ATFX

Our Take on ATFX

Founded in 2017, ATFX is a multi-regulated forex and CFD broker that offers over 350 tradable instruments across currency pairs, commodities, share CFDs, indices, and cryptocurrencies with average spreads.

ATFX incorporates the standard suites of MetaTrader 4 and MetaTrader 5 and has several add-ons for MT4. The broker performs quite slow order execution speeds, though free Virtual Private Server (VPS) hosting can compensate for this.

ATFX offers social and copy trading, as well as managed accounts. It also incorporates content from Autochartist and Trading Central, affording its clients a deep and comprehensive overview of market development. In addition, ATFX excels in education, providing high-quality courses, webinars, and other learning materials.

I concluded that ATFX is a great choice for beginner traders and day traders due to its extensive supporting content and tools.

ATFX Pros and Cons

Is ATFX Right for You?

When reviewing a broker, we assess if it suits different trading strategies and trader profiles. To achieve this, we evaluate the availability of the necessary features and tools. Here’s our verdict about ATFX:

Casual Trading: Acceptable Choice

ATFX has a low $50 minimum deposit requirement and offers extensive, high-quality educational materials. It also provides research tools from Autochartist and Trading Central, making it a strong and accessible option for casual retail traders. However, its trading fees are quite high on instruments from some asset classes.

Social and Copy Trading: Perfect Match

ATFX CopyTrade allows signal providers and signal followers to connect and share trading signals and ideas. Signal followers can subscribe to successful strategies with a proven track record of signal providers, who earn a commission from each subscriber.

Swing Trading: Acceptable Choice

ATFX offers over 30 lower-risk securities (ETFs) and futures contracts, both of which can be used to hedge medium and longer-term market exposure. However, the broker’s overnight charges are average to high compared to the industry benchmark, making it less suitable for longer-term trading.

Day Trading: Acceptable Choice

Day traders can choose between MT4 and MT5 – two highly customizable and feature-rich trading stations. Additionally, they can keep track of the latest market developments and trading opportunities with ATFX’s top-of-the-line research content.

Scalping: Acceptable Choice

Scalpers can use one-click trading and a depth-of-market tool on MT4 and MT5. However, ATFX’s slower order execution (around 400 ms) makes it suitable for scalping only with VPS, which helps to achieve speeds below 5 ms.

News Trading: Perfect Match

ATFX blends proprietary research tools with content from Autochartist and Trading Central, presenting its clients with a 360-degree overview of the financial markets landscape. Additionally, news traders can decrease the risk of negative slippage at times of heightened market volatility with the broker’s VPS hosting.

Automated Trading: Acceptable Choice

Algo traders can automate their strategies via MetaTrader’s Expert Advisors (EAs). MT4 and MT5 have built-in strategy testers so that traders can hone the parameters of their systems. In addition, low-latency trading and stable connectivity can be achieved by implementing ATFX’s VPS hosting.

Investing: Not Recommended

ATFX does not offer any real stocks for value investing.

What Sets ATFX Apart?

ATFX stands out with its nuanced research content and extensive educational materials. It allows traders to stay on top of the latest market developments, trade on currently unfolding setups, and learn about technical analysis, fundamental analysis, trading psychology, and risk management.

ATFX Main Features

ATFX Regulations

In our reviews, we examine the licenses and regulations of each entity operated by a broker, allowing us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

This is what I discovered about the entities operating under the ATFX trade name:

• AT Global Markets (UK) Ltd is licensed and regulated by the Financial Conduct Authority (FCA) of the UK under license number 760555. We rate the FCA as a Tier-1 regulator.
• ATFX Global Markets (CY) Ltd is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 285/15. We rate CySEC as a Tier-1 regulator.
• AT Global Markets (Australia) Pty Ltd is licensed and regulated by the Australian Securities and Exchange Commission (ASIC) under license number 418036. We rate ASIC as a Tier-1 regulator.
• AT Global Markets SA (Pty) Ltd is licensed and regulated by the Financial Services Conduct Authority (FSCA) of South Africa under license number 44816. We rate the FSCA as a Tier-2 regulator.
• AT Global Financial Services (HK) Ltd is licensed and regulated by the Securities and Futures Commission (SFC) of Hong Kong under license number BUM667. We rate the SFC as a Tier-2 regulator.
• ATFX MENA FINANCIAL SERVICES LLC is licensed and regulated by the Securities and Commodities Authority (SCA) of UAE under license number 20200000078. We rate the SCA as a Tier-2 regulator.
• AT Global Markets Intl Ltd is licensed and regulated by the Financial Services Commission (FSC) of Mauritius under license number C118023331. We rate the FSC as a Tier-3 regulator.
• AT Global Markets (SC) Ltd is licensed and regulated by the Financial Services Authority (FSA) of Seychelles under license number SD093. We rate the FSA as a Tier-3 regulator.
• AT Global Markets LLC is registered in St Vincent and the Grenadines as a Limited Liabilities Company. The entity is not regulated.

