Editor’s Verdict
Overview
Review
Headquarters | Cyprus |
|---|---|
Regulators | CySEC |
Year Established | 2015 |
Execution Type(s) | Market Maker |
Minimum Deposit | $250 |
Trading Platform(s) | MetaTrader 4, Proprietary platform, Web-based |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
PatronFX is owned by Forex TB Limited, which received its operating license from the Cyprus Securities and Exchange Commission (CySEC) in 2015. Traders may choose between the MT4 trading platform and a proprietary WebTrader. For a minimum deposit of $250, clients will have access to 270+ CFDs, and PatronFX provides traders with quality services from Trading Central. The PatronFX website is available in English, German, Dutch, Polish and Italian.
Regulation and Security
Forex TB Limited, the owner of PatronFX remains fully compliant with CySEC guidelines including segregating client deposits from corporate funds, and implementingt negative balance protection. PatronFX lists all required documents on its website in a clearly labeled link called Legal. The company also maintains a branch in Poland which, per its latest Pillar III document, is inactive. Should PatronFX face insolvency, the Cyprus Investor Compensation Fund (ICF) provides retail traders with coverage up to €20,000.
PatronFX is regulated by CySEC.
Traders can access all required legal documents at the PatronFX website.
Fees
PatronFX is a market maker which provides a commission-free trading environment. The minimum spreads commence from 3.2 pips for the EUR/USD and increases from there for other currency pairs. The best offer is in the VIP account, which requires a minimum deposit of $250,000 for a mark-up of 1.8 pips. Swap rates on leveraged overnight positions apply. PatronFX levies neither deposit nor withdrawal fees, though traders will have to pay third-party charges. PatronFX also maintains an inactivity fee, starting from €80 per month to a maximum of €500, plus a €1,000 reactivation cost.
Traders are offered a commission-free cost structure at PatronFX.
No internal deposit or withdrawal costs exist, but third-party fees apply.
Inactivity fees and reactivation costs apply.
What Can I Trade
PatronFX provides traders with Forex, cryptocurrencies, commodities, equity, and index CFDs. The website notes 270+ assets, which is more than sufficient for new retail traders.
PatronFX notes 270+ assets across five categories.
Account Types
Four account types exist at PatronFX. The minimum deposit is $250 and there are leverage restrictions of 1:30. All trading conditions are equal except for the number of free monthly withdrawals. Professional clients qualify for a maximum leverage of 1:400.
The Basic account is suitable for retail traders.
Trading Platforms
PatronFX offers clients the highly popular out-of-the-box MT4 trading platform. The website also mentions the existence of a proprietary WebTrader, and the FAQ section answers over two dozen questions about it.
PatronFX lists two trading platforms.
The FAQ section answers over two dozen questions regarding the proprietary WebTrader.
Traders can rely on the MT4 trading platform.
Research and Education
PatronFX offers multiple Trading Central services, which is another great asset that we unearthed during this PatfronFX review. Traders have access to Analyst Views, Daily Market Analysis, Economic Insight, Featured Ideas, Strategy Newsletters, TC Market Buzz, TC Research Platform and Web TV. The investment of PatronFX into services provided by Trading Central shows commitment on behalf of this broker to offer a trading edge.
Services provided by Trading Central represent a valuable asset at PatronFX.
PatronFX features ten educational articles as an educational foundation. The current selection of topics provides an excellent starting point from where PatronFX can offer a competitive service for new traders. It also notes upcoming webinars.
PatronFX presents traders with educational posts.
The most defining aspects are introductions.
A webinars section is offered.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | Unspecified |
Website Languages |      |
PatronFX offers e-mail, phone, and live chat as methods to reach customer support and the FAQ section offers answers to many common questions.
PatronFX provides customer support through various media.
Bonuses and Promotions
PatronFX neither offers bonuses nor hosts promotions, which are prohibited by CySEC regulations.
Opening an Account
A swift online application accepts new accounts. The initial step merely requires a full name, e-mail address, and a valid phone number. It also offers new traders the option to open a demo account. Since PatronFX is a CySEC regulated broker, account verification is mandatory in order to complete the application process. Most traders will pass verification upon submission of a copy of their ID and one proof of residency document.
The Account Opening process is simple and straightforward.
Deposits and Withdrawals
The FAQ section notes wire transfers, credit/debit cards, and e-Wallets as deposit options. One of the legal documents, General Fees, lists SafeCharge and PPRO Group as the two payment service providers. The former lists 450+ payment options and the latter lists 33.
The deposit FAQ section notes wire transfers, credit/debit cards, and e-Wallets.
The General Fees PDF in the Legal section notes SafeCharge and PPRO Group as payment service providers.
The withdrawal FAQ notes Skrill and Neteller.
Trading Platform
MT4 | |
|---|---|
MT5 | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
OCO Orders | |
Interest on Margin |
Summary
PatronFX is a Cypriot-based broker offering a competitive trading tool, in this case, multiple services by Trading Central. In operation since at least 2015, PatronFX has the capacity to offer clients a significantly competitive trading environment. The asset selection of 270+ across five categories offers new retail traders enough choices. This broker also features an educational section, which features several important topics and can really strengthen any trader's experience.
PatronFX maintains a competitive trading environment and offers services by Trading Central, which many traders find valuable. PatronFX is a legit broker operating under CySEC oversight. PatronFX remains fully compliant with CySEC rules and regulations. Traders should view it as a safe and trusted broker. The minimum deposit is $250. PatronFX offers the core MT4 trading platform and a proprietary WebTrader.FAQs
Is PatronFX a good Forex broker?
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