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ForexTB (PatronFX) Review - Is it scam or safe?

ForexTB Review - is forextb.com scam or good forex broker?

RATING: 3 / 0 REVIEWS ForexTB (PatronFX)
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Trading Accounts

 

Account type  Minimum deposit  Minimum trade size Maximum leverage Spreads           
STP $1 0.01 1:100 1.1 pips

 

Forex TB offers its clients a single commission-free STP account with leverage up to 1:100, variable spreads and the option to trade in micro lots.

 

The Company. Security of Funds

 

Company

Country

Regulation

Forex TB Ltd.

Cyprus

CySEC

 

Forex TB (PatronFX) is a offers trading in over 50 FX pairs, Indices, commodities and stock CFDs as well as a number of ETFs through the industry’s standard MetaTrader 4, as well as on its proprietary web-based platform. 

 

Behind the brand is Forex TB Ltd., a Cypriot Investment Firm (CIF) licensed by Cyprus Securities and Exchange Commission (CySEC) since 2015. The broker has a representative office in Poland and is part of the XTB group (X-Trade Brokers). The group has a UK unit, which is regulated by the FCA and its other subsidiaries are regulated by Poland’s financial supervision commission (KNF). What is more, X Trade Brokers Dom Maklerski SA is listed on the Warsaw Stock Exchange (WSE:XTB), which adds additional transparency to its business model and finances.

 

CIFs are required to report to the Commission on a regular basis and to hold at least €730 000 as a proof of their financial stability. They also must keep client funds in segregated accounts and Forex TB says on its website all client money is held in Polish Bank mBank, separated from company’s operational funds.

 

Furthermore, CySEC applies a compensation scheme as an additional guarantee to clients’ funds. All licensed brokers are members of the Investor Compensation Fund, which may cover a maximum of 20,000 EUR per person in the event of broker insolvency.

 

Besides, as Cyprus is part of the European MiFID regulations, all CySEC regulated are free to operate in all EU Member States. 

 

Trading Conditions

 

Minimum Initial Deposit

Forex TB has set no minimum deposit amount, so you can open an account with just $1.

 

Spreads & Commissions

Forex TB offers commission free-trading, and its spreads are really competitive, amounting to 1.1 pips for the EUR/USD pair. 

 

For purposes of comparison FXTM provides spreads averaged 0.7 pips on EUR/USD and charges a commission of $2 per lot. For more information, you may check out real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by Forex TB is 1:100, which is a comparatively low ratio.

We suppose that this broker offers leverage up to 1:100, as this is the maximum allowed in Poland. Many jurisdictions introduce restrictions on leverage, because the higher the leverage, the greater the risk. CySEC has proposed 1:50 as default leverage, but still many Cyprus-based brokers offer high leverage levels - for example, FXTM provides leverage up to 1:500.

 

Trading Platforms

 

This broker supports the good old MetaTrader4 (MT4), available as desktop version, as well as its in-house xStation (in web and mobile versions).

 

xStation is a multi-functional software that is customizable and easy to use. This platform features one-click trading, the ability to deal straight from the chart and is equipped with a number of technical analysis tools and advanced charting package.

 

 

 

Besides, this broker provides free of charge Guaranteed stop loss, which is a good risk management tool

 

Methods of Payment

 

Forex TB supports a small range of payment methods - bank wire transfer and DotPay. Credit/debit cards, Skrill and Neteller are not available with this broker.

 

Conclusion

 

Forex TB is a CySEC-licensed forex broker, offering trading in FX and CFDs on two robust trading platforms. It is a part of the XTB group of companies and its product portfolio is rich and trading conditions are attractive. To sum up the above, here are the Pros and Cons with regards to this broker:

 

Pros Cons
Well-regulated, part of an International group Limited payment methods
Competitive spreads & no commission (for FX) Mediocre leverage levels
No minimum initial deposit required  
Guaranteed stop loss, free of charge  
MT4 and xStation available with STP execution  

 

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Traders` reviews for ForexTB (PatronFX)

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