FAQs about Your Trading Account & Metatrader
Account Opening
You must fulfil the following requirements when opening an account:
- You trade on your own account and with own funds;
- You are at least 18 years of age;
Click on “Open an account” and complete the online application. Once all required details are submitted, we will review your application and contact you.
There are no costs when trading apart from the spread and the financing costs. Customers are not charged transaction or processing fees.
You are self-responsible for the classification in a specific risk class. Please always consider your actual experience in the security trade to prevent financial losses. New customers are generally classified by us as retail customers.
Account Management
You can pass your orders via telephone. In order to make trading easier, however, the platform enables users to stop losses, take out profits and set higher or lower limits. These orders are executed automatically.
Profits and losses in another currency are automatically converted to your account's base currency, according to the current exchange rate.
An account statement is provided after every active trading day. A monthly statement will be sent in the beginning of the following month. Additionally, this data will be provided in your platform, you can find it under "Trade History".
Since FXFlat is not a bank to hold deposits, cash will be transfered back to your reference bank account after 30 days of inactivity. By transferring funds back to your trading account within a year, your trading account can be reactivated.
In this case call FXFlat immediately, you can reach us via our international number: 0049-2102-10049400.
For the first deposit with your credit card FXFlat requires a copy of the credit card bill. When the credit card bill does not show the credit card number, please send a copy from the front of the credit card. In both cases it is important that only the first 4 and the last 4 digits of the credit card number are recognizable. If no copy is available for verification, there may be a delay in booking the funds on your trading account. Of course, you can make bank transfer details and account balances unrecognizable.
Deposits and withdrawals with PayPal are free of charge. A withdrawal can only be made if PayPal has been used before for depositing.
When no deposit is made from your reference account stated in the account application, the account must be verified before a withdrawal can be made. Please send FXFlat a bank statement from your reference account. Of course, you can make bank transfer details and account balances unrecognizable.
If you wish to change your reference account, please send us a declaration of intent by e-mail and make a transfer from your new reference account.
The payment is normally within 2 working days on your private bank account and is free of charge.
Trading MetaTrader
Yes, the charts are displayed in real time within the chart window of the trading platform and can be viewed in different time intervals. The intervals can be adjusted to ticks, 1 or 2 or 3 or 4 or 5 min., 10 min., 15 min., up to 55 min., 1 hour, 2 hours, 4 hours, 8 hours, 1 day, weekly and monthly.
For example: If you adjust DAX to a 10 second interval, every 10 seconds a new point will be displayed in the chart window and connected to the previous price development. With this, the current chart will be based on prices updated every 10 seconds.
You can use: line chart, bar chart, candlestick charts, Heikinashi, Kagichart and the 3 line break chart.
FXFlat expands constantly the offer of order types. You can choose between limit order, stop order, OCO order, guaranteed stop order, trailing stop order and a combination of these order types.
Your broker automatically checks the margin requirement of the positions. The account summary that informs about the initial margin and the maintenance margin is updated in real time on the screen.
When placing an order, the platform will show you the current price. You can protect yourself against unexpected price movements by adding price limits to your orders (slippage). The order will only be executed if the price remains within the specified limits.
Financing costs are charged on long, as well as on short positions. Excluded from this are future-based CFD products on WTI, Brent or the EURO-BUND.
The charge is based on Libor +/- 3.00 %. An example: you buy a Dax CFD (current price 12,000 points) and you hold it overnight. Libor is quoted, for example, at 0.50 %. The financing charge is calculated as follows: (12,000 * 3.50 %) / 360 = 1.17 €. This means that you will be charged €1,17 for each overnight period.
As for Spot Forex you should remember that you can be at the same time long in one currency and short in the other currency. Let us consider the following example concerning the pair EUR/USD (current price 1,20). If you buy 100,000 EUR of EUR/USD, you would take 100,000 EUR to get 120,000 USD. For the -100,000 EUR you are credited the Libor minus 3.00 % (unless if the rate is under 0, because in this case there could be a charge on the customer account) and for the 120,000 USD you are debited the Libor plus 2.50%. The real rate would be, in this example, about 3.40 % and this corresponds to a charge of approximately 9.44 €. The formula to calculate the financing charges for Forex trading is the following: F = (S * P * R) / D
F = daily financing charge (swap rate)
S = trading volume
R = average buy and sell price during the roll-over
D = number of days of the hold position
If the first currency has a higher interest rate, then you are credited the interest for running a long position and debited interested for running a short position. If the first currency has a lower interest rate, then you are debited interest for running a long position and credited interest for running a short position.
Financing costs are calculated daily at a specific moment, at which each CFD and Forex open position (except future CFDs) is charged with financial adjustments. The specific time can widely vary, but by experience financing costs are normally charged after 22:00 CET (17:00 CT) (+/- 2 hours). This time can however be different in summer and winter. Financing costs will be charged if you have an open position at this particular time and it does not matter whether you have been holding your open position since 10 minutes or 10 hours. On the contrary, if you close your position 10 minutes before this specific time, you will not be charged with financing costs, even if you held your position open for the whole day.
