What is Flatex? Who is Behind This Broker?
Overall, Flatex is a safe trading firm to invest in. Clients have a tier-one regulatory agency like BaFIN looking after their interests and rights while being able to enjoy a $1 minimum deposit and no withdrawal fees.
Clients are also able to trade with a wide range of instruments ranging from forex to mutual funds. Some of the downsides of this brokerage are the fact that they only accept wire transfer as a payment method.
It is strongly suggested that you take the time to read this detailed review of licensed brokers, which comes highly recommended FBS Broker, FP Markets, and FXTM Broker.
|BaFin regulation||The broker only accepts wire transfer|
|Wide range of instruments to choose from||Non-typical trading platform|
|Excellent customer service||Non-typical trading platform|
|No deposit, withdrawal, or inactivity fees|
|Low minimum investment|
Flatex Broker Overview
The Flatex brokerage was founded in 2006 as part of the Flatex bank in Frankfurt, Germany. This broker provides its services to clients mainly in the EEA zone, excluding a large number of potential clients. This is likely due to their limited licensing, as they are only licensed and regulated by BaFIN.
Even though BaFIN is a tier one regulatory body, without gaining licenses from the FCA, ASIC, and other regulatory agencies like them, Flatex will only be able to serve EU clients.
Clients of this trading firm can enjoy the extremely low deposit of $1 required by the broker, whilst also enjoying the lack of deposit, withdrawal, and inactivity fees. Clients of Flatex can trade the following instruments:
- Mutual Funds
With such a wide selection of tradable instruments, Flatex is able to serve lots of different kinds of traders even though the brokerage is limited to serving only the EU zone.
|Country of Regulation||Germany, BaFIN|
|Trading Fee||0.05% commission|
|Time to Open an Account||24 hrs|
|Deposit with Bank Card||Not Available|
|Depositing with Electronic Wallet||Not Available|
|Currencies Supported||EUR, USD, CHF, GBP|
|Demo Account Provided||Only for trading CFDs|
|Products Offered||Forex, Indices, Stocks, Commodities, Bonds, ETFs, Mutual Funds|
Regulation and Securities at Flatex
One of the most important things to pay attention to when selecting a broker is who the brokerage is regulated by. Trading with an offshore/unregulated broker can lead to a variety of problems, ranging from being required to make a deposit via crypto, all the way to it being impossible to withdraw your funds.
In the case of this trading firm, this is not a concern as they are regulated by the Federal Financial Supervisory Authority (BaFin).
A tier one regulatory body that provides brokers with a license that lets them legitimately offer their brokerage services and operate in Europe as long as they are in compliance with all of the regulations set up by the regulatory body.
This is crucial as these regulations are put in place as a means of protecting the interests and rights of the clients.
Account Types Available at Flatex
Clients of this broker can use one of two accounts offered by Flatex:
This account allows clients to trade currency pairs using the WebFiliale platform.
This account makes it possible for clients to trade the following:
- Mutual Funds
This account type is clearly more diverse and makes it possible for traders to try their hand at a larger variety of tradable assets.
Flatex Deposits & Withdrawals Methods
This brokerage only offers one method of payment and withdrawal for their clients and that is wire transfer. Considering all of the other things this broker does great, this does really feel like an inconvenience.
Especially when compared to similar legitimate brokers who accept E-Wallet, Wire Transfers, and Credit Card Payments.
Flatex Minimum Deposit?
This broker offers possibly one of the lowest minimum deposits starting at as low as $1. This allows traders to enter at any level that they are comfortable with, as there is not a required amount that seems too large of a risk. All in all, seems like Flatex put a lot of effort into making its clients comfortable. And we greet it.
Available Flatex Trading Platforms
The platform that a broker provides is a key factor in deciding if the broker is the right fit for you. Lots of brokers avoid the challenges that come with a proprietary platform by using industry-standard trading platforms such as MetaTrader4-5. This is not the case with Flatex.
The WebTrader that clients can use with their Flatex account is their WebFiliale. This WebTrader allows clients to trade forex and CFDs. Some of the features available on this platform are:
- Up to 5 watch lists
- Account management options I.e deposits
- Multiple order types
- Order book which shows all your open orders
- One-click trading.
The desktop version of the platform from Flatex is called FlatexTrader 2.0. This version of the platform also comes with 4 weeks of free use, and after that, there is a 15 euro/month charge to use the desktop platform.
There is also a premium option, called TeleTrader Workstation, which costs 39 euros/month. Some of the features of the desktop software are:
- Fully customizable with lots of complex tools
- Full support of alarms and signals
- Multiple order types
- The option to subscribe to real-time courses
- Full chart indicators meant for technical analysis
The mobile app that this broker makes available for clients is called CFD2GO the app is available for both IOS and Android users. Some of the features of the mobile app are:
- News updates
- Account management options
- Charting capabilities and technical analysis
- The ability to create watch lists
Flatex’s Customer Service
Being a German broker, the primary language that Flatex offers its services in is German. This said, for clients that speak German, the customer service system works pretty well. The customer service staff is available five days a week from 8 am till 10 pm.
If a client is in need of help during the out of office hours, clients can fill out a form on the Flatex website and a customer service representative will get in touch with the client at the earliest time that the client is available for the call.
Research and Education on Flatex
The positive Flatex reviews, that we have combed through, have all mentioned the quality of education that the brokerage provides for its clients. The main educational tools that clients of this trading firm have access to are the following:
The webinars offered by Flatex happen on a weekly basis on the broker’s website and heavily focus on training and technical analysis.
This kind of weekly education can help new traders learn the ins and outs of investing relatively quickly, as well as provide helpful refresher courses for seasoned pros.
Calling bell is a video format weekly market update that is organized by this broker. This video is posted every Friday. It mainly focuses on the major news that shifted the market that week.
In collaboration with HypoVereinsbank one markets, Flatex has created an ebook packed with useful tips and tricks for new traders. In addition, we have comprehensive training videos and a self-assessment test.
All in all, with this level of education provided, this trading firm is clearly welcoming to those who are new to the world of investing.
Flatex bank has managed to create a great trading firm. The broker is regulated by a tier one agency in one region, limiting their services to only the EEA zone.
The brokerage also provides stellar educational resources for their clients in the form of videos on a weekly basis that they call the calling bell. They also provide a comprehensive ebook that has features like training videos and self-assessment tests.
Additionally, there are weekly webinars that focus on building clients’ trading skills through a focus on skills like technical analysis.
The biggest downside that we see currently with this broker is the severely limited
way they accept payments. Primarily, Flatex only accepts payments via wire transfer which feels lacking compared to some other legitimate brokers which accept credit cards, e-wallets, and wire transfer payments.
To conclude, this is a safe broker that does what they do very well, with a few minor inconveniences such as the payment method that they accept.
FAQs About Flatex Broker
How Do I Open a Flatex Account?
To initiate the account opening process clients must call the broker.
How Much Does Flatex Charge per Trade?
This is dependent on the type of trade, for mutual funds, a flat fee of €5.90 is applied whilst the fee for US stocks is €5.9 + 0.00218% per order.
How Much Does Flatex Charge for Withdrawal?
The Flatex broker has a $0 charge for withdrawing your funds from your account.