The site is operated by Paxos Trust Company LLC, which was founded in 2012 in the US. The start-up began with the regulated itBit exchange. The domain was registered in 2002 by an unknown owner from the UK, and renewed in 2023 for one year. The founder claims to be a New York state trust company regulated by the New York Department of Financial Services (NYDFS). All statements of the founders are not supported by documents.

Investment Conditions

The cryptocurrency broker offers crypto-trading for popular assets like BTC, ETH, and others. The website has a regulated blockchain infrastructure with qualified storage, licensing, and trading.

Paxos USDP and BUSD digital coins are provided for payments, funds movement, and settlement. The Paxos PAX token is the first digital asset issued by a financial institution and is fully backed by US dollars, according to the company’s advertisement. The internal token’s functions include:

Transfers between accounts
Conversion and transfer of fiat funds
Rewarding users

Paxos owners warn in their “Terms of Use” that they can freeze tokens in a customer’s account indefinitely.

The company provides services for individuals and companies. The Paxos platform creates blockchain solutions for tokenisation, storage, trading, and asset settlement. With this service, businesses can add crypto to their business applications.

FAQ

Would investing in Paxos offer the best returns?

The company is not liable for any possible damage or loss. Therefore, it is more likely that an investor will lose money than make a profit.

Does Paxos carry out withdrawals?

The company has the right to terminate access to the personal account at its own discretion. As reviews show, an account can be blocked when there is a large amount in the account.

May I be scammed on paxos.com?

The website does not provide clients with proof of license or other legal information. There is therefore a high risk of fraud.

What's the best way to share my experience with Paxos?

Fill out the form and we'll make sure your voice is heard.

How can I tell if Paxos is a fraudulent company?

Do your own research and never believe those who promise you easy money.

Criteria

Date of foundation: 2012

Jurisdiction: Onshore

License: other

Affiliate program: Not indicated

Leverage: Not indicated

Deposit method: Сredit cards, Wire/bank transfers, Cryptocurrencies, Payment systems

14 reviews about Paxos

Emilio J Velazquez
December 12
Paxos is denying onboarding institutional applications from US citizens
Paxos is denying onboarding institutional applications for self-directed IRA Trusts from US citizens who live, work & study in the U.S., even applications of other family members who have already being onboarded. Why?

