Thinking of getting into business with Paxton.Trade? Here is what you must know about this broker. Carefully read this review to find out if paxton.trade is the trading platform you will want to trade with.
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About Paxton.Trade Broker
Paxton.Trade is an offshore brokerage company with a lot of promises for traders. The broker address shows it is from Mauritius.
There are different account types the broker offers.
To clarify, regardless of the trading instruments Paxton.Trade claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
paxton.trade: Reasons to Avoid This Broker
Firstly, paxton.trade is a platform with no financial authority overseeing its financial services. Thus, the regulation claims is not true as we discover Financial Services Commission of Mauritius do not approve the broker among licensed brokers. A serious red flag!
Secondly, we noticed paxton.trade has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under withdrawal policy, Paxton.Trade leaves us with the following timeframes: 10 business days for Credit/Debit cards, 5 business days for Wire Transfer and online payment methods.
As for an inactive account of 60 days, the broker charges $10 monthly.
Minimum Deposit
Paxton.Trade minimum deposit is pegged $100 according to the FAQ.
As for the payment methods, the broker accepts Credit/ Debit cards, Bank Transfer and more. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
Paxton.Trade Platform
Paxton.Trade offers Web Trader and MT4 (Industry standard trading platform), however, that doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, the broker discusses nothing. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Paxton.Trade Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
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Conclusion: Is paxton.trade a Reliable Broker?
No, paxton.trade does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to find out scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.