feedback suggests that the quality of support is lacking. Many users have reported difficulties in reaching customer service representatives and receiving timely responses to their inquiries.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 3 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 2 |
| User Experience | 3 |
| Regulatory Compliance | 2 |
Account Conditions:
The account conditions at Paxton Trade are rated poorly due to the high minimum deposit requirement and lack of transparency regarding account features. Users have expressed dissatisfaction with the rigid account structures and the limited information available on account types.
Tools and Resources:
While Paxton Trade offers the MT4 platform, which is well-regarded in the trading community, the availability of additional trading tools and educational resources appears to be minimal. This lack of support can hinder traders, especially those who are new to the forex market.
Customer Service and Support:
Customer service has been a significant pain point for users. Many reviews highlight long wait times for responses and unhelpful support staff. This lack of reliable customer service can lead to frustration for traders needing assistance.
Trading Setup (Experience):
The trading experience on the MT4 platform is generally positive, with users appreciating its functionality. However, the overall trading setup is marred by concerns about the broker's trustworthiness and withdrawal issues.
Trustworthiness:
Trustworthiness is a major concern, with numerous reviews labeling Paxton Trade as unregulated and potentially a scam. The lack of a robust regulatory framework and numerous complaints about withdrawal difficulties contribute to this low rating.
User Experience:
User experience is impacted by the broker's customer support and regulatory issues. Many users report feeling uneasy about the safety of their funds, which can detract from the overall trading experience.
Regulatory Compliance:
The regulatory compliance rating is low due to the broker's registration under a tier-3 regulator. This raises significant concerns about the safety and protection of client funds.
In conclusion, while Paxton Trade offers a familiar trading platform and a variety of asset classes, the numerous red flags surrounding its regulatory status and customer service cannot be overlooked. Traders are advised to exercise caution and conduct thorough research before engaging with this broker. The mixed reviews and warnings from users highlight the risks associated with trading on an unregulated platform like Paxton Trade.
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