FXFlat broker has a slick website design and an overall solid user experience. The firm has been in the business since 1997, with its most recent changes being in 2021, when its authorization for investment brokerage and a permit for proprietary trading ended.
Currently, they only have approval for portfolio management.
While seemingly ideal, this firm has lots of details we’re missing. Let’s dive deep into our complete FXFlat review and discover if your funds are safe with the said company.
|Broker Status:||Regulated Broker|
|Known Broker Sites:||Fxflat.com|
|Operating Status:||Active Forex Trading Platform|
|Complaints From Regulators:||N/A|
|Broker Owner:||FX Flat Bank AG|
|Trading Platforms:||MT4 / MT5 / TWS / AgenaTrader|
|Minimum Deposit:||200 EUR|
|Crypto Trading:||Available – BTC, ETH, USDT|
|CFD Trading:||Yes, you can trade CFDs|
|Trading Instruments:||Forex / Commodities / Shares / Indices / Cryptocurrencies / Bonds / Futures / ETFs|
|Islamic Account:||Not Available|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Team:||Be careful when investing with this firm|
FXFlat Regulation – Is the Broker Legit and Authorized?
Broker FXFlat is a European brokerage house owned by FX Flat Bank AG. The firm is registered in Germany and operates in accordance with German laws. FXFlat’s regulation comes from one of the most prominent regulators in the EU, BaFin.
BaFin has quite strict requirements for Forex and CFD brokers, demanding that they have a minimum operational capital of 750,000 EUR, set compensation funds, and keep clients’ funds in segregated accounts.
Furthermore, these brokers should file financial reports with the regulator once a year and follow through with all the laws.
Since its registration, FXFlat Forex broker has changed the business owner and structure, upgrading from a typical brokerage to portfolio management.
As an EU-based brokerage, FXFlat must comply with ESMA rules regarding transparency and leverage limits. However, we see a bit of a failure here, as the license is not clearly displayed on the main page, nor is the owner’s name and the official address.
According to ESMA, the leverage limit for FX majors is set to 1:30, while FXFlat offers 1:200 for spot Forex. Additionally, leverage for futures starts from 1:135, putting your funds at risk.
Finally, the firm has mentioned LLC IB in its Account Types section, which is meant to be used by non-EU residents. However, it was never specified where this LLC is registered or if it has valid regulations. Hence, if you reside outside of the EEA zone, you will end up with an entirely anonymous entity.
FXFlat is a trading firm based in Germany, under the BaFin license. The firm has mixed reviews on Trustpilot, indicating that not everything is as smooth.
Where Is FXFlat.com Trading Platform Active?
As an EU-registered firm, FXFlat mainly operates in Europe. Some of its main areas are:
The firm has been operating under fxflat.com, as we know it today, since May 2006.
Noting that their status with BaFin has recently changed in terms of their approval, it’d be best to consult the regulator and check if they’re still authorized to provide the services you wish to engage with.
FXFlat Support Team – What Does Support Do?
FXFlat has a support team available via phone, email, and online chat. Once you register an account, they will call and offer their assistance with depositing the initial sum. Additionally, they may offer their support with setting up an account, choosing the platform, etc.
While all this sounds tremendous, FXFlat reviews indicate that once you wish to withdraw your funds, this same support becomes rude and aggressive.
Not once did we read about the customer’s negative interaction with the said support, who refused to provide any information regarding withdrawal processing time or the alleged account policy violations.
It seems as if they’re pleasant while taking your funds, and the situation changes when it comes to payouts. You should know that support is your only way to get the information from a brokerage and their main face.
If something is not going well in this communication, it may indicate bigger issues.
FXFlat Reviews – Traders’ Experience
Speaking of the reviews, we want to show you some of the clients’ experiences with FXFlat broker. It seems that the firm is doing everything in its power to keep clients’ funds and refuses to process withdrawal requests under weird circumstances.
At the time of writing, there were 82 reviews on Trustpilot, and here’s one of them.
It’s been already 2 months that FXFlat hold my profits.
Be really careful when operating with them, Market Maker bank with all operations sent anonymously to their LP but yet they hold and cancel clients profits after weeks of operation with the allegations their LP had cancel de trades.
Well, just my advise to you trader do not trade or deposit your money here.– Trustpilot Customer
What Trading Platforms Are Available?
There’s a nice choice of FXFlat’s trading platforms, including MT4, MT5, TWS, and AgenaTrader.
MetaTrader4 and MT5 are the most popular software nowadays, with millions of users of their desktop and mobile apps.
Both have advanced charts and indicators, with MT4 being the older 32-bit version. MT5 was built later, working on 64-bit technology, thus being faster and with a more extensive range of features. We have AgenaTrader, Mercury version including C# script.
This platform allows full automation and is free of charge and added to the MetaTrader.
TWS, or TraderWorkstation, is another excellent platform available for desktop and mobile devices. There are a large number of TAs that allow manual offline updates.
