This Flatex review is going to show you that this brand is a great place for some crypto trading. While it’s not a dedicated site for trading cryptocurrencies, it has everything you need to buy and sell Bitcoin. Our Flatex review 2020 found that this online broker has German origins, but has grown to have over 370,000 customers worldwide. With many awards won for its safe and fair online brokerage, Flatex Bitcoin trading is made simple. Plus with low trading costs, you’ll find that it’s never been easier to get started in buying and selling cryptocurrencies. Keep reading to see what else we discovered in our Flatex review 2020.
Pros & Cons of Flatex
- Simple and effective Bitcoin trading platform
- Friendly and helpful customer support team
- Award-winning German online broker with English language site
- Excellent site for trading other securities like ETFs
- Only Bitcoin trades with no other cryptos available
Our Flatex review 2020 discovered that this brand has put together a good-looking and user-friendly website. This features a bold orange, white and black colour scheme, but everything is kept professional and intuitively designed. While it’s a German brand, there are both German and English language versions of the website. Don’t forget that Flatex has developed one of the best trading apps for iOS and Android devices.
At the time of writing this Flatex review, the online broker had handled over 12 million transactions. Just so you know, Flatex has an annualised executed trade volume of over €300 billion. Plus with accolades gained from the likes of Focus Money and Borse Online, it’s evident that this is a highly respected online broker.
It’s easy to get started on the Flatex site. We found that you could simply create your account by providing your personal information and then you could set up your online portfolio in just a matter of minutes. From here, it’s just a matter of using the brand’s innovative trading tools to buy and sell anytime and anywhere. Don’t forget that Flatex also hosts plenty of helpful seminars that can take a lot of the mystery out of online trading.
How To Trade
To get started, you’ll need to click on the Create Account button at the top of the Flatex website. From here you will have to fill in three pages of fairly basic personal details. However, we should note that you may be required to complete a video verification to set up your account.
Once you have your account verified, you can then simply make a deposit. You will only be able to do this via bank transfer, and the amount must be paid in euros. Bear in mind that deposits may take anywhere over three working days to show up in your account. After doing this, you will get the option to either download the brand’s mobile app or the Flatex software trading platform. There is also the option for making trades direct from the web browser.
Now it’s just a matter of making your orders that will show up in your order book, and you can simply trade with just a single click. All of which makes for a very straightforward way to enjoy buying and selling Bitcoin.
Many online brokers will provide you with a variety of payment options for making deposits and withdrawals on their sites. All of these payment options tend to come with their own advantages and disadvantages in terms of limits, fees and how quickly the transactions are processed.
So we were a little surprised to find that there was only one payment method found in our Flatex review 2020. This is because you can only make bank transfer deposits and withdrawals at this online broker site. While this might be a little limited compared to other online brokers, it does make it a safe and secure way to fund your trading.
Our Flatex review found that this site will only accept payments in the euro currency. Plus you should know that it may take anything up to seven banking days for the deposits and withdrawals to be processed.
Anybody with any experience of crypto mining software will know that this can often be a surprisingly expensive activity. After all, there can be plenty of hidden costs that can catch out anybody new to using cryptocurrencies.
Thankfully our Flatex review 2020 found that this brand offers a cost-effective and straightforward price plan for Bitcoin trading. This is because there is a flat rate of €3.90 per order on the brand’s premium trading account. This fee is applicable to a €1,000 order volume.
Beyond this, you’ll find that Flatex features a fee of €5.90 per order for other trades. Bear in mind that there may be additional exchange fees involved. In our Flatex review, we found that these rates offer a much lower-cost over the counter trading package for buying shares when compared to some major online brokers. Plus with low fees of €1.50 for savings plans, it seems that Flatex offers decent value for money.
Customer support is an incredibly important part of any Flatex review. After all, you never know when you might require some help with your Bitcoin trades. So we were glad to discover that the online broker had put together a friendly and professional customer service team.
You’ll find that there are two dedicated customer support telephone hotline numbers. These are for either existing customers or prospective customers. The telephone support hours are open between 0800 and 2200 for existing customers, and 0800 and 2000 for prospective customers. However we should note that these telephone numbers are based in Germany, so they might not be ideal for everyone.
Thankfully, there is also a handy email contact form that gives you an alternative way to get any of your queries resolved. Plus we should mention the fact that we found an excellent FAQ section in our Flatex review 2020. In addition to this, you’ll find handy newsletters and even an impressive VIP Club at this online broker site.
We can’t have a Flatex review without taking a close look at how safe the online broker’s service is. Thankfully we discovered that Flatex is fully regulated by the German Federal Financial Supervisory Authority. As a result, the brand is completely licensed to offer its online broker platform across the whole of Europe.
You should also know that this is a fully encrypted online broker website. It features the latest SSL encryption technology to ensure that all of your personal data and communication is kept completely safe.
Plus our Flatex review 2020 found that your funds will be held in the Flatex Bank AG. This is a fully licensed bank that adheres to all of the necessary laws and regulation to ensure that your money is handled in a safe and responsible manner. The Flatex sign-up process is very robust to ensure that you’ll get to enjoy complete security when creating your account.
Reputation & Customer Feedback
Flatex is one of the new generations of online broker sites that are really shaking up the industry. While it’s a fairly new face on the scene, it has already picked up plenty of awards from prestigious sites such as Euro am Sonntag, Focus Money and much more.
We’ve seen many Broker of the Year awards for Flatex in the past five years, plus the brand has earned a solid reputation for the quality of its ETF trading service. While the Bitcoin trading service is a relatively new feature, we think that Flatex should have what it takes to pick up many more awards for its crypto trading platform.
This Flatex review 2020 has found that this site is a solid option for anybody wishing to get started in Bitcoin trading. You will find it easy to set up your account here, and you will also discover that the brand offers a cost-effective service. Plus we should remind you of the fact that Flatex is subject to strict licensing and regulation to offer you a completely secure and legal way to trade Bitcoin.
It may not be a completely perfect crypto trading site for those looking to trade in a broad range of cryptocurrencies. After all, you can only trade Bitcoin at Flatex, and there is no provision made for buying and selling other cryptocurrencies. But on the whole, we have been impressed with what we’ve seen at this online broker site. So make sure that you register your account at Flatex and get started with your Bitcoin trading.