Understanding the Regulatory Protections of Your Account

Brokers operate multiple entities globally, but regulatory protections vary. Some regulators enforce stricter financial standards than others, so traders should understand the safety measures of the entity they choose to open an account with.

Here is what you need to be looking for in a broker in terms of safety mechanisms:

• Segregation of Client Funds: Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. All ATFX entities guarantee the segregation of client funds.
• Negative Balance Protection: This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. All ATFX entities guarantee negative balance protection.
• Compensation Scheme: A compensation scheme protects traders against the broker’s liabilities if the company becomes insolvent. Clients of AT Global Markets (UK) Ltd are protected by up to GBP 85,000 under the FSCS, whereas clients of AT Global Markets (Cy) Ltd are protected by up to 20,000 Euro under the ICF, and clients of AT Global Markets LLC are protected by up to USD 1,000,000 under the broker’s Excess of Loss policy.
• Maximum Leverage: Capping the maximum leverage restricts the extent of market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. The maximum retail leverage with ATFX is 1:400.

Stability and Transparency

In our Trust category assessments, we evaluate factors tied to stability and transparency, including the broker’s longevity, company size, and information transparency.

ATFX has been around for over 7 years and is regulated by nine authorities worldwide. It has issued an Excess of Loss policy protecting its clients against the broker’s credit risk and liabilities. This speaks to its high trustworthiness and adherence to client protection. I also learned that ATFX has a ‘best execution policy,’ which is a legal mandate to deliver the best price quotes under the prevailing market conditions.

I checked the rest of ATFX’s legal documents, primarily its Client Agreement, and assessed that everything was in order. Information is readily available and presented in an easy-to-understand language. There are no omissions or intentionally vague language.

Is ATFX Safe to Trade With?

I determined that ATFX can be considered a safe broker to trade with due to the following factors:

• Regulated by multiple authorities
• Issued an Excess of Loss policy
• Has a ‘best execution policy’
• Provides transparent legal documents

Fees

ATFX Trading Fees

ATFX Spreads

I tested ATFX’s spreads on 15 October 2024 during the London and the New York open. The results are shown in the table below:

Broken down by asset class and compared to the industry average, I discovered that ATFX charges low spreads on share CFDs, average spreads on indices and cryptocurrencies, average-to-high spreads on commodities, and high spreads on currency pairs.

ATFX Swaps

A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

The values listed below are for one full base currency contract (100,000 units).

I assessed that ATFX’s overnight charges are average to high compared to the industry benchmark. This combination is not particularly suitable for longer-term trading strategies, such as swing or position trading.

ATFX Non-Trading Fees

Deposits and withdrawals with ATFX are cost-free, but third-party banking fees may apply. The broker also imposes a $10 inactivity fee on an account after six consecutive months of dormancy. The fee is charged monthly until activity resumes or the account balance drops to zero.

Accounts Comparison

I have compiled the table below to help you better understand the difference between the trading fees with ATFX’s Standard account and the industry average. It illustrates the spreads and commissions I have recorded for the EUR/USD pair and compares them against the typical costs for ECN and STP accounts in the industry at large.

The table demonstrates how much you would have to pay to trade 1 full lot (100,000 units) in EUR/USD with a pip value of $10 for each account.

To calculate the cost of such a full-sized trade, I used this formula: Spread x pip value+commission

My findings indicate that ATFX’s EURUSD spread is elevated above the industry average for both STP and ECN accounts. However, this is only true for this particular currency pair. The broker offers more competitive spreads for instruments from other asset classes.

Are ATFX’s Fees Competitive?

The competitiveness of ATFX’s fees depends on the instruments traded. The broker offers favorable spreads for trading share CFDs. However, its forex spreads exceed the industry average. Additionally, ATFX’s overnight charges were quite elevated at the time of the review. On the other hand, deposits and withdrawals are cost-free, and the broker has a negligible inactivity fee.

Platforms and Tools

ATFX MT5 Desktop

The desktop version of the MetaTrader 5 platform features multiple essential tools, such as one-click trading, an alarm setting option, and a market depth tool. These allow traders to examine various market developments from different angles and exploit the underlying trading opportunities in multiple ways.

