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ATFX Review

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ATFX is a Forex CFD broker that was established in 2014. This company, which is located in Cyprus, describes themselves as being focused on excellence and explains that they were established with the goal of being the top liquidity provider for their clients. ATFX is regulated by CySEC, so one should be able to feel comfortable trusting this broker with their funds. There are two different account types and low trading costs with this broker, but that doesn’t mean that there isn’t room for improvement. Stay with us to find out all of the best and worst qualities of this broker.

Account Types

ATFX allows those signing up to choose between two account types: the Standard account and the Edge account. The Standard account is described as a one size fits all type of account, while the Edge account is meant for more established traders. Leverage options, margin call and stop out levels, and the ability to use Expert Advisors are all things that both accounts have in common. When it comes to differences, you’ll find separate minimum deposit amounts, different spreads, and differing commission charges. Take a quick look at the differences for both account types below.

Standard Account

Deposit Minimum: $200

Spreads From: 1.2 pips

Commission: None

Edge Account:

Deposit Minimum: $5,000

Spreads From: 0.5 pips

Commission: $3 p/side p/lot

As you probably noticed, the deposit minimum for the Edge account will not be realistic for many traders. If this is out of your budget, you’ll have to stick with a Standard account. When comparing, you’ll find that the Standard account offers higher spreads with no commission fees. Meanwhile, the spreads are much better for the Edge account, but you’ll find that you’ll also be paying commissions. Since swap fees are not charged, there is no option to sign up for an Islamic account, since all accounts technically conform to Shariah laws. Like many other Forex brokers, you will also have to provide supporting documents in order to have your account verified. Finally, ATFX offers demo accounts for those that would like to practice.

Platforms

If you choose to create an account with ATFX, you’ll be trading on the award winning MetaTrader 4 platform. This is a highly popular and attractive option and could be considered the most adopted platform when it comes to Forex trading. This is due in part to how accessible MT4 is, with download options available for Windows, as well as the App Store and Google Play. Having the ability to access the platform on one’s phone, tablet, or computer is very convenient, but if you don’t want to go through the installation process, you can also access MT4 through the WebTrader, which is the browser based version.

So, other than accessibility, what’s so great about MT4? Well, for starters the platform offers a very user-friendly and customizable interface, one that is preferred by many professional traders. Another positive is the variety of built-in tools, including customizable charts, technical indicators, and more. MT4 is also known as a secure and trustworthy option.

Leverage

Leverage options are the same for both account types, but they do vary by asset. The highest leverage of 1:200 is the default leverage for FX majors and FX minors. This selection is also the default for gold and silver. We’ve seen higher leverages, although many traders do prefer to use leverages set around these standard amounts. The default leverage for indices and oil is set at 1:100, except USDX is set at 1:50. FX exotics are set at 1:50, share CFDs are at 1:20, and cryptocurrencies are set at 1:5. These leverages do seem low, although options for these types of assets are often lower than with others, since there’s more of a risk, especially when trading cryptocurrencies. Still, we felt that the options could go a bit higher. Overall, the leverage options seem to be on the lower side of average.

Trading Costs

One of the biggest advantages to choosing ATFX is the trading costs. If you choose a Standard account, you’ll actually be able to avoid paying commission fees altogether.  Like with many other brokers, the drawback to this is higher spreads, which would start at 1.2 pips for this account type. If you choose the Edge account, you will pay commission charges, but they are only $3 per lot. This is significantly lower than what we’re used to seeing and the low commission fees are coupled with spreads starting as low as 0.5 pips. Another plus to trading with ATFX is the lack of swap fees. It is possible to find other brokers offering this, but many times you have to prove that you qualify for a swap-free account due to religious reasons. With ATFX, everyone will be able to benefit from the lack of swap fees when leaving positions open overnight. You would have trouble finding commission free options that are swap-free elsewhere, so ATFX is really ahead of a lot of their competition here.

