PatronFX is a CySec regulated brokerage firm that offers almost 50 currency pairs, with an especially appealing selection of exotics. PatronFX offers over 270 tradable assets. In addition to trading CFDs on Forex, clients can also trade financial instruments such as Cryptocurrencies, Commodities, Stock, and Indices.
PatronFX’s other valuable offerings include their technologically advanced platforms and straight-through processing (STP) system that directly connects orders to the exchanges. The company, based out of Cyprus, has been an officially registered broker for 5 years. PatronFX prioritizes transparency, security, and service.
PatronFX provides 4 different Account Types which include Basic, Gold, Platinum, and VIP. The minimum deposit starts from €250 on the Basic Account and goes up to €250,000 for the highest account tier – the VIP Account. Leverage is set at 1:30 for retail clients but for professional client’s leverage is offered up to 1:400. As an STP-type broker, no commission is charged.
Account Types and Minimum Deposits:
• BASIC €250
• GOLD €25,000
• PLATINUM €100,000
• VIP €250,000
PatronFX’s account holders can download MetaTrader 4 (MT4) on their desktop or smartphones. Alternatively, you can utilize the PatronFX WebTrader platform to trade on your browser. Nonetheless, both options come with advanced and highly reliable account management tools. First, the MT4 desktop software allows you to track different forex pairs, place orders directly from the chart, integrate an array of technical indicators, and more.
Equally as important, MT4’s smartphone app retains all of the features that are available to desktop users. You can also set up news alerts and mobile notifications, which are customizable based on your preferred forex pairs and economic topics. The WebTrader platform is just as efficient and useful. In fact, unlike MT4’s software, this version doesn’t require modifications or app updates. To clarify, WebTrader enables you to enjoy all of MT4’s sophisticated tools and the platform’s accurate prices from any browser and device.
Unfortunately, PatronFX gives its account holders relatively low buying power, especially when we compare the firm to other brokers in the industry. PatronFX’s leverage on major currency pairs is only 30:1. However, this number may change based on market volatility. More specifically, when prices move quickly and in an unpredictable manner, this broker may decrease your buying power. The opposite is true during stable conditions, where PatronFX might be more comfortable increasing traders’ buying power due to the minimal risks.
You can trade up to almost 50 forex pairs through this broker. Furthermore, exotic currency enthusiasts will certainly appreciate PatronFX’s selection because this broker includes forex assets that other firms don’t typically offer. For example, you can trade the Turkish Lira (TRY), Hungarian Forint (HUF), or the Norwegian Krone (NOK) with a major currency such as the Euro (EUR) and the US Dollar (USD). In fact, PatronFX perfectly blends exotic currencies from different regions in the world with highly popular major fiats (USD, GBP, EUR, JPY, etc.). Apart from forex pairs, this broker’s account holders may trade gold, silver, and platinum, alongside other financial instruments and assets including Commodities such as Cocoa, Cotton, and Coffee.
The spreads are variable with the minimum on the Basic Account starting at 3.2 pips (EUR/USD) ranging down to starting at 1.8 pips (EUR/USD) on the VIP Account.
The minimum deposit varies according to the account type. PatronFX has a minimum deposit requirement of €250 to open a Basic Account.
Deposit Methods & Costs
There are various ways to fund your PatronFX account. The available deposit methods are clearly described on the PatronFX website. Clients may deposit funds using a credit or debit card, by bank wire transfer, or e-Wallets.
Withdrawal Methods & Costs
Withdrawals can be made using the same methods available for making deposits however withdrawals can only be sent to the same method that was used to make the deposit. Withdrawal charges depend upon the account type. Further information is available on the PatronFX website.
Withdrawal Processing & Wait Time
According to the PatronFX website, requests for withdrawals are usually processed within 24 business hours however you should allow for up to 5 business days for the funds to arrive with you. However, your bank’s policies determine how long until the funds are available for you to use. Some may process the transaction on the same day, but others could take longer.
Bonuses & Promotions
Due to regulations, there are no bonuses or promotions offered. For further details of affiliate programs or partnerships, PatronFX can be contacted directly.
Educational & Trading Tools
PatronFX offers various educational resources within a dedicated section on their website. There are trading tips, a glossary that explains the most common terms associated with CFD trading, webinars, and a detailed FAQ section for clients to find answers to commonly asked questions. Trading tools include access to Trading Central which provides valuable insight and analysis.
The PatronFX Customer Service team is available throughout the trading week. The main headquarters are located in Cyprus.
They can be reached by phone, email, or live chat.
Phone: +357 2 526 2681
You can open a demo account on the PatronFX website. The demo account is a great opportunity to start learning about each platform’s tools and order processing systems. For beginners, it is better to begin with a demo account than to start with real funds.
Novice traders will also appreciate the experience of practicing on a demo account before opening a live portfolio. Not only does it give them room for trial and error, but it also ensures that they have a defined strategy and are well-prepared to trade their actual money. MT4’s demos expose you to live quotes and real-time market conditions, which makes this experience even more practical and useful. If you are thinking of going through the broker’s platform (PatronFX WebTrader), it is worthwhile to ensure how accurate their trading environment is. The closer it is to the real/live one the better.
PatronFX is based in Cyprus. They also operate in Poland and the United Kingdom, as well as the at-large European Economic Area/EEA region (including both EU and non-EU countries). According to the PatronFX website, services are offered within the European Economic Area (excluding Belgium) and Switzerland. Cryptocurrency CFDs are not offered to residents of the United Kingdom. For full terms and conditions and restrictions, please see the PatronFX website. However, traders from any country in the world should always ensure that they understand local regulations that are related to certain market instruments, such as CFDs.
In summary, PatronFX is a CySEC regulated broker which offers more than 270 tradable assets. There is a choice of four different account types and two trading platforms including the very popular MetaTrader 4. Multiple educational resources are available to both beginners and experienced traders. Interested traders can contact PatronFX Customer Support for any further information through one of the methods we have mentioned in this article.
*This review is for general information purposes only and does not constitute investment advice. We do not guarantee the accuracy or reliability of the information provided and we encourage you to verify the information directly with the broker.*