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ATFX
Rating: Rated with 2 stars
Binary Option Programs Award
Min. Deposit
$200
Min. Investment
-
Regulated Broker
Yes

ATFX Broker Review

  1. IQ broker ORGZA promo screenATFX is a forex and CFD broker with a license in the EU that offers trading in multiple assets including forex, metals, crude oil and indices through the MetaTrader 4 platform.

    Keep in mind that having a license in the EU means that in South Africa, ATFX is not considered a licensed broker. South African traders cannot be protected by an EU regulator if something goes wrong.

    ATFX Account Types

    The minimum deposit to begin trading with ATFX is $200. Now, this is a relatively high minimum deposit compared to other regulated brokers. For example, IQ Option has a minimum deposit of only $10.

    The forex broker offers South African traders two account types to choose from, one for beginners and another for more experienced traders. The broker also offers a free demo account to test out the platform and practice risk-free. Take a look at all ATFX accounts below.

    Demo Account

    The ATFX demo account is a free practice account with $100,000 virtual money. It gives South African investors the chance to get used to trading (if they are new traders) or test out the platform firsthand before investing any real money. Once you feel ready, you can easily switch to a real account and start trading.

    The real accounts are right below. The standard account is for beginners and the Edge Account for advanced traders.

    Standard Account

    • Minimum deposit: $200
    • Spreads: 1.2 pips
    • Maximum leverage: 30:1
    • Zero commission

    Edge Account

    • Minimum deposit: $5,000
    • Spreads: 0.5 pips
    • Maximum leverage: 30:1
    • Commission: $3 p/slide p/lot

     

    ATFX Trading Platform & Assets

    The underlying assets South African users can trade with ATFX are:

    • Forex – 43 currency pairs (major, minor and exotic)
    • Precious Metals – gold and silver
    • Crude Oil – black gold or petroleum
    • Indices – 9 stock indices

    Now, the platform South African traders will be using is the MetaTrader 4 platform – either for desktop or mobile. MetaTrader 4 (MT4) is no doubt the most popular forex and CFD trading platform worldwide, but it should be noted that MT4 was created with more advanced traders in mind. Usually, forex brokers who provide the MT4 platform also have a second, simpler web trader option for beginners. ATFX has no beginner’s trading platform.

    Also keep in mind that MT4 will need to be downloaded onto your desktop or mobile device. You will not be able to access this trading platform directly from your web browser.

    MetaTrader 4 Desktop

    As mentioned above, MT4 will need to be downloaded onto your PC or laptop, as it is a very powerful software with several advanced features that cannot be accessed from a simple web browser. On the ATFX website, South African traders will find the link to download the software.

    MetaTrader 4 Mobile

    Now, for South African investors who prefer to not be limited to their PCs or laptops but like trading on-the-go, ATFX provides the option to download the MT4 mobile app. Available for both Android and Apple operating systems, ATFX mobile trading is a great way to monitor open positions and act fast when an opportunity arises.

    ATFX Customer Support

    The ATFX customer support team is available 24/5 if South African traders have any questions or problems. You can contact them via email, live chat or the Cypriot phone numbers provided. ATFX Global Markets (Cy), the company that owns and operates ATFX, is located at 159 Leontiou A’ Street, Maryvonne Building, Office 204, 3022, Limassol, Cyprus.

    You can check phone numbers and emails below.

    Contact number (Cyprus): +357 25 258 774

    General Information: [email protected]
    Support: [email protected]
    New Accounts: [email protected]
    Account Opening: [email protected]
    Disputes / Complaints: [email protected]
    Back Office: [email protected]
    Partnerships: [email protected]
    Media Relations: [email protected]
    Investment Services: [email protected]

    ATFX Deposit & Withdrawal Methods

    The minimum deposit for South African users to begin trading with ATFX is $200. You can make your deposit with one of the following methods:

    • Credit / Debit Card (Visa, MasterCard)
    • Wire Transfer
    • Skrill
    • Neteller

    Withdrawal methods are usually similar to deposit methods. This means you should be using the same method you originally made your deposit with ATFX to withdraw your money. Keep in mind that all withdrawals require identification documents.

    ATFX Pros & Cons

    After our full ATFX review, we have summarized all the basic advantages and disadvantages of trading with this broker as a South African below.

    Pros

    • MetaTrader 4 platform
    • Demo account

    Cons

    • Not considered regulated for South African traders (regulation only applies to the EU)
    • Relatively high minimum deposit (compared to other regulated brokers)
    • No trading platform for beginners

     

    Is ATFX a Scam?

    We can in no way classify ATFX as a scam. They are an EU-regulated, professional broker that definitely has a lot to offer traders. However, we would not recommend this broker to South African traders, especially beginners, as their regulation does not apply to South Africa and you can find a much cheaper option. There is also no platform available exclusively for beginners.

    In our opinion, the best option for South African traders (beginners and experts) is IQ Option – the top regulated broker with a minimum deposit of only $10, award-winning trading app and free demo account to practice.

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