Reviewed broker: FX Flat
Operated by FXFlat Wertpapierhandelsbank GmbH
Established in 1997
Regulation: Federal Agency for Financial Services Supervision (BaFin)
Trading instruments: Futures, CFD and Forex
FX Flat Review : Trading Conditions
With a Forex demo account from FXFlat, you can see for yourself how Forex Trading works without having to invest any real capital. You learn the mechanisms of the markets – the experience you gather with the FXFlat demo account prepares you to start investing real money with a live currency account.
|Forex CFD (Standard Account)||Forex CFD (Professional Account)||Forex Spot|
|Margin requirement||from 3,33%||from 0,5%||from 0,5%|
|Negative Balance Protection||Yes||Yes/No*||Yes|
Below is an overview of the key features of a standard account fortrading in Futures, Forex and CFDs. Please note that Futures trading is only possible via the MetaTrader5 trading platform. On the MetaTrader5,Futures, CFDs and Spot Forex trading are thus available on a single account.
|(First) Deposit||from 200,- EUR|
|Leverage up to|
|CFDs Indices – Majors||1:20|
|CFDs Indices – Minors||1:10|
|Forex CFDs – Majors||1:30|
|Forex CFDs – Minors||from 1:10|
|Stocks DE CFDs||1:5|
|Stocks US CFDs||1:5|
|Weekend-Margin||normal (no duplication)|
|Negative Balance Protection||Yes|
If the capital of the trading account falls below 50% of the minimum required margin, an automatic closing of the position takes place immediately according to the rule:
The trading position with currently open reference market and with the highest loss is first resolved to the next tradable price. This process is repeated until the total capital again exceeds 50% of the required margin requirement.
FXFlat Review : Trading Platforms
FX Flat provides powerful trading software which allows you as a private investor, even a novice one, to trade at a professional level. FXFlat offers trading platforms such as MetaTrader 4, MetaTrader 5 and AgenaTrader – all solutions developed by experienced stock market professionals. WebTrader and Trading Apps Mobile Trader for your Smartphone and Tablet and the additional MetaTrader Plus service and StereoTrader for your MetaTader complete this broad range of platforms.
FX Flat Review : Payment Methods
Minimum deposit requirement is $200
Available payment methods include Transfer, Credit card (Note: For the first deposit, a credit card bill is required as proof), PayPal, Instant Transfer (max. external limit 5,000€ within 72 hours), iDEAL and Skrill.
FX Flat Review : Customer Support and Educational Materials
An extensive support service will answer any questions about your deposit. FX Flat representative service is available five days a week, 24 hours a day – either by telephone, live chat or email. You receive additional support through our extensive range of events. In both webinars and conventional seminars, renowned experts explain the mechanisms of the market and describe promising strategies. They provide you with trading expertise to lay the foundation stone for your stock market success. Because there is no doubt, experience is crucial with trading Futures and CFDs too.
FX Flat Questions Answers
What are the conditions to open trading account with FX Flat?
You must fulfill the following requirements when opening an account:
- You trade on your own account and with own funds;
- You are at least 18 years of age;
- Minimum deposit of 200 EUR or equivalent in foreign currency.
How much does trading cost?
There are no costs when trading apart from the spread and the financing costs. Customers are not charged transaction or processing fees.
Is there an option to trade via telephone?
You can pass your orders via telephone. In order to make trading easier, however, the platform enables users to stop losses, take out profits and set higher or lower limits. These orders are executed automatically.
What is a trading unit?
On the FlatTrader platform, 1 ‘lot’ equals one unit in the base currency of a currency pair. For example: 1 lot USD/CAD, USD/CHF or USD/JPY equals U.S. $ 100,000. 1 unit EUR/USD, EUR/CHF or EUR/AUD equals 100,000 Euro.
Which kind of financial analysis are available through FXFlat?
FXFlat offers financial analysis for foreign currencies, stocks, stock indices, commodities and other CFD contracts. These types of analysis address investors that are looking for new trading ideas for stocks and foreign currencies as well as investors looking for assistance with the management of their portfolio. We offer studies, investment advice and an economic calendar.
Does the system support real time charts?
Yes, the charts are displayed in real time within the chart window of the trading platform and can be viewed in different time intervals. The intervals can be adjusted to ticks, 1 or 2 or 3 or 4 or 5 min., 10 min., 15 min., up to 55 min., 1 hour, 2 hours, 4 hours, 8 hours, 1 day, weekly and monthly.
