FXFlat Review 2023
For this FXFlat review, we opened a live account and deposited over €5,000.
We traded the popular instrument in each market to discover the actual spreads and placed a total of 12 trades.
We contacted the broker’s customer support team to resolve the challenges we faced.
Finally, we withdrew our funds to test whether the withdrawal process was smooth.
What is FxFlat
FxFLat is a German Forex and CFD broker founded in 1997 based in Ratingen, Germany.
The CFD trading broker is only licensed in Germany.
FXFlat offers over 250 tradable instruments in the Forex, indices, stocks, and commodities markets.
The broker offers an average number of tradable products compared to the leading brokers.
Here’s a summary of FXFlat’s main features:
| 🗺️ Authorised & Regulated in | Germany |
| 🛡️ Is FXFlat safe | Yes |
| 💰 EUR/USD Spread | 0.8 |
| 💳 Minimum deposit | €200 |
| 💰 Withdrawal fee | 0 |
| 🖥️ Trading Platform | MT4, MT5, AgenaTrader |
| 📈 Markets offered | Forex, Indices, Stocks, Commodities, Cryptocurrencies, Spot Forex |
| 📉 Number of Products | 280 |
IS FxFlat Regulated
FXFlat is licensed by one global regulator, Germany’s Federal Financial Supervisory Authority (BaFin).
Here are the details of FXFlat’s sole license:
| Legal entity | Registered in | Regulator | License Number | Accepting Clients From | Compensation Scheme Amount |
|---|---|---|---|---|---|
| FXFlat Wertpapierhandelsbank GmbH | Germany | The Federal Financial Supervisory Authority (BaFin) | 109603 | EU | €20,000 |
Is FXFlat Safe
Yes, FXFlat is safe to trade. The broker is regulated by Germany’s Federal Financial Supervisory Authority (BaFin), a tier 1 regulator with strict rules.
BaFin guarantees investors deposit compensation of up to €20,000 if the broker goes bankrupt in line with ESMA regulations.
We did not encounter any major challenges when trading with FXFlat.
For this test, we opened a standard account with FXFlat Wertpapierhandelsbank GmbH, regulated by The Federal Financial Supervisory Authority (BaFin) in Germany.
Given its singular license, all FXFlat accounts are registered under the German entity.
Fees and Commissions
FXFlat charges low fees for trading the main instruments on offer. The fees charged for trading Forex pairs, indices, stocks, and commodities were much lower than industry averages.
Both the standard and professional accounts offered by FXflat charge a spread and commissions on trades.
Spread Charged in our Trades
In our tests, we traded the most popular asset in each market. We placed 3 trades per instrument to get an accurate estimate of the average spread. We tested FXFlat’s Standard Account on the MT5 platform and MT4 forex trading platform, which charged a spread and a commission on all trades. The spreads are shown in the table below.
| Markets | Instruments | 1st trade | 2nd trade | 3rd trade | Avg. Spread |
|---|---|---|---|---|---|
| Forex | EUR/USD | 0.8 | 0.85 | 0.75 | 0.80 |
| Indices | FTSE 100 | 1 | 1 | 1 | 1.00 |
| Stocks | Apple | 1.1 | 1.2 | 1.1 | 1.13 |
| Commodities | Gold | 3.1 | 2.8 | 3.15 | 3.02 |
We executed all our trades via the MT4 and MT5 mobile apps on our iPhone.
A closer review of the spreads charged in our trades revealed that they were all below industry standards. However, the broker also charges a commission on trades, which results in higher fees.
| Markets | Instruments | Avg. Spread Charged | Industry Avg. Spread |
|---|---|---|---|
| Forex | EUR/USD | 0.80 | 1.16 |
| Indices | FTSE 100 | 1.00 | 1.65 |
| Stocks | Apple | 1.13 | 1.75 |
| Commodities | Gold | 3.02 | 3.53 |
Other fees
FXFlat does not charge other non-trading fees, such as deposit and withdrawal fees.
Account Types
FXFlat offers 2 account types with different features. The accounts are known as the Standard Account and the Professional Account.
See the differences below:
| Standard Account | Professional Account | |
|---|---|---|
| Trading Platforms | MetaTrader 4 & 5, AgenaTrader | MetaTrader 5 |
| Account Currency | EUR | EUR |
| Minimum Deposit | €200 | €200 |
| Commission | €1.00 per contract, per side halfturn* | €1.00 per contract, per side halfturn* |
| Order Execution | Market Execution | Market Execution |
| Spread | From 0.02 | From 0.02 |
| Note |
FXFlat does not offer an Islamic or sharia-compliant account.
Market Data Subscriptions
*FXFlat customers can choose between EUREX real-time prices and/or CME real-time prices via CQG. The fees for EUREX real-time courses at FXFlat are €20.00 per month. The CME fees for real-time courses (bundle) are €30.00 per month. At FXFlat, active customers who generate a minimum commission of €300.00 per month with EUREX Futures receive free EUREX prices in real-time.
