Item: PAXOS
Rating: 1.51

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Official website

Website

Most visited countries/areas

Taiwan

paxos.com

165.227.73.110

Server Location

United States

ICP registration

--

Most visited countries/areas

Taiwan

Domain Effective Date

2002-09-07

Website

WHOIS.REGISTRAR.AMAZON.COM

Company

AMAZON REGISTRAR, INC.

Genealogy

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Relevant Enterprises

Paxos Trust Company, LLC(Texas (United States))

Active

United States

Registration No. 0803555205

Established 2020-03-02

Related sources Website Announcement

Disclosure

Danger

Bappebti Blocks 760 Website Domains, Reminds of the Risk of Transactions in Unlicensed PBK Entities

Country/Region

ID BAPPEBTI

Disclosure time

2022-09-20

Disclose broker

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News

Exposure SEC intends to sue crypto firm PAXOS over Binance USD token.

The Securities and Exchange Commission (SEC) is planning to sue crypto firm Paxos Trust Co. over the Binance USD token, as the SEC claimed that BUSD is an unregistered security, according to The Wall Street Journal.

2023-02-13 11:18

Wiki Q&A

Davis Wu

Within 1 year

How much is the least amount you need to deposit to start a live trading account with PAXOS?

WikiFX Reply

As a trader with years of experience, one of the first things I look for in any broker is transparent information about account minimums and deposit procedures. When evaluating PAXOS, I found that there is a significant lack of clarity regarding the minimum deposit required to open a live trading account. The available information does not specify a minimum deposit amount for individual traders, which for me raises some immediate flags about openness and reliability. This is especially concerning given that established, reputable brokers typically state such basics clearly. Even more troubling are the broader risks associated with PAXOS: the company is not regulated by any major financial authority, and there are multiple public reports of users experiencing withdrawal issues, frozen funds, and poor customer service. For me, these points are not minor inconveniences—they are critical warnings in the forex and crypto landscape, where client protections are paramount. The absence of clear deposit minimums, combined with unaddressed regulatory concerns and serious user complaints, makes me personally very cautious. If I don’t know the minimum required to fund an account, I strongly question the safety of making any deposit at all. In my opinion, proceeding with a broker lacking such basic transparency is extremely risky.

Have you experienced any drawbacks with PAXOS's customer support or noticed any issues with the stability of their platform?

WikiFX Reply

Drawing from my experience as a trader, I approach every broker with a critical eye, prioritizing regulatory security and the quality of support above all. With PAXOS, several issues immediately stood out. First, the total lack of regulation by any major financial authority set off significant alarm bells for me. This regulatory void not only raises concerns around operational transparency but leaves users with little recourse should disputes arise—a risk I simply cannot overlook. Regarding customer support, my interactions left much to be desired. There have been reports, which I fully corroborate, of delayed or unresponsive customer service. This is particularly worrisome when dealing with any platform handling financial assets or large sums. Communication is fundamental for building trust, especially when login issues or withdrawal requests arise, and I noticed definite shortcomings here. Stability of the platform is equally crucial. Reports about account access problems—such as being unable to log in or access funds—underline a worrying lack of reliability. For me, even isolated incidents involving frozen funds or site inaccessibility are unacceptable, as quick, consistent access to my assets is non-negotiable. In summary, my direct experience, combined with recurring user reports, reinforces a conservative stance. I have found the customer support lacking and the platform’s operational reliability questionable, making it unsuitable for my trading needs.

Can you tell me the typical spread for EUR/USD when trading on a standard account with PAXOS?

