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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

Assets
Costs Level
Costs Terms
Assets
US Stocks
Costs Level
Average
Costs Terms
$5.9
Assets
EU Stocks
Costs Level
High
Costs Terms
€8.28
Assets
US Options
Costs Level
-
Costs Terms
Not Availible
Assets
EU Options
Costs Level
-
Costs Terms
Not Availible
Assets
US Futures
Costs Level
-
Costs Terms
Not Availible
  • ***1000 in EUR or USD for the Stocks transaction
  • *** Price per contract for Options & Futures

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

Flatex in numbers:

0
Markets
0
Instruments
0
Jurisdictions

Stocks and ETFs

In addition to German exchanges, flatex provides access to multiple European and international stock markets.

Forex

Flatex offers a great selection of tradeable currency pairs.

Funds

Flatex offers a limited selection of mutual funds but provides fund savings plans for regular investments at favorable fees, similar to ETFs.

Bonds

Flatex offers government and corporate bonds, including bonds from smaller countries like Paraguay and Hungary, indicating a diverse selection. However, the exact number of available bonds isn't specified.

Other Assets

Flatex provides unique assets from major financial institutions like Goldman Sachs and Morgan Stanley, classified into categories such as 'Platin', 'Gold', or 'Silver'. These categories consist of leveraged products including warrants, turbos, and certificates, which are offered at competitive fees.

Social Trading

Flatex's Wikifolio is a third-party online platform for social trading, where traders share and manage their strategies. You can access and invest in these strategies through WebFiliale, Flatex's web trading platform.

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.

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