FXFlat Bank Review 2022
Please note: In our review of FXFlat, we focused on the services provided by FXFlat Bank AG (fxflat.com), regulated by the German Federal Financial Supervisory Authority (BaFin). We conducted our tests using the MetaTrader 4 platform.
Founded in 1997, FXFlat is a broker providing access to a broad range of financial markets. FXFlat offers access to futures, spot forex, and CFDs via their MetaTrader account. As an introducing broker to Interactive Brokers, FXFlat provides access to shares, options, futures, bonds, ETFs, mutual funds, and CFDs via the Trader Workstation (TWS) platform. Headquartered in Ratingen near Düsseldorf, the company has been supervised by the German Federal Financial Supervisory Authority (BaFin) since 1998. FXFlat has won many industry awards and was named one of Germany’s best financial service providers for 2022 by the FAZ Institut.
- We evaluated FXFlat across nine categories; Trust/Stability, Fees, Tradable Instruments, Account Types, Deposit/Withdrawal, Research, Customer Support, Education, and Platform/Tools.
- A securities trading bank regulated by BaFin and with 25 years of operating experience, FXFlat excelled in the area of trust.
- With tight spreads and costs kept to a bare minimum, FXFlat also outperformed in the category of fees.
- Due to limited materials, we found room for improvement in the category of research.
- Beginners can benefit from a free demo account and reliable customer service.
- Advanced traders can take advantage of tight spreads, access to spot forex and futures, MetaTrader add-ons, and multiple account management via MetaTrader 4 MultiTerminal.
FXFlat offers a high level of stability as a securities trading bank, regulated by BaFin with a long operating history. In addition, client accounts are insured for up to €500,000 by Lloyds of London. In addition to CFD trading, spot forex and futures trading are available via MetaTrader. Spot forex is direct trading via the interbank market, and leverage of 1:200 is available. Forex CFDs are derivative instruments with maximum leverage of 1:30.
FXFlat is most suitable for experienced traders looking for tight spreads, minimal fees, and sophisticated trading platforms. Advanced traders will appreciate add-ons such as MetaTrader Plus, which can be integrated into the MT4 or MT5 trading platforms and used for analysing and publishing trading transactions. MetaTrader account holders can access three alternative trading platforms: ATAS, AgenaTrader, and StereoTrader.
About the Author
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English, French, Norwey, Turkish
Currencies, Commodities, Indices, Stocks, Crypto
Your capital is at risk.
Regulated by the German Federal Financial Supervisory Authority (BaFin), FXFlat offers negative balance protection to its clients and holds their funds separately. Statutory deposit insurance covers up to €20,000 per investor. In addition, FXFlat provides insurance of up to €500,000 via Lloyds of London. We rate FXFlat as having a high level of transparency and trustworthiness.
In our trust category, we place the most importance on how a broker is regulated. In this section, we’ll cover regulatory oversight and the protections that FXFlat provides for clients.
- FXFlat Bank AG is authorised and regulated by the Federal Financial Supervisory Authority (BaFin), ID number 10109603. We rate BaFin as a Tier 2 regulator.
Different regulators provide different levels of protection. For example, an offshore regulator may not require negative balance protection, segregated accounts, or a fund to compensate clients in the event of broker insolvency. Other regulators may guarantee all of these.
In the table below, we break down the client protections and benefits at FXFlat.
|Entity||FXFlat Bank AG|
|Negative Balance Protection||Yes|
|Statutory Protection||Up to €20.000|
|Private Insurance||Up to €500,000|
Regulatory requirements are subject to change. We gathered the data above in April 2022.
FXFlat segregates client funds from company funds. The Investor Compensation Act provides statutory protection of up to €20,000.00 per client. In addition, FXFlat has purchased insurance of up to €500,000 per client from Lloyds of London (view policy document).
In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, the size of the company, and how transparent they are in terms of information being readily available.
FXFlat has a long operating history of 25 years, placing it among the oldest forex and CFD brokers. The company is headquartered in Ratingen, Germany, and has over 50 employees.
In our research, FXFlat showed a good level of transparency in their regulatory status, with a clear explanation in their About Us section.
You can find a detailed explanation of Pricing and fees at FXFlat on the Conditions page. We like that the Who we are page shows the management and the company history. The Terms and Conditions legal document is in the footer of the website.
We rated FXFlat as having a high level of transparency, better than average for the industry.
FXFlat shines in this category, with tight spreads and no account maintenance or inactivity costs. We rate FXFlat as above average for the industry in fees.
