PAX-FOREX

PAX-FOREX Global Limited, operating under the brand PAX-FOREX, is a retail forex and CFD broker registered in Belize. The company was founded on 11 October 2022 and lists its registered address at Suite 404, The Matalon, Coney Drive, Belize City, Belize. Its official website is pax-forex.com.

According to our records, the broker holds a single licence from the Cyprus Securities and Exchange Commission (CySEC) with a Market Making (MM) authorisation. The licence number on file is 120/10, and the status is listed as '—' (not specified). It is important to note that the broker is registered in Belize, which is generally considered an offshore jurisdiction with lighter regulatory oversight compared to major financial centres.

The only regulator on file for PAX-FOREX is CySEC, with one licence. The licence is for Market Making (MM) activities and the licence number is 120/10. However, the status of this licence is not published in our records, which raises questions about its current validity.

We cross-checked the licence against the public register, but the information available to us is limited. The fact that the broker is registered in Belize while holding a Cypriot licence is unusual and may indicate a complex corporate structure. Traders should verify the licence status directly with CySEC before engaging with this broker.

PAX-FOREX offers four account types, catering to different levels of traders. The Micro Account and Standard Account both have a minimum deposit of $5 and offer maximum leverage of 1:1000, with minimum spreads from 1 pip. The Ultra Low Account also has a $5 minimum deposit and 1:1000 leverage, but with a lower minimum spread from 0.6 pips.

The Shares Account is designed for equity trading, with a significantly higher minimum deposit of $10,000. The maximum leverage is not specified, and the minimum spread is 'as per the underlying exchange'. This suggests that the Shares Account is intended for more serious investors who want direct market access to shares.

The broker's trading conditions are typical for offshore retail forex brokers, with high leverage options up to 1:1000 and low minimum deposits starting at $5. The spreads vary by account type, with the Ultra Low Account offering the tightest spreads from 0.6 pips.

However, our records do not include information on deposit and withdrawal methods, nor the specific instruments available for trading. This lack of transparency is a concern, as traders need to know how they can fund their accounts and what they can trade.

PAX-FOREX has been flagged in industry watchdog records as a 'Clone Firm' and an impersonator entity. This means that the broker may be misrepresenting itself or its affiliations, which is a serious red flag. Additionally, the broker has no verifiable website or social-media presence, despite having an official domain listed.

The FXCanary Scam Risk Score for PAX-FOREX is 85 out of 100, indicating a 'Severe' risk level. This score is based on several factors, including the clone firm flag, offshore registration, and lack of verifiable presence. Traders should exercise extreme caution when considering this broker.