Patron FX Review Should I Invest In patronfx.com

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Patron FX Review: Should I Invest In patronfx.com?

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Patron FX Review – 5 things you should know about patronfx.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Patron FX is Cyprus broker, licensed by t he Cyprus Securities and Exchange Commission (CySEC) and several other European regulators, which offers two account types with a nice selection of forex pairs and other CFDs, leverage of up to 30:1, and a choice between the MetaTrader4 platform and a proprietary web based platform.

The list of trading instruments includes almost 50 currency pairs, lots of which minor or exotic like USDBRL, USDCLP, USDCZK, USDHUF, USDILS, USDMXN, USDNOK, USDPLN, USDRON, USDSEK, USDTRY and USDZAR, as well as CFDs on gold, silver and platinum.

Patron FX regulation & safety of funds

As we noted Patron FX is owned by the Cyprus based Forex TB LTD, which is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC), and that makes trading with them completely safe. See their license for yourself:

Along the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC), CySEC is one of the most popular financial watchdogs in the industry, offering both security to traders and operational flexibility to brokers.

Among other requirements, CySEC brokers are obliged to provide traders with a negative balance protection, which means that you can not lose more money than you have deposited, to hold all deposited funds in a segregated, protected form creditors, trust account, to file regular reports, to allow external audits, and to participate in the Investor Compensation Fund (ICF), which in its design secures all clients’ funds in the amount of up to 20 000 euros.

On top of that all CySEC brokers can formally obtain the right to offer their services in any other EU country by going through a process of formal passportization. Thus Patron FX is also licensed by the FCA in the UK, the KOMISJA NADZORU FINANSOWEGO (KNF) in Poland, the Czech National Bank (CNB), the FINANSTILSYNET in Denmark, the Portuguese Securities Market Commission – CMVM and the French regulatory authorities.

Patron FX trading conditions

Patron FX says to be a Straight Through Processing (STP) broker and as we noted it offers a two tire account system.

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With their Standard Account the benchmark EURUSD pair comes with spread floating around 1,3 pips, while with the Pro Account the EURUSD spread is virtually raw – 0,3 pips, but comes with a trading commission of 4,4 USD per standard lot (round trip), which basically ads another 0.44 pips to the actual spread. So with a Pro Account the EURUSD spread should start at about 0,7 pips – 0,8 pips.

We should admit that we like the spreads offered by Patron FX. Bear in mind that spreads are generally considered attractive with a standard account, if they start below 1,5 pips.

The maximum leverage offered by Patron FX is in line with the latest regulations of the European Securities and Markets Authority (ESMA) – 30:1 for all major forex pairs and 20:1 with most other CFDs.

Still, if you are a professional trader and you can prove that, you may be offered higher leverage.

Patron FX trading platforms

Patron FX offers their clients a choice between the MetaTrader4 – probably the best known trading platform on the market, and a proprietary trading platform – Patron Web FX Browser Platform, which is fully customizable and sports a simplified and dynamic interface.

The presence of MetaTrader4 is definitely an advantage – the platform has been around for more than 15 years and still dominates the market. It comes with more than 50 in- build market indicators, an excellent set of advanced charting tools, and a number of customizabel trading robots or Expert Advisors as they are called, which will help you run automated trading sessions.

Patron FX deposit/withdrawal methods and fees

As Patron FX is in a way focused on the Polish market, they say to accept payments with DOTPAY – the most popular online payment system in Poland. The other payment option is bank wire transfer, so here we do miss the options to pay with credit and debit cards like VISA and MasterCard, as well as some popular e-wallets like Skrill and Neteller .

And here is another piece of information that we do miss. In their presentation Patron FX does not tell us what is their minimum deposit requirement. Just have in mind that with their opening accounts most brokers ask for a minimum deposit of about 250 USD, which should be enough to hold your positions, if you do not use excessively high leverage.

Patron FX website is supported in Polish and English.

Review of ForexTB (PatronFX)

XTB broker (PatronFX) is a trade offer in over 50 currency pairs, indices, commodities, and stock exchange CFDs, as well as many ETFs through the standard MetaTrader 4 industry, as well as on a proprietary online medium. Our XTB review aims to cover everything important.

Behind the brand of XTB forex is a Cypriot investment company (CIF); it has a license of the Cyprus Securities and Exchange Commission. Our XTB review shows an office in Poland, which is part of the XTB organization.

The group has a British unit, which is regulated by FCA. Our XTB review shows the financial supervision committee governs its other subsidiaries in Poland (KNF). Moreover, X Trade Brokers Dom Maklerski SA has enrollment in the Warsaw Stock Exchange (GPW: XTB). It adds additional clarity to the finances.

CIFs have to notify to the Commission regularly and have at least EUR 730,000 as a record of their economic stability. XTB forex qualifies on that front.

They also need to maintain clients’ funds on segregated accounts. And on the ForexTB (PatronFX) market informs that all customer money is safe in a Polish bank of mBank, separated from the operational funds of the company.

XTB Review: MT4 and Platforms

XTB MetaTrader 4 is one of the most widely used when it comes to the XTB broker. In addition to XTB MT4, they have their proprietary software that is called xStation 5. The MT4 is the most common because it has about 80+ indicators, three chart layouts, nine timeframes, over 36 languages, and allows Expert Advisor tweaking.

The XTB review research shows that xStation 5 is equally robust and has things like technical analysis tools like RSI, moving averages, and others. With it, you can compare charts and check stats quickly.

The XTB broker’s software allows you to have a glance at other traders’ market positions like the number of buy positions in comparison to the sell positions. The platforms will let you all the freedom you need to trade better.

XTB Spread

Our XTB review research finds that they have fixed spreads and commission pricing. The pricing models differ depending on the instrument you are trading. The pro account gives you the lowest spreads. For example, the EUR/USD pair has spreads as low as 0.2 but with an added small commission.

The standard account has a fixed spread at 0.8 for the EUR/USD pair and no commission charge. All the stocks and ETF CFDs have a fixed commission at 0.08% per lot across all types of accounts.

The cryptocurrencies fall under the standard account and are not charged commissions. The pro account holders are charged GBP 2.5 commission for every crypto trade. XTB broker does not have any hidden charges that may blindside you.

XTB Review of CFD

Besides, CySEC applies a compensation system as an additional guarantee for clients’ funds. All licensed and best forex brokers are members of the Compensation Fund for Investors. It can cover a maximum of EUR 20,000 per person in the event of a broker’s insolvency.

Besides, since Cyprus is part of the European MiFID regulation, all regulated by CySEC can operate in all EU Member States.

XTB forex broker operates under CySEC offering currency trading and CFDs on two robust trading platforms. It is part of the XTB group of companies, and its product portfolio is rich, and commercial terms are attractive.

XTB Customer Support

With XTB broker, you will get the following options:

  • Email (s[email protected] ),
  • Live Chat
  • Phone support (+48 222 739 976/ +44 2036953086).

The lice chat option is available across all platforms, including mobile apps, the demo platform, and live trading platforms. If you want to visit them one on one, you can check out their offices here: https://www.xtb.com/en/why-xtb/contact

Our XTB review shows they offer customer support in the following languages: English, Spanish, Arabic, French, Italian, Portuguese, Russian, Chinese, German, Polish, Czech, Slovak.

You can reach them through Twitter and Facebook DM as well. You can call if you want. Pick a method that works for you and try it.

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