ATFX is a broker founded in 2014 that has been gaining popularity in the forex and CFD industry. While it showed potential back when it was first developed, we were unsure to what extent it is a reliable platform, which is why we decided to test and review it. If you wish to find out more about what ATFX is, what they offer, their fees, trading platform, regulation and so on, we recommend reading this review.
Getting a general idea of what to expect from the broker was quite difficult due to the fact that even though a section on the terms and conditions is offered, there is information missing, such as the legal section, which made the task of evaluating the broker more challenging.
Based on the result of our test of the broker, ATFX has not lived up to the potential it had when it first emerged, so we recommend trading with a more reliable and well-reputed exchange like eToro.
What is ATFX?
ATFX is a CFD and Forex broker founded in 2014. It is currently owned and operated by AT Global Markets and is registered at the 1st Floor, 32 Cornhill, London EC3V 3SG, United Kingdom. We decided to test it to find out whether it actually is as legit and trustworthy as its website makes it appear to be. We have found that it does not live up to the expectations created by the great design of its website. It has a fairly modest selection of assets that includes forex, CFDs, indices and commodities compared to other CFD and forex brokers that we recommend trading on. It could also be more transparent than it currently is when it comes to risk disclaimers. A section dedicated to informing users about the risks of online trading could help them make an informed choice as to whether or not to start trading.
ATFX offers a decent variety of trading products for you to choose from but there are other brokers offering a much wider variety of instruments you can trade with. There are over 80 assets you can choose from, including stocks, forex and indices.
Here is an overview of the instruments available on ATFX:
Forex: 7 major currency pairs; 21 minors; 15 exotics
Indices: 15 global indices.
Commodities: 4 commodities. Gold, Silver, Crude Oil, Brent Oil
Cryptocurrencies: 4 cryptocurrencies. Bitcoin, Ethereum, Litecoin and Ripple.
Shares: 50 shares.
ATFX does not provide a great deal of information when it comes to special features or services. These are some basic features that can be considered to be fairly positive.
➡️Low Minimum Deposit
The broker requires a minimum of $100 as an initial deposit for you to be allowed to access the trading space and start trading forex, CFDs and so on.. Another positive thing about it is that no fees are charged, no matter what payment method you choose, be it debit or credit cards, ewallets or wire transfers.
ATFX offers a demo account. Even though it is quite common to offer demo trading, it must never be taken for granted because demo trading allows you to try trading before real funds get involved.
➡️Quarterly Market Outlook
ATFX offers a Quarterly Market Outlook, allowing you to monitor changes and trends in the financial market with detailed fundamental and technical analysis. It is designed to help you develop an effective trading strategy to make long term profits.
We gave ATFX a low score for its supported countries due to the lack of information provided on the topic. The only information provided is on some of the countries the broker is not available in. These are Iran, the US, Canada and Korea. Based on the languages support is available in, we assume that ATFX can be used from Taiwan, China, Malaysia, the UK, Thailand, Vietnam and the Philippines.
If you do not come from any of these countries, we recommend contacting customer support to find out whether ATFX provides services in your country before signing up on it.
ATFX support is available in 6 different languages:
ATFX uses a platform called MetaTrader4 to support its trades. It is currently amongst the most popular and well-reputed platforms on the market, with over 80% of all reliable brokers using it. It is popular particularly thanks to its suitability for all kinds of users because other than being very simple and intuitive to use, it also offers all of the more complex tools that more advanced traders can use to pursue more refined investment strategies. The platform can be downloaded on your desktop and it only takes a few minutes. Once you’ve downloaded it, all you have to do is open it, login with your name and email address and then you will get some login details that you will have to keep for future logins. The availability of MT4 is certainly a plus for ATFX, which is why we scored it so high in this section as opposed to brokers like Skilling, which do not offer the MT4 platform.