Assets

Choosing ATFX will come with the ability to trade 22 currency pairs, including more than 28 Forex Majors and Minors. These offer popular symbols like the EURUSD and USDJPY, with a leverage of 1:200. 15 Exotics are also available, including the Mexican Peso, Singapore dollar, and many more. Gold and Silver are included as precious metal options. There are also crude oil options, indices, including options from the US, and cryptocurrencies available for trading. Finally, ATFX supports trading more than 50 share CFDs from the US and Germany. We were absolutely pleased with the asset offerings for this broker.

Spreads

The lowest spreads start at just 0.5 pips for the Edge account. With the Standard account, spreads start around 1.2 pips. This is about average, but do remember that you’d also have access to commission free trades with this account type. In case you were wondering, the margin call level with this broker is set at 100%, while the stop out level is set at 50%. This would be the point where your trades would begin to be liquidated. If you reach the margin call level, the best thing to do is reevaluate your positions and deposit more funds.

Minimum Deposit

The lowest deposit allowed is $200 for the Standard account. Unfortunately, this is on the high side of average. We do often find deposit minimums around $200, but brokers often offer at least one or two account types that require much lower deposits. We’ve actually seen them as low as $5, which is obviously a big difference. If you want to look at it in a positive light, this does mean that you’ll have to fund your account less often, but it’s still a drawback. With the Edge account, you’ll need to deposit at least $5,000 USD. We weren’t as surprised with this amount, since this account type is meant more for experienced traders.  All of the deposit methods have requirements that are lower than the Standard account’s requirement, so this will not affect your funding choices.

Deposit Methods & Costs

On their funding page, ATFX mentions that their goal is to make deposit and withdrawal options simple. We were intrigued to find out if they live up to that promise. We did find a variety of different methods available, including Visa/MasterCard, Neteller, Skrill, NganLuong, local bank transfer, and bank wire transfer. It’s great to see that cards are offered since they are one of the most popular funding methods, as well as wire transfer and a few electronic payment methods. Of course, ATFX could have included a few more options, like Bitcoin. All of the methods are fee free and processed instantly, with the exception of bank wire transfer. If you deposit more than $1,000 using wire transfer, ATFX will cover any fees, however, you will be subject to any charges by your bank if you’ve chosen to deposit less than that amount. Processing times for wire transfer are listed as 3-7 business days, which is lengthy, even for this method.

Withdrawal Methods & Costs

All of the withdrawal methods, except bank wire, are fee free. This is definitely a positive, especially since credit/debit card withdrawals tend to go hand in hand with higher fees. However, we did notice that the first bank wire withdrawal each month is fee-free. After the first withdrawal, there is an administrative fee. The fee is $5 on withdrawals less than $100, but the withdrawal will be free if it is for more than $200. Also, a fee of $40 will be charged by the bank after the first withdrawal request. Since these fees can add up, we suggest limiting any bank wire withdrawals to once a month.

Withdrawal Processing & Wait Time

Withdrawals must be processed back to the original deposit method. Withdrawals through the electronic wallets (Neteller, Skrill, and NganLuong) are returned instantly. It takes 1-2 days working days for each transaction of a withdrawal request. The total time frame for Visa/MasterCard withdrawals is listed as subject to bank processing. For local bank transfer, It can take 2 business days for processing. When it comes to wire transfer, it can also take 3-7 business days for funds to be received. If the funds were processed quickly, within 3 days, this wouldn’t be a bad option. Unfortunately, traders may feel as though 7 days is much too long to wait for their withdrawals. If you’re in a hurry, we suggest one of the faster methods.

Bonuses & Promotions

ATFX is currently offering a $100 Welcome Credit promotion, as well as a Rebate Promotion. In order to receive the welcome credit, you will need to deposit at least $200. Once you’ve done so, the welcome bonus will be applied to your account. If you wish to withdraw the bonus, you’ll need to trade 6 lots in order to do so. This seems like a great opportunity, although we did notice a catch: the bonus is only available to clients located in the Philippines, Malaysia, Thailand, Vietnam and Indonesia. So, if you’re from one of these countries, you shouldn’t have much of a problem meeting the easy requirements.