No commission is charged when trading CFD on indices, spot forex or forex cfds, commodities, bonds or inflation rates. Only cfds on individual equities are charged a commission of 0.09 % for EU equities and comission free for US equities.
Under the following link you will find information about the leverage of your account type - Standard and Professional account.
The MetaTrader is not FIFO based. You may close any position - and not necessarily the chronologically first order.
Trailing-Stops will only operate as long as you are logged-in to your platform. As soon as you log out, your last trailed stop will become your active stop loss.
Standard account users have negative balance protection.
Professional Classic account have no negative balance protection.
Please be aware, that all important news regarding MetaTrader are sent to your mailbox.
The maximum number of orders and open position is 250 in common on MetaTrader 4. On MetaTrader 5 only the numbers of pending orders is limited to 250.
Yes – not a problem. You can choose between 1,000 (micro lots), 10,000 (mini lots) and 100,000 (standard lots).
You will find the "Alert sound" setting under File -> Configuration -> Parameter, in the menu item "Sounds".
- You will find the "Alert message" setting under File -> Configuration -> Parameter, in the menu item "Alert". This includes the setting on/off for the text message in "Display message."
- In order to add an "Indicator alert", follow these steps (Notice: You must have an indicator in the chart where you want to add the alert)
- You will find the "Indicator alert" button in the chart window in form of a bell that is crossed by a green, blue or magenta coloured line.
- After selecting this option, an "Indicator alert" window will be displayed where you can add an indicator by clicking on "Add" on the left side. With this, "" will be added to the "Indicator alert list".
- To select the parameters for the new "" alert, click on "Add" in centre of the field of the "Indicator alert" window.
- If you select this option, the window "Add alert conditions" will open. The first selection window is the indicator for which you want to add the alert, the centre window is the option for the final option that represents another indicator or numerical value.
- If you want to add several conditions to the alert, you can choose between "AND" or an alternative condition "OR."
- If you want to select additional conditions, choose between "AND" and "OR" from the "operations" window and click on "add".
- Repeat for any desired operation and close by clicking on "OK" on the right-hand bottom of the window.
- The alert will remain activated until deactivation. To deactivate the alert, return to the window "Indicator alert" and uncheck the option in the list.
Products
ETF-CFD, Asia-shares CFDs and US-shares CFDs must be closed one day before Ex-Day until 09:30 p.m. CET. If there are open positions after the deadline, FXFlat will close them after 09:30 p.m. CET. Depending on the trading software, this can lead to complications, as an existing position can no longer be closed by an offsetting position. Closing is still possible, for example via the trading terminal in MetaTrader or the order manager in the AgenaTrader. In an emergency, a position closure by our trading department is also possible.
Forex Spot is the foreign cash market (interbank market). Forex Spot is tradable exclusively intraday between 06:00 a.m. - 10:00 p.m. CET. Positions are not transferable to the next dealing day and must be closed during trading hours, otherwise FXFlat will close the open positions from 10:00 p.m. CET. Please avoid the closing of open positions by FXFlat.
Please notice: Customers with a Standard account do have a negative balance protection. FXFlat offers you free EUREX realtime courses if you generate commissions in the amount of €300 as private customer per month with EUREX futures. For free CME realtime courses you have to generate €300 as private customer per month with CME futures. If you do not reach this minimum commission, we will charge the full amount of fees to your trading account. Please notice: Open positions will be closed 1 hour before maturity. 3 days before maturity futures will be put on "close-only". Margin adjustments for overnight positions take place at 09:45 p.m. CET from the Feb 1, 2021 and are set back at 07:45 a.m. CET to normal conditions. Via Hedge you can reduce your needed margin cover. Please note: Open futures positions will not be closed or partly sold through opening positions.
Stock Market Knowledge
On the FXFlat platform, 1 'lot' equals one unit in the base currency of a currency pair. For example: 1 lot USD/CAD, USD/CHF or USD/JPY equals U.S. $100,000. 1 unit EUR/USD, EUR/CHF or EUR/AUD equals €100,000.
The FXFlat Bank makes an effort to always offer the possibly best prices and executions. Yet price variances, negative ones as well as positiv ones, may occur at any time, especially in so called "Fast Moving Market" situations, i.e. after the announcement of economic data.
A forced liquidation of opened positions will start when the system's displayed level reaches 100%. At next all positions will be closed, whose reference market is opened. A partial close of single CFD positions is not possible. The forced liquidation my lead to a negative account balance. Worst case, going below the minimum margin can lead to evening out the customer's positions. This, as well as great market movement will not prevent you from additional payment liabilites.
The margin requirement for holding a position over the weekend increases to the margin requirement in the standard account. The increase will take place for DE and NL equity CFDs and DETEC30, HK50 and ES35 index CFDs on Friday at 16:30 CET and for all other product groups on Friday at 21:00 CET.