Fees and Limits
It is also important to know about the spreads on ATFX, which are not very convenient compared to other brokers on the market, such as Binance. They start from 0.6 pips but they vary depending on the asset you are interested in. The spread on EUR/USD starts from 0.6 pips and for the forex majors the minimum spread does not go over 0.8 pips. As for the forex minors, the minimum spread starts from 0.9 on pairs such as CAD/JPY and AUD/NZD and goes up to 2.8 for the GBP/NZD pair. For the exotics, the minimum spread starts from 10 pips for the EUR/HUF pair and goes up to 128 for USD/RUB.
💳According to the ATFX website, no commissions are charged.
Deposit and Withdrawal fees
The website claims that no fees apply for deposits, no matter what payment method you choose, including credit/debit cards, ewallets or wire transfer. A small fee may apply if you are depositing funds with a non-UK credit or debit card, but aside from that, the official website claims that no fees apply.
💳Neteller/Skrill Fee – No fees apply according to the website.
The minimum amount you will have to deposit to be allowed to access the trading space is $100. No fees will be charged for the deposit. We recommend starting by depositing the minimum amount. If you see that you are making profits, you can always deposit more.
Aside from the demo and live accounts, ATFX does not offer a variety of account types. No matter how much you deposit in your account, you are offered the same advantages. That is different compared to other brokers, that often offer four to five different account types that you can choose from. Each upgrade usually offers more advantages, such as access to webinars or lower spreads, higher leverage and so on. However, in exchange for these advantages, your minimum deposit amounts increase from usually $250 and go up to $50,000.
How to trade on ATFX
Security and Regulation
ATFX is a FCA-regulated broker. The Financial Conduct Authority is the most trusted regulatory agency in Europe together with CySEC. According to the FCA, ATFX is allowed to operate in the UK but not in the US, Belgium, or any other country where such type of trading would go against local law or regulation.
The broker does not offer very detailed information on its security measures. According to them though, some measures are in place. Firstly, the funds belonging to clients are separated from the operational funds of the broker and kept in separate banks. There is then a specific accounting system that requires clients requesting a withdrawal to prove that the trading account belongs to them. They also claim to be auditing all withdrawals to make sure that the withdrawn funds reach the clients.
Deposit and Withdrawal Process
You can choose from several payment methods on ATFX. The most popular payment option is MasterCard or VISA credit and debit cards, but you can also use e-wallets such as MoneyBookers, Neteller and others. Alternatively, you can pay your deposit via bank transfer. We are certain that the transfers are accepted in a variety of currencies but please contact customer support if you are not sure whether your currency is accepted.
ATFX does not offer as many payment options as other brokers, such as eToro, which offers payment methods such as credit/debit card, Giropay, Skrill Limited UK, Wire Transfer, Local Online Banking, Yandex, WebMoney, PayPal, Neteller and China Union Pay.
Withdrawal process: According to the website, there are no fees when it comes to withdrawals, no matter what payment method you choose. Processing time varies depending on the method chosen though. If a withdrawal is requested through a local bank, processing time takes around 2 days whereas it will take between 3 and 7 days if it is requested with wire transfer. With credit and debit cards, the processing time depends on your bank. As for ewallets, withdrawals are processed instantly.
Education and Resources
The ATFX website also offers an education section for users to benefit from. The main resources on offer are webinars. The webinar schedules are updated periodically on the official website under the “education” section. There usually are 5-10 webinars scheduled within a period of two weeks and the languages they are available in vary. There currently are webinars available in English, Spanish and German. You can register for a webinar by clicking on the “register” button next to the webinar and you will then have to fill in a form typing in your first and last name, email address, phone number and you will have to select your country. You will then get an email to remind you to attend the webinar at the indicated time.
On top of the education section, the broker offers resources to help you carry out research and market analysis. The “analysis” section of the website offers a section dedicated to technical analysis with daily reports on the technical market, reports on specific currency pairs, cryptocurrencies, futures, indices and so on. The website also offers a section with information on trading central a very well-reputed tool for data analysis, providing investment research for over 200 investment banks, brokers, managers and professional dealers from 45 countries. There is also a link you can click on to download the software. There is then an economic calendar that you can access at any time.
