Pattern Trader Review – Is it a Scam? – Online Broker

Introduction

Online trading has become increasingly popular over the years, especially with the rise of cryptocurrencies. With so many online brokers available, it can be challenging to choose the right one. In this review, we will be focusing on Pattern Trader, an online broker that claims to offer exceptional services to its clients. We will analyze the features and benefits of Pattern Trader, compare it with other online brokers, and determine whether it is a scam or not.

What is Pattern Trader?

Pattern Trader is an online brokerage firm that provides clients with access to various financial instruments, including stocks, forex, commodities, and cryptocurrencies. The broker offers a trading platform that is easy to use and provides clients with several advanced trading tools. Pattern Trader aims to empower its clients by providing them with the necessary tools and resources to make informed trading decisions.

Features and benefits of Pattern Trader

Access to a wide range of financial instruments.
User-friendly trading platform with advanced trading tools.
Educational resources to help clients learn more about trading.
Multiple account types to suit different trading needs.
24/7 customer support.

Comparison with other online brokers

Pattern Trader is a relatively new online broker, and as such, it may not have the same level of experience as some of its competitors. However, it offers several unique features that set it apart from other online brokers. For example, Pattern Trader provides clients with access to a wide range of financial instruments, including cryptocurrencies, which some online brokers do not offer.

Pros and Cons of Pattern Trader

Pros:

User-friendly trading platform.
Wide range of financial instruments.
Multiple account types to suit different trading needs.
Educational resources to help clients learn more about trading.
24/7 customer support.

Cons:

Relatively new online broker.
Limited trading tools compared to some competitors.

Is Pattern Trader a Scam?

There are many online trading scams out there, so it's essential to determine whether Pattern Trader is legitimate or not. Here are some criteria to identify a scam:

Lack of regulation: Scammers often operate without any regulatory oversight.
Unrealistic promises: Scammers may promise high returns with little to no risk.
Pressure to invest: Scammers may pressure potential clients to invest quickly without taking the time to make an informed decision.
Lack of transparency: Scammers may not provide clients with clear information about fees, charges, or risks involved in trading.

Analysis of Pattern Trader against scam criteria

Pattern Trader is a regulated online broker, which means that it operates under the supervision of regulatory authorities. The broker does not make any unrealistic promises or pressure clients to invest quickly. Pattern Trader provides clients with clear information about fees, charges, and risks involved in trading. Based on these criteria, we can conclude that Pattern Trader is not a scam.

Verdict on whether Pattern Trader is a scam or not

Pattern Trader is a legitimate online broker that provides clients with access to various financial instruments. The broker is regulated and provides clients with clear information about fees, charges, and risks involved in trading.

Pattern Trader Trading Platform

The Pattern Trader trading platform is user-friendly and provides clients with several advanced trading tools. The platform is web-based, which means that clients can access it from anywhere with an internet connection.

Features of the Pattern Trader platform

Real-time market data and news.
Multiple chart types and technical indicators.
One-click trading.
Customizable watchlists.
Mobile trading app.

User-friendliness of the Pattern Trader platform

The Pattern Trader platform is easy to use, even for beginners. The platform provides clients with a clear overview of their account, including open positions, trade history, and order status.

Analysis of the Pattern Trader platform against competitors

The Pattern Trader platform is comparable to other online brokers' platforms, such as eToro and Plus500. However, some competitors offer more advanced trading tools, such as automated trading and social trading.

Pattern Trader Account Types

Pattern Trader offers clients multiple account types to suit different trading needs. Here are the account types offered by Pattern Trader:

Basic Account
Silver Account
Gold Account
Platinum Account

Features of each account type

Basic Account: Access to the Pattern Trader platform, educational resources, and 24/7 customer support.
Silver Account: All features of the Basic Account, plus a personal account manager and access to exclusive trading strategies.
Gold Account: All features of the Silver Account, plus reduced spreads and access to a VIP hotline.
Platinum Account: All features of the Gold Account, plus a higher leverage ratio and priority customer support.

Benefits and drawbacks of each account type

The higher the account type, the more benefits clients receive. However, the higher account types also come with higher minimum deposit requirements and higher fees.