For CME real-time courses, the minimum commission is €300.00 per month with CME Futures trading. If the minimum commission is not reached, the broker will charge your trading account the full amount.
The Professional Account
To get classified as a professional customer, you should fulfill 2 out of the 3 criteria below:
- Trader have an average of 10 significant CFD or Forex trades per quarter.
- Trader hold an investment portfolio (including savings and financial instruments) exceeding €500,000.
- Trader have worked in a financial services branch and got the required knowledge about CFDs or Forex for at least 1 year.
For this test, we chose to open the standard account with FXFlat Wertpapierhandelsbank GmbH, regulated by The Federal Financial Supervisory Authority (BaFin) in Germany.
Account Opening
FXFlat account opening was fast and efficient. We completed the entire process digitally.
Here are the 5 steps to opening an FXFlat account:
- Choose your trading platform and enter your first name and surname, email, prefix and mobile phone number.
- Select your trading instruments, platform, extension, fond through, and enter your initial deposit.
- Enter your address, date of birth, marital status, nationality, second nationality, place of birth, Tax Id and residency, and client type.
- Are you a politically exposed person, type of employment, education background; choose and answer three security questions?
- Provide your trading experience, number of trades in the past three years, estimated net worth, available funds, annual income, source of invested capital.
- Enter reference account details including first and last name of the account holder, name of the bank, IBAN, SWIFT-BIC, Bank account number and bank code.
The registration process took exactly 18 minutes, and our account was approved in one working day.
We opened our account on 9 February 2023, and it was approved on 9 February 2023.
For this test, we opened an standard account with FXFlat Wertpapierhandelsbank GmbH, regulated by The Federal Financial Supervisory Authority (BaFin) in Germany.
Deposit and Withdrawal
FXFlat offers fast deposits and withdrawals. Traders can deposit and withdraw from their accounts using bank transfers, credit and debit cards, and e-wallets such as Skrill and PayPal.
Minimum Deposit
FXFlat has a minimum deposit requirement of €200 on both its Standard account and its professional account.
Deposit
FXFlat clients can deposit funds into their trading accounts via bank transfers, debit/credit cards, and e-wallets such as Skrill and PayPal.
The table below shows the details of our deposits:
| Payment Method | Submitted Date | Funded Account Date | Funding Time | Fee |
|---|---|---|---|---|
| Skrill | 06 February 2023 | 06 February 2023 | 20 min | €0.00 |
| PayPal | 06 February 2023 | 06 February 2023 | 5 hours | €0.00 |
We submitted the front image of our debit card to service@fxflat.com as we tried to make a card deposit. However, we received an email from FXFlat saying that we cannot use a prepaid card to deposit, so we should use another payment method.
Withdrawal
FXFlat allows its clients to make withdrawals via the same payment methods available for deposits making it easy for investors to access their funds.
FXFlat does not charge a fee on withdrawals.
| Payment Method | Submitted Date | Funds Released Date | Funds Arrived Date | Withdrawal Time | Fee |
|---|---|---|---|---|---|
| PayPal | 07 February 2023 | 07 February 2023 | 07 February 2023 | 3 hours | zero |
We requested two withdrawals (2000 EUR withdrawal and 2943.93 EUR withdrawal) to our Skrill and PayPal accounts, but the broker sent the entire amount of 4943.93 EUR to our Paypal account instead of splitting the amounts.
Markets and Products
FXFlat offers over 200 tradable instruments in the Forex, indices, stocks, commodities, and cryptocurrencies markets.
Here’s the complete list of FXFlat’s product offerings:
| Markets | Instruments |
|---|---|
| Forex | 54 |
| Spot Forex | 28 |
| Indices | 17 |
| Stocks | 204 |
| Commodities | 8 |
| Cryptocurrencies | 7 |
The broker’s collection of instruments is lower than those offered by the industry leaders.
Trading Conditions
The trading conditions at FXFlat are great. Traders can execute most trading strategies since the broker allows high-risk strategies such as hedging and scalping.
FXFlat also allows traders to use Expert Advisors (EAs).
There are no time limits for how long traders can keep their hedging positions open.
| Trading Method | Allowed |
|---|---|
| Hedging | Yes |
| Scalping | Yes |
| Change Leverage | No |
Leverage
FXFlat offers its clients different leverage levels based on the account they chose to open.
Traders cannot change their account’s leverage levels after registration since it is fixed.