MT5 is arguably best suited for automated trading via its Expert Advisors (EAs). The platform also has an intuitive strategy tester, allowing experienced algo traders to tweak the parameters of their strategies so that they can be used under different market conditions.

General Ease of Use

The MetaTrader platform is easy to navigate. Even beginner traders can quickly learn where the charts, account info, and watch lists are. However, its cumbersome charts make the platform somewhat difficult to use.

ATFX’s MT5 platform is available on desktop for both Windows and Mac, as well as for mobile devices on Android and iOS. The platform supports 52 different languages, including English, French, Spanish, German, Arabic, Chinese, and more.

In addition to the above-mentioned depth of markets tool, MT5 also features:

• Alerts-setting option: Traders can set alerts for when the price of a given instrument falls/rises to a predetermined level, which could potentially signal a viable entry opportunity.
• Watchlist customization: Traders can populate watchlists with their favorite instruments and track market changes more easily.
• One-click trading: This feature enables instant market entries at the spot price and is invaluable for high-precision traders, such as scalpers.
• Trading from the chart: Traders can place conventional trading orders directly from the chart, specifying the entry price, volume level, stop and take-profit levels, and more.

Charts

I consider the charts screen a platform’s most important feature. It facilitates technical analysis by providing an overview of price action behavior. Chart artists use many analytical tools and chart configuration possibilities to examine it from multiple angles. In my experience, the really important aspect of a chart is how easy it is to scale price action up and down.

As shown above, the problem with MetaTrader is that the charts can be crowded quite easily, even when you add no more than 2 indicators. This obscures price action behavior and makes it more difficult to conduct probing technical analysis.

I have broken down the available analytical tools and chart configurations below:

• 38 technical indicators: These include trend-based and volume-based indicators, and oscillators to analyze price action and assess market sentiment, helping predict market movements.
• 24 drawing tools: Tools like Fibonacci retracement levels and Elliott waves help identify price patterns, support/resistance levels, and breakout points. However, MT5’s design can make price action harder to interpret.
• 21 timeframes: For multi-timeframe analysis, enabling detailed price action analysis.
• 3 chart types: Price action can be displayed as line, bars, or candlesticks, offering diverse perspectives on trading opportunities.

Orders

MetaTrader 5 features three types of order execution: market, pending, and one-click trading (top-left corner). One-click trading allows immediate entries at the spot price.

I have broken down the available order types on the MetaTrader 5 platform below:

• Market orders: Used for immediate entry at the best available price. They guarantee volume filling, though the entry price may differ from the requested price.
• Limit orders: Guarantee exact price entries but won’t be filled if the price doesn’t reach the trigger level.
• Stop orders: They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

MT5 Desktop: My Key Takeaways

MetaTrader 5 is a good option for fast and simple order execution. However, its dated and rugged design falls short compared to newer, sleeker platforms. As a trader who prioritizes flexible charts that are easily scalable, I find MT5’s charting capability too rigid and less effective.

VPS Hosting

ATFX offers Virtual Private Server (VPS) hosting to achieve ultra-fast order execution speeds (below 5 milliseconds) and stable connectivity so that traders do not suffer interruptions that result in missed opportunities or losses.

ATFX Execution Model

ATFX operates as a Straight-Through-Processing (STP) broker without a dealing desk. Client orders are routed directly to the broker’s pool of liquidity providers, where they are filled.

I measured ATFX’s order execution speeds over several days and discovered that they average 400 milliseconds, slower than the industry average of 60 milliseconds.

ATFX MT5 Mobile

The MT5 mobile app affords quick and easy access to the market on the go. It is very useful for opening, terminating, and adjusting open positions.

The market is continually evolving, marked by periodic surges and declines in volatility. For this reason, staying on top of the latest market developments is crucial, a task made simpler through the mobile app version of MT5.

You can also use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades.

MT5 App: My Key Takeaways

The MetaTrader app stands out for its convenience, making it an indispensable tool for adjusting trades, especially during periods of heightened volatility. However, it can feel cumbersome and, in my experience, is not well-suited for analyzing price action.

Tradable Instruments

Compared to the industry average, ATFX offers an average number of currency pairs, commodities, share CFDs, and cryptocurrencies, as well as a high number of indices.

What Are CFDs?

Contracts for difference (CFDs) are derivatives that speculate on the underlying asset’s price without physical ownership.

For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars.

One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

What Can You Trade With ATFX?

