PatronFX

PatronFX is incredibly simple to use and understand, and from our point of view this has always been rather ambiguous, because simplicity often time breeds clumsiness. Read on to find out more.

PatronFX is regulated by CySEC. This body’s work is to oversee brokers and their operations, and if necessary to take disciplinary actions. Furthermore, PatronFX is a member of The Investors Compensation Funds (ICF) under CySEC, that has as objective to compensate traders if a member of the ICF (in this case PatronFX) is unable to carry out its obligations. If this occurs then the trader is reimbursed a maximum of €20 000 from the collective fund. Clients funds are also held in segregated bank accounts, away from the broker’s money.

Nevertheless, even with a respectable regulation, PatronFX has a lot of work ahead. Its website, for one, is very incomplete and way too simple to be considered professional.

We opened a demo account with the proprietary platform and got a EUR/USD spread of 1.4 pips, which is about the average amount one should expect from legitimate brokers.

The leverage is limited to 1:30 by ESMA.

Instruments used for trading are Forex Pairs, oil, and CFDs on some precious metals. This is not nearly enough to cover today’s industry standards.

The only two languages that the website is available in are Polish and English.

PATRONFX LOGIN

The broker comes with two platform: the MT4 and the Patron FX Platform

PATRONFX PLATFORM

This is the main attraction of the broker, and hold your pants, it’s not very exciting. On the contrary, it is quite conventional, and even at times reminds us of several trading platforms used by illegitimate brokers. The platform, nevertheless, has a live news and calendar section, pending orders, and some limited room for customization. In other words in cannot compare to the MT4.

The EUR/USD cost of trade as issued when using the demo account is 1.4 pips, while the leverage cannot go any higher that 1:30 as per ESMA ruling.
There are undisclosed commissions mentioned in the Key Information Documents:

The commission can be found on the SPREAD-PRO tab in the Offers sub menu. There we can see that the EUR/USD cost of trade commission when using a Pro Account is €4. It is not indicated if this is per side or round turn; if per side then the spread would increase by 0.8 pips, and if it’s round turn then the spread will extend by 0.4 pips. Whatever the case is, traders should check the sub-menu table for other commissions on Forex Pairs and other CFDs.

This trader is available exclusively as a web based platform.

METATRADER 4

Here we are again with this renowned platform, and for a reason! MT4 stands tall against other trading terminals. Consider using Expert Advisors to set your automated trading while you do other business, or take full advantage of what MT4 has to offer: simultaneous chart management, micro lots, customized trading indicators, huge selection of trading options and much more.

The MT4 has been made available solely as a desktop trader.

PATRONFX MINIMUM DEPOSIT

The minimum deposit is undisclosed.

The depositing methods are Wire Transfer and dotpay.

The two base currencies are GBP and EUR.

There is no other deposit information made available. The deposit time and fees are not detailed. Usually alternative payment methods should take no more a couple of seconds to process, while Wire Transfers are known to take up to 3 days.

PATRONFX WITHDRAWAL TIME AND FEES

CySEC reassures traders that under their watchful gaze all withdrawal are safe and secure.

Payment methods are unclear. The T/Cs have the following to say:

In order for the client to withdraw is to fill the Withdrawal Form. The issue is with the Withdrawal Form which is mixed in Polish and English, and thus has the potential of confusing many traders.

If a client request a withdrawal before 13:00 CET and the customer’s bank is in SEPA, then the money will reach the user account within 3 days.

There are no withdrawal fee mentioned, and there seem to be no minimum on withdrawals.

BOTTOM LINE

We suggest traders give PatronFX some time to fix itself and learn how to comport itself more professionally; there are many nuisances that plague this one. We wouldn’t really recommend it, until it ameliorates its practices and presentation.