Patron FX Review Should I Invest In patronfx.com

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Patron FX Review: Should I Invest In patronfx.com?

PatronFX Review: this is the name of a broker that claims to be a Cyprus based Investment Firm. Is patronfx.com legit or is it a scam?

The broker like was mentioned in the beginning states that it is a “Cyprus Investment Firm regulated by the Cyprus Securities and Exchange Commission”. It claims to act under the supervision of this commission to cultivate security and trust.

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Like all Forex brokers, Patron FX states on its page that it provides its Clients “real-time access to financial markets” every day. The address for this broker is:

301, Pelekanos Court no 16 5 Alkaiou Street, 2404 Engomi Nicosia.

It provides a demo account and boasts of having a top notch customer service system. Patron FX is said to be run by 3 professionals who have 25 years of experience in the markets.

Patron FX Trading Platform

The broker mentions that clients will get to use the MetaTrader 4 trading platform and a web-based platform called, Web FX Browser.

Regulated brokers usually mention trading platforms such as MetaTrader 4 and MetaTrader 5.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

The trading instruments that this broker offers are not stated although it is mentioned that there are many made available to clients.

Again, Forex traders with licenses who are serious about the business provides impressive trading portfolios that includes more than 300 Forex currencies, 5+ cryptocurrencies, and CFDs on numerous commodities like silver, gold, indices, stocks, oil.

Leverages of a maximum of 1:100 and 1:30 are offered on the 2 different accounts. The spreads are averaged at 1.3 pips.

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Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal Methods on Patron FX

Payment methods for both funding and withdrawing were not specified and it looked like clients had to fill online forms and register before they could get these details.

Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. It is not so for Patron FX and this is not a good sign. For the transparency they claim.

We could not also find out what the minimum deposit requirement is for this broker nor is it stated if withdrawals will incur charges or not.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Patron FX Licensed?

Yes. Patron FX is registered under Forex TB Ltd and researching showed that the company is licensed by the CySEC. This is a good thing and assures clients of the safety of their funds.

Support

To contact the customer care representative of this broker, dial: +357 22266707 or email: [email protected]

Conclusion on Patron FX

PatronFX is a licensed broker and this is a big advantage for it. It offers good leverages and spreads as well. It would be better however, if the broker provided the missing information on deposit, withdrawals and trading instruments.

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Patron FX Review: Should I Invest In patronfx.com?

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Patron FX Review – 5 things you should know about patronfx.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Patron FX is Cyprus broker, licensed by t he Cyprus Securities and Exchange Commission (CySEC) and several other European regulators, which offers two account types with a nice selection of forex pairs and other CFDs, leverage of up to 30:1, and a choice between the MetaTrader4 platform and a proprietary web based platform.

The list of trading instruments includes almost 50 currency pairs, lots of which minor or exotic like USDBRL, USDCLP, USDCZK, USDHUF, USDILS, USDMXN, USDNOK, USDPLN, USDRON, USDSEK, USDTRY and USDZAR, as well as CFDs on gold, silver and platinum.

Patron FX regulation & safety of funds

As we noted Patron FX is owned by the Cyprus based Forex TB LTD, which is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC), and that makes trading with them completely safe. See their license for yourself:

Along the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC), CySEC is one of the most popular financial watchdogs in the industry, offering both security to traders and operational flexibility to brokers.

Among other requirements, CySEC brokers are obliged to provide traders with a negative balance protection, which means that you can not lose more money than you have deposited, to hold all deposited funds in a segregated, protected form creditors, trust account, to file regular reports, to allow external audits, and to participate in the Investor Compensation Fund (ICF), which in its design secures all clients’ funds in the amount of up to 20 000 euros.

On top of that all CySEC brokers can formally obtain the right to offer their services in any other EU country by going through a process of formal passportization. Thus Patron FX is also licensed by the FCA in the UK, the KOMISJA NADZORU FINANSOWEGO (KNF) in Poland, the Czech National Bank (CNB), the FINANSTILSYNET in Denmark, the Portuguese Securities Market Commission – CMVM and the French regulatory authorities.

Patron FX trading conditions

Patron FX says to be a Straight Through Processing (STP) broker and as we noted it offers a two tire account system.

With their Standard Account the benchmark EURUSD pair comes with spread floating around 1,3 pips, while with the Pro Account the EURUSD spread is virtually raw – 0,3 pips, but comes with a trading commission of 4,4 USD per standard lot (round trip), which basically ads another 0.44 pips to the actual spread. So with a Pro Account the EURUSD spread should start at about 0,7 pips – 0,8 pips.

We should admit that we like the spreads offered by Patron FX. Bear in mind that spreads are generally considered attractive with a standard account, if they start below 1,5 pips.

The maximum leverage offered by Patron FX is in line with the latest regulations of the European Securities and Markets Authority (ESMA) – 30:1 for all major forex pairs and 20:1 with most other CFDs.

Still, if you are a professional trader and you can prove that, you may be offered higher leverage.

Patron FX trading platforms

Patron FX offers their clients a choice between the MetaTrader4 – probably the best known trading platform on the market, and a proprietary trading platform – Patron Web FX Browser Platform, which is fully customizable and sports a simplified and dynamic interface.

The presence of MetaTrader4 is definitely an advantage – the platform has been around for more than 15 years and still dominates the market. It comes with more than 50 in- build market indicators, an excellent set of advanced charting tools, and a number of customizabel trading robots or Expert Advisors as they are called, which will help you run automated trading sessions.

Patron FX deposit/withdrawal methods and fees

As Patron FX is in a way focused on the Polish market, they say to accept payments with DOTPAY – the most popular online payment system in Poland. The other payment option is bank wire transfer, so here we do miss the options to pay with credit and debit cards like VISA and MasterCard, as well as some popular e-wallets like Skrill and Neteller .

And here is another piece of information that we do miss. In their presentation Patron FX does not tell us what is their minimum deposit requirement. Just have in mind that with their opening accounts most brokers ask for a minimum deposit of about 250 USD, which should be enough to hold your positions, if you do not use excessively high leverage.

Patron FX website is supported in Polish and English.

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