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PatronFX Review: Is This Broker Going to Scam Me?

Dec 15, 2020

The Cyprus-based organization FOREX TB Ltd. operates several brokers, including both PatronFX and ForexTB. PatronFX has a CySEC license, allowing them to offer their financial services across the European Union and the UK. CySEC has numerous consumer protections that make investing safer. However, unwary traders can still end up losing more than they bargained for with online brokers.

Trading With PatronFX

PatronFX has both consumer and professional trading accounts. Consumer trading accounts are limited to the ESMA mandated leverage cap of 1:30. Professional accounts can access leverage up to 1:100, but these accounts are only available to designated professional traders. Even professional leverage is at much safer levels than that offered by unregulated brokers like KayaFX.

PatronFX Review 2020

PatronFX – Trading Platforms

This broker gives clients a choice between two trading platforms. There is the industry-standard MetaTrader 4 and also the Web FX browser platform. Most traders are familiar with MetaTrader 4 and its suite of features. The Web FX platform can’t match all of those features but is a viable option for trading on the run.

Spreads and Commissions

This broker’s spreads seem to be passable. Their EUR/USD spread is about 1.3 pips, not outstanding but undoubtedly competitive. There aren’t any commission fees to further muddy things. Pro accounts have access to much lower spreads but incur commissions on every lot they trade.

Broker Disclosure Could Be Clearer

There are a few places where the broker could be a bit more transparent. They don’t offer a free demo account, so traders can’t get to know them before making a deposit. What’s more, they don’t disclose what the minimum deposit requirements are on their website.

Even Regulated Brokers Can Go Wrong

Despite regulators worldwide implementing strict rules on CFD trading, many brokers still mishandle their clients’ money. If you find yourself unable to make a withdrawal from your broker, contact us for a free consultation. Our dedicated team is ready to layout your chargeback options.