FXFlat is a Forex and CFD broker that offers multiple assets for trading on cutting edge platforms. It is regulated by the German BaFin and offers competitive trading conditions including trader education, signals and various trading tools to support its clients.
FXFlat Review, Pros & Cons
- Regulated in Germany by the BaFin
- Trading on sophisticated platforms; the MT4, MT5 & AgenaTrader
- Trading tools such as StereoTrader, Morning call, etc
- The MetaTrader plus app adds various features & tools to the MetaTrader platforms
- Award winning customer support team that speaks English & German
- Socially responsible broker
- USA traders are not allowed
- Only German & English are supported
- Majority of articles, webinars & training videos are in the German language
- Restricted leverage
- Not the lowest spreads compared to some other brokers
In this detailed FXFlat review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
FXFlat Wertpapierhandelsbank GmbH is a German online forex and CFD broker that utilizes modern technology to provide online trading services to its clients. Founded in 1997, FXFlat has grown in size, customer base and product offering. Its headquarters are located in Ratingen near Düsseldorf in Germany. Today, it offers multiple trading instruments for trading on its modern platforms with competitive trading conditions and various trading tools to aid traders with their daily operations.
The broker is committed to social responsibility and has contributed in various ways to better society. FXFlat donated funds to the Children’s Hospice Regenbogenland. This is a home for children with incurable diseases and disabilities. The broker has also been donating money to the ‘Ebreast Centre’ which provides fast and professional services to breast cancer patients. After the Japanese earthquake in 2011, FXFlat made a donation to the Japanese Red Cross in order to support the victims. Since 2009, FXFlat has been supporting the ‘Heartbreaker Foundation’ with donations in order to help the foundation sustain its support for people living with the deadly virus, HIV.
FXFlat has been sponsoring sports club including:
- One of the most successful German Ice Hockey teams ‘Düsseldorfer Eislauf-Gemeinschaft’ (DEG).
- German football club ‘Fortuna Düsseldorf’ which plays in the German League.
- Rochusclub Tennis club which has been in the First Tennis Point Bundesliga for over 25 years.
In 2013, FXFlat was honored with 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.
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.
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.
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.
FXFlat does not provide services to residents of the United States. Some FXFlat broker features and products mentioned within this FXFlat review may not be available to traders from specific countries due to legal restrictions.
This is a professional trading platform offered by agenatrader.com. The platform supports multiple brokers, multiple trading instruments and it is loaded with numerous tools. The platform can be downloaded and installed on a windows desktop computer. Its versions are as follows:
- Mercury: This version is free and offers the least features. It supports only a single brokerage.
- Neptune: Costs $59 monthly and it is designed for advanced traders.
- Andromeda: Designed for professional traders and it costs $99 every month.
- Galaxy: This is for expert traders. The cost is $149 every month.
FXFlat provides the Mercury version at no cost to its clients. If a client desires other versions, they will have to rent it at agenatrader.com and connect to their FXFlat account. AgenaTrader supports extensions via add-on apps which are available for rent or outright purchase from its website.
Here are some of the features of the free AgenaTrader Mercury version:
- The Depth of Market feature shows the order books of the market.
- Supports multiple orders such as OCO, If done, ORO, etc.
- Orders can be placed directly from the charts.
- Supports order templates so that customized orders can be easily reused.
- Over 150 technical indicators and several drawing tools are embedded in the platform.
- The info centre shows time alerts, trading notes, etc.
- It integrates tools such as the Simple scanner.
- Supports the automation of strategies using the inbuilt AgenaScript programming language which is based on C#.
The MT4 platform was designed in 2005 by MetaQuotes Software Corporation, which is a Russian software firm. Today, it is one of the most widely used trading platforms especially among forex traders all over the world. The platform supports the scripting of plugin apps using the MQL4 language which is derived from C++. Already, there are thousands of apps in form of indicators, news apps, Expert advisors (EAs), signals, etc. The MT4 platform is fast, secure and loaded with tools for analysis and trading. FXFlat provides MT4 as WebTrader, Windows and MACOS desktop applications. It is also freely availabe as mobile apps for Android and iOS devices.