At market opening the margin requirement will be reset to normal.
Foreign exchange trading – also FX or Forex – refers to trading one country’s currency against another country’s currency. When it comes to the trading volume, the global foreign exchange market is the largest market. This means that the order volume in the foreign exchange market is larger than in the federal or stock exchange market. As an example, the New York stock exchange has a daily trading volume of only a very small percentage of the traded volume at the Forex market.
The most commonly traded currencies are: USD, EUR, JPY, GBP, CHF, CAD and AUD. The most commonly traded currency pair is EUR/USD.
Currencies are traded, for example, to secure currency differences (hedging) and for speculative purposes. Currency markets are ideal for speculative trading. The last years showed, that long and clear trends are more often in the forex markets than in the stock markets or other exchanged.
At FXFlat you have the great possibilty to trade in the forex market either with CFDs or cash through spot forex trading. The quotes are absolutely identical. The difference is, that spot forex positions kept overnight will sold and bought back at 10 p.m. to charge the rollover costs. For CFD position the interests will be charged separately on the account. The buying rate for CFD positions won´t change until the position is sold while for spot forex positions the price changes every night.
The margin requirements for spot forex trading vary between 0.25 % and 1 % and can be choosen by the client at any time. Forex cfds always have a margin requirement of 1 %.
FXFlat offers financial analysis for foreign currencies, stocks, stock indices, commodities and other CFD contracts. These types of analysis address investors that are looking for new trading ideas for stocks and foreign currencies as well as investors looking for assistance with the management of their portfolio. We offer studies, investment advice and an economic calendar.
The technical analysis is a systematic approach to analyze the market developments based on historical and graphical data, which means that the technical analysis, can be used to decide whether a financial product is oversold or not. Another advantage of the technical analysis is the detection of crucial trend reversals in the markets or in connection with a product and the anticipation of new tendencies.
The Fundamental analysis uses economic data and news to analyze market situations.
Bid (money) is the price at which customers sell. Ask (brief) is the price at which customers buy. For example: EUR/USD is traded at a price of 1.2250/53. The bid price is the first price (on the left): 1.2250. This price is the conversion rate when selling EUR and buying USD. The ask price is the second price (on the right): 1.2253. This price is the conversion rate when buying EUR and selling USD.
The present position is closed at the end of the day and continued on the next day at the opening price - also called “tomorrow next procedure”.
Through the leverage, the capital invested is multiplied or reduced disproportionately.
The difference between bid and ask – buying and selling rate.
Order is the intention to trade with fixed conditions.
Trade is the execution of an order.
Position is the total of all trades for a specific market.
Unlimited stock market orders are executed immediately at the next available market price. Limit orders are orders at which a trade will be executed in the future as soon as the market price reaches a specific level. A limit order is a restriction placed by the customer on the maximum buying price or the minimum selling price.
Leverage refers to the relation between margin and trading position. You can use a leverage of 10:1, 30:1, 100:1 or 400:1 on the FXFlat trading account. If you choose, for example, a leverage of 30:1, you will be able to trade a position that is 30 times larger than your actual capital investment.
FXFlat offers its customers different options to limit their risk:
- Stop loss orders
- Low leverage
Taxes
The following information is only relevant for private customers who are subject to German tax Law.
In the year 2021, it is uo to our customers to carry out the correct taxation with regard to the profits generated from forward transactions, taking into account the tax regulations of § 20 paragraph 6, sentences 5 and 6 of the Income Tax Act (new version) applicable from 01.01.2021 as part of an annueal tax return.
You can find more information about the Income Tax Law here.
In case you are liable for taxation in Germany, dutiable profits will be deducted form your account with the beginning of the following month. For a loss incurred at a later point of time, excessively paid taxes will be refunded to your account. You will receive a tax assessment note after the first quater of the current year. A confirmation of losses can be requested until the 15th of December of the current year. Losses not asserted will be carried info the following year. Important: If your MetaTrader account is liable to flat rate withholding tax, please make sure that your account always has sufficent liquidity. Please be aware of open positions, as tax payments can lower your margin cover.
Customers are responsible for losses due to tax payments. If you would like to have an immediate church tax deduction, please fill out the following form and send it to [email protected]:
Security
All accounts, in particular before weekends and holidays, are subjected to risk-based screening. FXFlat reserves the right to reduce positions in the event of an imminent shortfall of the net margin requirement unless you provide for compensation yourself.
FXFlat makes use of state-of-the-art security technologies. All information exchanged between your computer and our servers is encrypted: Transmitted data is therefore not accessible by others. All transactions made are confirmed on screen. If you are not connected to the computer at the time, this confirmation will appear at the start of the next session.
Customer funds are held segregated, which is covered by the german EdW for 20,000 Euro per client. The main bank account for customer wires, is at Sparkasse.
Do You Need Further Help?
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