WikiFX Reply

As an experienced forex trader, I rely heavily on transparency around trading conditions—especially when it comes to spreads for major pairs like EUR/USD. In my thorough research and careful review of PAXOS, I found no reliable or specific information publicly provided regarding typical spreads for EUR/USD or any other forex pair on their standard account. This lack of clarity raises an immediate concern for me, as transparent fee structures are essential in evaluating potential trading costs and managing risk. When a broker does not disclose such fundamental details, I find it difficult to accurately assess their competitiveness or even basic suitability for forex trading. Additionally, PAXOS operates without regulation from recognized financial authorities, which compounds my caution. I noticed multiple user complaints about withdrawal issues and problematic experiences with the platform, and these, combined with the absence of spread information, make it impossible for me to share any precise figures. For me, this level of opaqueness is a significant red flag: before committing any funds or considering live trading, I require brokers to publish clear data on spreads and all other trading costs. In the case of PAXOS, I have not been able to verify the EUR/USD spread, and that alone would make me pause before proceeding further.

What major risks or downsides should I watch out for when using PAXOS?

WikiFX Reply

From my perspective as an experienced forex trader, there are several serious risks and issues with PAXOS that I simply cannot overlook. The most critical red flag for me is the complete absence of regulation by respected financial authorities such as the FCA, ASIC, or CySEC. In the world of trading, I’ve learned that oversight by credible regulators is fundamental to ensuring fair practices and customer protection. Without such regulation, users have almost no recourse if things go wrong. Looking deeper, there are recurring patterns in user reports that worry me. Multiple users have complained about being unable to withdraw their funds, with some even detailing that they were asked to pay significant additional deposits just to access their own money. Experiences like having accounts frozen, being locked out of the platform, or being pressured to deposit more funds suggest operational practices I would not trust with my assets or data. Additionally, even as PAXOS presents itself as a provider of digital asset and payment infrastructure, ambiguity surrounds its fee structure and business scope. Lack of transparency on these basics increases uncertainty and, in my view, exposes users to unforeseen costs or changes in conditions. Overall, based on these factors, I am extremely cautious toward PAXOS and do not find it a trustworthy venue for trading or asset management. For me, these risks outweigh any potential benefits.

User Reviews 7

All (7) Neutral (1) Exposure (6)

pra

3-5 years

Exposure

Scam, unable to withdraw💀

Thailand

Unable to withdraw funds

Fraudulent use of pictures and fake investments. To withdraw money, you must pay a 50% deposit first.

Taiwan

Can't log in to websites anymore.

United States

PAXOS’ s official website is self-contradictory and unprofessional, which indicates that this broker is very unreliable. What really annoyed me was that they called me crazily to ask me to make deposits!

Indonesia

Customer care never answered, I was never able to withmy funds and now I can't log into my account and I know my log in and password are correct.

United States

1100 frozen and won't get released, was told by the person who got me to invest its a scam and I won't be able to do anything about it, that not even of I went to the authorities.

United States

I tried to pull my funds out but was never able to, I won't be able to do anything about it.

2023-01-30

United States

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Exposure

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PAXOS Review Summary
Founded	2002
Registered Country/Region	United States
Regulation	No regulation
Services	Crypto Brokerage, Wallet & Trading Infrastructure, Stablecoin Payments, Global Payments & Payouts, Stablecoin Issuance
Trading Platform	Web
Customer Support	Live chat
Customer Support	Phone: (855) 880 5275

Pros	Cons
Provides a wide range of services	No regulation
Supports cross-border payments and payouts	Limited information on fees
API-based platform suitable for developers and businesses

Trading Platform	Supported	Available Devices
Paxos Web	✔	Web
Mobile App	✘	–
Desktop Software	✘	–

Method	Fees (from Paxos)	Processing Time
Stablecoin Deposit	Network (gas) fee only	Near-instant (on-chain)
Stablecoin Withdrawal	Network (gas) fee only	Near-instant (on-chain)
Fiat Conversion (USD)	Not mentioned	Varies by bank/payment rail

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Wiki Q&A

How much is the least amount you need to deposit to start a live trading account with PAXOS?

Have you experienced any drawbacks with PAXOS's customer support or noticed any issues with the stability of their platform?

Can you tell me the typical spread for EUR/USD when trading on a standard account with PAXOS?

What major risks or downsides should I watch out for when using PAXOS?

User Reviews 7

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