ATFX Instruments: My Key Takeaways

ATFX’s instruments offering is wide and diverse, allowing traders to exploit various trading opportunities. Speculative intraday traders can open long and short trades on highly volatile assets, such as indices and cryptocurrencies, to catch relatively small price moves and generate comparatively high returns.

Meanwhile, more risk-averse traders can use ATFX’s 30+ ETFs and futures contracts to hedge their open positions and manage expected and unexpected changes in market volatility in the future.

Customer Support

Customer Support Channels

Customer Support Test

When we test a broker’s customer support, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

I conducted my test on 14 October 2024 at around 14:41 p.m. CET via live chat. Before being connected to an agent, I was asked to provide my name, email address, and account number (if registered).

An agent connected to the chat within seconds. Their answers were quick and precise, however, they did not clarify the commission rates on the Standard account.

Deposit and Withdrawal

ATFX Deposit Methods

ATFX Withdrawal Methods

Account Types and Terms

ATFX Account Opening Process

To open an account with ATFX, follow these simple steps:

1. Click ‘Open Account’ at the top-right corner.
2. Provide your personal details.
3. Select your preferred trading platform.
4. Confirm your email address and phone number.
5. Upload proof of address and proof of ID to verify your account.

ATFX Account Types

According to my research, ATFX’s Standard account accommodates most types of trading strategies. It features a combination of a 100% margin call and 30% stop-out, which protects less experienced traders against adverse market volatility and the risk of complete account wipeout.

Demo Accounts

ATFX offers demo accounts that introduce traders to the broker’s services and allow them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself before or alongside your live CFD account.

Islamic Accounts

ATFX provides Islamic accounts for swap-free trading, as mandated under Shariah law. To request additional information, contact customer support.

What is CFD Leverage?

Leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of leverage. Essentially, the broker lends the trader money so that they can open bigger positions. Leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

Maximum Leverage By Asset Class

In the table below, I have listed the maximum retail leverage available with ATFX for instruments from different asset classes:

ATFX Restricted Countries

ATFX does not accept as clients residents of the United States, Canada, Japan, North Korea, Iran, or any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Research

Research Tools

I have broken down ATFX’s most important research content by type below:

• Economic calendar: The economic calendar is the most rudimentary and important tool in a trader’s arsenal. It alerts traders of potential trading opportunities from economic releases, policy decisions, speeches, etc.
• Daily market news: Articles developed in-house by ATFX market experts are usually focused on key economic events and releases. They utilize fundamental analysis and are often supported by charts.
• Autochartist and Trading Central: Incorporating content from Autochartist and Trading Central, ATFX provides traders with access to industry-leading market news, sentiment assessments, and actionable trading signals. Some of the advanced features, such as Trading Central’s Market Buzz, are available to funded accounts with at least $2000.
• Financial events: This brand of content includes articles on more comprehensive topics, such as the key things to be learned about the Great Depression and the 2008 Credit Crunch. I found it suitable for traders wanting a broader and more abstract take on the general trading experience.
• Trading Magazine: ATFX publishes its own trading magazine, which allows readers to take an even broader view of long-term market trends and developments.
• YouTube: The broker’s YouTube channel, available in different languages, offers video market reviews and breakdowns daily.

ATFX Research: My Key Takeaways

I liked the broad scope of ATFX’s research content and found it quite nuanced. The broker’s offering of both in-house content and materials from external providers affords its clients different perspectives on the same trading topics and events, enabling them to make more well-informed trading decisions.

Education

I found that ATFX offers two types of educational courses – introductory and in-depth – comprising 85 individual lessons. These cover a wide range of trading topics, including how to apply different trading strategies, the essentials of ECN trading, and key economic concepts every trader should know.

Additionally, the broker has published an impressive collection of 14 e-books, providing traders with a more detailed exploration of key trading concepts. Beginners can dive into subjects like technical and fundamental analysis, trading psychology, risk management, and more.

The Bottom Line

ATFX is a multi-asset financial derivatives broker founded in 2017 and headquartered in the United Kingdom. It offers more than 350 tradable instruments across currency pairs, commodities, share CFDs, indices, cryptocurrencies, ETFs, and futures contracts.

The broker is licensed in multiple jurisdictions, though one of its entities is not regulated. It, however, has issued an Excess of Loss policy and operates on a ‘best execution’ basis.

ATFX incorporates MT4 and MT5 and provides free VPS hosting to high-volume traders. The broker’s standout features are its comprehensive research and educational materials. However, its spreads are quite high on instruments from certain asset classes, such as currency pairs.

I determined that ATFX’s offering appeals to beginner and day traders owing to its massive educational materials and layered market research content.