Richard Montana | August 2, 2022
FXFlat is a Forex and CFD broker that lets you trade a generous variety of financial instruments on cutting edge trading platforms. The broker has very competitive trading conditions including low commission fees and reliable execution in a regulated environment. I like that there are plenty of educational resources for beginners along with signals and powerful tools to inspire ideas and support you with your daily trading activities. I am super impressed with the professional platforms available, especially AgenaTrader which you don’t find with many brokers. The minimum deposit of $200 is not the lowest you will find but they do have free demo accounts and a good choice of payment option that you can choose from.
Pros & Cons
- Trading on sophisticated platforms; the MT4, MT5 and AgenaTrader
- Excellent trading tools such as StereoTrader and Morning Call
- The MetaTrader plus app adds various features and tools to the MetaTrader platforms
- Very competitive trading fees
- Great choice of payment methods
- Good range of educational content to help beginners
- Trading signals available from third-parties
- Free demo trading accounts
- Award winning customer support team that speaks English and German
- Socially responsible broker
- Cannot accept clients from some countries
- Only German and English are supported
- Majority of articles, webinars and training videos are in the German language
- Minimum deposit is not the lowest
- No managed accounts
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, the broker 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. I found them to be one of the top brokerages in Europe, along with the likes of Freedom24. I think they have a suitable trading setup for all different strategies, with solutions for both retail and institutional traders. Whether you just want simple access to the global markets or need to perform complex analysis, you should find everything you need for trading online this broker.
I think it is great that 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. I find this charitable work to be highly commendable and it certainly helps them to standout from many other brokers. The fact they care about the wider community gives me confidence that they will look after me as a client.
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. When you trade with a regulated broker, you can get access to certain protections in the unlikely event that something was to go wrong. Unfortunately, they do not provide services to residents of the United States. If you are located there, you can take a look at our best USA brokers for alternatives.
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, any funds that are kept in segregated accounts should not be used. Thus, I don’t need to worry about the security of my funds so I can focus fully on my trading.
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.
I am really impressed with the choice of trading platforms. They have professional platforms for those of you who trade full time. There are also more simplistic platforms if you are just a casual trader who is looking for convenient access to trade various markets. Platforms are available for desktop, web and mobile. This makes it easy to keep track of your trades from anywhere at any time. I quite like the full functionality of the desktop platforms, especially as they support automated trading. However, mobile trading apps are a great way to have a quick glance at your account from your sofa, bed or wherever you are.
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. AgenaTrader supports powerful extensions via add-on apps which are available for rent or outright purchase from its website. This can greatly improve the functionality and tools of the platform but I do feel it already contains more than enough for conducting thorough market analysis.
The versions of the platform that you can opt for 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 you desire another version, then you will have to rent it directly from AgenaTrader and connect it to your FXFlat account. The process isn’t as difficult as it sounds and there are some handy guides to help you get setup. Regardless, I feel the Mercury version will be good enough for most retail traders.
Here are some of the important features of the 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 MetaTrader 4 (MT4) platform was designed in 2005 by MetaQuotes Software Corporation, which is a trading 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) and signals. I have always had a great experience over the many years that I have used MT4 and never felt the need to switch platforms. I find the MT4 platform is fast, secure and loaded with a great selection of tools for market analysis and efficient trading. The broker provides MT4 as WebTrader, Windows and MACOS desktop applications. It is also freely available as mobile apps for Android and iOS devices. You can access your account seamlessly between all platforms. This makes it no problem to switch devices depending on what works best. I will often place a trade on the desktop platform and manage it from the app.
Here are some of the salient features that you will find in 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 platform, 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. I have always found this to be slightly annoying as I would like to take advantage of some MT5 features but need to use some MT4 tools. As an example, I have MT4 automated systems (expert advisors) that I would run on MT5 but they need to be reprogrammed into MQL5. This is not really a big deal and probably wouldn’t impact most of you. Other than that, MT5 is very powerful, robust, fast and incorporates the necessary tools for your 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 to keep a look out for:
- 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.
I actually feel that the provided platforms have more than enough built-in tools to meet the needs of even the most demanding of traders. That’s not to mention the thousands of additional free and paid add-ons that you can get for them to further increase your charting and trading possibilities. However, the broker has kindly provided some standalone tools to enhance the already extremely powerful platforms and help you with your trading.
