PatronFX is a new Cyprus licensed CFD broker, that opened in January 2021.
Officially located at: 45A Kratinou Street, 2040 Strovolos, Nicosia, Cyprus. Contact phone number in Cyprus is: +357 2 526 2681, and the customer service email address is: [email protected]. The official website is located at: https://www.PatronFX.com/eu/.
For complaints and withdrawal problems, read this.
Our investigative review of PatronFX finds that this CFD broker is offering the user friendly Scipio trading app. The trading app is user friendly for new day traders and investors, due to its simple interface and intuitive design. Experienced Forex traders will be able to utilize the industry standard MT4 trading platform.
We found that they offer over 250 underlying assets for trading, and they margin rates are limited to 30:1 as per the European Union laws Professional traders can apply for higher leverage of 400:1. Day Traders will find CFD’s on Forex Pairs, Crypto Currencies, Individual Shares, Market Indexes, Oil and Gold.
As a European broker, the PatronFX website is available in multiple languages including; English, German, Italian, Polish and Nederlands. Your trading account can be denominated in these currencies; USD, EUR & GBP. Demo trading accounts are available at PatronFX, and the minimum deposit for a Basic level trading account is $250.
Automated Trading Apps
You may have seen an infomercial about an investing software that makes thousands of dollars a day. They go by names like Crypto Genius, Bitcoin Loophole and more.
Before using a trading robot, you should really understand that:
- Automated trading apps are not 100% accurate.
- Most people lose money when using an algorithm trading app.
- CFD brokers are not authorized to give you investing advice.
Go read more about automated trading robots.
Is PatronFX a Legit Broker?
Yes, They are licensed under the corporate name Forex TB Limited, by CySEC (Cyprus Securities and Exchange Commission) license number 272/15.
When the Scam Broker Investigator reviews a new brokerage firm, to see if they are a legitimate broker or a scam, we look for a valid license. The primary regulators of Forex brokers worldwide, are government agencies like the FCA in United Kingdom and the FSCA in South Africa, see here.
Now that the United Kingdom has exited the European Union, it is important for investors in England to understand, that the Financial Services Compensation Scheme does not cover you, when investing with a broker from Cyprus.
There are many reasons why investors should only trade with a licensed broker, and if you want to see what happens and scam brokers, just read the complaints page.
Compare Forex Brokers
Choosing the right CFD broker to trade with, is very difficult because you have to must compare hundreds of brokers. Look at an updated list of popular brokers listed here.
ForTrade is a very popular CFD broker, that is licensed & regulated in Europe, United Kingdom and Australia, see here.
Try a Free Demo on their amazing trading platform, signup here.
Please share your experience in the comments, with other people reading this review of PatronFX.