Flatex Review
Flatex, originating as PRE.IPO AG in 1999 and acquiring a banking license in 2005, is known for low fees on stocks and ETFs. Regulated by BaFin, it was acquired by DEGIRO in 2019, but the two firms operate independently. Flatex, publicly listed and backed by a solid parent company, offers its trading services exclusively in German and provides excellent educational resources. However, it has high forex fees and margin rates, and account opening for non-German residents can be complex. The platform also limits transactions to bank transfers and requires proficiency in German.
Recommended to:
Flatex appears to be well-suited for intermediate to advanced traders who are comfortable with trading in German
Pros
- Low stock, ETF, fund and bond fees
- Outstanding educational tools
- No minimum deposit
Cons
- Costly forex fees and margin rates
- Deposits and WD are limited to bank transfers
Review’s Keypoints
Country of regulation
Germany
Minimum deposit
€0
Time to open an account
3 days
Trading fees class
Average
Deposit with bank card
Not available
Number of base currencies supported
4
Products offered
Stock
ETF
Forex
Fund
Bond
Warrants
Certificates
Turbos
Depositing with electronic wallet
Not available
Demo account provided
Yes
Fees
Flatex provides low fees for mutual fund and bond trading with generally low non-trading fees, balanced by average stock/ETF fees and higher forex rates. In the section below, you will find the most relevant fees of flatex for each asset class.
Pros
- Low non-trading fees
- Low stock and ETF fees
- Low fund fees
Cons
- High forex fees
- High margin rates
Flatex Costs
- ***1000 in EUR or USD for the Stocks transaction
- *** Price per contract for Options & Futures
Account
Account opening for non-German or non-Austrian residents at Flatex is complex, though eligibility for European clients is assumed for most countries outside Germany. Open a Flatex account comfortably if you’re proficient in intermediate-level German, as the process and trading platforms primarily use the language.
Individual
Individual
Joint
Joint
Corporate
Corporate
Click on the card to see details
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01Start online application
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02Wait for approval
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03Fund your account
Transfers
Flatex offers free deposits and withdrawals, but only through bank transfers, which can take a couple of days. The platform supports four base currencies: EUR, USD, CHF, and GBP, with no conversion fees for same-currency transactions. Withdrawals, which also take about three days, must be to accounts in your name.
Pros
- Minimum deposit $0
- Deposits and Withdrawals are free
Cons
- Withdrawal process take few days
- Transfer methods are limited
Trading Platforms
WebFillale
Flatex's web trading platform offers comprehensive tools and access to various markets, aligning with its mobile app's functionality. However, it might lack some advanced features present in other platforms. The platform's design ensures user-friendliness and accessibility, catering to a broad range of traders.
Mobile Trading Platform
Flatex's mobile app mirrors the web platform in design and features, accessible on Android and iOS. It's akin to a condensed WebFiliale, maintaining the web platform's capabilities, resulting in a user-friendly experience that earned it a 4-star rating, whereas WebFiliale received 3 stars.
Desktop Trading Platform
Flatex provides two desktop platforms: 'flatex trader 2.0' for advanced traders and 'TeleTrader WorkStation' with more features and extensive data. 'flatex trader 2.0' is in English and offers detailed trading tools, while TeleTrader includes additional charting indicators and international market information.
Offering
Tools
Flatex does not provide analyst recommendations or trading ideas, but it does offer a variety of other services and features for trading.
Charting
Flatex's charting capabilities are advanced, offering a wide range of technical indicators and tools. This feature is especially notable for its customizable and savable charts, enhancing user experience in chart analysis.
News Feed
The Newsfeed's quality is considered basic with an older design, which might make reading the news less convenient. Additionally, the feed mixes German and English news, which could be seen as less user-friendly for those who prefer news in a single language
Fundamental Data
Accessing fundamental data for equity trading on Flatex involves using the 'Symbol search' to find the stock and then right-clicking to open its 'Profile'. This provides info like income statements, main shareholders, and valuation ratios, although it's not easily accessible.
Regulation
Since March 2019, Flatex operates as Flatex Bank AG, ensuring uniform investor protection for European clients under BaFin regulations. They offer negative balance protection for EU retail clients in forex trading. As a bank-operated brokerage listed on the Stuttgart Stock Exchange, Flatex guarantees transparency with regular financial statements. Its stringent regulations, banking license, and oversight by BaFin ensure safety. The acquisition of DEGIRO in December 2019 strengthened regulatory support for both firms, although they currently operate independently.
Bottom Line
For long-term investors with German proficiency, Flatex proves to be an excellent brokerage choice. Its offerings include additional savings and mutual fund plans, providing cost-effective options for stocks, funds, and ETFs compared to its German counterparts.
The broker ensures transparency in financials and offers top-quality educational resources. However, high forex fees and margin rates pose drawbacks. Non-German citizens face complexities in account opening, limited deposit/withdrawal options via bank transfer, and a lack of language switch options in platforms. Despite this, customer service remains largely helpful. With no minimum deposit or inactivity fees, trying Flatex is a low-risk option for those interested.