You can contact a member of staff 5 days a week from Monday to Friday between 9 am and 5 pm. You can reach them via telephone. There is a hotline for users calling from the UK and a few others for those calling from outside the country. Alternatively, you can contact a member of staff by leaving them a message on the live chat that you can find at the bottom right of every page of the website. You can also send them an email. There are different emails depending on what your concern is about. There are email addresses for sales, support, partnerships, complaints and general information.
An ATFX mobile app is unavailable. However, you can download the MT4 app on your phone, and through it you will be able to access your ATFX account. All you have to do is go on the App Store or Google Play depending on the type of phone you have. You will be able to download the MetaTrader4 app within a couple of minutes and you can access the trading platform linked to your ATFX account in the same way as the desktop platform. You can login the first time you’re your name and email address. You will then get some login details that you will be asked to keep in a safe place and that you will need for future access to the platform.
- It is an FCA-regulated broker.
- It uses MT4 to support trades.
- It offers a comprehensive education and analysis sections.
- It offers very professional and helpful customer service.
- There are no account types.
- There are high spreads.
- Customer support is not available 24/7.
- The broker omits relevant information on its website.
- There is no mobile app.
- It is not available in the US, Korea, Canada, Iran and more.
- It offers a limited choice of payment methods.
- It offers a limited choice of assets to trade with.
- No information is provided on fees charged for withdrawal requests.
ATFX vs eToro
As we’ve mentioned earlier on, a broker we recommend trading on instead of ATFX is eToro, which is why we decided to compare the two, to show you why we consider eToro to be a better option.
Even though ATFX has potential considering that it offers a great platform to support trades, very efficient customer services, a comprehensive education section and so on, there is still little comparison with eToro. eToro offers a much wider choice of trading assets, which you can invest on with a sophisticated web-based trading platform and gives you access to the copy trading option. The latter is ideal for beginners because it allows them to copy the trades placed by the top investors on eToro, giving them the opportunity to start learning about trading strategies.
Why we recommend eToro over ATFX:
✅eToro offers a social/copy trading that allows users to copy the trades placed by the most successful investors.
✅eToro has a mobile app and offers a web-based platform that is suitable for all kinds of users.
✅Unlike ATFX, eToro is available in the US.
✅eToro’s leverage goes up to 1:400 whilst ATFX offers a maximum leverage of 1:200.
✅While ATFX is only regulated by the FCA, eToro is monitored by the FCA, MiFID, CySEC, AFSL and ASIC.
ATFX definitely has potential. There are some very positive aspects of the broker, such as the availability of the MT4 trading platform as well as the education and resources section of the website. However, the broker is not completely transparent when it comes to information on withdrawals, fees, supported countries and so on. Other aspects of the broker, such as payment options, asset variety and the special features on offer could certainly be improved as well. At the moment we recommend trading on a reliable broker like eToro, fully regulated and with now millions of active users. eToro also offers a copy trading option, which inexperienced users can definitely benefit and learn from.
Yes, it is. We tried contacting customer support within office hours and they responded quickly and efficiently. You can contact a member of staff Monday to Friday from 9 am to 5 pm. You can contact them by phone, email or through the live chat. There is also a phone number available if you are calling from outside the UK.
How We Review Brokers
In case you were wondering, our reviews of brokers are the result of our tests of the platforms. There are a few things we look at before deciding whether a broker is legit or not:
- Regulatory status.
- Presence of risk disclaimers, education and legal sections to evaluate transparency.
- Information on fees, account types and spreads.
- Create an account and try the demo account to see if it is as helpful and explicative as it is supposed to.
- Switch to a real account and deposit the minimum funds necessary to start trading.
- Assess based on trading experience, availability of support, profit potential and more.