Here are some of the salient features of the MT4 platform:
- It is simple, user friendly and fully customizable to reflect the trader’s choices.
- All the instruments prices and charts can be displayed in real time.
- The charts can be displayed over 9 timeframes from 1 minute to 1 month.
- About 30 technical indicators come with the MT4 but more can be installed using plugin apps.
- 24 drawing tools are available to analyze the charts.
- Automated trading through the use of expert advisors (EAs).
- Price alert notifications can be set via email, SMS or pop-ups.
This is another trading platform released by the same MetaQuotes Software Corporation in 2010. It incorporates most of the same features as MT4 with some added functionality. Just like the MT4, the MT5 supports the scripting of plugin apps to extend its features. But it uses the MQL5 language which is also C++ based. So, MT5 apps cannot work on the MT4 and vice versa. The MT5 is powerful, robust, fast and incorporates the necessary tools for trading and analytics. It is available as a WebTrader, Windows and MACOS desktop applications and also on Android and iOS mobile apps.
Here are some of the more prominent features of the MT5 platform:
- It has a similar interface as MT4 which is simple, intuitive and fully customizable.
- All charts and quotes of the assets are displayed in real time. It includes the ‘depth of market’ feature.
- Charts can be displayed on 21 different timeframes.
- It comes preloaded with 38 technical indicators which can be extended to thousands using plugin apps.
- About 44 analytical objects are inbuilt for analyzing the charts.
- It supports the scripting, back testing and installation of Expert advisors (EAs) built with the MQL5. EAs automate forex and CFD trading.
- Multi-currency strategy tester to back test EAs over historical data.
- The platform incorporates the ‘Economic Calendar’ of events.
FXFlat Trading Tools
This is an MT4 and MT5 plugin app provided to FXFlat traders at no extra cost. This app will add more features to the MetaTrader (MT) platform. It also supports trade automation via built in strategies. It had 4 trading modes; Future mode, Hedge mode, Single hedge mode and Single net mode. It supports historical data and introduces new order types like MIT, OCO, reverse or net. It is also equipped with automated exit features based of different logics such as time and equity.
FXFlat provides an economic calendar on its website. This calendar shows the dates, times and countries where the economic events will happen. Also, the currency affected, impact forecast as well as history is shown on the calendar.
This is a suite of applications packaged as MetaTrader Plus that add more tools and enrich the trader’s experience. It is separately designed for MT4 and MT5. MetaTrader Plus can be downloaded from the FXFlat website. MetaTrader Plus contains the following applications: Trade terminal, Mini terminal, Margin calculator, Trade size and risk calculator, Smart lines, Connect, Alarm manager, Correlation matrix, Correlation trader, Market manager, Sentiment trader, Session map, Tick chart trader, Stealth orders and Excel rtd.
This is FXFlat signal service where subscribed clients are sent trading signals by email. It consists of a brief chart analysis with support and resistance levels. FXFlat states that the signals are for informational purposes and it does not assume any liability for the accuracy of the signals.
The FXFlat YouTube channel has over 800 training videos from different FXFlat experts, recorded webinars and trainings. The videos are in German language.
FXFlat has partnered with a number of training firms in order to bring comprehensive and professional trader education to its clients.
- Tradimo: This is an online trading academy with numerous training videos and a community of over 140,000 people who share trading ideas. They also offer mobile games and apps.
- Algo-Camp: This is a firm that deals with programming auto trading systems.
- Statistical trading: This firm publishes high quality content on the stock exchange. The contents majors on statistical analysis on the stocks.
Webinars are scheduled on the website every week. Interested clients are to indicate interest by registering. The webinars are free and taught in German language.
