FXFlat Review 2023
FXFlat is your partner for first-class online brokerage services. This financial services provider is based in Germany and offers reliability that meets the highest standards. Originally started as a CFD and Forex broker, FXFlat and its partners now offer the entire spectrum of asset classes and financial instruments using a range of advanced trading platforms.
In this post, we reviewed the company’s brokerage services, examining its regulations, platforms, global access, registration, account options, leverage, trading fees, customer support, education, reputation, and suitability for beginners.
Regulation and Security
FXFlat is licensed and regulated by the Federal Agency for Financial Services Supervision (BaFin) in Germany, under license number 109603.
FXFlat acts as a financial commissioner that forms the interface between various market makers and the order-placing customer when trading via various platforms. FXFlat selects market makers based on quality factors such as execution speed, default rate, and numerous other factors.
Committed to its privacy obligations, the broker protects clients’ personal information using the best encryption and SSL technology. The storage and transmission of clients’ sensitive data on its platforms is safe and secure.
Negative Balance Protection
This is a safety mechanism, which ensures no client is responsible for paying back a negative balance when margin calls and stop-outs do not function correctly. With this, a trader can’t lose more than they invested and won’t end up owing the broker.
FXFlat keeps clients’ funds in fully segregated client trust accounts. If FXFlat becomes insolvent, the funds are safe, as they cannot be used to repay creditors.
Is FXFlat available worldwide?
FXFlat offers its brokerage services to traders in the European Union, as well as traders from other parts of the globe where the use of such services would not be contrary to local laws and regulations.
The broker provides traders with a good selection of advanced trading platforms, including the following:
MT4 is a popular trading platform for trading forex and other investment products. It was founded in 2005 by MetaQuotes, a Russian software company, and today, it is one of the industry’s leading trading platforms.
The MT4 trading platform offers a lot of useful trading tools and interesting features, such as one-click trading, multiple timeframes, various technical indicators, and more. The platform is fully customizable and has an easy-to-use user interface, making it suitable for traders of all skill levels. The broker provides the MT4 in desktop, web, and mobile versions.
MetaQuotes introduced MT5 in 2010 to improve on the MT4 platform. Thus, MT5 has all of the essential features of MT4 plus extra ones, including 21 timeframes, expert advisors, multiple timeframes, and more. Because of its advanced trading functionalities, such as faster processing times, the ability to hedge positions, advanced pending order functionality, and more tools and indicators, the platform offers a better trading experience.
As with MT4, MT5 is available as a desktop application for Windows and Mac computers, WebTrader, and a mobile app for Android and iOS smartphone devices. The mobile app is ideal for traders who want to access their trading accounts and place trades on the go.
The Trader WorkStation (TWS) is an advanced trading platform that allows traders to trade multiple financial instruments, including stocks, options, futures, FX, bonds, and funds, at over 135 stock exchanges. The system comes in the classic version for more complex algorithmic trading strategies or the modernized Mosaic version for buildable workspace requirements.
Traders can also benefit from real-time account management, custom watchlists, alerts, risk management tools, and over 100 order types and algorithms. TWS is available for download on Windows, Mac, and Linux PCs. Alternatively, TWS is also available as a Web Trader, a fast and powerful tool that comes with all the features of the desktop platform.
AgenaTrader is an excellent software that is exclusively available at FXFlat and at no additional cost. It allows you to move in the market like a professional – without any programming knowledge.
AgenaTrader Mercury has many features, including the powerful AgenaScript, which opens up unimagined possibilities for full automation. With the multi-time unit view in charting, all you need to do is load a symbol or instrument list, and you will automatically be presented with your desired time units in a chart group.
This professional trading platform is available for your MetaTrader 4/5 at FXFlat. The StereoTrader has been developed to raise the efficiency of manual trading and substantially ease the automated trading on the MetaTrader. You can use the StereoTrader on FXFlat on both your demo account and your live account without any conditions or additional costs.
In addition to the desktop platforms, FXFlat also offers traders the mobile apps of the MT4 and MT5 platforms, which can be used on iPhones, iPad, Android, or Windows system devices. You can install the application on any compatible device, and access to all the markets will be at your fingertips. You can use the same trading account on your phone or tablet as on your pc.
With FXFlat, traders can choose between a Standard or Professional account, in either a MetaTrader or TWS platform. A MetaTrader account requires a minimum first deposit of €200 and offers access to CFDs, forex, and futures. The TWS account requires a €2,000 minimum deposit and provides stocks, options, futures, CFDs, spot forex, and more.
In addition to the live trading accounts, the broker provides traders with a demo account. The demo account comes preloaded with virtual funds for practice purposes.
COMPARE VARIOUS BROKERS AND ACCOUNT TYPES
To open a trading account with FXFlat, click the “Live Account” button at the top right corner of the broker’s website. You will be directed to the online application page, where you will be required to choose your preferred trading account, depending on the instruments you want to trade. When the account opening page opens, you must fill out your form with your name, email, phone number, and date of birth and create a password.