"Your application has been rejected due to it sitting outside of our risk appetite."
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Oly
June 27
The company is a shady
I am an advanced trader and I read the documents on the website. Paxos Administration may change the terms and conditions of the User Agreement without any notice to the clients. It will not be possible to restore justice and get your money back legally.
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Ronin
June 7
Everything is going well
Maybe I'm lucky but so far I haven't had any problems with Paxos. I will let you know if anything changes. The support on the exchange is good. Cryptocurrency trading is profitable compared to online banks and other fintech platforms. What frustrates me is that currently deposits are not FDIC-insured. When this procedure is implemented, I will give it a 5 star rating. In the meantime, I give it a rating of 4.
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Bear
June 5
My funds are completely blocked
I sent 5 PAX and $3,800 to an account I opened elsewhere. Tried to withdraw the deposit from my Paxos account but my request was not processed for some unknown reason. When I contact tech support they ask for more information. But all my emails are immediately rejected by their server. And I don't know how quickly I can withdraw money from here.
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Alarm
May 31
Unpleasant delay in withdrawal of money
I ordered a cryptocurrency transfer to another wallet. But the request was not processed for 3 days. I kept contacting Paxos support team until they helped me. My funds were transferred after my persistence, it took about 5 days and I was charged some additional tokens. Such a condition was not available on the exchange before.
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domb
May 22
It is a reliable cryptocurrency exchange
Paxos Investors Marketplace offers great trading conditions. I have been working here for a long time and I am always satisfied with the results.
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Bushman
May 16
It became dangerous here
After depositing my account my money disappeared in unknown direction 2 times. Scandals with Paxos developers led to blocking of my account.
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weiss
May 9
Do not use
I traded with this company before the rebranding, that is long before Itbit was renamed to Paxos. There were no problems at the time. I honestly say it was very good. The customer service was always quick to reply to my queries. Great consultants kept in touch on the phone line. Some of them were probably overseas. Things at the company have gone downhill since the rebranding. The counselors in the helpdesk now speak very poor English. I can't understand anything in their answers. The staff don't talk to clients on the phone, and they send the answers to my questions by email. I cannot understand them, they are incoherent, probably written by a robot. They don't want to answer your questions. They are forever spamming you with emails. I've received 15 emails from them in the last week. They ask me questions about the source of funds, and give me repeated transaction histories of other investors for some reason. And although I do not respond to emails and do not ask them to send me information, I continue to unsubscribe from notifications - this does not help to get rid of annoying messages. Instead of solving my problems, the counselors started threatening me. I haven't experienced such horrible customer service anywhere else. I am not alone in harassing Paxos Cryptobizhi. They pester all users with their aggressive requests. I can see this from other reviews in many other places. Also now, they are using strange security practices. It's more accurate to say that they don't think about customer security at all. ‌‌The exchange was much better when it was run by the previous company. I would not recommend newbies to use this company for crypto trading. You should not stay with Paxos even if you are here for a long time.
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Strom
April 22
It's a scammer
Working with this company will not make you rich. Paxos operates illegally. The lack of a legal license confirms this fact. The company was originally set up for fraudulent purposes. The site's team are hackers and fraudulent programmers. Their main goal is to quickly withdraw money from the user's personal account.
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Melan
April 11
SCAM, DO NOT PUT YOUR MONEY IN THIS EXCHANGE!
Scam! They advertise themselves on Paxos exchanger, but you can see it's fake, most likely. Recommended to make several exchanges, the first two go well, apparently to give confidence and you added more money. The third time my money got hung up on the transfer. At first, support was kind, they told me that the transaction could take 24 hours. But after 24 hours they started to write me an email saying that I had to go through verification again, and to do this I had to provide photos of documents and deposit another half of the amount from the previously placed deposits. I.e. it turns out that in order to withdraw your money you have to add more. As you have understood there is no money you will not see. Support has become rude, it is clear that they do not consult professionally. They do not give any answers, they constantly write only about the paid account verification. Be careful!
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iriss86
April 8
Terrible experience!
Now they won't let me withdraw about $4,500. SCAM exchange Paxos - they steal your money here. Frank swindlers, my deposit is not been withdrawn for a month. Helpdesk first a bunch of nonsense requests, and then do not respond. Some unbelievable confirmations are required for withdrawal. Service puts a bunch of fake reviews, they will work for another six months and leave everyone with a new rebranding. Stay away from these scammers.
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Dimitry
March 30
Been using it for a couple of days
I have been using Paxos to exchange fiat currency to digital coins. No problems so far, except for small delays in withdrawals.
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ker6356456
March 4
Why I left the exchange
I have never seen a more annoying service than Paxos! The exchange has become unsuitable for individuals. There are a lot of problems, probably for all other companies collaborating with the platform. I will list some of the disadvantages:
Extremely slow transactions when using PAXG; Illiquid built-in exchange; High fees; Extremely risky ToS, with third-party controls and trade rejections. Your digital money is supposedly "dirty" and you don't own it now. All of these terms are very much at odds with the purpose for which Bitcoin was created. Paxos has low withdrawal limits, inexplicably combined with KYC. I am being asked for personal information anew every week, even though all documents have already been submitted many times. These actions of the company feel almost like bullying to me. I realized that cryptocurrencies were a good asset when I had previously lost out due to the falling price per ounce of gold. But on this platform, I was being forced into unreliable crypto. I left this site. Beware of PAX and PAXG tokens and BUSD, they are unstable.
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Heralt
January 29
This is a scam created by professional scammers
Forget working with them forever. In another situation, problems with banking institutions and psychological frustrations await you. I did a detailed check which showed no legal data, illegal activities, complete anonymity of Paxos founders.
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