We tested the spreads at FXFlat across different asset classes using the MetaTrader 4 platform at 8 AM GMT and 4 PM GMT on April 8th, 2022. 8 AM GMT is the London open when there is a great deal of liquidity in the forex market and, therefore, tighter spreads in currency pairs. 4 PM GMT is during the New York trading session.
|Instrument||Spread AM||Spread PM|
|EUR/USD||1 pip||0.8 pips|
|GBP/JPY||1.8 pips||1.8 pips|
|Gold||28 pips||39 pips|
|Light Crude Oil||3 pips||3 pips|
|Dow 30||1 pip||1 pip|
|Dax 30||0.9 pip||0.9 pip|
FXFlat charges commissions for futures trading, and they vary by contract and volume traded.
|Contracts||Commission Per Contract||From 10.001 Contracts||Margin Per Contract From|
|EUREX Micro Contracts||€0.80||€0.80||€30.00|
|EUREX Future FDAX||€1.90||€1.50||€3,000|
|STOXX Europe 50||€1.90||€1.50||€280|
|CME Micro Contracts||€0.90||€0.90||€60|
|CME E-mini Contracts||€2.90||€2.50||€230|
|CME Micro Bitcoin Contracts||€5.90||€5.90||€1,200|
|CME Micro Ether Contracts||€0.90||€0.90||€110|
Swap fees (the cost of holding a position overnight) were average at FXFlat.
In the table below, you can see the Swap Long (the cost/credit of holding a buy position overnight) and the Swap Short (the cost/credit of keeping a sell position overnight) for one full-sized contract. A full-sized contract is 100,000 units of the base currency (the first currency quoted in the pair). We recorded the data on April 8th.
|Instrument||Swap Long||Swap Short|
|EUR/USD||Charge of €3.20||Credit of €2.70|
|GBP/JPY||Credit of €3.40||Charge of €4.40|
FXFlat does not charge any account opening, closing, maintenance, or inactivity fees.
We were impressed by the fees at FXFlat and rate this broker as highly competitive within the industry.
FXFlat offers MetaTrader 4 and MetaTrader 5 for desktops. These include advanced functions such as copy trading and automated trading.
MetaTrader 4 is available in 39 languages, from Arabic to Vietnamese. The platform provides popular features such as:
- Alerts. This feature allows traders to be updated when an instrument reaches a specific price level. MT4 can deliver alerts via audio, email, or push notification to a mobile device.
- Watchlists. Traders can set up a list of their favorite instruments and follow live quotes in a Market Watch panel.
- One-click trading. This feature allows traders to execute orders with a single click and no secondary confirmation. Placing a trade with a single click saves time and is especially useful for short-term traders.
- Trading from the chart. MT4 also allows users the convenience of trading directly from the chart.
MetaTrader also delivers when it comes to the range of available order types. The platform offers the following order types:
- Market Order. An order to buy or sell an instrument at the current best available price.
- Limit Order. An order to buy or sell an instrument at a specified price or better.
- Stop-Loss Order. An order to buy or sell an instrument that is triggered when price reaches a specified level.
- Trailing Stop Order. A stop-loss order that can be set at a defined percentage or dollar amount away from an instrument’s current market price. Trailing stops allow you to secure profits when you are in a winning trade while not having to exit the position.
Charting features within MetaTrader are robust. MetaTrader 4 offers:
- 30 technical indicators. These include classic trend indicators, volume indicators, and oscillators.
- 23 analytical objects. These include lines, channels, Gann, and Fibonacci tools.
- 9 time frames Each instrument can be displayed in nine time frames, from one minute to one month.
- 3 chart types. Traders can choose between Bar Charts, Japanese Candlestick Charts, and Line Charts.
MetaTrader is also popular due to its copy trading and automated trading features.
- Trading Signals. Signals in MetaTrader 4 allow users to copy the activity of other traders automatically.
- Automated trading. MetaTrader 4 allows users to develop, test, and apply Expert Advisors (EAs). EAs are programs that monitor and trade markets using algorithms. They find opportunities according to set parameters and then either create a notification or automatically open a trade.
The MetaTrader 4 desktop platform is one of the world’s most feature-rich and popular trading platforms. It does not have the most beautiful interface and requires some time and effort to learn, but that is typical of advanced platforms.
The MetaTrader Web Platform (Web Trader) is a slightly stripped-down version of the desktop platform. It allows you to trade without any additional software; only an internet connection is required. The Web Platform enables users to trade directly from any browser and operating system.
