PatForex – Can You Trust This Broker?

Website URL: https://patforex.com

Founded: 2019

Regulations: Unregulated

Languages: English

Deposit Methods: MasterCard, PayPal, Visa, Neteller, Neteller, Skrill, Bitcoin, PayMaster

Minimum Deposit: $250

Free Demo Account: Not Offered

Number of Assets: N/A

Types of Assets: Foreign Currency Pairs, Indices, Commodities, Cryptocurrencies

Trading Accounts and Conditions

PatForex offers its customers the following types of trading accounts:

• Basic: The minimum deposit requirement to use this account type is $250.
• Bronze: The minimum deposit you need to make to use this type of account is $2,500.
• Silver: The minimum deposit that you are asked to make to trade on this type of account is $5,000.
• Gold: You are required to make a deposit of at least $10,000 to use this account type.
• Managed: To use the Managed account, you need to first make a minimum deposit of $50,000.

Reading through the broker’s website, we found out that the leverage ratios offered by this PatForex stand at 1:500, and the spreads seem to start at 0 pips, however, we were unable to confirm this information since we were unable to access the trading terminal – an issue we will explore further in our review.

PatForex – Advantages

The only advantage that you may derive from trading with PatForex is that you will be given high leverages. This broker offers its customers a leverage of 1:500, which is quite high by market standards, thereby allowing for a wider range of trading strategies.

However, we must also point out that higher leverages also come with much higher degrees of risk.

PatForex – Disadvantages

The disadvantages of trading with PatForex are many. Here is the list of all the issues we uncovered about this broker:

• Lack of Corporate Information

PatForex claims that it is owned by a company called Global Market Network Ltd. However, besides the name of the parent company, there is no other corporate information provided.

In the broker’s About Us page, there is a lot of content, but none of it is relevant – just lots of general information about their mission and vision but nothing about the entity behind this brokerage.

Furthermore, when you check the Terms and Conditions page, there is mention of another company – PatForex Limited.

There is a UK contact number mentioned, but today it is very easy to get a phone number with pretty much any country code via the internet. And the email address is very generic.

What this basically indicates is that this broker is anonymous. And trading with anonymous broker is very dangerous since you do not know where they are based or who you are entrusting your money with.

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• Unregulated Broker

Since PatForex has not provided any details of its registration or license status, we had to do a little digging to find out whether this broker was regulated or not.

Therefore, since PatForex has provided a UK number, we decided to check the online register of the UK financial regulator, the FCA (Financial Conduct Authority) to check if this broker was regulated by them.

We, of course, did not find this broker’s company listed on the FCA’s online register. Which basically means that this broker is not regulated at all, and that trading with them would put your funds at risk.

• Lack of Information on Spreads

In different parts of this broker’s website, PatForex mentions different spreads. At one point, the broker states that its spreads start from 0 pips, and in another part, the broker also mentions that it offers spreads that are as low as 0 pips.

This lack of consistency in something so critical and so basic is another red flag that you cannot trust PatForex with your money.

• Support for MT4 Not Offered

PatForex does not offer its customers the popular MT4 (MetaTrader 4) trading platform. Instead, the broker states that they offer their own proprietary trading platform called PatForex Trader. The broker claims that this platform is available on both desktop as well as mobile.

However, when we actually registered for a new account with this broker (we had to since they did not provide any free demo account), we found that the so-called terminal they offered did not seem to have any discernible trading conditions, and actually seemed quite fake.

• No Demo Account Offered

As we mentioned in our previous point, PatForex does not offer its customers any free demo account, which only increases our suspicions about this broker’s reliability and trustworthiness.

A demo account is a tool used by legitimate brokers to display complete transparency. Traders can check the trading conditions offered and also test the performance of the trading platform – before they invest their money with that broker.

• Bonus Promotions Offered

PatForex boldly states that it offers bonuses to its customers, which is another huge red flag for us. These bonuses come with horrible conditions where traders need to meet trading volume targets before they are allowed to withdraw their funds. Why these conditions are especially harsh is because the targets that these brokers set are so high that virtually no trader can meet them, which means that they never see their money again.

It’s a common tactic used by scammers.

Conclusion 

PatForex is not a broker that you should trust. It is anonymous and unregulated, which in itself is a huge warning to all traders. But if you want more proof of their lack of credibility, then there is also the fact that there is very little information that they have provided about their trading conditions, they do not offer free demo accounts, have what seems like a fake trading platform and they offer bonus promotions.

All of these factors clearly indicate that if you invest your hard-earned money with PatForex, chances are you will never see that money again.

PatForex

2.7

User Experience

3.5/10

Payment Options

2.4/10

Security

2.5/10

Support

2.3/10

Reputation

2.6/10

Pros

• High Leverage Ratios Offered

Cons

• Lack of Corporate Information
• Unregulated Broker
• Lack of Information on Spreads
• Support for MT4 Not Offered
• No Demo Account Offered