Which account type is best for you

The account type that is best for you depends on your trading needs and budget. If you are a beginner, the Basic Account may be a good fit. If you have more experience, the Silver, Gold, or Platinum Account may provide you with more advanced trading tools and resources.

Pattern Trader Fees and Charges

It's essential to understand the fees and charges involved in online trading to avoid any surprises. Here is an overview of Pattern Trader fees and charges:

Spreads: The difference between the buy and sell price of a financial instrument. Pattern Trader charges variable spreads, which means that the spread can change depending on market conditions.
Overnight Financing Fees: If you hold a position open overnight, Pattern Trader may charge you a financing fee.
Inactivity Fee: If you do not log in to your account for 60 days or more, Pattern Trader may charge you an inactivity fee.

Comparison of Pattern Trader fees and charges with competitors

Pattern Trader's fees and charges are comparable to other online brokers. However, some competitors offer lower spreads and do not charge an inactivity fee.

Tips to minimize fees and charges

Choose a broker with lower spreads.
Avoid holding positions open overnight.
Log in to your account regularly to avoid an inactivity fee.

Pattern Trader Customer Support

Customer support is essential in online trading, especially if you are new to trading. Here is an overview of Pattern Trader customer support:

Live Chat: Clients can chat with a customer support representative 24/7.
Email Support: Clients can send an email to customer support and receive a response within 24 hours.
Phone Support: Clients can call a dedicated hotline for support.

Analysis of Pattern Trader customer support against competitors

Pattern Trader's customer support is comparable to other online brokers. However, some competitors offer more extensive customer support, such as social media support and video tutorials.

Security and Regulation

Security and regulation are crucial in online trading to protect clients' funds and personal information. Here is an overview of Pattern Trader security and regulation:

Regulation: Pattern Trader is regulated by the International Financial Services Commission (IFSC) of Belize.
Security: Pattern Trader uses SSL encryption to protect clients' personal and financial information.

Analysis of Pattern Trader security and regulation against competitors

Pattern Trader's regulation and security are comparable to other online brokers. However, some competitors may offer additional security features, such as two-factor authentication.

Importance of choosing a regulated broker

Choosing a regulated broker is crucial in online trading because it means that the broker operates under the supervision of regulatory authorities. Regulated brokers are required to follow strict guidelines and rules, which provides clients with some protection.

Pattern Trader Education and Resources

Education and resources are essential in online trading to help clients make informed trading decisions. Here is an overview of Pattern Trader education and resources:

Educational Resources: Pattern Trader provides clients with access to educational resources, such as webinars, eBooks, and video tutorials.
Trading Tools: Pattern Trader offers clients advanced trading tools, such as economic calendars and market news.
Demo Account: Pattern Trader offers clients a demo account to practice trading without risking real money.

Analysis of Pattern Trader education and resources against competitors

Pattern Trader's education and resources are comparable to other online brokers. However, some competitors may offer more extensive educational resources, such as trading courses and mentorship programs.

Pattern Trader Reviews and Ratings

Reviews and ratings are crucial in choosing an online broker because they provide clients with insight into other clients' experiences. Here is an overview of Pattern Trader reviews and ratings:

Trustpilot: Pattern Trader has a 4.5/5 rating on Trustpilot based on 235 reviews.
Forex Peace Army: Pattern Trader has a 3.5/5 rating on Forex Peace Army based on 31 reviews.

Analysis of Pattern Trader reviews and ratings

Pattern Trader has relatively positive reviews and ratings. However, some clients have reported issues with withdrawals and customer support.

Comparison of Pattern Trader reviews and ratings with competitors

Pattern Trader's reviews and ratings are comparable to other online brokers. However, some competitors may have more extensive positive reviews and ratings.

Conclusion

Pattern Trader is a legitimate online broker that provides clients with access to various financial instruments and advanced trading tools. The broker is regulated and provides clients with educational resources and 24/7 customer support. While Pattern Trader may not have the same level of experience as some competitors, it offers several unique features that set it apart.

Final verdict on Pattern Trader

Based on our analysis, we conclude that Pattern Trader is a legitimate online broker that provides clients with access to a wide range of financial instruments and advanced trading tools. The broker is regulated and provides clients with educational resources and 24/7 customer support.

Recommendations for choosing an online broker

When choosing an online broker, it's essential to consider the following:

Regulation: Choose a regulated broker to ensure that