PatronFX Review 2023: Can I Really Trust This Registered Broker?

Our PatronFX review takes a look at what this broker has to offer. The operating company behind this online forex and CFD broker is Forex TB. The Cyprus based company has been operating since 2015 and holds registration with CySEC. This gives traders much more protection than with an unregistered broker, including insurance in the case of the company dissolving. The company also operates another broker, ForexTB.

Trader Opinions

If you check reviews by clients, you will see that despite PatronFX being regulated, the situation is not so great.

As per Trustpilot and other legit websites where clients can share their experience, PatronFX account managers are asking clients to deposit enormous amounts of money, just to never call them again. Also, there are a lot of complaints related to withdrawals. According to reviews, the broker asks for more funds constantly, but if you want your funds out, they ask you tons of questions and just start ignoring you if you can’t be persuaded to leave the funds. 

Be aware of this when starting an account with PatronFX or TradeFX.

Trading With PatronFX

This broker has better spreads than most other CySEC registered brokers, whose offerings are mostly disappointing. Looking at the EUR/USD currency pair is a quick way to gauge the broker’s spreads in general. PatronFX has its spread for the pair floating around 1.3 pips. Dedicated traders can find better elsewhere, but it still leaves this broker as a viable option.

Leverage on Forex and CFDs

Investors trading forex and CFDs often do so at leverage. This scales up their potential earnings and also the very immediate risks. This broker’s retail trading accounts stay within the ESMA mandated leverage cap of 1:30. They also have professional accounts that traders need special requirements to access. These have leverage up to 1:100. These are much more responsible levels than another CySEC broker, eXcentral, allegedly offers.

PatronFX Available Trading Platforms

Traders with PatronFX have two choices of a trading platform. First, there is the well-known MetaTrader 4. Countless online brokers use this platform, and most traders are well acquainted with its many features and tools. Their secondary offering is a Web FX browser platform. They are only available through a browser limits traders’ options. The platform itself isn’t so great either, lacking many of the more sophisticated features of MetaTrader 4.

Many Trading Conditions Unclear

Unfortunately, traders won’t be able to try either of the broker’s platforms before putting down a minimum deposit. They don’t offer any kind of demo account. Offering a free demo account is standard for most online forex and CFD brokers. Their website has very little information for anyone considering the broker, not even stating the minimum deposit needed to start trading.

Let Our Team Recover Your Funds

You might think that a registered broker is guaranteed safe, but that isn’t the case. They sometimes still misuse their powers, and regulators must constantly add new rules to keep ahead of the game. For your free consultation and discuss how you can recover your money from your broker, contact us today.