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Pattern Trader Review - is it scam or safe?

Pattern Trader Review - is pattern-trader.net scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Pattern Trader
Pattern Trader is an offshore broker. Your money is not safe.

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You should be especially wary if some one tells you, that you will start making several thousand dollars a day just like that. And  Pattern Trader does exactly this - they say you will be earning 2200 USD per day with their innovative trading software. 

 

 

We have several problems with this, starting with the fact that  Pattern Trader website is completely anonymous, so if you are thinking about investing your funds with them better read this review first.

 

Trading account  Min. deposit Max. leverage Spread
Standard Account n/a 1:500 3 pips, fixed

 

Pattern Trader Advantages:

 

Over 50 currency pairs

 

Because we usually start our reviews with all the possible benefits a broker might offer its clients, here with Pattern Trader the first think that comes to mind is the good selection of trading instruments, including the variety of currency pairs – well over 50, many of which exotic or minor like USDZAR, USDRUB, USDSEK, USDMYR, USDRON, USDNOK, USDPLN, USDMXN, USDILS, USDHUF, USDCZK, USDBRL, USDTRY, USDDKK, USDCNH, USDHKD and USDSGD. 

 

And there are also plenty of CFDs on indices, stocks, silver, gold, natural gas, oil, some agricultural commodities and even crypto coins like Monero, Ethereum, Bitcoin, Dash, Ripple and Litecoin. Still, if you find the idea of trading crypto assets attractive, here you may also check our list of brokers, offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:500

 

Certainly this sounds attractive, especially since the European Securities and Markets Authority (ESMA) capped the maximum leverage for all retail traders at 1:30, following similar steps by the regulatory authorities in the U.S, Canada and Japan. 

 

And because the only brokers still offering higher leverage are either registered offshore, or are regulated in Australia, we would suggest that you take a look at our list of Australian brokers  – basically the only regulatory hub where higher leverage is still legal:

 

>>Brokers regulated in Australia<<

 

Pattern Trader Disadvantages:

 

Anonymous website, no license 

 

As we already noted the Pattern Trader website is completely anonymous – we are not told the name of the company behind the broker, nor where they are located. Still, in their Terms and Conditions we came across a certain name - MTS Advertise OU, which as we understand, collects all the payments. 

 

The abbreviation “OU” means  MTS Advertise OU is incorporated in Estonia, so we diligently checked the registers of the local financial regulator – the Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority) for any trace of Pattern Trader or  MTS Advertise OU, but we were unable to find them there.

 

Bear in mind that you can feel safe about your money only with brokers, licensed and authorized by a respectable financial authority such as the the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC). And besides, it is obligatory for any broker targeting EU citizens to be licensed by an official EU regulator.

 

Here you may also check our list of brokers licensed in the UK, where you will even get an insurance on your trading account, covering up to 85 000 GBP of your funds, even in the unlikely event your broker files for bankruptcy:

 

>>FCA Regulated Forex Brokers<<

 

High spreads

 

As tested with a demo account the benchmark EURUSD spread was fixed at 3 pips, which is at least twice higher than the levels traders would usually consider attractive. Anyway, here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Skrill not available as a payment option

 

Pattern Trader accepts payments in various ways, including bitcoins, wire transfer, MasterCard, VISA, OKPay and Naspay, but not Skrill, and that is notable because of the new anti-scam policy adopted by the money transfer company back in 2018. Currently Skrill is available only to brokers, which are properly licensed. As we already noted, Pattern Trader is not one of those.

 

MetaTrader4 provided by a third party

 

After we registered a trading account with Pattern Trader we were able to download the MetaTrader4, which is probably the most commonly used trading platform on the market. Here, however, the MT4 was provided by a third party - Lemato Partners, and that, we should note, is a bit unusual. 

 

 

In any case you can always check our list of brokers supporting the MetaTrader4 as well – the platform is highly reliable, light and features numerous market indicators and trading bots, which are especially designed to support your algorithmic trading sessions. And besides, MT4 has an excellent pack of advanced charting tools, so here you may check our link:

 

>>MT4 Brokers<<

 

No information about the minimum deposit requirement

 

Just bear in mind that with most brokers you will have to deposit about 250 USD, while with some bigger players like FBS and IG you will be allowed to open a trading account with just 5 USD or even less.

 

Conclusion:

 

Pattern Trader is an anonymous website, which most probably is operated by scammers. With that in mind our best advise is to chose a broker, regulated by a well known and well respected financial authority, such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

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Traders` reviews for Pattern Trader

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