ATFX is one of the world’s award-winning brokerage companies that deal with Forex, CFD trading, and spread betting. They provide their traders with access to multiple trading instruments in several markets, worldwide.
In this review, we will be critiquing the services provided by ATFX. Out of the things we will be rating them out of include, the regulatory bodies that have recognized and licensed ATFX and deemed it secure and safe for trading, the types of trading platforms that are offered by ATFX, funding methods for depositing your money, the trading and inactivity fees, and commissions if any, the added value of bonuses and promotions, availability of different financial tools and educational tools and many other things.
The aim of this review is that by the end of this article, the reader should get a clear idea of what constitutes trading with ATFX and whether if you should open an account with them or maybe consider another forex broker.
- Safe – having a multitude of financial services licenses under their wing and in particular being recognized by the prestigious Financial Conduct Authority of the UK, makes ATFX completely safe to trade with.
- Good Customer Service – ATFX offers its clients great customer service making the entire process very pleasant.
- User Friendly – Their platform is available on iOS and Android devices as well as for traditional means of computers as well. The AI-based platforms have made trading hassle-free. Super important to note is that their platform is customizable.
ATFX Company Profile:
ATFX opened for business initially in 2017 and it has been a massive success ever since. The company is based in Cornhill, London, United Kingdom, and had acquired its license from the Financial Conduct Authority (FCA) of the UK and the Cyprus Securities and Exchange Commissions (CySEC).
ATFX is a moderately new online trading broker but with their command of trade, they have been a pioneering revolutionary in the CFD and forex trading industry. More recently ATFX has added cryptocurrency coverage in addition to forex, and CFD trading products.
Currently, ATFX UK has around 1,200 customers globally and is responsible for approximately £7.5m of customer reserves.
Forex regulation has always been a sensitive topic and a topic of issue. Essentially speaking, what one might deem as a quality regulation the other person might not. However, in recent times regulations by Europe and Australia are considered the most reliable forex regulations in the whole wide world. To their benefit, ATFX holds licenses in multiple jurisdictions under the name of the trading group called the AT Global Markets Limited.
Around the globe, ATFX operates under 4 legal entities. In the European Union, they are regulated by the Cyprus Securities and Exchange Commissions (CySEC).
They are also regulated by the globally acclaimed Financial Conduct Authority (FCA) of the United Kingdom. For operations in the islands of Mauritius, they are regulated by the Financial Services Commission of Mauritius
Lastly, ATFX is licensed by the Financial Services Authority of St. Vincent and the Grenadines.
One of the main benefits of these multiple regulations is that ATFX is able to offer its clients greater legal protection all over the world.All in all, oversight from all of these prestigious world’s leading regulatory bodies indicate that ATFX can be trusted by traders.
ATFX Trading Platforms:
To their lacking, ATFX does not provide its traders with their own in-house trading platform.
Instead, they provide their traders, the infamous MetaTrader 4 platform to work with. MT4 is available for all kinds of devices, including iPads, iPhones, MacBook, Android devices, Tabs, and Windows devices as well. All of these offer multi-lingual and multi-currency trading options to its users.
For continuous daily activity, ATFX provides the service of a VPS. The MT4 platform is customizable for charts and workspaces and their likes. Traders can also set their preferred display methods. It also has an order confirmation option. However, there are no price alerts or the safer 2 step login method, which is unfortunate.
There are about 50 indicators and 30 or so chart analysis tools available for the trader. Also available are automated trading strategies via expert advisors. The MT4 platform is best known for its stability and allows the user to trade at an enhanced trading speed. This platform also offers a very useful Web Trader feature which maximizes the web-based performance and whose presence is crucial to a far better trading experience.
ATFX offers its clients 4 different types of accounts with varying spreads. PAMM accounts are also available with ATFX.
ATFX Professional Account:This type of account offers commission-free trading and spreads starting from 0.6 pips. Traders get access to a free VPS, 1 on 1 interactive session, and free quarterly catch ups as well. The minimum deposit for this type of account is $5000.
ATFX Premium Account: This type of account offers commission-based trading with spreads starting from 0 pips. Traders also get access to a free VPS, 1 on 1 interactive session, and a quarterly catch up as well. The minimum deposit reaches up to $10000.
ATFX Edge Account: This type of account also offers commission-free trading with spreads starting from 0.6 pips. Traders get access to free VPS service, 1 on 1 interactive session, and a quarterly catch up as well. The minimum deposit is $5000.
ATFX Standard Account: This type of account also offers commission-free trading and spreads starting from 1 pip. The minimum deposit is substantially low as compared to the other types of accounts. The minimum deposit is $500 only.
Initial registration for the account takes a meager 20 to 25 minutes. On average, accounts are verified within 2 days. Hence, the entire process of opening an account with ATFX is completely digital, fast, and hassle-free.
They do offer a demo account that allows the user to test the waters. With the demo account, users get to experience trading in a real, life-like environment but with absolutely no risk.
Deposit and Withdrawals:
ATFX offers 3 base currencies. They include EUR, GBP, and USD.
ATFX charges absolutely no deposit fees. Deposits can be made using credit or debit cards, PayPal. Skrill, FasaPay, Neteller, Union Pay, or bank transfers. Except for bank transfers, which usually takes up to 1 day, the rest of the payment methods will take less than 30 minutes on average.
No fees are charged on withdrawals either. The money can be put directly into the different E-wallets available, or into debit cards, or into the trader’s bank account. Bank wire deposits can take upwards of 2 days to 5 days to get processed.
As per ATFX UK’s policy, they do not accept payment from third parties.
Market and Trading Products:
Since ATFX is a relatively new company, they offer only 3 types of products as of yet. They include CFD, Forex, and cryptocurrency.
Bonuses and Promotions:
FCA has prohibited companies regulated by them to offer any type of bonuses or promotions. Hence, in compliance with the FCA, ATFX does not provide its traders any bonuses.
ATFX offers various educational services to its clients. Some of them include:
Webinars: ATFXs global Chief marketing strategist, Alejandro Zambrano presents a daily webinar discussing the current trends and states of particular financial matters of the day.
One to One Coaching: For the clients who hold an Edge Account, ATFX UK gives them the benefit of one to one coaching opportunities which consist of 2 exclusive and private 30-minute coaching sessions with Mr. Alejandro Zambrano. Through these sessions, traders get to learn different types of strategies and money management protocols.
Forex Education Center: Traders are given access to the ATFX library where they can read numerous eBooks as well as other trading courses and polish their skills. Courses include economics, cryptocurrencies, social trading, and many others.
Trading Central: Through this, clients get a complete view of different trading signals and market-leading research ranging over 8000 financial instruments including Forex, indices, and commodities.
You can contact ATFX via phone, email, and live chat. They were awarded for the best customer service by ADVFN in 2019. The live chat response time is swift and excellent. The emails were promptly replied to. Customer service can be reached from Monday to Friday between 9 am to 5 pm, London time. The one slightly negative thing is the unavailability of 24/7 support.
ATFX is regulated by several financial regulatory bodies worldwide. This makes trading with ATFX a safe option. Their account opening is easy and swift. They have low forex fees. There are multiple options for deposit and withdrawals, all absolutely free of charge.
Their MT4 platform and its availability are on all kinds of devices. Their customer service is top-notch. Their user reviews are also mostly positive. The drawbacks of their services include the lack of variety in their product range as they only deal with CFD, forex, and cryptocurrency, and the high minimum account deposit (except for the standard account).