Welcome to our review in PatternTrader. W will exhaustively examine why you should not invest with this brokerjust like Diamond Crypto Exchange.
Who is PatternTrader?
Pattern Trader is a Forex brokerage presumably registered in Estonia.
It provides the MetaTrader4 trading platform and clients are extended a generous leverage of 1:500.
This broker has a wide range of trading products from which to choose from. T
he spread on EUR/USD is 3 pips which is twice the industry average and not in favor for traders.
Is PatternTrader Legit?
The broker claims that when we get instant access to the trading software of Pattern Trader we will be making more than $2200 a day which is absurd. Such click-bait headlines on the website of the brokerage are a sign of trouble.
PatternTrader is not licensed in Estonia.Many unregulated brokerages prefer Estonia as a location because of its reputation as quite a liberal country when it comes to crypto trading. They are hoping to take advantage of misinformed traders.
We did take a look at the MetaTrader 4 only to discover it is provided by a third party which is not uncommon in Forex trading. This is an indicator that you are dealing with a fraud.
We could see a spread is 3 pips on EUR/USD which is twice the industry average and way above what we would consider favorable for traders. The leverage extended for traders is 1:500 which is quite generous and only possible because the brokerage is obviously not regulated and not subject to leverage caps.
In addition to the above, there is no information regarding the required minimum deposit which is quite nerve-wracking since the minimum deposit is crucial in Forex trading. With Pattern Trader we aren’t informed how much we have to risk in order to start a real-trading account.
Is it safe to Invest in PatternTrader?
It is definitely not safe to invest in PatternTrader. This is a scam that will defraud you. Avoid it by all means.
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Website URL: www.patterntrader.net