This is an excellent MT4 and MT5 plugin app provided to traders at no extra cost. StereoTrader will add more features to the MetaTrader platforms. 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. If this is something that you would find useful, you can also get it from Admirals.
The broker provides you with a useful 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. I think this is a vital tool and always try to check it before making any trading decisions to make sure I do not get caught on the wrong side of a news release. You will also find a calendar included in the MT5 platform which can be even more convenient to keep track of the news.
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 brokers 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.
I think there are some really excellent tools to help you with market analysis and making decisions. The sentiment and correlation tools are particularly standout features for me. Using such indicators can help to give you that extra edge that basic indicators such has a moving average do not always provide. The fact that you get all of this for free is even more impressive. I have seen tools for MT4 like this that sell for hundreds if not thousands. I feel that these are the type of tools that should come with the platforms by default as they are so vital in helping traders know what is happening in the markets.
The Morning Call is a signal service where subscribed clients are sent trading signals by email. It consists of a brief chart analysis with support and resistance levels. It is important to note that the signals are for informational purposes and the broker does not assume any liability for the accuracy of the signals. I would always prefer to do my own analysis before taking any trade.
The FXFlat YouTube channel has a great selection of over 800 training videos from different experts, recorded webinars and trainings. Webinars are scheduled on the website every week. Interested clients are to indicate interest by registering in advance. However, most of the videos are in German which I find slightly disappointing. I think they could improve by offering English translations or at least subtitles.
The broker has also partnered with a number of training firms in order to bring comprehensive and professional trader education to its clients. You can take advantage of some brilliant educaitonal content that includes:
- Tradimo: Tradimo 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 to improve your trading skills.
- Algo-Camp: Algo-Camp is a firm that deals with programming auto trading systems. If you are interested in trading robots then you might want to check them out.
- Statistical trading: This firm publishes high quality content on the stock exchange. The contents majors on statistical analysis on the stocks.
I found the range of markets to be good but not quite on par with Saxo Bank who have thousands to choose from. I do like that we can trade cryptos and there are some futures that you won’t find everywhere. Most of you should find there to be more than enough with everything you would expect from major currency pairs to individual stocks of large companies. The following instruments are available for you to trade 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 does not offer multiple account types. Only a standard individual account or corporate account is available. Whilst this does make things easier, it does limit your options. I actually don’t mind when there is one account as it shows me that everyone will be getting access to the same conditions. This is better than needing to make a larger deposit to gain access to more favourable conditions. The benchmark EURUSD spread is quite high, starting from 0.8 pips. This is certainly not the lowest spread I have come across. There are other brokers who have EURUSD spreads starting from just 0.0 pips, such as Key to Markets.
- 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: These are available on the MT4, MT5 and AgenaTrader platforms. They come preloaded with virtual funds for practice purposes. Demo accounts are a great way for strategy testing before opening a live trading account.
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. It would be great if they could offer weekend support like competitors such as Trading 212.
This is another area in which the brokerage does really well in my opinion. There are plenty of convenient options for making deposit and withdrawals. I especially like the availability of digital wallets as this is my preferred funding method. I find it to be the quickest which is vital for me in case I need to try and take advantage of some unexpected news events. I wouldn’t want to be waiting days for my funds to land and miss the opportunity. You can of course choose which method works best for you as they have options for everyone.
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.
The broker affirms that it does not charge any fees for deposits or withdrawals which is great. Just make sure you check for any third-party fees. They do not accept cash deposits or transfers from unknown parties which is pretty standard practice. 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. If this deposit is too much for you at the moment, Valutrades have a minimum deposit requirement of just $1.
Putting everything together, I am impressed by so many aspects of FXFlat. I really like the excellent range of professional yet user-friendly platforms they offer. These platforms can be used on all of your devices and are packed with more trading tools than you will ever use. This help to ensure an enjoyable and seamless trading experience for traders from all backgrounds. You can use any strategy and customise the platform to be as simple or complicated as you need. The range of markets is good with something for everyone to trade. I appreciate how I can trade in peace knowing that they are regulated and have several measures in place to ensure that client funds are segregated and untouched by the broker. If you are a beginner, they have you covered with regular webinars, education and demo accounts. I found the fees to be very competitive although the minimum deposit isn’t the lowest and 24/7 support would be great. I wouldn’t say this is a deal breaker though. There are lots of funding options but cryptos aren’t currently available. All in all, they are up there with some of the top brokers that I have reviewed over the years.