WikiFX

Sagot

As someone who has navigated many broker onboarding and withdrawal processes over the years, my approach is always measured and cautious, particularly when a platform exhibits clear warning signs. With PAXOS, based on my examination, I am concerned by several critical issues. The broker is currently unregulated by recognized authorities and has been flagged for a suspicious regulatory license, including user allegations of withdrawal difficulties and even scam activity. These red flags mean strict due diligence on my part before sharing any personal documents or funds. In my experience, legitimate brokers typically require identity documents—such as a government-issued ID and proof of address—before permitting withdrawals, primarily for anti-money laundering compliance. However, with PAXOS, documented user experiences suggest that, even after providing standard documents, some clients still faced withdrawal restrictions or demands for additional, non-standard payments, such as a “50% deposit” to access their funds. That’s well outside industry norms and raises serious concerns for me. Therefore, while the basic expectation would be to prepare verified identification and address documents, given the risks apparent here, I would personally not proceed with any substantial deposit or upload private documents until I had robust assurances regarding fund safety and regulatory recourse, which PAXOS does not currently offer.