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PatronFX Broker Review

We look at what this broker has to offer in our PatronFX review. Forex TB is the operating business in charge of this online forex and CFD broker. 

The Cyprus-based business has been registered with CySEC since 2015 and has been in operation since then. Compared to using an unregistered broker, this offers traders significantly greater security, including insurance in the event of a company bankruptcy. The business also runs ForexTB, another broker.

Regulated by: CySEC
Headquarters Country: Cyprus
Foundation year: 2015
Supported Platforms: MT4, web trader
Minimum Deposit: 250 EUR
Types of Assets: FX, commodities, stocks, indices, cryptocurrencies
Maximum Leverage: 1:400 – professional traders1:30 – Standard account
Demo Account: No
Site Grid www.forextb.com

 PatronFX Trader Opinion

Although PatronFX is regulated, the situation isn’t fantastic, as you can see from customer reviews.

According to Trustpilot and other reliable websites where customers may leave reviews, PatronFX account managers are requesting huge deposits from customers in exchange for never returning their calls. There are numerous concerns regarding withdrawals as well. Reviews claim that the broker is continuously requesting more money, yet if you try to withdraw your money, they will bombard you with questions before giving up.

PatronFX Trading

The majority of other CySEC-registered brokers’ services are often underwhelming, however this broker offers better spreads. 

A fast way to evaluate the broker’s spreads is to look at the EUR/USD currency pair. For this pair, PatronFX’s spread is currently hovering at about 1.3 pip. Although dedicated traders can find better elsewhere, this broker is still a good choice.

Forex and CFD leverage

Leverage is frequently used by investors who trade forex and CFDs. Their prospective earnings and very immediate risks are scaled up as a result. The retail trading accounts of this broker stay under the 1:30 maximum leverage allowed by ESMA. 

They also have professional accounts that traders can only access with specific qualifications. Leverage on these is up to 1:100. These are significantly more responsible levels than those reportedly provided by eXcentral, an other CySEC broker.

PatronFX Trading Platforms

PatronFX offers two trading platforms to its customers. The well-known MetaTrader 4 comes first. This platform is used by countless online brokers, and the majority of traders are familiar with all of its useful features and resources. 

They also provide a Web FX browser platform. A browser is the sole way to access them, which restricts traders’ options. The platform itself isn’t fantastic either because it lacks several of MetaTrader 4’s more advanced capabilities.

Lots of Uncertain Trading Conditions

Regrettably, traders cannot use any of the broker’s platforms without first making a minimum deposit. There isn’t any sort of demo account available. Most online forex and CFD brokers come standard with a free demo account. The minimum amount required to begin trading is not even mentioned on their website, which provides very little information for anyone thinking about using the broker.

There are definitely good reasons to be wary of the services offered by brokers PatronFX.

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