FXFlat Review & Rating 2023Visit FXFlat
Is FXFlat safe? FXFlat is an international brokerage company providing services in the Forex trading market. But is FXFlat legit? This relatively little-known broker has a good reputation among investors, and is distinguished by rather favorable conditions for cooperation.
A variety of assets and professional trading instruments are available to clients to carry out transactions. The company's activities comply with international standards of work in the financial sector.
With this FXFlat review 2022, you will discover everything you need to dispel any doubts, thanks also to our FXFlat trading experience after researching this platform.
FXFlat is a German Forex and Contracts for Difference (CFD) broker. This brokerage firm is owned by the prestigious German company Heyder Krueger & Colleagues, which is located in the financial center of Germany.
This online broker was founded in 1997 and is connected with some of the most important banks in the world which ensure the funds deposited by clients in FXFlat Wertpapierhandelsbank GmbH.
In 2013, FXFlat received the ‘Best Customer Service’ award by ‘Euro am Sonntag’. In the same year, FXFlat was voted ‘the best CFD broker’ by the ‘German Investors Fair’ held in Frankfurt. FXFlat also won ‘the best CFD broker of the year 2012’. These awards were in recognition of the broker’s performance in various areas of operations.
Pros and Cons of FXFlat
In addition to the aforementioned characteristics, FXFlat has a series of advantages that make it a very interesting Forex broker, among which the following stand out.
- Good customer support via email, live chat, and email.
- Free deposits via PayPal
- FXFlat is a broker regulated by BaFIN, Germany's financial services regulatory authority. It also has the backing of major banks worldwide.
- Possibility of performing Forex autotrading through strategies developed by the client.
- Possibility of opening managed accounts (minimum deposit of $10,000) which take advantage of profitable trading strategies developed and managed by expert company personnel. Their trading systems are mainly based on breakouts, swing trading and trend following strategies (following the trend. These accounts offer a maximum loss of 10% per month and profits of 20% -30% per month.
- FXFlat offers Tradimo, an online trading academy with extensive YouTube videos and educational resources for traders.
- Free trading signals (recommendations on possible operations) for FXFlat customers through the application Autochartist. This specialized software analyzes the behavior of currency pairs and CFDs and identifies highly reliable formations such as highs, lows, triangles and others. Likewise, this application provides the client with extremely simple and easy-to-apply market entry and exit alerts.
- It is a versatile broker that has several platforms that allow you to operate under any conditions.
- On the negative side, instruments are limited to CFDs and Forex trading, there is no 24/7 support.
Secured Socket Layer (SSL) digital security has been implemented on the website in order to help protect clients’ transactions and data. This is necessary in order to prevent unauthorized access while clients’ data is transmitted to the servers.
All information exchanged between client computers and FXFlat servers are encrypted for both the MetaTrader and TWS platforms, so data can’t be accessed by anyone else.
Within the client portal, you can set smartphone SMS verification at the login stage. You can also set extra layers of security when you log in to WebTrader, MetaTrader platform or the Trader Workstation account, by applying two-factor authentication.
Our FXFlat review 2022 shows that this broker offers the following trading platforms;
Flat Trader Platform: It is the main trading platform of FXFlat. It is a downloadable application that gives the client the possibility of trading currencies and CFDs (Contracts For Difference) based on multiple underlying assets in a stable, safe and efficient way. This platform has fast and safe execution and is provided with the latest technology which allows the client to use all types of orders (Stop Loss, Entry Orders, Take Profit). Much of the design of this platform incorporates the most important observations from the company's customers.
The Flat Trader platform: It is designed to be equally functional for both novice traders and professional traders with extensive experience in the financial markets. Among other functions, it includes advanced analysis tools such as quite functional graphs. Finally, Flat Trader allows Forex Autotrading in such a way that the operator can apply his trading strategies automatically (the operator establishes the rules for entering and exiting positions). This function was incorporated at the request of multiple clients of this broker and makes the Flat Trader a very versatile platform.
Flat WebTrader Platform: This platform is a web-based application that does not need to download which allows you to trade Forex and CFDs (more than 2000 instruments), despite not having the same number of functions as the Flat Trader (it is based on in this) it is a very versatile platform that allows the client to operate either from home, work or any other place with a computer and internet connection. Like the Flat Trader platform, it offers different types of orders, fast execution, technical analysis tools and multiple windows to display charts.
Mobile Trader Platform: It is an application that allows the client to control their account and operate from any mobile device such as a cell phone. In this way, the client does not need to be connected to his computer to carry out operations in the financial markets. This gives FXFlat flexibility as it allows the user to trade from anywhere. It is based on the Flat Trader and allows various types of orders, real-time quotes, technical charts and indicators and complete control of open positions.
Regardless of the type of account, the minimum amount required to get started is €500. But our review found that your first deposit may have to be at least €200 to open a MetaTrader account. This amount goes up to €2,000 for a Trader Workstation account.