For example: If you adjust DAX to a 10 second interval, every 10 seconds a new point will be displayed in the chart window and connected to the previous price development. With this, the current chart will be based on prices updated every 10 seconds.
What kind of charts can I use?
You can use: line chart, bar chart, candlestick charts, Heikinashi, Kagichart and the 3 line break chart.
What kind of order types can I use?
FXFlat expands constantly the offer of order types. You can choose between limit order, stop order, OCO order, guaranteed stop order, trailing stop order and a combination of these order types.
How does my broker check my positions against the margin requirements?
Your broker automatically checks the margin requirement of the positions. The account summary that informs about the initial margin and the maintenance margin is updated in real time on the screen.
Are stop loss and limit orders executed at the prices specified?
When placing an order, the platform will show you the current price. You can protect yourself against unexpected price movements by adding price limits to your orders (slippage). The order will only be executed if the price remains within the specified limits.
How much do financing charges cost if I hold a CFD position overnight?
The charge is based on Libor +/- 2.50 %. An example: you buy a Dax CFD (current price 12,000 points) and you hold it overnight. Libor is quoted, for example, at 0.50 %. The financing charge is calculated as follows: (12,000 * 3.00 %) / 360 = 1.00 €. This means that you will be charged in this case 1.00 Euros.
How much do financing charges cost in Spot Forex?
As for Spot Forex you should remember that you can be at the same time long in one currency and short in the other currency. Let us consider the following example concerning the pair EUR/USD (current price 1,20). If you buy 100,000 EUR of EUR/USD, you would take 100,000 EUR to get 120,000 USD. For the -100,000 EUR you are credited the Euribor minus 2.50 % (unless if the rate is under 0, because in this case there could be a charge on the customer account) and for the 120,000 USD you are debited the Libor plus 2.50%. The real rate would be, in this example, about 3.40 % and this corresponds to a charge of approximately 9.44 €. The formula to calculate the financing charges for Forex trading is the following: F = (S * P * R) / D
F = daily financing charge (swap rate)
S = trading volume
R = average buy and sell price during the roll-over
D = number of days of the hold position
If the first currency has a higher interest rate, then you are credited the interest for running a long position and debited interested for running a short position. If the first currency has a lower interest rate, then you are debited interest for running a long position and credited interest for running a short position.
When are financing costs charged to the account?
Financing costs are calculated daily at a specific moment, at which each CFD and Forex open position (except future CFDs) is charged with financial adjustments. The specific time can widely vary, but by experience financing costs are normally charged after 22:00 CET (17:00 CT) (+/- 2 hours). This time can however be different in summer and winter. Financing costs will be charged if you have an open position at this particular time and it does not matter whether you have been holding your open position since 10 minutes or 10 hours. On the contrary, if you close your position 10 minutes before this specific time, you will not be charged with financing costs, even if you held your position open for the whole day.
How are transactions secured by FXFlat?
FXFlat makes use of state-of-the-art security technologies. All information exchanged between your computer and our servers is encrypted: Transmitted data is therefore not accessible by others. All transactions made are confirmed on screen. If you are not connected to the computer at the time, this confirmation will appear at the start of the next session.
How are my funds secured?
Customer funds are held at Barclays Bank, which is covered by the Deposit Guarantee Fund (Great Britain) up to an amount of 50,000 GBP. Furthermore, all customer funds are deposited in segregated accounts and will not be affected in the event of an insolvency of the broker firm.
How much does a withdrawal by bank wire cost and how long does it take?
The payment is normally within 2 working days on your private bank account and is free of charge. On the contrary, a same-day wire costs on average about 20 Euro.
Is trading with micro and mini lots possible?
Yes – not a problem. You can choose between 1,000 (micro lots), 10,000 (mini lots) and 100,000 (standard lots).
What is the commission rate when trading indices (e.g. Dow Jones)?
No commission is charged when trading CFD on indices, spot forex or forex cfds, commodities, bonds or inflation rates. Only cfds on individual equities are charged a commission of 0.09 % for EU equities and 4 $ Cent for US equities roundturn.
How was the rating of FX Flat performed compared to other brokers?
This 2023 Forex Broker Review has been conducted though thorough research and assessment of rating and ranking among almost 300 international forex brokers. The final grade is given based on FX Flat broker performance and features.
Overall our online FX Flat review was conducted with the details obtained from the demo trading and the forex brokers website. If you would like to add details to this online FX Flat or you find inaccurate details FX Flat broker review please get in touch with us and the changes will be applied.