ATFX Video Review
VIDEO Investor Protection & Regulations
“International Business Company for international clients but regulated jurisdictions for UK and Cyprus,”
The ATFX brand is adopted by different companies under the AT Group. For international clients, they are serviced by AT Global Markets Ltd based on the islands of St.Vincent & the Grenadines under the registration number 24226 IBC 2017.
For clients in the UK, they are serviced by
AT Global Markets (UK) Limited which is regulated by the UK’s Financial Conduct Authority under the FCA registration number (760555). Clients from within the European Economic Area (EEA) are serviced under ATFX Global Markets (CY) Ltd which is regulated by the Cyprus Securities Exchange Commission (CySEC) under the license no. 285/15.
In terms of regulations, international clients of ATFX do not have any form of investor protection or financial regulatory oversight from an International Business Company under the St. Vincent and the Grenadines Financial Services Authority (FSA). However, for ATFX clients that are trading from the UK, their consumer legal interests are looked after by the UK’s FCA and are entitled to coverage under the Financial Services Compensation Scheme (FSCS). Under the FSCS, traders can file a claim of up to a maximum of £50,000 should ever AT Global Markets (UK) Limited turns insolvent.
ATFX’s traders from the European Economic Area (EEA) have their legal interest protected by the Cyprus Securities Exchange Commission (CySEC). They are also entitled to coverage under the Investor Compensation Scheme managed by CySEC which covers claims of up to a maximum of 20,000 euros.
Although AT Global Markets Ltd is not regulated by a regulatory body as prestigious as the UK’s FCA or by CySEC, it still operates under the same high standard as its sister companies. For example, the clients’ funds are all kept in segregated accounts. In addition, the broker uses a proprietary accounting system that only permits complete withdrawal once the account identity matches the identity of a person making the withdrawal.
* according to the broker’s website.
With regards to transparency and security protocols, ATFX has implemented seemingly advanced security encryption, using SSL technology, in order to protect client data and banking information.
“Over one hundred instruments covering 6 asset classes.”
ATFX offers traders more than a hundred different types of financial assets to trade with. The available asset classes covered by ATFX are two commodities, four cryptocurrencies, 43 forex pairs, two precious metals, 11 market indices, and 50 shares. The following table below shows all the assets which can be traded on the ATFX trading platform.
“Standard account and edge account plus professional account and demo account with simple account opening process.”
ATFX offers a variety of types of accounts, including a standard account and an edge account plus a professional account, for institutional or high volume traders and a demo account too. Additionally, there is a Spread Betting account for the UK market.
To open an account with ATFX, you need to first fill out a registration form. You will be required to provide your full name, email address, telephone number, select the investment amount and agree to the terms and conditions before the account opening procedure can be completed. Furthermore, you will need to supply identity documents as this is a regulated brand.
From our observation, we noted that there is a lack of explanation for the steps that you have to go through especially with regards to the investment amount field. In the form, you are only provided with two choices, $50,000 and $100,000 even if you are just opening a demo account. Once you have filled in all the required details in the form, you can then click on the “Create Account” button. Once you have created your account, you will be presented with choices of the various MT4 trading platform versions that you want to use. You also have to option on this page to create a live trading account.
Account opening at ATFX is opened for traders from all over the world except for the following countries:
Like all online financial services provider, ATFX abides by all international legislation regarding anti-money laundering activities. All accounts need to be verified with regards to the account holder’s identity and address.
Deposit & Withdrawals options
“Support bank wire transfer, credit/ debit cards, and online payment methods.”
Deposits and withdrawals are initiated through your trading account dashboard. The process is straightforward requiring you to only specify the amount and the method to deposit or withdrawal. Supported methods used for making deposits or withdrawals include bank transfer, credit cards, debit cards and online payment portals such as Skrill and Neteller. Credit/debit cards and e-wallet transactions are free of charge (unless your own banking provider charges you directly) and the transactions are processed within 30 minutes. Bank transfers take around one day to hit your bank. The only circumstance where you may be charged for withdrawing is if the withdrawal amount is lower than $100 or if withdrawal without trading volume since last deposit. *This is according to the brokers’ website.
Please Note: ATFX accepts no liability if a client is unable to deposit funds due to technical issues and clients should always make sure they have excess funds available in their account.
* If you are using a non-UK debit/credit card there may be instances where a small fee is charged by your provider, which can be refunded to your trading account upon receipt of proof of charges.
Web & Desktop Trading Platforms
“MetaTrader 4 trading platform with support for WebTrader and mobile trading.”
The trading platform which ATFX has adopted for its clients is the popular MetaTrader 4 trading platform. The MT4 platform is available in several versions as a desktop client, WebTrader, mobile trading apps for Apple and Android.
MT4 Desktop Platform
The desktop version of the MT4 trading platform is only available as downloadable software which needs to be installed onto the computer. The MT4 platform features an advanced charting package with can display charts in different timeframes. It also comes with a large library of technical indicators which can be integrated into the trading charts. The MT4 trading platform is also able to support multiple order types and automated trading through scripts called Expert Advisors (EAs). In addition, the MT4 comes with robust security. All data transmitted between the client terminal and the server are encrypted.