Table of contents:
- 1 FXFlat deposit and withdrawal: all payment options at a glance
- 1.1 Versatile payment options as a plus point
- 1.2 The trading account with FXFlat
- 1.3 FXFlat: Costs and fees with this broker
- 1.4 The most important payment methods are offered at FXFlat
- 1.5 Classical and innovative deposit and withdrawal procedures
- 1.6 FXFlat payout: Experience with the processes
- 1.7 Bonus payments and welcome money
- 1.8 Conclusion: Good selection of payment methods at FXFlat
FXFlat deposit and withdrawal: all payment options at a glance
FXFlat is an offer of the German FXFlat Wertpapierhandelsbank GmbH. The Ratingen-based company has been active since 1997 and cooperates with the British Gain Capital Forex.com UK Ltd. in Forex and CFD trading. German traders profit from the provider’s longtime market experience and the regulation by the German BaFin, which is considered to be a particularly strict financial services supervision. With FXFlat, clients can already choose which securities they want to trade via which trading platforms when opening an account. The FXFlat minimum deposit of 200 Euro is not too high. Already with the first FXFlat deposit, this broker offers half a dozen common payment methods.
- FXFlat Minimum Deposit of 200 Euro
- Deposit money at FXFlat by credit card, bank transfer, IMMEDIATELY, Ideal, PayPal, Skrill
- Deposit by the broker free of charge
- No inactivity fees
Versatile payment options as a plus point
Traders usually pay attention to the costs involved in trading as well as the available assets, the trading platforms offered by a broker, and educational materials are also taken into account when choosing a broker. But also the terms of payment and procedures through which deposits and withdrawals are possible can be among the main decision criteria. If an otherwise inexpensive broker does not offer the preferred payment method, this can lead to the customer ultimately using a different offer. Overly costly payment options reduce profits, and lengthy processing times delay the value of assets that may be urgently needed for a promising trend.
- Payment methods and conditions vary widely
- Favourable payment conditions support trading
- eWallets can be used more and more frequently
- Deposit and withdrawal procedures are usually identical
Both the choice of payment methods and the costs that may be incurred vary considerably depending on the individual broker. In most cases, just like with an FXFlat deposit, no fees are charged for deposits. As a rule, there is at least one deposit method and one variant for withdrawals, which do not incur additional costs. These do not necessarily have to be among the fastest payment methods.
The trading account with FXFlat
Traders who want to trade via the German FXFlat do not have to decide between different account types, but make a decision for the desired tradable values and the preferred trading platform already during the setup of the live account. Clients can limit themselves to Spot Forex and CFDs or complement them with CME Futures, Eurex Futures, or both. Trading platforms include the popular MetaTrader 4, the newer version MT5 and AgenaTrader, with additional extensions such as MT Plus or StereoTrader available.
- Account services after selection of tradable assets
- Free demo account
- Minimum deposit from 200 Euro
- Leverage and deposit protection according to MiFID
The trading account can be set up from the FXFlat website. A corresponding form can be called up by clicking on the button and is essentially self-explanatory. In four steps, information about the person, residence, trading experience and the own financial situation are determined. Likewise, the risk warnings and the terms and conditions of FXFlat must be taken note of. Verification is also part of the process. Here it is sufficient to send the broker a good scan of a valid identification document and a proof of residence, the latter can be done for example by a current utility bill. If all the details are complete, the Broker will immediately activate the trading account after checking the documents. Now the new customer can deposit money on his live account with FXFlat. The FXFlat minimum deposit amounts to 200 Euro and is therefore still in the lower range, even if some brokers do without a minimum deposit completely.
WITHOUT FXFLAT PAYMENT FIRST EXERCISE TRADES COMPANY WITH THE DEMO
The offer of a free demo account is now standard with many Forex and CFD brokers, as it offers a cheap means of convincing new customers of the benefits of their services. Also at FXFlat interested traders can use such a demo without any obligation. Here, no detailed information or money has to be deposited. With a demo account, practice trades can be made in a real trading environment and over all trading platforms of the broker, with virtual capital. This demo is limited to one month, but if you open a real money account with FXFlat afterwards, you can use a demo account parallel and unlimited in time. This is in line with the fact that even experienced traders appreciate the demo for testing and optimizing new strategies and like to use it as a “sand box”.
