Pattern Trader Review – Is it a Scam? – Online Broker
Introduction
Online trading has become increasingly popular in recent years, with a growing number of online brokers offering a variety of trading services. Pattern Trader is one of these brokers that has gained popularity in the trading community. However, with so many online brokers available, it is important to conduct a thorough review to determine whether Pattern Trader is a legitimate broker or a scam. This article will provide a detailed review of Pattern Trader, including its features, pricing and fees, security and regulations, user experience and customer reviews, and ultimately, whether it is a scam or not.
Background Information
Pattern Trader was founded in 2018 and is based in Belize. The company's mission is to provide traders with a user-friendly platform that offers a wide range of trading tools and resources. The team at Pattern Trader consists of experienced professionals in the trading industry, including analysts, programmers, and customer support specialists.
Pattern Trader Features
Trading Platform
Pattern Trader offers a web-based trading platform that is user-friendly and easy to navigate. The platform offers a variety of trading tools, including real-time quotes, charting tools, technical analysis tools, and news feeds.
Account Types
Pattern Trader offers three types of accounts: Basic, Gold, and VIP. The Basic account has a minimum deposit of $250 and offers basic trading features. The Gold account has a minimum deposit of $5,000 and offers additional trading features, including a personal account manager. The VIP account has a minimum deposit of $10,000 and offers the most advanced trading features, including access to exclusive trading signals and market analysis.
Deposit and Withdrawal Options
Pattern Trader offers a variety of deposit and withdrawal options, including credit/debit cards, bank transfer, and e-wallets such as Skrill and Neteller. Deposits are processed instantly, while withdrawals can take up to 3-5 business days to process.
Trading Tools and Resources
Pattern Trader offers a variety of trading tools and resources, including real-time market analysis, trading signals, economic calendars, and educational resources such as webinars and video tutorials.
Customer Service
Pattern Trader offers customer support via email, phone, and live chat, 24 hours a day, 5 days a week.
Pattern Trader Pricing and Fees
Account Minimums
The minimum deposit for a Basic account is $250, while the minimum deposit for a Gold account is $5,000 and the minimum deposit for a VIP account is $10,000.
Commission Rates
Pattern Trader does not charge commission fees on trades.
Spread and Margin Rates
The spread and margin rates on Pattern Trader vary by asset class and account type.
Inactivity and Maintenance Fees
Pattern Trader charges an inactivity fee of $50 per month for accounts that have been inactive for more than 60 days. There are no maintenance fees for Pattern Trader accounts.
Pattern Trader Security and Regulations
Regulatory Bodies and Licenses
Pattern Trader is licensed and regulated by the International Financial Services Commission of Belize.
Data Encryption and Security Measures
Pattern Trader uses 256-bit SSL encryption technology to ensure the security of client data and transactions. The platform also has advanced security measures in place, including firewalls, intrusion detection systems, and regular security audits.
Client Fund Protection
Pattern Trader segregates client funds from company funds and holds them in separate accounts with reputable financial institutions. This ensures that client funds are protected in the event of the company's insolvency.
Pattern Trader User Experience and Customer Reviews
User Interface and Navigation
Pattern Trader's web-based trading platform is easy to navigate and user-friendly, with a clean and modern design.
Mobile App
Pattern Trader offers a mobile app for iOS and Android devices, which provides access to all the trading tools and features available on the web-based platform.
Customer Reviews and Ratings
Customer reviews of Pattern Trader are mixed, with some users praising the platform's ease of use and trading tools, while others have reported issues with customer service and withdrawal processing times.
Social Media Presence
Pattern Trader has a presence on social media platforms such as Facebook and Twitter, where it provides updates on market news and events.
Pattern Trader Pros and Cons
Advantages of Pattern Trader
- User-friendly trading platform with a variety of trading tools and resources
- Multiple account types to suit different trading needs
- No commission fees on trades
- 24/5 customer support
Disadvantages of Pattern Trader
- Mixed customer reviews and ratings
- Inactivity fee for accounts that have been inactive for more than 60 days
Comparison to other online brokers
Compared to other online brokers, Pattern Trader offers a similar range of trading tools and resources, but its pricing and fees may be less competitive.
Is Pattern Trader a Scam?
Common Scam Tactics
Scammers often use tactics such as promises of high returns, unsolicited phone calls or emails, and requests for personal or financial information to lure victims into fraudulent schemes.
Pattern Trader Scam Allegations
There have been no major scam allegations against Pattern Trader.
Evidence to Support or Refute Scam Allegations
Pattern Trader is licensed and regulated by the International Financial Services Commission of Belize, which provides some evidence of its legitimacy. However, due to the relatively short history of the company and mixed customer reviews, it is important for traders to conduct their own due diligence before investing with Pattern Trader.
Conclusion
Overall, Pattern Trader offers a user-friendly trading platform with a variety of trading tools and resources. While the company is licensed and regulated, there have been mixed customer reviews and an inactivity fee for accounts that have been inactive for more than 60 days. Traders should conduct their own due diligence before investing with Pattern Trader.
Frequently Asked Questions
Is Pattern Trader regulated?
Yes, Pattern Trader is licensed and regulated by the International Financial Services Commission of Belize.
What types of accounts are available on Pattern Trader?
Pattern Trader offers three types of accounts: Basic, Gold, and VIP.
How do I deposit and withdraw funds on Pattern Trader?
Pattern Trader offers a variety of deposit and withdrawal options, including credit/debit cards, bank transfer, and e-wallets such as Skrill and Neteller.
Does Pattern Trader offer educational resources for traders?
Yes, Pattern Trader offers a variety of educational resources, including webinars and video tutorials.
What are the commission rates on Pattern Trader?
Pattern Trader does not charge commission fees on trades.
How can I contact Pattern Trader customer service?
Pattern Trader offers customer support via email, phone, and live chat, 24 hours a day, 5 days a week.
Is Pattern Trader available in my country?
Pattern Trader is available in most countries, but some restrictions may apply depending on local regulations.
What are the inactivity fees on Pattern Trader?
Pattern Trader charges an inactivity fee of $50 per month for accounts that have been inactive for more than 60 days.
Can I trade cryptocurrencies on Pattern Trader?
Yes, Pattern Trader offers trading in a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
How does Pattern Trader ensure the security of my personal information?
Pattern Trader uses 256-bit SSL encryption technology to ensure the security of client data and transactions. The platform also has advanced security measures in place, including firewalls, intrusion detection systems, and regular security audits.