RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
PatronFX is Cyprus broker, licensed by the Cyprus Securities and Exchange Commission (CySEC) and several other European regulators, which offers four account types with a nice selection of forex pairs and other CFDs, leverage of up to 400:1, 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.
PatronFX regulation & safety of funds
As we noted PatronFX 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.
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 PatronFX 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.
PatronFX trading conditions
PatronFX says to be a Straight Through Processing (STP) broker and as we noted it offers a choice of four account types.
With their Basic Account the benchmark EURUSD pair comes with spread floating from 3,2 pips, which is significantly higher than the average in the sector. Bear in mind that spreads are generally considered attractive with a standard account, if they start below 1,5 pips.
The deafault leverage offered by PatronFX 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 leverageof up to 1:400.
PatronFX trading platforms
PatronFX offers their clients a choice between the MetaTrader4 – probably the best known trading platform on the market, and a proprietary trading platform – PatronFX Webtrader, 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.
PatronFX deposit/withdrawal methods and fees
For the payment methods available for making a deposit, PatronFX uses bank wire transfer, credit and debit cards such as VISA and MasterCard and e-Wallets.
The minimum deposit is 250 USD, which should be enough to hold your positions, if you do not use excessively high leverage.
The PatronFX website is supported in English, Polish, Dutch and German.