FXFlat: Costs and fees with this broker
More and more Forex and CFD brokers are courting the favour of traders in Europe. This is a clear advantage for the customer, because the competition leads to the fact that the brokers come up with a lot of ideas for customer acquisition and customer retention. In many cases, a minimum deposit is not required to facilitate access to trading for small investors. As a rule, the trading account is managed free of charge. And competitive pressure also ensures favourable trading conditions. With FXFlat, not only the account management and the use of the custody account is free of charge, the broker also accepts orders by telephone without additional fees. There is no inactivity fee. In Forex trading, the spread is about EURUSD from 0.8 pips, with other currency pairs already from 1 pip. The costs and conditions for trading in contracts for difference are also very transparent.
- Free account management
- Free telephone order placement
- Favourable spreads
- Transparent conditions
Online brokers like FXFlat also take into account the wishes of their customers when it comes to deposit and withdrawal methods and the associated costs. Thus, not only different conventional payment methods and eWallets are offered, the deposit on the trading account is free of charge for traders at the German FXFlat. Those who want to withdraw money at FXFlat do not have to expect fees either.
The most important payment methods are offered at FXFlat
Once the real money account with FXFlat is set up, the first step is to capitalize the account. The first FXFlat deposit must be at least 200 Euro, further deposits must be at least 50 Euro. For the transactions, the broker offers a selection of different popular payment options:
- Payment by credit card
- Bank transfer
- IMMEDIATE bank transfer
Pleasant here: Traders can use PayPal for payments at FXFlat. This is by far not the case everywhere, because the worldwide leading electronic payment service provider charges the recipient with fees that not every provider takes on. However, according to the experiences of users, these payment methods are only valid for customers of the German FXFlat. Traders, who open an account at the British branch, allegedly have to limit themselves to payments by bank transfer or credit card.
Those who do not want to use a credit card but want to pay by means of an IMMEDIATE bank transfer, have to consider that there is an external limit of 5.000 Euro / 72h for this payment method. Regardless of which method is chosen, the credit will not be immediate and automatic. All FXFlat deposits are processed manually and in the order in which they are received. Traders must therefore expect that the value date will be delayed if there is a large workload.
Classical and innovative deposit and withdrawal procedures
For a long time, only conventional payment methods could be used to capitalize the trading account – for most brokers, bank transfers and payment by credit card are still standard today. However, the range of possibilities is constantly being expanded by new electronic payment solutions.
LIMITS FOR WITHDRAWALS BY CREDIT CARD
All payment methods have their own advantages, but also disadvantages. If the trading account is capitalized by credit card, traders can usually dispose of the funds immediately and start trading. However, since the payout is almost always made in the same way that the deposit was made, customers must expect that the credit card will only pay out the amount that was previously deposited. This is because the practical “plastic money” was developed for shopping and therefore provides at most refunds for returned items. If the deposit amount is exceeded, an additional reference account is required, for example for withdrawals by bank transfer.
BANK TRANSFERS: SLOWLY BUT SURELY
The SEPA Credit Transfer or International Bank Transfer is also one of the “longest serving” payment methods and is considered extremely secure. However, bank transfers are significantly slower than credit card payments. Within the Single Euro Payment Area, processing takes place within one working day, but processing by the respective broker is added. It can take up to five days for a trader to have the money available on the trading account, in some cases it can take longer. The advantage of bank transfers is that there are neither limits nor costs – at least if the transfer is made via electronic banking. Fees can only be charged if the transfer is made on paper at a bank counter or by telephone, as well as for international transfers. Most brokers waive fees for deposits. However, when withdrawals are made by bank transfer, brokers like to set minimum amounts, below which costs may be incurred.
ELECTRONIC WALLETS: FAST AND COST-EFFECTIVE
Thanks to the increasing availability of alternative electronic means of payment, including online brokers, there is usually at least one payment procedure that can be executed quickly and inexpensively. The pioneer among the wallets is PayPal – developed for the processing of payments on eBay, the wallet has long since become independent, holds a banking licence and has millions of customers internationally. Skrill, Neteller and comparable offers work in a similar way. Customers can either open an account on the platform and capitalize it, or create a link to their own current account and execute payments in this way. The eWallets are inexpensive for the user, but some of them, such as PayPal, impose costs on the seller and are therefore less often part of the offer at online brokers. Therefore it is an exception that traders can use PayPal for payments at FXFlat. Payment providers like Klarna allow the IMMEDIATE transfer. Here is the name program. Klarna sees itself as an intermediary between buyer and seller, the payment is forwarded by the buyer entering his login data for the online banking and then verified with a TAN. The wallets combine fast execution of transactions with mostly free processing. Brokers also generally waive fees with PayPal, Skrill & Co. However, users cannot expect this. Therefore, before deciding on an electronic payment service provider, the costs and conditions should be determined in cooperation with the selected broker. In this way, subsequent fees, for example for payouts, can be avoided. Possible deposit and withdrawal limits are then also known.
