If you're into investing, you have probably heard about Flatex. It is one of the popular investment platforms and brokers. Thus, you probably have heard about it as you go on researching for the best ones. As you go on further, you may want to learn more about it. If so, read on.
If you want to consider this firm for your investments, Flatex can be an excellent choice for you. However, you may want to learn more about it.
In this article, we'll cover an in-depth take on Flatex. This way, you can grasp and see if this company suits your investing goals and preferences.
Without further ado, let's get into it!
What is Flatex?
Flatex is a brokerage firm regulated by Germany's Federal Financial Supervisory Authority (BaFin). It was initially started in 1999 as PRE.IPO.
The firm received its banking and brokerage license in 2005. Since then, it operates with the name Flatex.
In 2019, flatex AG acquired 100% of Degiro. As of the moment, they operate as separate entities. Still, the flatex strengthens the regulatory backbone of Degiro.
However, one thing to note is that the firm's trading services are ideal only for German residents. While it's not impossible if you're not German, the process of creating an account with the firm can be quite complicated.
What can you buy with Flatex?
Flatex offers a variety of financial products for you if you plan on investing through it. Among the things they offer are:
- Shares trading
- Open-ended investment funds
- Exchange-traded funds (ETF)
- Leverage products / exchange-traded products (ETP)
- Contracts for difference (CFD)
- Foreign exchange (FX)
If you're interested in ETFs, Flatex has fantastic offers you can consider. Here's how you can buy ETFs on the firm.
How to buy ETFs on Flatex?
If you want to buy ETFs on Flatex, you'll need to set up an account, and you can do it through their website.
You can click on this link to take you to the Flatex Website. Afterward, click on "HANDEL," which means trading.
Then, you'll click on “Order aufgeben,” which means give an order. You can then choose the ETF you want by typing the ISIN Number.
Afterward, you'll get redirected to the ETF page. Then, you'll need to scroll down to see the overview of exchanges.
Since the website is in german, you may find it troublesome to create an account. If you're not german, account creation may involve many complicated processes and may take days.
Is Flatex a good broker?
Flatex is a good broker for many reasons. For instance, many consider it safe due to its long track record. Further's it belongs on a stock exchange and has a banking background.
Another thing to note is that the firm discloses its financials while running while getting regulated by a top-tier authority.
Is Flatex good for beginners?
Flatex is suitable for beginners, but not that much if you're not a German citizen.
The process of account creation is doable online and will only take a few moments for German citizens.
However, if you're not a German or Austrian citizen, the firm may ask for more requirements. Thus, in total, the process would be quite complicated and may take days.
In short, if you're not a German citizen, you have better options than Flatex.
Is Flatex a discount broker?
Flatex describes itself as a "discount broker.” A discount brokerage is a business that allows clients to buy and sell securities. However, it does not provide advice, research, planning, or other investment services.
Those who use discount brokerages have little to no interaction with a real broker. Thus, discount brokerages charge lower fees.
How much money do you need to open a Flatex brokerage account?
Flatex states opening an account is always free of charge. Thus, you can create an account on Flatex without paying anything.
However, you will always need to place funds before you start doing something with your account.
Does Flatex have hidden fees?
Flatex has no hidden fees and low-non-trading fees. Further, they also don't charge fees due to inactivity, account, or withdrawals.
So, you may wonder how they make money if they don't charge fees for such transactions.
How does Flatex make money?
All kinds of financial investment brokers usually have one or more of these two types of fees.
These fees are the ones you pay when you make a trade. For instance, every time you purchase a stock or ETF, you'll get charged a certain fee. The fee can be either a commission, a spread, or a financing rate.
These fees occur to some operations you may take into your account. For instance, if you deposit or withdraw money, they charge you a certain amount for it.
How to withdraw money from Flatex?
If you want to withdraw money from Flatex, you can follow these steps:
- Login to your flatex account.
- Click on 'Konto & Depot'
- Choose 'Überweisung' from the list.
- Choose your account, the recipient, and the amount.
- Click 'Eingaben übernehmen' to send your request.
Note that you'll need to confirm your request with flateXSecure.
Withdrawals are also free of charge, and again, you can only use bank transfer.
Who owns Flatex?
Frank Niehage is the CEO of Flatex. It is an integrated online brokerage business.
Further, it covers two areas. These two are technology and financial services. It includes a bank and a brokerage business.
What bank does Flatex use?
Flatex uses its banking system for its transactions. Further, it received its banking and brokerage license in 2005. Since then, it operates with the name Flatex.
Flatex User Reviews
Flatex is an excellent opportunity for investments. Here's an overview of the reviews in TrustPilot. Out of 2,086 reviews, the company earns this review:
- 36% says it's excellent
- 21% says it's great
- 11% says it's average
- 9% says it's poor
- 22% says it's bad
Of course, it will only go as far as the reviews. Since many people have said so, it offers quite a reassurance.
Still, as always, personal and in-depth research wouldn't hurt you. For this reason, it would be best not to get involved unless you know your way around it.
Flatex is an excellent firm you can count on to manage your investment needs. Moreover, they boast of their outstanding performance and their large assets under management.
As always, it would be best to research your own and consider what other people say about the company. This way, you'll get to understand it more and know your way in it before you place your hard-earned money.
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