Pax Forex Review – Truth Behind Pax-Forex.Com Scam
Pax Forex is allegedly a US-based broker offering trading services for forex and CFD. They also claim to provide ultra-tight spreads, good sign-up bonuses, and customer support that is always there to guide you.
We took some time to check all the different claims they made to sound more legit so read our in-depth Pax Forex review to see many tactics they use in order to deceive you and take your money.
|PAX-FOREX Global Limited
|2033, Battery PL, Bowling green,10004, NY
|+(1) 786 841-2863
|Up to $5000
Pax Forex Regulation and Security of Funds
At a first glance, the Pax Forex website looks pretty legit. And with all the claims they made, there is almost no reason to doubt that this award-winning forex broker is anything less than perfect. But before you go ahead and deposit your money, remember that appearances can be deceiving.
Pax Forex investment scam claims to be licensed and authorized in several jurisdictions among which are: ASIC in Australia, CySEC in Cyprus, the FSC in Belize, and the DFSA in UAE.
If these claims were more than blunt lies, we would be able to find this broker’s name and license number in every single database of the regulatory bodies. After taking the time to check this, we found no mention of any license ever issued to this broker.
In conclusion, all we can say is that your funds are not safe when dealing with Pax Forex as this is not a regulated broker you can trust to. You can also read our detailed review on another scam broker: Caesar Trade.
Pax Forex Trading Platform Overview
This broker claims that they offer the two best trading platforms in the industry, MetaTrader 4 and MetaTrader 5. But of course, this is just another lie written to sound more reliable and legit.
They also failed to provide links to download the software, and all you can access is a funny-looking dashboard, after you sign up. It is evident that these simple charts are only there to look at as they basically have no functions or buttons you can press.
Funding Options Available
In the Pax Forex menu, we found these deposit options:
- Visa and Mastercard
But funny enough once you try any of these methods, you will be met with a message that this payment option is currently unavailable and you can only deposit in Bitcoin. This is so common for financial frauds out there as cryptocurrencies are harder to track and get refunded.
As the Pax Forex scam failed to provide proper legal documentation, it is unclear what traps they may have set when it comes to withdrawing the money. Typically, fake brokers make this step impossible through huge fees and traded volume conditions.
Nonetheless, after reading many reviews to see what other people’s experiences have been like, we found many complaints stating many withdrawal issues. Judging by these complaints made against the broker we concluded that you need to be persistent in order to get your money back.
Pax Forex Offers Bonuses and Promotions
One of the most common tricks scammers will try to pull on you and get away with it is a so-called trading bonus. This is a bonus that you will be offered upon signing up for a trading account. Pax Forex offers up to $5000 in these bonuses.
Such “generous gifts” always come with strings attached, usually a minimum trade volume requirement, that will be preventing you from making any withdrawals no matter what you do or how you trade.
The Fraudulent Techniques
Many illicit brokers use shady tricks and tactics to strip you of your money. Not only do they hide the most basic info like the necessary documentation, but they also do not give any trading software you can use for actual trading. On top of that, there is no mention of any fees anywhere.
In case you make some profit on their so-called platform, their agents will give you a call saying you need to invest more and if you do so there will be an enormous profit you will likely make. There is also the story that if you don’t invest more, you will lose all of your profits, which of course would never happen with a legit broker.
If you have been scammed by Pax Forex or any other fraudulent broker, getting your money back is possible! We would also be thankful if you can share your experience with us since we can help you report your scammers to the authorities.
Pax Forex Summary
In this Pax Forex review, we gave you a better insight into how this illicit broker operates. Not only are they unregulated and unlicensed but they falsely claim to be. Pax Forex offers their customers an opportunity to invest in forex, CFD, and much more. However, something as basic as their platform is missing, indicating that you are dealing with a scam.
In conclusion, we advise you to stay away from this and many other fraudulent brokers alike.
FAQs About Pax Forex Broker
Is Pax Forex a Safe Place for My Money?
No, Pax Forex is not a safe place for investing your hard-earned money.
Can I Open a Demo Account with Pax Forex?
Pax Forex allegedly offers a demo account but we could not access this option and open one so it may be something that does not even exist.
Accounts Type Offered by Pax Forex?
They offer three account types- Micro, Standard, and Pax Forex Ultra Low account.