What Account Types and Fees Does PAXOS Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginner and intermediate traders |
Access to a wide range of trading instruments |
Suitable for individual traders with varying capital |
| Professional Account |
Experienced traders |
Higher leverage options and advanced trading features |
Requires proof of trading experience and capital |
| Corporate Account |
Corporate clients |
Customizable services and solutions for businesses |
Requires corporate documentation and verification |
| Islamic Account |
Traders seeking a swap-free option |
Complies with Sharia law |
Requires verification of eligibility |
| Demo Account |
All traders |
Practice trading without real financial risk |
Ideal for testing strategies and the trading platform |
Account Opening Process
PAXOS provides a straightforward account opening process that involves several key steps. First, users must submit personal information such as name, contact details, and employment information. Additionally, financial information is required to assess the user’s trading profile. To comply with regulations, identity verification is necessary, which typically includes providing a government-issued ID and proof of address. Users should also note that account flexibility allows for the option to upgrade to a professional account in the future, depending on eligibility criteria.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (Major Pairs) |
[Spread] |
[Commission] |
Tight spreads for major pairs |
| CFDs (Stocks, Indices, Commodities) |
[Spread] |
[Commission] |
Varies based on the underlying asset |
| Cryptocurrencies |
[Spread] |
[Commission] |
Dependent on market conditions |
Other Fees
Traders should be aware of various potential fees associated with using PAXOS. These may include deposit and withdrawal fees, which can vary based on the chosen payment method. Additionally, inactivity fees may apply if an account remains dormant for an extended period. Platform usage fees may also be relevant, depending on the services utilized. Overnight interest, commonly known as swap rates, can affect positions held overnight, and currency conversion fees may apply when trading in different currencies.