After completing the form, the broker will require you to submit your means of identification (a government-issued ID) and proof of address (a utility bill or bank statement not more than three months old) to verify your account.
Deposit and Withdrawals
FXFlat offers a range of funding methods, including bank wire cards, Giropay, PayPal, Skrill, and Sofort. Unless you are depositing via bank wire, any deposit or withdrawal requires completing a short online form.
FXFlat offers free deposits and withdrawals in the MetaTrader and TWS platforms but notes that a minimum amount of €50 applies for each deposit top-up. Withdrawals by bank wire in either platform are processed within two working days.
Due to anti-money laundering regulations worldwide, deposits and withdrawals must be made from and paid to the same person as the trading account holder. No third-party payments are allowed.
The transaction fees vary with the payment methods, and some of the methods may not be available in your particular country. So, you have to contact their support team for more details.
FXFlat offers an impressive selection of instruments, including over 50 forex pairs and 11 spot forex pairs. You can also trade over 35 ETFs, 17 index CFDs, including DAX and NASDAQ, 12 futures contracts, and dozens of equities.
There are also eight cryptocurrency CFDs, eight commodities, including oil and gold, as well as the Euro Bund CFD available for trading.
Commissions and Fees
Spreads are fairly competitive at FXFlat, starting at around 0.8 pips for popular currency pairs such as EUR/USD and EUR/GBP. The spreads for indices start around 1 point for FTSE 100 and US 30, while for spot gold, spreads start from 0.3 pips. Overall, these are decent, though not as competitive if you compare FXFlat vs. CapTrader, Admiral Markets, or IG, for example.
Some commissions may also apply to selected instruments, depending on the trading platform. For example, commissions are charged from €1.90 in TWS for DE 30 and US 30 indices and €3.50 for EUR/USD.
A swap rate will also apply to overnight positions, which varies depending on the currency pair being traded and the position size.
Leverage enables you to increase your position size by borrowing from the broker, but while it helps you increase your potential profits, it can also magnify losses if misused.
For forex, you can leverage up to 1:30 on major pairs. For gold CFDs and indices, the maximum leverage available is 1:20. Other commodities are available up to 1:10, stock CFDs up to 1:5, and cryptocurrencies up to 1:2. Professional traders can have a leverage of up to 1:200.
Analysis and Education
The broker’s website has a good selection of educational resources to help traders make informed trading decisions. Some of the available educational resources include the following: news, press releases, learning articles, and an FAQ section that answers some of the clients’ most common questions.
FXFlat provides clients’ with a knowledgeable client support team who are available 24/5 to respond to your inquiries. The support team can be reached via various contact channels, including live chat, telephone (008000-0393528), and email (firstname.lastname@example.org).
You can also request a callback from their contact page or reach them via social media channels — Twitter, Facebook, or Instagram.
Reputation amongst Traders
The broker has received some positive reviews on multiple trading forums and websites. On Trustpilot, for example, it got 4.6 out of 5 based on 53 reviews. Many traders praised the broker for its generous selection of trading instruments.
For many years, the broker has won several industry awards for its excellent brokerage services. The awards include the following:
- Institut – One Of Germany’s Best Financial Service Providers 2022
- Handelsblatt – Germany’s Best Financial Service Providers 2021
- Institut – Germany’s Best Financial Service Providers 2021
- Wirtschaftswoche – Depot For Sustainable Funds “Very Good”
- Euro Am Sonntag – Overall Ranking “Sehr Gut”
- Germany’s Most Popular Banks Award
- Fuchs-Briefe – 1. Place Broker-Rating 2021
- Deutsches Kundeninstitut (Dki) – Among The Best With An Overall Rating Of “Very Good
- 2020: Euro Am Sonntag – Overall Rating “Very Good” Again
- Bankingcheck Award – “Best Online Broker 2020” From 99 Financial Service Providers
- Deutsches Kundeninstitut (Dki) – “Most Popular CFD Broker 2020”
- 2019 €Uro Am Sonntag – Overall Rating “Very Good”
- Fxflat Awarded Multiple Top Marks In Cfd Broker Survey 2019 By The Deutschen Kundeninstituts
- Fuchs-Briefe – Top-Broker 2019
- Fxflat Awarded With Top Score In Bankingcheck
- 2018: Deutsches Kundeninstitut Dki – Trade: 5 Out Of 5 Stars Grade: Very Good.
- And so many other industry awards.
Can beginners trade with FXFlat?
Beginners can easily trade with FXFlat since the broker provides training resources and offers a demo account to help new traders familiarize themselves with its trading platforms. However, its minimum deposit of €200 is a bit high for testing the waters.
FXFlat is an online trading broker based in Germany that is committed to providing traders with unrestricted access to global financial markets. Its clients are given access to advanced trading platforms, such as MT4, MT5, TWS, AgenaTrader, and StereoTrader. It is regulated in the EU and requires just a $200 deposit to trade live markets.