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PatronFX Review - is it scam or safe?

PatronFX Review - is patronfx.com scam or good forex broker?

RATING: 3 / 0 REVIEWS PatronFX
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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Avg. Spread
Standard  N/A  1:30 1.3 pips
Pro N/A  1:100 0.3 pips + $4.4 /lot 

 

Cypriot broker PatronFX offers its clients a choice of two accounts and two trading platforms, including the popular MetaTrader4. What is most important, this brokerage is actually regulated by CySEC and therefore allowed to operate throughout the European Union and the EEA.

 

Read the full review to see both the strong and weak sides of PatronFX.

 

 

PatronFX Advantages

 

Licensed in Europe (Cyprus)

When we weighted the advantages of this broker, one that definitely stands out is that the broker holds a license with the Cyprus Securities and Exchange Commission (“CySEC”). PatronFX is a trading name of FOREX TB Ltd., a Cypriot investment firm (CIF) which also operates ForexTB brokerage brand.

 

 

Forex brokers authorized by CySEC have to abide by a set of rules, including those introduced on a EU level, which provide significant assurance for the security of clients’ funds. These include certain capital adequacy requirements, segregation of clients’ funds, reporting transactions on a regular basis, provision negative balance protection, and more.

 

Furthermore, in case PatronFX is unable to meet its financial obligations to clients due to insolvency, each of them may compensated up to 20 000 euro, as all CIFs are members of Investor Compensation Fund.   

 

 

MT4 available

PatronFX uses both the ever popular MetaTrader4 (MT4) and Web FX Browser Platform. The presence of the MT4 is always appreciated and considered as an advantage in any forex broker’s offer.

 

This piece of trading software is especially popular for its top-notch charting, automated trading bots also known as Expert Advisors (EAs), MQL marketplace, customization options and more. Besides, the MT4 is available in all forms and shapes – desktop download, web-based version and mobile apps.

 

 

>> Choose some of the best MT4 brokers <<

 

 

Seemingly good spreads

As announced on its website, PatronFX’s trading costs on both account types appear relatively low. Standard account holders are allegedly offered spreads averaged 1.3 pips on EUR/USD, with no commission fees, which is in line with the average in the sector.

 

 

>> Compare the spreads of top forex brokers <<

 

 

Up to 1:100 to Professionals

Besides, the broker leverage of up to 1:100 to retail clients classified as professional, and that is another possible benefit for those willing to risk more and using higher leverage ratios. That being said, we have to mention that ESMA’s product intervention measures envisage a leverage cap of 1:30, however most brokers found a way to circumvent this rule.

 

 

PatronFX Disadvantages

 

Couldn’t access demo account

There is one major obstacle that prevented us from properly reviewing PatronFX: we couldn’t access any of its platforms for free via a demo account.

 

Most forex brokers offer free demo accounts for “paper money trading” as a way to introduce clients to their service, without the need for an investment. The availability of a free testing service also shows that the broker is transparent with its pricing.

 

Minimum deposit amounts not specified

This is a minor issue, yet we decided to mention it – we couldn’t find any information on the minimum investment amounts required by PatronFX. The other brand of the brokerage brand has no such requirement, so clients of ForexTB can start out with as little as $1. This may also be the case with the other brand of the company, but we cannot be sure.

 

 

Conclusion

 

PatronFX is a CySEC-licensed brokerage firm, whose trading conditions seem alright. It supports the MT4, and provides professionals with leverage higher than 1:30, however, we couldn’t test any of its platforms.

 

Now that the UK is existing the EU, CySEC is probably the most preferred European financial regulator and there are plenty of forex brokers under its supervision. CySEC-licensed brokers are required to hold at least €730 000 as a proof of their financial stability, to keep client funds in segregated accounts, to the Commission on a regular basis, and to meet all ESMA`s requirements.

 

>> Check out the top-rated Cypriot brokers <<

 

 

To sum up the above, here are the Pros and Cons with regards to PatronFX:

 

Pros Cons
CySEC license Couldn’t access demo account
MT4 available Minimum deposit amounts not specified
Seemingly good spreads  
1:100 to professional clients  

 

Latest news about PatronFX
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Traders` reviews for PatronFX

Spread

Pros

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Slippage

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Requotes

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Price feed

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Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Cons

 

 

Summary

Pros

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