Popular features include:
- One-click trading.
- Trading from the chart.
- Watchlists with real-time quotes.
- Trade History.
- Advanced charting with 30 indicators for technical analysis.
Copy-trading and automated trading are also only available on the MT4 desktop platform.
For mobile trading, FXFlat offers the MetaTrader 4 mobile app, which is available for Android and iOS. The app offers popular features such as alerts, 1-click trading and trading from the chart.
The MetaTrader 4 mobile app also provides a broad range of order types, including pending and stop-orders. However, trailing stop-loss orders are only available from the desktop. To change the language of the MT4 app, you must change the language for your entire phone. The interface is not the most intuitive, but the MT4 app offers an above-average range of features.
FXFlat is a Straight Through Processing (STP) broker. STP is a Forex brokerage model that routes client orders directly to the market without passing them through a dealing desk.
FXFlat offers an extensive range of tradable instruments via two account types. The MetaTrader account provides access to futures, spot forex, and CFDs. As an introducing broker to Interactive Brokers, FXFlat also offers access to shares, options, futures, bonds, ETFs, mutual funds, and CFDs via the Trader Workstation (TWS) platform.
CFDs (Contract for Differences) are financial derivative products that allow traders to speculate in various markets without owning the underlying assets. Tradable instruments at FXFlat include the following:
- 54 Currency Pairs. A currency pair combines two different currencies, with the value of one currency quoted against the other. For example, EUR/USD, which reflects the value of the euro measured in dollars.
- 14 Index CFDs. An index is a basket of trading instruments used to gauge a market sector, stocks within an exchange, or a country’s economy.
- 11 Cryptocurrency CFDs. Cryptocurrencies, such as Bitcoin, are digital currencies that are secured by cryptography.
- 206 Stock CFDs. A stock is a security that represents partial ownership of a corporation. Keep in mind that when trading stock CFDs, you are speculating on the price of a stock without actually taking ownership of the underlying company.
- 4 Commodity CFDs. Commodities are raw products, such as gold, oil, and metals.
In the tables below, you can see a selection highlighting the variety of instruments available via the MetaTrader account at FXFlat:
|Forex Major||Forex Minor|
|AUD/USD | USD/CHF | USD/JPY | GBP/USD||AUD/CHF | EUR/NZD | GBP/JPY | SGD/JPY|
|CFDs on Indices||CFDs on Commodities|
|AUS200 | HK50 | STOXX50 | US30||Brent Crude Oil | Gold | Silver | WTI Crude Oil|
|CFDs on Shares||CFDs on Cryptocurrencies|
|Microsoft | Porsche | Alibaba | Sony||Bitcoin | Dash | Litecoin | Ethereum|
|CFDs on ETFs||CFDs on Minis|
|iShares Russell 2000 | SPDR Gold Shares | ProShares Ultra QQQ | ProShares Bitcoin Strategy||Brent Crude Oil Mini | Spot Gold Mini | Wall Street 30 Mini Index | Germany 40 Mini Index|
|EUR/USD | GBP/USD | USD/CHF | USD/JPY||STOXX Europe 50 | EUREX Future FDAX | CME E-Mini S&P 500 | EUREX Euro-Bund Futures|
FXFlat offers 24/5 support via phone, chat, and email. We experienced fast responses during our tests and questions were answered satisfactorily. Overall, we rate the customer support at FXFlat as above average.
FXFlat provides 24/5 support in German, English, Dutch, and French. Support responses were fast across the board. Via chat, we were able to reach an operator almost immediately. FXFlat answered calls within a couple of rings. Most email inquiries were responded to the same day.
We tested support with various questions, covering subjects like what constitutes classification as a professional client and whether FXFlat charges commissions for CFDs on shares. We were able to get all our questions answered. We made a high volume of customer service inquiries and judged that FXFlat has reliable customer service.
At FXFlat, clients can make deposits via various methods, including bank transfers, credit/debit cards, and digital wallets. Deposits and withdrawals are free. The primary withdrawal method is bank transfer, which takes 1-3 days to be processed.
The tables below break down the fees and processing times for each deposit and withdrawal method.
|Deposit Method||Fees||Processing Time|
|Bank Transfer||0%||1-3 business days|
|Visa Debit/Credit Card||0%||Within a few minutes|
|Mastercard Debit/Credit Card||0%||Within a few minutes|
|Maestro Debit/Credit Card||0%||Within a few minutes|
|Giropay||0%||Within a few minutes|
|PayPal||0%||Within a few minutes|
|Skrill||0%||Within a few minutes|
|Sofort||0%||Within a few minutes|
|Withdrawal Method||Fees||Processing Time|
|Bank Transfer||0%||1-3 business days|
The standard withdrawal method is via bank transfer. Withdrawals can be made to a credit card or PayPal, but only in the same amount deposited.
