Abstract：Is withdrawing capital from PaxForex too difficult for traders? Has the China-based forex broker made you trade gold, silver and cryptocurrencies despite not having an office in the United States? Do you find its operational style suspicious? You are not alone! Several traders have expressed these concerns when trading with the broker. In this PaxForex review article, we have exposed the broker through user comments made on several review platforms. Take a look!
Is withdrawing capital from PaxForex too difficult for traders? Has the China-based forex broker made you trade gold, silver and cryptocurrencies despite not having an office in the United States? Do you find its operational style suspicious? You are not alone! Several traders have expressed these concerns when trading with the broker. In this PaxForex review article, we have exposed the broker through user comments made on several review platforms. Take a look!
A Recount of Poor Trading Experiences with PaxForex
A Withdrawal Complaint Against PaxForex Involving $3,000 at Stake
A user commented on WikiFX, the leading global forex regulation inquiry app, about the issues faced when withdrawing capital from PaxForex. Due to a lack of withdrawal access despite multiple back and forth, the trader could not get his $3,000 back, leaving him frustrated with the overall process. The trader, understandably, shared an extremely negative PaxForex review online. Check out the complaint below.
Illegitimate Forex Position Closure
Trade manipulation runs extreme in PaxForex, where forex positions have allegedly been closed inappropriately to cause losses for traders. In one complaint, a trader narrated that the broker closed him out of major forex pairs even if the chart was 30 pips away from the predetermined level. As per the complaint, the trader has witnessed widening spreads (over 50 pips) diminishing his profitable trades. Take a close look at this screenshot explaining the inconvenience caused to the trader.
Website Seizure by the FBI, the Trader Claimed
A trader claimed on a renowned broker review platform about the former website, namely www.paxforex.com, which was seized by the Federal Bureau of Investigation (FBI), an intelligence and security service operating under the US Department of Justice. The trader further warned that the FBI can take a similar action in the future if the broker fails to redeem itself. As per the traders statement, withdrawals still take a lot of time. The trader sounded nervous as to whether PaxForex would allow him to withdraw £17,000 from one of his trading accounts. Take a look at this long PaxForex review.
Traders Report Regulatory Concerns
Even more shocking is how PaxForex, despite not holding a license in the US, allowed many traders across the region to invest in gold, silver, and cryptocurrencies, including bitcoin, litecoin, and ether. According to the trader, the broker acted as a contract market and a futures commission merchant (FCM) without any registration. As a result, the forex broker faced a mountain of regulatory complaints, resulting in the earlier website being changed from paxforex.com to paxforex.org. There have been a series of legal hearings against the broker in the US courts, which the trader claimed when sharing the PaxForex review. Take a look!
PaxForex Review by WikiFX: The Current Regulatory Status
The complaints above put PaxForex in a scanner and warranted a deep investigation into its operation. Upon investigation, the WikiFX team concluded the broker to be a counterfeit dealer, spelling a warning to prospective traders seeking to invest on the PaxForex platform.
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