If you are a new trader looking to get into the forex market, it's important to do your research and choose a reputable broker. One broker that has gained some attention in recent years is PaxForex. In this review, we will take a closer look at PaxForex and provide some important information for new traders.

PaxForex is an online forex broker that offers trading services to individuals and institutional clients. They claim to provide fast execution, low spreads, and a wide range of trading instruments. However, it's important to note that there have been some concerns raised by traders about the legitimacy of PaxForex.

One of the main concerns is that PaxForex is not regulated by any major financial authority. This means that they are not required to adhere to the strict regulations and guidelines set forth by these authorities. As a result, there is a higher risk of fraudulent activity or unfair practices.

Additionally, there have been reports of clients experiencing difficulties when trying to withdraw their funds from PaxForex. Some traders have complained about long processing times, high fees, and even having their accounts frozen without explanation. These issues raise red flags and suggest that PaxForex may not be a trustworthy broker.

It's also worth noting that PaxForex has received a warning from the Financial Conduct Authority (FCA) in the United Kingdom. The FCA is one of the most respected financial authorities in the world and their warning should not be taken lightly. The warning states that PaxForex is providing financial services or products in the UK without the necessary authorization.

Given the concerns raised by traders and the warning from the FCA, it is advisable for new traders to avoid using PaxForex as their broker. It's important to choose a broker that is regulated by a reputable financial authority and has a track record of providing excellent customer service and fair trading conditions.

In conclusion, PaxForex is an unregulated broker that has raised concerns among traders. There have been reports of difficulties with fund withdrawals and a warning from the FCA. New traders should exercise caution and choose a reputable broker instead.