PatronFX Review (patronfx.com)

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In this PatronFX review, we will uncover the details that made us not recommend this online broker. It’s not a secret that nowadays, with so many similar services on the internet, it can be really difficult to separate the honest brokers from those who are not that honest and are looking to steal your money.

PatronFX is a relatively new broker on the market which, at a first glance, might seem trustworthy. However, this is one of the main reasons why you should always dig a little deeper and get the full image of every new broker that you encounter. In this case, the fact that they boast so much about being transparent should make everyone wonder what they are hiding. Unfortunately, PatronFX hides a lot, which is why we DO NOT RECOMMEND it at all! Here is what made us take this decision.

Is PatronFX legit and regulated?

When it comes to regulations, PatronFX is apparently regulated by the Cyprus Securities and Exchange Commission, which allows them to function within the borders of the European Union. Forex TB Limited operates the PatronFX brand with CySEC-approved domains. This may sound legit but, in reality, there are some things that could be considered red flags when it comes to this broker.

Firstly, the line “77.80% of retail investor accounts lose money when trading CFDs with this provider” should make everyone question the authenticity of this broker. This can be considered proof of transparency (as we have mentioned in the beginning) but the incredibly high percentage should make people think twice about signing up for them. This means that PatronFX doesn’t help anyone make money from trading and should not be considered legit and useful.

PatronFX may seem like a legit broker but take a closer look and you will find big holes in their apparent good image. For example, their trading experience is definitely not the best. Proof of this stands a large number of negative reviews from former clients which can be found online. Apparently, this broker doesn’t allow people to withdraw money and offers questionable trading tips to new clients. NEVER trust a broker that has mainly negative reviews from people!

Is their MetaTrader 4 a safety guarantee?

The fact that PatronFX uses the popular MetaTrader4 platform represents no guarantee that things are safe. These brokers can steal your money and information through any platform, regardless if it’s famous or not. In fact, this could even represent a method to attract more clients and make money off their backs.

Plus, the software has no accountability when it comes to what actions are performed by the broker. Besides that, most SCAM brokers use the MT4 as a way to attract people. PatronFX also has another trading platform, which is custom-made for them, which raises even more red flags.

PatronFX is a SCAM

If this PatronFX review is yet to convince you that this broker is a scam we have more in store for you. Since 2015, the year of its creation, there have been lots of complaints filed concerning how this company treats its clients. Their scam methods are the classic ones.

For example, according to former clients, PatronFX does not provide the proper trading tips and education to its customers, which is reflected in that incredibly high percentage of losses. Moreover, it appears that the firm consistently pressures people to upgrade their accounts in order to have a better experience or to give them more money. In the case of a beginner trader, upgrading the account means feeling even more lost than before and losing more money in the process.

PatronFX also has an aggressive marketing campaign going on through which they persuade clients to upgrade their accounts and people who have changed their mind to sign up for them. These people will then be persuaded to offer copies of their personal documents and make deposits that they will never see again.

When it comes to withdrawals, PatronFX requests a dubious Proof of Deposit document. This is not only absurd but also provides the perfect gateway for them to deny your withdrawal request. Plus, they do not mention this anywhere on the website. These are serious reasons to never choose this online broker because they will not help you. On the contrary, they will make you lose more and more money.

Conclusion

We hope that this PatronFX review has helped you decide against signing up for them. All of the aforementioned red flags and testimonies from former clients should be enough for anyone to keep away from them. They are a SCAM broker that doesn’t help clients in any way and is only looking to make profits off their backs. Plus, they do not even provide helpful tips, make it as hard as possible to withdraw money, and have no customer support.

These are the types of services that everyone should avoid at all costs because they are SCAMS. In fact, if you’ve also had bad experiences with PatronFX, feel free to share them with other people through online feedback on professional review websites. Helping each other is the best way to avoid falling into these people’s traps.