PatronFX is a web-based trading platform that focuses on trading CFDs (Contracts for Difference) on assets such as foreign exchange (Forex trading). The English homepage of the provider can be found at the URL https://www.patronfx.com/eu. According to their own information, 57% of all retail investor accounts lose money by trading CFDs with this provider (as of 28.4.20).
Have you had experience with PatronFX and would like to share it? Or are you interested in PatronFX’s business model or in online trading in general? Then talk to a lawyer.
The law firm Herfurtner Rechtsanwälte is contacted as soon as investor protection is involved. Furthermore, the lawyers are active in copyright law, trademark law or industrial property rights.
With offices in Munich, Frankfurt and Hamburg, we serve clients resident in Europe.
If you would like to talk to us about PatronFX, you can make an appointment. Please go to our contact area.
As a rule, it is a good idea to check which source the information relating to a specific trading platform comes from. This is because not without exception are the articles written from a neutral point of view. If you have the appropriate online marketing knowledge, you can influence the opinion.
Online brokers themselves or their affiliated advertising partners will, acording to the circumstances, express themselves favourably about their own or the advertised offer. At the same time, it is conceivable that texts may be placed whose tenor is intended to dissuade customers from becoming involved with a competitor.
Investors who intend to entrust their capital to a trading platform should first take the trouble to gather as many references as possible about the provider. The World Wide Web can be used for this purpose, for example to start a search query for “PatronFX Review” or “PatronFX Experience”.
Frequently, private investors exchange information about their experiences in special blogs and forums. There you can also find reviews of the different trading platforms. If you look for the company PatronFX, you will find an ambivalent opinion.
Registered Office, Regulatory Status of PatronFX
It is true that the company’s own website is also used to give the reader a positive impression. Nevertheless, useful information on the company’s registered office and its regulatory status is also provided here for interested investors.
There is no legally binding imprint on the PatronFX website. Information on the operator of the website is placed in the footer. There it says that the brand PatronFX is owned and operated by a Forex TB Limited. The company behind PatronFX is regulated and authorized by CySec, the Cyprus Financial Supervisory Authority. The company is based in Nicosia, Cyprus.
On the contact page of the PatronFX website you will only find one form and one e-mail address. There is also a chat function that allows you to contact PatronFX’s customer service. There is no telephone number in this area. A personal conversation with the PatronFX support seems therefore not possible.
PatronFX Web Presence
On its homepage PatronFX describes itself as “best in class” in terms of CFD trading. Altogether one can trade with PatronFX with over 250 assets. These include Contracts for Difference on various underlying assets such as foreign exchange (Forex Trading), commodities or shares.
PatronFX characterises itself by means of three core arguments:
- Innovation: Trading with a powerful platform
- Safety: various methods for financial transactions
- Regulation: Approval by the Cyprus Financial Authority
For their trading activities, investors need access to trading software. Online trading providers usually provide these applications to their investors free of charge. The programs are either in-house developments or applications published by third parties.
PatronFX is a powerful and user-friendly trading platform. It can be used via stationary desktop computers and mobile devices such as smartphones and tablets. Furthermore, there is talk of a WebTrader, the software Metatrader 4 and a customizable Web Mobile.
Registration and different Account Models at PatronFX
Anyone wishing to take advantage of PatronFX’s offer and trade on the online trading platform must first register. Once the client account has been set up, you will need to choose a live trading account. According to PatronFX, there are four different types of accounts available:
- Basic account: Minimum deposit of 250 Euro
- Gold account: Minimum deposit of 25.000 Euro
- Platinum account: Minimum deposit of 100.000 Euro
- VIP account: Minimum deposit of 250.000 Euro
In addition, you can read here that there is a leverage of 1:30 for private customers. For professional traders this leverage is up to 1:400.
According to PatronFX, deposits and withdrawals can be carried out using various methods. For example, bank transfers, credit card transfers or electronic transactions are available.
Education and Training at PatronFX
PatronFX has set up a specific section on its own website under the heading “Education” to deal with the subject of education and training. Here you will find information on various analysis techniques or a glossary. There are also videos and e-books as well as information on leverage and margin and an economic calendar.
Carefully weighing up Investments
Even after the upheaval at the head of the European Central Bank, experts predict that there will be no fundamental adjustment of monetary policy in the near future. Investors who not so long ago were satisfied with an investment in overnight money are therefore turning to higher-yielding alternatives.
Anyone who wants to use the services of a trading provider should always make themselves aware of their reputation and standing. As a result of digitalisation, the liberalisation of world trade has also taken hold in the financial and investment sector and has expanded the range of services on offer.
As a rule, online providers focus on a number of products that are difficult to understand, including Crypto Currencys, Contracts for Difference or Forex Trading. Nevertheless, these offers are not necessarily recommended for everyone.
With online trading platforms, the advice is not always given in the same way as it is given by the bank or investment advisor. Often there is no fixed contact person available and the own risk preference is ignored when selecting the products offered.
This leads to the fact that investors may come to wrong conclusions when they want to assess the risks. As a result, there is a growing danger that a bad investment will be made and that the money invested will have to be written off.
Losses in Online Trading?
Anyone who has lost money while trading on an online platform should first stop additional payments. Afterwards, you should talk to the provider and find out what triggers the loss transaction and what the prospects for reimbursement are.
The law firm Herfurtner Rechtsanwaltsgesellschaft mbH will check the process and determine which claims can be made against the online trading platform if necessary. The legal advisors will look after your interests and contact the provider directly, regardless of whether the provider has its registered office in Germany or abroad.
To find out how to act in the event of a loss in online trading, you can claim investor protection and seek dialogue with one of our legal advisors at any time. To set up an appointment, please choose from one of the options we offer in our contact area.