Paxton Trade Review: An Offshore FSC Regulated Platform

Although Paxton Trade is FSC Regulated, the platform is facing serious doubts from investors. Paxton.trade is the platform we will be looking at since complaints have been rife. There’s no telling what the platform will do to investors with large sums. Withdrawal is an issue which we also found in their previous platform. We are here to highlight the red flags that we found on the offshore-regulated platform. Learn more in our conclusive PAXTON TRADE REVIEW.

A Brief Overview of Paxton Trade

Information on Paxton Trade is brief, and finding out more about them is exhausting. So Paxton.trade does its best to hide its true identity. And this means ensuring no one gets to withdraw large sums.

We have a problem with platforms that limit withdrawal. Investors and traders alike have the right to withdraw funds at their liking. There’s nowhere does the platform includes withdrawal limits to investors.

We have a feeling the platform is utterly disrespecting the wishes of traders. Such platforms should be exposed, even with a license. The license only proves the platform is compliant with an offshore-based regulator.

Your funds are at risk as the platform fails to offer any insurance cover. We will get into the insurance aspect of your deposits later. But, first, there’s the need to inform you of the end game of the platform.

PaxtonTrade is another forex investment platform that’s likely going to exit soon. What we have is a platform that fails to offer investors any meaningful investment and trading. Even the features we found on the platform are wanting.

You need to first do some research before investing in any platform. Make sure you do due diligence and find out what others are saying about the platform. It gives you better insights into what you need to know in terms of the safety of funds.

Accounts Paxton Trade

PaxtonTrade offers three account types for investors. It’s unclear what these accounts bring to the table apart from a few features. The three accounts include Demo, Standard, and Elite accounts.

Here’s a closer look at the three accounts

Demo

We are at least thrilled that the platform offers a demo account. It gives you the chance to test how accurate the trading bots are on the platform. In addition, members get $100,000 in virtual money to trade with the demo account.

The demo account comes fully equipped with an MT4 trading platform. However, we do have a problem with the demo account as it only lasts seven days. After seven days, members don’t have access to it. And this is a significant disadvantage to newbie traders.

Standard

As the name suggests, the standard account is best for traders who are new at trading. The account comes with a minimum required deposit of $1000. We find it too high as the industry sets $250 as the acceptable minimum deposit.

Some of the features that come with the standard account include trading tools and the MT4 platform. Unfortunately, there’s not much to go on as the platform fails to give vivid details of the accounts. And this means you have to sign up to know the full features.

Elite

The elite account is that best suited for the more experienced trader. There’s a minimum deposit of $10,000. Members get to trade multiple currencies with the account availing a personal assistant.

Members of the elite account get personal account managers and trading bots. However, we have a problem with the accuracy of these bots. Members have been complaining that the bots are inaccurate in analyzing the market.

Account Manager

For the elite investor, having an account manager means better results. But, unfortunately, it’s not the case as these managers are soliciting funds from investors. Instead, you will get private calls urging you to deposit funds in a more lucrative option.

These managers will claim to have a better understanding of the market. So first, the manager calls you, claiming to have a small window of opportunity to invest. Then, to sweeten the deal, the manager claims to triple your investment within a few days.

Those who make the mistake of depositing funds with the managers end up losing it. After a few days, the calls stop coming in. The manager is no longer found on the platform. Attempts to contact support are futile.

When you do finally get a response, the platform claims the account manager is on leave. So you will have to wait for him to return. In the meantime, the platform avails a new account manager. And you won’t hear from the first manager ever.

Assets and Trading Instruments

Paxton.trade claims to offer over 300 financial trading instruments. These assets can be classified under bonds, commodities, crypto, forex, indices, and stocks. However, there’s only one bond found with leverage of 1:100. The bond is GER10YBond.

Some of the commodities found on the platform include cocoa, coffee, copper, and more. The leverage is also set at 1:100. With crypto being a volatile market, the platform pairs leading cryptos with USD.

Forex trading is at the core of the platform’s service. You get to trade major and minor currency pairs with the platform. Sadly, there are no exotic pairs which is ideal for some investors looking to spread risks. In addition, leverage on forex products is not the same as other trading assets.

Indices found on the platform include the dollar index, Europe50, France40, and more. The leverage on these indices varies with the minimum set at 1:50 and the maximum set at 1:100. Spreads are also different, with some spreading and others going as high as 225.

You get to trade leading stocks on platforms such as the FAANG group. These are some of the most traded stocks in the market. The leverage for these stocks is set at 1:50, with the spreads set at floating.

Business Holder

Sphere Management Ltd is the entity listed as the sole owner of the platform. There are no details of the people or any entity that owns Sphere. And this makes PaxtonTrade an anonymous investment platform.

You should stay away from anonymity if you want your trading to go smoothly. And this means having to ignore the fact that FSC regulates Paxton.trade. Safety of funds is out of the question with a regulated platform.

Contact and support

No contact or support structure is coming your way. The platform fails to offer investors any direct communication to investors. Instead, what you get is a phone number from a virtual service provider.

And this means having to wait for a response via email. When the line does finally go through, it’s to entice you into depositing more funds. So make sure you choose a platform that offers a more direct contact aspect with members.

Funding Methods

You can only fund your account using bank and wire transfers. As far as trading goes, the platform doesn’t offer investors crypto funding methods. We don’t recommend you fund the platform as withdrawing funds is a problem.

Most investors get stuck when it comes to withdrawing funds. The platform blocks withdrawals by putting a 10 percent limit of funds available. If you deposit $1000, you can only withdraw $100 from the platform.

Is Paxton Trade Licensed or Regulated?

The FSC regulates Paxton Trade due to several worrying reasons. First, the platform fails to go for strict guidelines and instead chooses offshore regulation. With offshore regulation, there are less strict guidelines to follow.

Safety of funds with Paxton Trade

Your funds are not safe with a platform that fails to segregate accounts. Please stay away from it.

Verdict on paxton.trade

We won’t recommend it due to security reasons and lack of insurance cover.

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