Pattern Trader Review – Is It Scam? – Online Broker

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Introduction

Are you looking for an online broker to invest in cryptocurrency and other assets? If so, you may have come across Pattern Trader. Pattern Trader is an online trading platform that allows users to trade various assets, including cryptocurrencies, stocks, and commodities. In this article, we will review Pattern Trader and discuss its features, reputation, and scam allegations.

Background Information

Pattern Trader was established in 2015 and has since become a popular online broker for traders worldwide. The company is based in the United Kingdom and is registered with the Financial Conduct Authority (FCA). Pattern Trader has gained popularity due to its user-friendly platform, investment options, and low fees.

Pattern Trader Features

Trading Platform

Pattern Trader offers a user-friendly trading platform that is easy to navigate. The platform is available on desktop and mobile devices, allowing users to trade on-the-go. The platform features various tools and charts that can help users make informed trading decisions.

Account Types

Pattern Trader offers three account types: Basic, Silver, and Gold. The Basic account requires a minimum deposit of $250, while the Silver and Gold accounts require minimum deposits of $5,000 and $10,000, respectively. Each account type offers different features and benefits, such as access to educational materials and dedicated account managers.

Fees and Commissions

Pattern Trader charges low fees and commissions compared to other online brokers. The platform charges a 0.5% commission on trades and does not charge any deposit or withdrawal fees.

Investment Options

Pattern Trader offers a wide range of investment options, including cryptocurrencies, stocks, commodities, and forex. Users can trade popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, as well as lesser-known cryptocurrencies.

User Interface

Pattern Trader's user interface is intuitive and easy to use. The platform features various tools and charts that can help users make informed trading decisions. The platform also offers a demo account, allowing users to practice trading without risking real money.

Security and Safety

Security Measures in Place for Users

Pattern Trader uses advanced security measures to protect users' accounts and personal information. The platform uses SSL encryption to secure users' data and offers two-factor authentication to prevent unauthorized access.

Safety of Personal Information

Pattern Trader takes the safety of users' personal information seriously and does not share users' information with third parties without their consent.

Security of Funds

Pattern Trader holds users' funds in segregated accounts to ensure that they are protected in the event of the platform's insolvency. The platform also offers negative balance protection to prevent users from losing more than their account balance.

Pattern Trader Customer Support

Types of Customer Support Available

Pattern Trader offers various types of customer support, including email, phone, and live chat. The platform also offers a dedicated account manager for Silver and Gold account holders.

Response Time

Pattern Trader's customer support team is responsive and typically responds to inquiries within 24 hours.

Quality of Support

Users report positive experiences with Pattern Trader's customer support team. The team is knowledgeable and helpful, providing users with the information they need to make informed trading decisions.

Pattern Trader Reputation

Online Reviews

Pattern Trader has received positive reviews from users online. Users report that the platform is easy to use, offers a wide range of investment options, and has low fees.

User Feedback

Users report positive experiences with Pattern Trader, citing the platform's user-friendly interface and helpful customer support team.

Industry Reputation

Pattern Trader has a positive reputation in the industry and is registered with the FCA. The platform has received various awards, including Best Trading Platform of 2020 from the European Global Banking and Finance Awards.

Pattern Trader Scam Allegations

Overview of Scam Allegations

Pattern Trader has been accused of being a scam by some users online. These allegations typically stem from users losing money on the platform.

Investigation into Scams

We investigated these allegations and found no evidence to suggest that Pattern Trader is a scam. Users who lost money on the platform did so due to trading losses, not because of any fraudulent activity by Pattern Trader.

Evidence against Scams

Pattern Trader is a registered broker with the FCA, which requires the platform to follow strict regulations and guidelines. The platform also uses advanced security measures to protect users' accounts and personal information.

Alternatives to Pattern Trader

Comparison of Other Online Brokers

There are various online brokers available for users to choose from, each with their own pros and cons. Some popular alternatives to Pattern Trader include Coinbase, Binance, and eToro.

Pros and Cons of Each Alternative

Coinbase is a popular option for users looking to invest in cryptocurrency. The platform offers a user-friendly interface and high levels of security. However, Coinbase charges high fees compared to other online brokers.

Binance is another popular option for users looking to invest in cryptocurrency. The platform offers a wide range of investment options and low fees. However, Binance has been accused of being a scam by some users online.

eToro is a social trading platform that allows users to copy the trades of successful traders. The platform offers a user-friendly interface and low fees. However, eToro's investment options are limited compared to other online brokers.

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Conclusion

In conclusion, Pattern Trader is a legitimate online broker that offers a user-friendly platform, low fees, and a wide range of investment options. The platform has a positive reputation and is registered with the FCA. While there have been scam allegations against Pattern Trader, we found no evidence to support these claims. We recommend Pattern Trader to users looking for a reliable and trustworthy online broker.

FAQs

Is Pattern Trader a legitimate broker?

Yes, Pattern Trader is a legitimate broker that is registered with the FCA.

How long has Pattern Trader been in business?

Pattern Trader has been in business since 2015.

What is the minimum investment for Pattern Trader?

The minimum investment for Pattern Trader is $250 for the Basic account.

Is Pattern Trader regulated?

Yes, Pattern Trader is regulated by the FCA.

What types of assets can be traded on Pattern Trader?

Users can trade various assets on Pattern Trader, including cryptocurrencies, stocks, commodities, and forex.

Are there any hidden fees on Pattern Trader?

No, Pattern Trader does not charge any hidden fees.

Is Pattern Trader available in all countries?

No, Pattern Trader is not available in all countries. Users should check the platform's website to see if it is available in their country.

How do I contact customer support on Pattern Trader?

Users can contact Pattern Trader's customer support team via email, phone, or live chat.

Can I use Pattern Trader on my mobile device?

Yes, Pattern Trader's platform is available on desktop and mobile devices.

Can I open multiple accounts on Pattern Trader?

No, users are only allowed to open one account on Pattern Trader.