THE LEGAL REQUIREMENTS: DEPOSITS AND WITHDRAWALS ONLY VIA A PERSONAL PRIVATE ACCOUNT
Regardless of the preferred payment method a trader would like to use, there are legal requirements which are binding for private traders when opening and capitalizing accounts. For example, deposits and withdrawals cannot be made through a third party, even if a spouse or parent’s credit card may be used. Transactions may only be made via one’s own account – the reference account and the trading account with the broker must be in the name of the same person. Similarly, private investors may not use business accounts or corporate credit cards to capitalise their trading account.
The guidelines are intended to serve customer protection as well as to restrict money laundering or terrorist financing and are binding not only in Europe but worldwide!
FXFlat payout: Experience with the processes
When depositing money into an account at FXFlat, traders have the choice of half a dozen options, while withdrawals are made by bank transfer to the trader’s reference account. In contrast to most providers, where the payout can be initiated from the personal customer area, every FXFlat payout must be requested. The corresponding form can be found on the broker’s website, where the number of the trading account, the currency and the desired amount are entered. The form should be filled out with correct and complete information to avoid delays.
- Withdrawals on request by form
- Verification is necessary before payouts
- No minimum payout limit mentioned
- Fees do not accrue with the German FXFlat
- While many Forex and CFD brokers set minimum amounts, the falling below of which is accompanied by payout fees, this is not the case with FXFlat – not surprisingly, since only the bank transfer is used for payouts. Also for payouts, the rule applies that the broker processes the requests in the order of their receipt and does not name any binding processing deadlines. However, in view of the fact that payouts are made by bank transfer, customers should be prepared for waiting times of two to five working days until the money arrives in the reference account. In case the linked account needs to be changed, it is usually sufficient to inform the support of FXFlat by email.
FEES FOR ACCOUNT CLOSURE AND INACTIVITY
With some brokers it can be expensive if you want to close your trading account and withdraw the remaining funds. Especially if a trader has been inactive for a while, inactivity fees cause unpleasant surprises – they may eat up the remaining balance within a few weeks. Even with small remaining funds, the broker’s handling fee may eat up the remaining money in the trading account. This seems not to be the case with FXFlat. For its German clients, the Forex and CFD broker states to waive inactivity fees.
Bonus payments and welcome money
A popular means of acquiring new customers are promotions in which the opening of an account is rewarded with a starting balance. While direct banks still use such promotions, online brokers have been banned since 2016 because leveraged financial instruments are risky products. Brokers within the EU have to comply with the MiFID requirements and therefore explicitly do not offer welcome bonuses anymore. Some brokers give their clients the possibility to profit by referrals, but this does not seem to be the case with FXFlat. Altogether, the selection of a broker should also be made according to other criteria – if promotions or friend referrals are offered, this can never be more than a welcome, but by no means necessary addition.
Conclusion: Good selection of payment methods at FXFlat
The German broker FXFlat convinces with longtime experience and a German BaFin-regulation. The trading offer and the available platforms are also impressive, the trading conditions are also favorable and are transparently presented on the website of FXFlat. Traders who have a German trading account – the broker is also represented in Great Britain – have the choice between six different deposit options and can even use FXFlat PayPal. Deposits and withdrawals at the broker are free of charge, an FXFlat withdrawal is usually done by bank transfer. It is important with this provider that the payment transactions are processed manually and in the order of receipt. Thus, even when paying by credit card or IMMEDIATELY, customers cannot necessarily assume that the instructed amount is immediately available for trading. For payouts, one should assume several days. Nevertheless, the range of payment methods offered by this broker, who can probably be described as serious, can be described as good. Traders, who want to get an impression of FXFlat themselves, can also use a free demo account for one month before a trading account is set up and money is deposited. After the opening of a live account the demo will be available for an unlimited period of time. The possibility to get sufficient information is therefore given by the provider.