The account opening process at FXFlat is fully digital, and individuals can complete the application via the company website within 10 minutes. Account types are broken down primarily by your choice of platform, MetaTrader or Trader Workstation (TWS).
To open a MetaTrader account at FXFlat, prospective clients must provide the following information.
- Choose between MetaTrader and Trader Workstation (TWS) platforms.
- Sum of initial deposit (minimum €200)
- Trading Instruments.
- Platform (MetaTrader 4, MetaTrader 5, AgenaTrader, ATAS)
- Extension (without, StereoTrader, MetaTrader Plus, StereoTrader + Volume Profile Add-On VPOK)
- Marital status.
- Whether you have a second nationality.
- Place of birth.
- Country of birth.
- The country of your tax residency.
- Tax ID.
- Type of client (private or professional).
- Whether you are a politically exposed person.
- Type of employment (employed or civil servants, self-employed, other).
- Enter three security questions and answers.
- Trading Experience (choice of Stocks, Investment funds, ETF´s, Certificates or Fixed-interest bonds, interest-bearing products, savings accounts or Derivatives, futures, CFDs, forex).
- Trading Experience in years.
- The number of trades made in the past three years.
- Estimated net worth.
- Available funds.
- Estimated annual income.
- Type of the invested capital (risk capital, necessary for livelihood).
- Whether you are trading for your own account.
- Reference account: name of account holder, name of bank, IBAN, SWIFT
- Verify your identity and address using your passport and a bank statement.
FXFlat also offers demo and professional accounts.
FXFlat offers demo accounts for MetaTrader 4, MetaTrader 5, and Trader Workstation (TWS). Demo accounts are beneficial for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking any real money.
The MetaTrader 4 and MetaTrader 5 demo accounts feature live quotes and simulate live market conditions in assets such as forex and CFDs on commodities, indices, and stocks. Once users have gotten up to speed on a demo account, they can easily switch to a live version.
Clients classified as professionals have access to higher leverage levels, up to 1:200 for CFDs. Two out of the following three criteria must be fulfilled to be designated as a professional client.
- You have carried out an average of 10 transactions of considerable size per quarter over the past 12 months.
- You hold an investment portfolio (including savings and financial instruments) exceeding €500,000.
- You have worked in capital markets for at least one year.
FXFlat does not offer a swap-free Islamic account.
One of the reasons traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account.
With a standard MetaTrader account, the maximum leverage for CFD trading is 1:30. This means that with an account of €1,000 you can control up to €30,000 worth of positions in the market. If you are categorised as a professional, you can access leverage of up to 1:500. This means that with €1,000, you can control up to €500,000 worth of positions.
Leverage is often described as a ‘double-edged sword’ as it can hurt you as much as it helps you. Traders must remember that it can amplify both their profits and their losses.
FXFlat takes clients from the majority of countries globally. However, FXFlat does not accept clients from North America, North Korea or Iran.
FXFlat has an economic calendar on its website, but does not offer any in-house market commentary and analysis. We found room for improvement here to benefit both beginners and advanced traders.
FXFlat offers educational webinars a couple of times per week, but they are in the German language only. FXFlat can improve its educational offering with more materials for both beginners and advanced traders.
FXFlat German language webinars cover topics such as Non-Farm Payrolls and day trading. Past webinars are archived on their YouTube channel.
FXFlat provides a unique offering with several important strengths. Fees are rock bottom, robust trading platforms are available, and the range of available markets is broader than most forex and CFD brokers. Customer service is reliable, a key quality for both beginners and advanced traders. We rated FXFlat as a highly trustworthy broker, and the private insurance from Lloyds up to €500,000 allows traders to not worry about the security of their funds. The areas where this broker could improve are research and education.
Number Of Employees
United States, Canada, North Korea, Iran
English, French, Norwey, Turkish
Wire Transfer, Credit Card, PayPal, Skrill, Sofort, Mastercard, iDeal, Giropay, Visa
Time to Withdrawal
Time to Open an Account
Bitcoin, Litecoin, Dash, Ethereum
Currencies, Commodities, Indices, Stocks, Crypto