Regular live accounts: These are traditional trading accounts which require a minimum deposit of €500. They allow you to trade a wide variety of instruments such as currencies and CFDs. They use the Flat Trader platforms (the company's main platform), Flat WebTrader (non-downloadable application) and Flat Trader Mobile. Regular accounts are primarily designed for individual traders with or without experience in the market. The trading conditions they offer are those described above for both currencies and CFDs.
Corporate accounts: These are accounts for large investors that move large amounts of money and operate with large lot sizes. Through Corporate Accounts, the company offers advice to operate more profitably.
Managed Accounts: These are accounts designed for investors with or without experience in the financial markets who do not have the time, experience, or the intention to operate on their own in the market but who still want to take advantage of the excellent profit possibilities that this provides. Basically, they are accounts in which the client leaves all the management to a third party, generally to a professional trader (from the same company or a private one) or a company/institution with the knowledge to operate in the market. Managed accounts can be opened by both investors and traders and/or companies seeking to manage their clients' money.
Islamic Account: This type of account is available upon request. The client must open an ECN or Standard account before requesting an Islamic account. This type of account does not charge rollover fees in accordance with the provisions of the Islamic religion.
Demo accounts: These are practice accounts that simulate real trading conditions. Through a demo account, the user can practice their trading strategies and learn about the services offered by this broker. The user who opens a demo account has up to €10,000 virtual to operate.
Opening a trading account with FXFlat
The process of opening an FXFlat account is quite fast and simple (it requires a maximum of 5 minutes), since it only requires completing a simple form and sending documents to verify the identity of the client and his domicile address.
When opening a real account, FXFlat offers the following means to deposit and withdraw funds from it: credit cards (the main ones such as VISA and Mastercard) and bank transfer. Transfers are made through Barclays Bank, one of the most prestigious in the world. Fund deposits are processed and appear in the account the same day which ensures that the client can start trading in a short time.
FXFlat has expanded its range of cryptocurrency instruments beyond Bitcoin and now add trading support for additional coins.
The updated list of crypto CFDs at the BaFin-regulated firm now includes Bitcoin Cash, Dash, Ethereum, Ripple, and Litecoin. The addition of the new crypto assets will enable traders to properly diversify their crypto holdings.
Fees, spreads, and commissions that traders can expect on the company’s spread list when trading with FXFlat is as follows:
FXFlat spreads are competitive at FXFlat, at around 0.8 pips for popular currency pairs such as EUR/USD and EUR/GBP.
Indices are around 1 point for FTSE 100 and US 30, whilst spot gold is around 0.3 pips.
Some commissions may also apply on selected instruments and depending on which trading platform you are using. Commissions are charged from €1.90 in TWS for DE 30 and US 30 indices, and from €3.50 for EUR/USD.
Deposits and withdrawals in the MetaTrader and TWS platforms are free but a minimum amount of €50 applies for deposits.
A swap rate will also apply to overnight positions, which varies depending on the currency pair being traded and the position size.
Additional Trading Fees
When trading financial instruments such as forex, traders can expect that overnight fees or swap fees will be applicable when positions are held for longer than one trading day. FXFlat does provide an Islamic Account for Muslim traders who follow the Sharia Law and are prohibited from earning or paying interest where the holding of open positions is concerned.
The FXFlat support team can be contacted to find out whether spread betting is allowed and what spread betting fees would apply.
Unlike some Forex companies, FXFlat does not charge deposit fees or inactivity fees on its trading platforms. No withdrawal fees are charged as well.
First of all, FXFlat customer support offers practically the same as other similar brokers, that is, contact via telephone, via email, via live chat and even postal mail. This does not mean that it is not good, on the contrary, the customer support team is always willing to help.
With regard to the site, FXFlat has a website that is both functional and engaging. FXFlat clients will be able to navigate it easily and find the necessary information which is an advantage since the websites of other similar companies are to say the least cumbersome.
The FXFlat website comes in German, English, Spanish, Turkish which ensures that it can be browsed by people from all over the world. The Spanish version is quite decent in terms of the wording and vocabulary used.
Is FXFlat regulated? This FXFlat broker review will not be complete without stressing that since 1998, FXFlat Wertpapierhandelsbank GmbH is regulated and supervised by the Federal Agency for Financial Services Supervision (BaFin). Since 2015, FXFlat has been a securities trading bank. The BaFin regulation also enables the broker to offer its services beyond Germany to other EU countries via the MiFID II directive.
Are you still pondering, is FXFlat good?
In line with the regulatory provisions, clients’ funds are kept in German banks. They should be clearly separated from the broker’s funds. The accounts must be properly audited to ensure complete compliance to this policy. No matter what happens to the broker, funds in segregated accounts should not be used by the broker.
From the FXFlat review 2022, there are several reasons why you should trade with this broker. The company has received very good FXFlat opinions and ratings from clients over the years. There are very few complaints about the broker's work and, in general, they are insignificant.
Here you will receive very low commissions, be able to work with advanced platforms, and gain access to a variety of trading tools. The online broker is fully regulated and thus provides a safe trading environment, safe deposit of traders and quality customer support. New traders can take advantage of free training and a multifunctional demo account.