Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighNo financial licence anywhere; only an SVG company registration, which is not regulation; a US federal court permanently banned the firm (CFTC, 2021).
Identity & transparency
7/10 · HighThe live site names no company, address, phone or terms, and is registered to a well-known St. Vincent mass-registration address; the real entity is known mainly from the US court record.
Withdrawals & conduct
8/10 · CriticalFund-integrity complaints across several platforms: withdrawals delayed or refused, balances unreachable, including a 2026 report of locked-out funds; some specific amounts cited.
Reputation
8/10 · CriticalLow scores and repeated withdrawal complaints across multiple review sites, behind a US regulator enforcement action; widely flagged as unregulated.
Website claims
6/10 · HighMarkets a spotless reputation, hundreds of thousands of customers and the security of your funds, while omitting its unregulated status and US ban; historically presented an SVG company registration as regulatory standing.
Operational history
4/10 · ModerateA genuine multi-year operation (entity about 2014, domain from 2011), but the current site is degraded and unstable, with reports of outages and inaccessible funds.
Who they are
A quick desk file on the company behind the brand.
- Brand: PaxForex
- Legal entity: Laino Group Limited
- Registered: Saint Vincent and the Grenadines, company number 21973 IBC 2014, at the Griffith Corporate Centre agent address in Kingstown, an address reused by many offshore shell brokers
- Website: paxforex.org; the earlier paxforex.com was taken down in 2020
- Only licence: none. The firm holds an SVG company registration only, which is not a forex licence and gives clients no protection
- Offers: MetaTrader 4 forex and CFD trading on high leverage, deposit account tiers from 100 to 10,000 dollars, deposit bonuses, and an affiliate programme
- Not accepted: the United States, where a federal court has permanently banned the firm
- Age: operating since about 2014, with a brand domain from 2011, so roughly a decade; the current site, however, looks degraded
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Financial Services Authority, Saint Vincent and the Grenadines (company registry)
Why we reached this verdict
How the evidence adds up.
We reached a likely-scam verdict from primary records, not from opinion.
- A real United States enforcement action. The Commodity Futures Trading Commission sued Laino Group Limited, trading as PaxForex, and on 30 June 2021 Judge David Hittner of the US District Court for the Southern District of Texas entered a default judgment: permanent trading, solicitation and registration bans, plus a civil penalty of 374,864 dollars. The case concerned illegal, off-exchange leveraged transactions in bitcoin, ether, litecoin, gold and silver offered to retail clients while the firm acted as an unregistered futures commission merchant.
- No regulation at all. PaxForex holds no forex licence. Its only paperwork is a Saint Vincent and the Grenadines company registration, and the SVG authority has stated publicly that it does not license or regulate forex brokers. An offshore company number is not supervision and protects no deposits.
- Money that does not come back. On independent review sites, clients describe withdrawals that are delayed or refused, balances they cannot reach, and, as recently as 2026, a period when the site was down and funds were inaccessible. One review describes 17,000 pounds that could not be withdrawn.
- A taken-down predecessor site. The original domain, paxforex.com, was removed by US authorities in 2020 and still sits under registry-level locks; the operation simply reappeared at paxforex.org.
- A hollow shopfront. The live site names no company, no address and no terms, carries no client agreement or risk disclosure, yet markets a spotless reputation and hundreds of thousands of satisfied customers. The gap between that claim and the record is itself a warning.
We stop short of a confirmed-scam label because the US case was about unlawful, unregistered trading rather than a proven theft of client funds, and a minority of clients report being paid. But the combination of a permanent US ban, zero regulation and a pattern of withdrawal complaints puts PaxForex firmly in likely-scam territory, and we assess the risk of fraud as high.
Note on operating history: the 15.8-year track record rests on domain registration alone. No company incorporation date could be established, so this is an upper bound rather than a confirmed age.
Evidence ledger
Every finding, with its source and how strongly it points.
E1A US federal court (Southern District of Texas) permanently banned Laino Group Limited, trading as PaxForex, from trading, soliciting and registering, and imposed a 374,864 dollar penalty; order entered 30 June 2021.
E2The CFTC charged Laino Group Limited, trading as PaxForex, with offering illegal off-exchange leveraged transactions in bitcoin, ether, litecoin, gold and silver to retail clients while acting as an unregistered futures commission merchant (filed September 2020).
E3PaxForex holds no forex licence; its live site makes no regulatory claim and discloses no supervising authority. The only credential is a St. Vincent company registration, and the SVG authority states it does not license or regulate forex brokers.
E4Independent reviews show a low score (about 2 out of 5 on Trustpilot) with repeated fund-access complaints: refused or delayed withdrawals and inaccessible balances, including a 2026 report of being locked out of funds and a 17,000 pound withdrawal said to be refused.
StrongTrustpilotE5Domain records show paxforex.com registered in 2011 and paxforex.org in 2014; the original paxforex.com was taken down by US authorities in 2020 and now carries registry-level server locks, consistent with a government hold, while the operation continues at paxforex.org.
E6The current site is a shell: no company name, address, phone, terms or client agreement, and no risk disclosure, while it markets a spotless reputation and hundreds of thousands of satisfied customers.
ModeratePaxForex website (Contacts page)E7The entity Laino Group Limited is registered in Saint Vincent and the Grenadines (company number 21973 IBC 2014) at the Griffith Corporate Centre agent address, an address reused by many offshore shell brokers.
E8A minority of clients report positive experiences, including fast deposits and successful withdrawals (about a third of Trustpilot reviews are five-star), and the firm has run the real MetaTrader 4 platform for roughly a decade.
The other side
The strongest case in this broker’s favour.
In fairness, here is the strongest case for PaxForex.