The Rebate Promotion will allow traders to earn up to $2,500 cash back for trading during the promotion period. There are five different levels, each of which pays out higher rebates. The level that you have access to depends on your initial deposit, with $1,000 being the lowest deposit amount to qualify for level one, and more than $10,000 being needed to qualify for level 5. If you have at least $1,000, this promotion will be a good opportunity. However, not everyone has the ability to make such a large deposit, so some will be excluded from participating based on that fact.

Educational & Trading Tools

The education section on ATFX focuses on webinars. You will not find e-books or the vast range of resources that many other brokers offer. There are, however, more webinars available from ATFX than many competitors offer. The webinars are free to ATFX clients but do require registration. Users will also find a wide variety of tools built directly into the MT4 platform, including customizable charts, technical indicators, and more.

Customer Service

Contact methods include LiveChat, phone, or email. Support can be reached by phone Mon – Fri from 08:00 – 18:00 GMT+2  ATFX provides two phone numbers and a variety of different email addresses, all of which are for specific departments. Since the email addresses are separate, it should help to warrant a faster response time, since all inquiries will be going directly to the related department. Below, you’ll find the contact information for all methods.

Phone:

  • Main Hotline (Mon – Fri 08:00 – 18:00 GMT+2)

 +357 25 258 774

  • Closing/Modifying a Position (Mon-Fri 24 hours)

+357 25 258 777

Email:

Demo Account

Demo accounts a great learning tool for traders of all different skill levels, since they allow the market to be tested without putting real funds on the line. Some brokers offer more flexible demo accounts than others, but most brokers do offer these types of accounts. The sign up process for a demo through ATFX is very straight-forward. After entering your name, email, phone number, and Country, you’ll then able to choose a starting balance between $1,000 USD and $5,000,000 USD. With some brokers, traders are allowed to enter any number for their mock deposit, but we often see the amount set at $100,000. Therefore, ATFX is providing a good bit of flexibility with their demo accounts. Traders will also be able to select a leverage amount of up to 1:400, which is actually higher than the leverage offered for their real accounts. If you feel that you could use room for practice, consider opening a free demo account to practice with.

Countries Accepted

Although ATFX is regulated by CySEC and claims not to accept clients from Afghanistan, Bosnia and Herzegovina, Democratic People’s Republic of Korea (DPRK), Iran, Iraq, Japan, North Korea, Laos, Syria, Uganda, USA, Vanuatu, Yemen, Provinces of British Columbia, Quebec and Saskatchewan. This seems to apply to the ATFX Global Markets (CY) Ltd. brand only, as we were able to successfully open an account from our U.S. offices. Feel free to contact ATFX if you have questions regarding the acceptance of clients from your country of residence.

Conclusion

Let’s start by taking a look at the things we didn’t like about this broker. When it comes to funding with bank wire, the processing times can be lengthy and the fees can really add up, so we wouldn’t recommend this method for deposits or withdrawals. We also felt that the education and tools section was really lacking since there wasn’t much offered for beginners. Moving on, the lowest deposit minimums were higher than what we’re used to seeing, which could be a bigger drawback for those that are just beginning. When it comes to leverage options, we also felt that the choices were average. With those drawbacks in mind, we will move into the positive qualities about this broker. One of the best advantages to choosing ATFX are the commission free options, low spreads, and lack of swap-fees. This really provides the best opportunity to profit, and you won’t find this combination often.

We also liked funding options for every choice other than bank wire, since there were fast processing times and the majority of the deposit and withdrawal methods were fee free. This broker offers the amazing MT4 platform and provides several ways to get in touch with support. ATFX also offers two good bonus opportunities, so long as you’re located in one of the accepted countries and have the ability to meet the $1,000 deposit requirement. Finally, traders will have access to a wide variety of assets and demo account options are very flexible. There really was a lot to consider with ATFX. If you can look past the higher deposit minimums, lack of education options, and bank funding drawbacks, you’ll be rewarded with almost non-existent trading costs, great funding options, and a good selection of assets.

 

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