FXFlat Mobile App – Can I Download It?
As mentioned, all the platforms have their mobile versions. FXFlat login is enabled from MT4, MT5, and TWS through any Android or iOS-based device. Each app has the same features as the desktop version, allowing full functionality.
What Trading Assets Does the Broker Offer?
This trading brokerage gives clients access to a full range of trading assets, including spot Forex, futures, and CFDs on:
- Currency pairs – EUR/USD, GBP/NOK, AUD/ILS
- Commodities – gold, oil, palladium
- Indices – DAX30, FTSE100, S&P500
- Shares – Amazon, Apple, BMW
- Cryptocurrencies – USDC, BNB, XRP
- ETFs – iShares Russel 2000, Invesco QQQ, SPDR S&P500
FXFlat Fees and Spreads
Fees and spreads depend on the trading platform you use. Hence, for the MetaTrader, the spread on indices starts at 0.9 pips, while for FX majors, it’s 0.7 pips.
On the other hand, on TWS, stocks have a commission of 1.9 EUR, while futures start from 0.8 EUR.
Trading Accounts Comparison – What’s the Difference?
FXFlat account types also depend on the platform, as well as a legal jurisdiction.
TWS platform has different accounts depending on the legal jurisdiction. We have IB Europe and IB LLC.
IB Europe accounts:
- Cash – 2,000 EUR
- Margin – 2,000 EUR
As the name suggests, only the second one allows margin trading if the collateral is deposited. Furthermore, the Cash account doesn’t allow short sales and has limited day trading.
IB LLC accounts:
- Cash – 2,000 EUR
- Reg T Margin – 2,000 EUR
- Portfolio Margin – 110,000 EUR
Once again, the first account doesn’t support margin trading, while the other two do. The first has limited tradable assets, while the others include all instruments. Short selling is not allowed for the Cash account, while day trading is limited.
- Standard account – 200 EUR
- Corporate account
The main difference is that the first is to be used by individuals, while the second is a dedicated business account.
Negative Balance Protection
According to ESMA rules, each broker operating in the EEA zone must offer negative balance protection. It’s a safety measure in case clients lose their entire deposit, preventing them from being in debt to the brokerage.
With FXFlat, we haven’t found any information regarding negative balance protection.
FXFlat Demo Account – Can I Trade For Free?
FXFlat Demo account is available through MT4, MT5, TWS, and AgenaTrader. You can trade risk-free for 30 days before deciding to invest.
This type of trading is quite good as you can get familiar with the platform and trading terms, then make a final decision.
However, it can also give you a false sense of safety as you’re not losing real money, which changes once you make a deposit.
FXFlat Deposit Methods – How To Deposit?
FXFlat’s minimum deposit is 200 EUR, and each next deposit requires at least 50 EUR. Customers can use the following methods:
- Wire transfer
- Debit/credit card
Note that depositing by credit card allows you to request a chargeback within up to 540 days if something goes wrong.
How to Withdraw Your Profit From an FXFlat Account?
Now we have come to the confusion. According to AML policies, withdrawal must be made using the same payment method as the deposit.
However, the FXFlat withdrawal section indicates that you can only use a wire transfer and get your money back in one currency only – EUR. Note that for depositing, they allow 10 different currencies.
This, combined with negative reviews concerning withdrawals, leads us to question whether getting your money back is possible.
FXFlat.com Verification Process
By law, each monetary transaction requires identity verification. You need to prove your identity with supporting documents whenever you want to transfer funds, especially a more considerable sum. However, FXFlat’s employees don’t always stick to this rule.
Au contraire, when clients request a withdrawal, they ask for a number of documents, various photos, signatures, and more.
This process can continue for months, and clients still don’t get their funds back. You should report it to the relevant authorities immediately if something like this happens.
I Lost Money With the FXFlat Broker, What to Do?
Let us know if you cannot get your money back from FXFlat or any similar trading organization. Global Fraud Protection has experience assisting victims in getting a refund.
Don’t hesitate to share your story and tell us what happened. Book your free consultation now, and let’s start working on recovery!
All In All, Don’t Let the Scammers Get Away for Free!
Is FXFlat a Legit Broker, and Should I Invest In It?
FXFlat is a brokerage regulated by the German BaFin. However, their area of business has been narrowed down by the license provider. Contact us for assistance if you have any issues getting your funds back.
Does FXFlat Offer a Demo Account?
Yes, broker FXFlat offers a risk-free Demo account for 30 days.
What Is the FXFlat Minimum Deposit?
The minimum deposit with FXFlat broker is 200 EUR for the MT account.
How Long Do FXFlat Withdrawals Take?
The firm hasn’t specified how long it will take for clients to receive their funds.
Are My Funds Safe With FXFlat?
The broker is regulated, so in case of issues, you can always turn to authorities for help or contact us for assistance with the chargeback process.