The table below shows the different leverage levels available to clients:
| Markets | FXFlat Wertpapierhandelsbank GmbH (Standard) | FXFlat Wertpapierhandelsbank GmbH (Professional) |
|---|---|---|
| Major Currency Pairs | 30:1 | 200:1 |
| Non-major Currency Pairs | 30:1 | 200:1 |
| Gold | 20:1 | 200:1 |
| Other Commodities (except gold) | 10:1 | 200:1 |
| Indices | 20:1 | 100:1 |
| Stocks | 5:1 | 20:1 |
| Cryptocurrencies | 2:1 | 3:1 |
Bonus
FXFlat does not offer bonuses to its clients due to EU regulations that prohibit the practice (Find brokers with No Deposit Bonus Forex $100).
Trading Platform
FXFlat offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms to its clients. Traders can access the platforms via desktop and Mac computers as well as mobile devices.
Clients also have access to AgenaTrader, a professional trading platform that supports multiple brokers, instruments and offers numerous trading tools.
Traders who prefer the MetaTrader platforms will be at home with FXFlat. Traders who prefer a modern platform should try the MT5 platform since the MT4 platform is a bit dated.
Traders who prefer a custom trading platform designed for professionals should try out AgenaTrader.
Research and Tools
FXFlat provides various trading tools including webinars, tutorial videos, training PDFs, and a client newsletter with trading ideas and market research.
The broker also provides a host of trading platform add-ons such as StereoTrader, which adds tons of functions to the MetaTrader 4 &5 platforms.
Traders can also access NinjaTrader via the AgenaTrader platform. Other add-ons offered by the broker include Forex-Screener and BasketTrader.
FXFlat also provides an economic calendar on its website showing all the economic events planned for a specific day and week.
Education
FXFlat has a YouTube channel with over 500 educational videos and webinars presented in German. English speaking clients are significantly disadvantaged in this aspect.
FXFlat has partnered with several trader education companies to bring comprehensive trading education to its clients.
- Tradimo: This is an online trading academy with numerous training videos that also offers mobile games and apps.
- Algo-Camp: This is a firm that teaches traders how to develop auto trading systems.
- Statistical trading: Publishes high-quality content about stocks and the stock market. The content is focused on statistical stock analysis.
The broker offers weekly webinars, and interested clients must register to attend the webinars, which are taught in German.
The broker has a comprehensive education offering provided by the trader education companies it has partnered with.
Traders can also open a demo account to practice trading on the broker’s platforms and test their trading strategies.
Customer Service
FXFlat’s customer service team was quite helpful and gave us fast, direct and accurate answers to our questions. Our first interaction with the team was via live chat, where we asked whether they charge commissions on the standard and professional accounts.
We received a fast and accurate response. The broker does not charge any commissions on CFDs and spot Forex instruments. However, futures trades attract a commission.
You can reach FXFlat’s customer support team via email and live chat. Our second query was via live chat, where we wanted to know when our account login details would be ready since we had already deposited funds as required.
We got a fast response, and the support agent let us know that our account login details would be ready in an hour.
We then sent an email asking about the account types offered, the broker’s licenses and deposit and withdrawal methods available. We received a detailed answer within one hour, which was impressive.
The account currency is Euros, and they are an STP Broker. The execution types/orders are market orders. Accounts operate in hedging mode, so hedging is possible. Scalping is allowed, and leverage levels are fixed.
The broker has a German banking license for securities trading, and they are only settled in Germany. They do not charge fees for payments and withdrawals. No bonus is provided due to regulation.
Here are the results of our test below:
| Question | Response Time | Quality of reply | |
|---|---|---|---|
| Live chat | We asked if they charge any commissions for standard and professional account | 1 minute | Direct and fast. |
| Live chat | We asked, since we had already deposited funds, when would our trading account login be ready | 1 minute | Direct and fast |
| We asked several requestions regarding account types, regulations, deposit & withdrawals. | 1 hour | Fast and detailed answer |
Conclusion
Overall, our experience with FXFlat was good. The broker has fast execution speeds and low spreads.
FXFlat requires traders to deposit funds first before receiving their account login details. The broker’s funding team confirms your deposit before providing your account login details.
We were not allowed to deposit using a prepaid card and had to use Skrill and PayPal to deposit funds into our account. Our PayPal deposit was credited to our account in 5 hours, while the Skrill deposit was credited in 20 minutes.
When making our withdrawal, we were not allowed to choose the payment method we wanted to use as the broker processed our entire withdrawal amount via PayPal.
We recommend traders contact the broker’s customer support team via both email and live chat as the replies via both channels was fast and direct.
Unfortunately, FXFlat only communicates in German, and we were forced to translate the emails received back to English. Non-German traders may face challenges when trading with this broker.
We recommend FXFlat to German traders who want to trade with a local broker.
We recommend FXFlat for traders who are
- Experienced traders
- Beginners
- Run Scalping
- Hedging
- EAs trading
- Commission based trading
- Trading through MT4
FXFlate might not be a fit if you are
- Real Stock / Futures Trading
- Clinets from other than Germany countries
Author of this review
By George Rossi
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.
Now I am passionate about reviewing and comparing forex brokers.
Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology