Due to the increasing number of online trading companies and the different experiences of our readers, we decided to survey a couple of them. Our focus is PatronFX, and we tried to answer your question: is PatronFX a scam or a legit broker?
|Regulated by: CySEC|
|Headquarters Country: Cyprus|
|Foundation year: 2015|
|Platforms: web trader, MT4|
|Instruments: Forex, Commodities, Stocks, Indices, Cryptocurrencies|
According to our PatronFX review, this company is a brand under a company named Forex TB Limited, registered in Nicosia, Cyprus. Due to their place of registration, they hold a CySEC license for conducting their services to the EU clients and limited services to the UK clients.
PatronFX Regulation And Security
As mentioned previously, PatronFX, or their owner Forex TB Limited, is a holder of CySEC regulation, or the license provided by the Cyprus regulatory body. This gives them the authority to work with clients from the European Economic Area including the UK. If you are coming from any country other than EEA, this broker does not have a specific regulation for your country. We’ve also noticed that they provide a Demo account with 100,000 units, which makes the testing of the platform quite an unreal experience.
What Can You Trade With A PatronFX broker?
PatronFX broker provides around 270 different trading assets. They allow their customers to trade on the Forex market with Shares, Indices, Commodities, and Cryptocurrencies. We liked that their website has clearly listed the types of accounts they’re offering and the leverage. You can see that opening a Basic account requires you to deposit 250 EUR, and you are getting the leverage of 1:30 for the Forex market. Meanwhile, opening a VIP account requires 250,000 EUR and gives you a leverage of 1:400. This broker provides services to the clients with the web trader and MT4 trading platform.
PatronFX Accepts Traders From:
PatronFX accepts traders from EEA based on their CySEC license. From what we were able to find on their website, for some reason, they excluded Switzerland and Belgium. Also, they do provide financial services to clients from the UK, but with certain restrictions. They are prohibited from providing CFD trading with Cryptocurrencies to their UK clients. Since they do not hold an FCA license, as stated in the UK regulation, they have certain limits in their operations that you can see on the FCA website. Also, we were able to find out that they do not accept clients from the USA.
Deposit and Withdrawal Methods
According to our PatronFX reviews, the minimum deposit that you can make for a basic account is 250 EUR. The deposit can be paid through a credit or debit card, E-wallet, or wire transfer. You’ll notice the absence of safer modes of payment such as Skrill or PayPal. For withdrawals, you should submit a withdrawal request in your account – particularly on the tab that says ‘Banking.’ Yet, you cannot see fees for withdrawal anywhere on the website, which leads us to the conclusion that this broker is not transparent about its services.
Conclusion About PatronFX
PatronFX is under the regulation of Cyprus, CySEC. Therefore, it can be considered safe for clients coming from the EEA zone. However, if you are coming from any other country, they don’t have strict regulations. Also, as a UK client, you should be aware that this company cannot offer you Crypto trading. You can find more PatronFX reviews about the clients’ experience and brokers working with you on this website: globalfraudprotection.com.
Interesting related article: “What is Forex?”