- It is a genuine, long-running brand, not a clone. The same name and entity, Laino Group Limited, have operated for roughly a decade, and the trading platform is real MetaTrader 4.
- Some clients report positive experiences, including fast deposits and successful withdrawals; about a third of its Trustpilot reviews are five-star.
- Being licensed only offshore, or not at all, is common in this corner of the industry and is not by itself proof of theft.
- The US court case was a default judgment about failing to register and offering products US law did not allow, not a finding that the firm stole customer money.
These points lower the temperature, but they do not clear the firm. Longevity and a real platform do not replace supervision, and a permanent US ban plus repeated withdrawal complaints outweigh a minority of good reviews.
What would change this
What we would need to see to revise the verdict.
We would revisit this verdict if the facts changed.
- PaxForex obtaining and evidencing a genuine licence from a recognised regulator that permits it to hold retail client funds, verifiable on that regulator's own public register.
- The United States permanent ban being lifted, or shown to have been satisfied and withdrawn.
- A clear, sustained record of clients being paid in full and on time, with the current withdrawal complaints resolved.
- The website publishing a real legal entity, address, client agreement and risk disclosure, and a working, transparent account process.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
CFTC: federal court permanently bans PaxForex (2021)
The US regulator's record of the permanent ban and 374,864 dollar penalty against Laino Group Limited d/b/a PaxForex.
CFTC: charges against Laino Group / PaxForex (2020)
The CFTC complaint: illegal off-exchange leveraged crypto, metals and currency trading as an unregistered futures commission merchant.
PaxForex reviews on Trustpilot
Independent customer reviews, scoring about 2 out of 5, with repeated withdrawal complaints.
PaxForex website
The broker's current live site, with no regulatory disclosure.
Frequently asked questions
Quick answers about this broker’s safety.
Is PaxForex a scam?
We assess PaxForex as a likely scam. It holds no financial licence, a United States federal court permanently banned it in 2021, and clients report being unable to withdraw their money. Those are serious, documented problems, so we treat it as high risk and advise against depositing.
Is PaxForex a fraud?
Fraud is a criminal offence decided by a court, and we hold evidence rather than such a finding. The record shows a US federal court permanently banned Laino Group Limited, trading as PaxForex, and fined it 374,864 dollars for illegal, unregistered trading, that the firm holds no licence, and that clients report blocked withdrawals. On that basis we assess the risk of fraud as high.
Is PaxForex regulated?
No. PaxForex is not regulated by any financial authority. Its only paperwork is a Saint Vincent and the Grenadines company registration, and the SVG authority has said publicly that it does not license or regulate forex brokers. A company number is not supervision.
Can I withdraw my money from PaxForex?
Many clients say they cannot, or only after long delays. Reviews describe refused and stalled withdrawals and, in 2026, a period when the site was down and balances could not be reached. There is no regulator to complain to if this happens, so treat your deposit as money you may not get back.
Is my money safe with PaxForex?
No. With no regulator and no compensation scheme, there is nothing protecting your funds. If the company keeps your money or disappears, you have very little recourse.
Who owns PaxForex?
PaxForex is the trading name of Laino Group Limited, a company registered in Saint Vincent and the Grenadines. The current website does not name the company or any individuals; the entity is known mainly from the United States court case against it.
What is the St. Vincent (SVG) registration worth?
Very little for your protection. It is an International Business Company registration, number 21973 IBC 2014, that only records that a company exists. It is not a forex licence, and the SVG authority does not supervise forex brokers or safeguard client money.
Why was PaxForex banned in the United States?
The CFTC sued Laino Group Limited, trading as PaxForex, for offering illegal, off-exchange leveraged transactions in bitcoin, ether, litecoin, gold and silver to retail clients while not registered as required. In June 2021 a Texas federal court imposed permanent trading, solicitation and registration bans and a 374,864 dollar penalty.
Is PaxForex available to clients in the United States?
No. The 2021 court order permanently bars it from trading, soliciting or registering in the United States. Any US-facing solicitation would breach that order.
Is PaxForex a clone of another broker?
No. This is the genuine PaxForex brand run by Laino Group Limited, not an impersonator of a regulated firm. The risk here comes from its own conduct and lack of regulation, not from identity theft of another company.
How old is PaxForex?
The brand has been around for roughly a decade. The company was registered in 2014 and a PaxForex domain existed from 2011. Age alone does not make it safe, and the current site looks run down compared with its past.
What should I do if I deposited with PaxForex and cannot withdraw?
Request your withdrawal in writing and save every message, screenshot and transaction ID. Do not pay any fee or tax someone claims is needed to release funds. Ask your bank or card provider about a chargeback or recall, and report the matter to the financial regulator in your country. Be wary of anyone who offers to recover your money for an upfront fee.
What should I check before depositing with any broker?
Confirm the broker holds a licence from a recognised regulator and find its entry on that regulator's own register. Check that the licensed entity, website and address match. Read independent reviews for withdrawal problems, and make sure the site clearly names its company, address and terms. PaxForex fails these checks.
What we recommend
The practical takeaway from everything above.
Our advice for anyone considering or already using PaxForex.
- Do not deposit. There is no regulator standing behind this firm and no compensation scheme if your money disappears.
- If you have funds there, try to withdraw now and keep written records, screenshots and transaction IDs of every request and reply.
- Do not pay any extra fee, tax or deposit that anyone says is needed to release your balance. That is a common way more money is lost.
- Report the problem to the financial regulator in your own country and, if you paid by card or bank transfer, ask your bank about a chargeback or recall.
- Ignore recovery offers. People who contact you promising to get your money back for an upfront fee are usually a second scam.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 9, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.