The following instruments are available for trading online with FXFlat:
- 54 Forex CFDs
- 11 Spot Forex
- 17 Indices
- Share CFDs
- 7 Cryptocurrencies
- 6 Metals
- 1 Euro Bund
- 12 Eurex futures
- 11 US Futures
- 2 CME Futures
FXFlat Accounts & Fees
FXFlat does not offer multiple account types. Only a standard individual account or corporate account is available. The benchmark EURUSD spread starts from 0.8 pips.
- Standard account: The minimum opening deposit is €200. The maximum leverage is 1:200 on spot forex and 1:30 on forex CFDs. The margin call is at 50%.
- Professional Clients: Every client is classified as a retail or professional client. Professional client accounts are strictly for experienced traders that have large portfolios, trade frequently and have professional financial knowledge. Professional classic accounts can be opened with any amount and have no negative balance protection. Professional plus accounts have a minimum deposit of €200 and negative balance protection. All professional clients can trade with a leverage up to 1:200.
Demo accounts are available on the MT4, MT5 and AgenaTrader platforms. They come preloaded with virtual funds for practice purposes. Demo accounts are often used for strategy testing before opening a live trading account.
As broker fees can vary and change, there may be additional fees that are not listed in this FXFlat review. It is imperative to ensure that you check and understand all of the latest information before you open an FXFlat broker account for online trading.
The award winning client support services are always available 24/5 when the markets are open. They can be reached by filling a ‘contact’ form on the website. If you wish to be contacted via telephone, there is a ‘call back service’ form on the website which can be used to schedule calls at the client’s convenience. Additionally, the support team can be reached via email, telephone and instant web chat. On social media, FXFlat is on Facebook, Twitter, YouTube, Xing, LinkedIn and Instagram.
FXFlat Deposit & Withdrawal
FXFlat affirms that it does not charge any fees for deposits or withdrawals. It does not accept cash deposits or transfers from unknown parties. Deposits can only come from the same name on the trading accounts. The minimum initial account deposit is €200 after which subsequent deposits must be at least €50.
Here are the payment options:
- Bank transfer: This method takes about 3-5 days to reach the broker’s accounts. It is the main method used for withdrawal of profits.
- Credit/Debit cards: All major cards are accepted. A total of 3 deposits per month with a maximum of €15,000 are free, otherwise a deposit fee of 4% is charged. Card deposits are processed instantly but withdrawals can take up to a week. Only the amount deposited from a card can be withdrawn to it.
- Online payment: PayPal, Skrill, iDEAL, SOFORT are the electronic payment platforms acceptable. Deposits are processed instantly; though sometimes it can delay up to a few hours. Withdrawals are processed within a day.
FXFlat Account Opening
It is very easy to open a trading account with FXFlat. SImply visit the brokers website, locate ‘account opening’ on the menu bar and highlight the contents. Click on ‘Live account’ to display the 4-page account opening form as shown below:
Fill your name, address, email, phone number, account type, platform, deposit amount and click ‘next’. If you want to deposit funds immediately, click ‘deposit’, otherwise the second page is for personal data. Fill your date of birth, marital status, employment and security questions. Third page asks for info about your trading experience and financial information. The last page contains documents which you should read thoroughly to ensure that you agree to all of the brokers terms, conditions and policies before opening an account. If you agree, the account is automatically opened and identity verifications, platform downloads, deposits and trading can commence.
FXFlat is a renowned German broker that offers multiple assets for trading over the internet. It is a regulated brand that operates a securities trading bank. There are several measures in place to ensure that client funds are segregated and untouched by the broker.
The choice of trading platforms is impressive with the popular MT4 and MT5 trading platforms as well and the sophisticated AgenaTrader. Mobile and online web trading is supported through the MetaTrader platforms.
FXFlat also support its clients with regular webinars, signals and additional trading tools. These educational resources and tools can help to enhance the traders’ overall trading experience. However, most of these are in German and there is no social trading platform integrated. The broker could benefit from third party analytical and research firms like Trading Central, Claws and Horns, etc.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.13% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.