Flatex Review: Flatex.De Is a Trustworthy Brokerage
Flatex is a German broker regulated by top-tier authorities such as the German BaFin. Flatex broker has low fees for popular asset classes like stocks and ETFs. It holds a banking license, is listed on several stock exchanges, and has a strong parent company.
They also have educational tools that are varied and of high quality, which makes them a good choice for beginner investors. On top of that, they also offer a free demo account, which is limited to 30 days, so you can try out their service before committing to a trade.
So, read this Flatex broker review to learn more about them and why you should invest with them.
|Trading Platforms||WebFiliale, Flatex Trader 2.0, Guidants|
|Instruments Offered||Forex, Indices, Stocks, Commodities, Bonds, ETFs, Mutual Funds|
|Credit Card Deposit||No|
Flatex Pros and Cons
One of the main advantages of using Flatex is around-the-clock service and support as well as research offerings. Not only this, but Flatex has reduced transaction costs and fees that are often associated with traditional brokerage firms.
On the other hand, the cons of using Flatex can be that the spreads are offered on trading cryptocurrencies since there are no mutual funds available to invest in.
- Low stock, ETF, fund, and bond fees
- Strong company background
- Amazing educational tools
- High forex fees
- Complicated account opening for non-German residents
- Only bank transfer is available for deposit and withdrawal
Is Flatex Regulated? Security and Regulation
Flatex is a brand of FinTech Group Bank AG, which is a German public company. Group Bank AG, which is a public company, is listed on the Deutsche Borse, which holds a banking license in the Bundesrepublik. That makes Flatex a legit and reliable broker.
It’s important to understand that Flatex provides its brokerage services under the entity Flatex Bank AG since March 2019. Through this German entity, all European clients are eligible for the same amount of investor protection under BaFin regulation.
They also provide negative balance protection for forex spot trading, but only for retail clients from the European Union. Professional and non-EU clients are not covered with any negative balance protection.
Overall, they are a good and regulated company that will provide you with good trading conditions and services.
What are Available Accounts at Flatex?
FlatEX provides one account type, CFD account, and Risk-Free Demo account options. The minimum deposit amount required to register an FlatEX Professional live trading account is $1 USD.
Flatex demo account
Flatex offers demo accounts that give traders the ability to purchase and sell Flatex financial instruments in a practice environment, using fake Flatex digital money and live market conditions and data.
When you practice on a demo account, one of the many advantages you will enjoy is the opportunity to get acquainted with the more technical parts of the Flatex platform. These demo accounts allow you to experience and practice a variety of market charts, Flatex trading indicators, and trading strategies using Flatex.
Flatex standard account
Flatex offers a standard trading account, allowing traders to trade a wide range of financial instruments, with competitive spreads, using the feature-rich Flatex trading platform.
Flatex Trading Platform Overview
The forex trading platform, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.
Some companies provide their own proprietary platform, while others prefer well-known platforms. If there is a choice, the trader should keep in mind what he would like to trade.
Flatex offers four trading platforms depending on what you are going to trade with. They are:
- Flatex WebFiliale
- Flatex trader 2.0
This is a forex and CFD trading platform developed by Flatex. It is web-based and therefore runs on every operating system provided that it has a web browser installed. It requires no additional software downloads or installations. It is also available as an Android and iOS app.
Flatex trader 2.0
This is a professional platform from Flatex in partnership with Tele Trader Software GmbH. It can be downloaded and installed on Windows desktop computers. The Flatex Trader 2.0 platform is the basic package and it is not free. It costs 15€ per month though clients can test the software for 4 weeks for free. The premium package is the TeleTrader Workstation Software which costs 39€ per month. It comes with enhanced features and functions.
This is a third-party online trading platform available to Flatex clients. It has basic and Pro versions. This platform is used to monitor, analyze, discuss and enter trade positions on the financial markets.
Flatex Trading Instruments
FlatEX offers the following trading instruments:
It’s important to note that Flatex offers over 70 Forex currency pairs that include minor, major, and exotic FX crosses, 22 indices, over 2 000 stock CFDs, 13 commodities, 860 ETFs, and more than 60 mutual funds.
All in all, this is a very big diversity of different trading instruments, which allows traders to choose from multiple options and not only one.
Deposits and Withdrawals Methods
FlatEX does not charge deposit or withdrawal fees, but it can only be done through bank wire transfers. The company also requires no minimum deposit.
Accounts can only be held in EUR which can lead to expensive deposits as you will be charged a conversion fee if you deposit from a non-EUR account.
Normal banking requirements are in place as with most other brokers where traders can only deposit or withdraw money from accounts that are in your name. It also takes several days for the money to reflect in your account.
Some clients say that it took them three days to receive their money after asking for a withdrawal with Flatex.
Trading Education at Flatex
Flatex offers its clients a wide range of different educational tools that can help them become successful.
They offer the following:
- Closing bell
- Training videos
Flatex constantly organizes webinars and workshops. The webinars are scheduled almost every week on the website. It focuses on training, technical analysis, and important tips to help traders to become successful. The webinars are grouped into Platform and Strategy Webinars.
This eBook is from ‘HypoVereinsbank onemarkets’ in conjunction with Flatex. The eBook is available upon free registration. It uses interactive training, practical video recordings, and self-assessment test.
This is a weekly stock market update presented by two Flatex analysts. The video presentation comes up every Friday and it focuses on the major news that moved the markets within the week.
This section of the Flatex academy contains a total of 29 video lessons taught by Flatex staff. All the videos are taught in the German language.
The Flatex customer support team works from 8 am to 10 pm, Mondays to Fridays. A contact form is available on the contacts page of the website. Fill out the form and a customer support representative will get back to you.
Here are some of the customer service options available:
- Email support
- Live chat support
Flatex Overall Summary
In this Flatex review, we talked about it being an established investment firm, bank, and broker that is popular in Germany. It is regulated by the BaFin and has also implemented other security measures to ensure a safe trading environment. Multiple trading platforms are available depending on the trader’s choice of instruments and preferences.
On the negative side, forex fees and margin rates are high. The account opening for non-German citizens is complicated and you can only use bank transfers for deposits and withdrawals. Also, Flatex Trader 2.0 is not free and even other services like SMS alerts are also not free. Overall, they can be a good choice of broker for anyone in Germany who is looking to trade with one of the leading online brokers in Europe.
FAQs About Flatex Broker
Does Flatex Offer Live Chat?
They absolutely do. The live chat option is available but it’s not available 24/7.
Is the Broker at Flatex Trustworthy?
They are. Flatex is a regulated broker and has been on the market for many years.
How Long Does It Take to Withdraw from Flatex?
It has been stated on their website it takes between 3 to 5 days.
What Trading Platform Does Flatex Use?
They offer Flatex WebFiliale, Flatex trader 2.0, and Guidants as trading platforms.
Does Flatex Have a Mobile Application?
They absolutely do. They have a mobile application for both Android and iOS