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1.5
Rated 1.5 out of 5
1.5 out of 5 stars (based on 2 reviews)
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72.8% of of retail investor accounts lose money when trading CFDs with this provider.

PatronFX Experiences & Review

In this Review & Test we will report about our PatronFX experiences. We will go into the most important aspects and also offer the possibility for you to rate and comment

The most important facts about PatronFX

PatronFX is operated by Forex TB Limited, a Cyprus based investment company. It is authorised and regulated by the Cyprus Securities and Exchange Commission with CIF licence number 272/15. Forex TB Limited is registered at 45A Kratinou Street, 2040 Strovolos, Nicosia, Cyprus.

What we liked and disliked about PatronFX

What we liked about PatronFX

PatronFX, like its predecessors and like FXTB, also offers a wide range of crypto currencies. These can be traded against EUR/USD/GBP. PatronFX also offers a wide range of commodities/agricultural products, including even milk or rice. The Webtrader is very clearly arranged and understandable for most trading beginners. PatronFX offers free access to Trading Central.

+10 crypto currencies

Crypto currencies tradable vs EUR/USD/GBP

Wide range of raw materials/agricultural products

Learning materials

What we disliked about PatronFX

In our opinion PatronFX has more disadvantages than advantages over other brokers. The spreads, i.e. the trading conditions, are worse than with the average broker. This is even the case with gold and platinum accounts. The account structure serves as an incentive for customers to deposit as much money as possible. The company is not exactly the most transparent on the market and does not have a public telephone number for enquiries. If the distribution has not changed, PatronFX will also receive unwanted phone calls.

If there have not been enough trades and the customer pays out money, there can be up to 80€ fees.

If the account has been/is inactive for more than one month, inactivity fees of 80€ per month will be charged.

Above average Forex spreads

Intransparent Company

Unfair Account Structure

Unsolicited calls

Which trading assets are available at PatronFX

PatronFX offers various asset classes and over 270 different trading instruments

These include, among others.

  • +60 forex/currency pairs
  • +12 Indices
  • +7 Metals
  • +10 Agricultural products
  • +3 Energy
  • +15 crypto currencies
  • +170 shares

PatronFX Review & Trading Conditions

PatronFX is together with FTXB the unofficial successor of Investous and 24Option after their license problems. PatronFX has a similar account model to 24option and offers only one account. PatronFX’s website is new and modern, as you can see from the layout. However, some information is still missing. There is also no public telephone number. However, the structures behind it are similar to 24Option, even the webtrader is the same. On the website you can view the Webtrader without logging in and see all prices/spreads in live trading. This gives you a direct insight into the cost structure of PatronFX. There are several crypto currencies on offer. In total 9 crypto currencies which can be traded against USD/EUR/GBP. The fee model is adapted to the account size and (of course) favours larger accounts.

Available Trading Software and Platform at PatronFX

PatronFX also cuts down on information about the trading software it offers. You can trade either via the MetaTrader 4 (MT4) or via the PatronFX Webtrader. Mobile trading is also possible via the MT4 or Webtrader. Further information is not available. You can test the Webtrader directly on the website.

Available Accounts at PatronFX

The account structure is simple. The more money you deposit the better conditions you get. The lowest level is Basic followed by Gold and Platinum up to the highest level VIP. The different advantages and disadvantages can be seen in the following table.

BasicGoldPlatinVip
250EUR25000€100000€250000€
EUR/USD 2,5 PipsEUR/USD 2 PipsEUR/USD 1.6 PipsEUR/USD 1.1 Pips
GBP/USD 2,8 PipsGBP/USD 2,5 PipsGBP/USD 1,9 PipsGBP/USD 1,4 Pips
USD/JPY 2,8 PipsUSD/JPY 2,5 PipsUSD/JPY 1,9 PipsUSD/JPY 1,4 Pips
CRUDE ÖL 0,13$CRUDE ÖL 0,12$CRUDE ÖL 0,11$CRUDE ÖL 0,09$
1 Basic Lection2 Basic Lections3 Lections for advanced5 Lections for advanced
No webinars1 monthly webinar2 monthly webinars5 monthly webinars
Daily newsDaily newsDaily newsDaily news
Trading CentralTrading CentralTrading CentralTrading Central
2 daily TC SMS-Alarm2 daily TC SMS-Alarm4 daily TC SMS-Alarm7 tdaily TC SMS-Alarm
1 free withdrawel1 free withdrawal per month3 free withdrawal per monthno fees

Deposits and withdrawals at PatronFX

PatronFX deposits can be made through various payment providers. However, the information policy in this area is still rather poor. Possible deposit options are:

  • Credit cards (Visa, MasterCard)
  • Electronic payments (e-wallets)
  • Bank transfer

However, the payouts are not free for Basic members. There is a charge of 30 € for bank transfers and 3.5% for credit cards.

How is the service at PatronFX

As PatronFX is a new broker, we cannot provide any reliable information here. However, customer feedback from the previous brokers Investous and 24Option was very mixed. It remains to be seen how the service here develops before we have more experience of PatronFX.

Is PatronFX regulated and secure?

PatronFX / Forex TB Limited is authorised and regulated by the Cyprus Securities and Exchange Commission with CIF licence number 272/15.

The licence is currently active and does not have license problems unlike 24Option and Investous

Summary: Review of PatronFX

In summary, PatronFX can be described as a “non-transparent average broker”. The fees are above average and the distribution structure is completely geared to customer deposits. This is also evident in the account structure. Since the licence of the predecessor brokers was also partially or completely suspended by the CySEC, we advise caution.

Highlight's of PatronFX

Free demo account for trading beginners

250€ minimum deposit

leverage up to 1:30 / professional up to 1:300

Intransparent company

How do you open an account at PatronFX

By regulation, every new client must go through some basic compliance checks to ensure that you understand the risks of trading and are admitted to trading. When you open an account, you will probably be asked for the following items, so it is good to have them handy: A scanned colour copy of your passport or national ID A utility bill or bank statement from the last six months with your address You will also need to answer a few basic compliance questions to confirm how much trading experience you have. It is therefore best to take at least 10 minutes to complete the account opening process. Although you can explore the demo account immediately, it is important to note that you cannot make any real trading transactions until you have passed compliance, which can take up to several days depending on your situation.

To open an account at PatronFX just press the button below
CFDs are complex instruments and involve a high level of risk due to leverage. 72.8% of of retail investor accounts lose money when trading CFDs with this provider.

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Last Update: February 2021

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