AvaTrade is an online brokerage firm that was founded in 2006 and is known to be one of the leading brands in the industry today with over 3 million trades executed per month.
Regulated in various countries and regions including Europe, Australia, Japan, British Virgin Islands, UAE and South Africa, they offer a proprietary trading platform that is built around the user with an aim to provide the ultimate on-line trading experience.
Such goals are quite high but the question is, are they really achievable? In this review, we’ll take a look at the most important features to consider when finding a reliable broker to trade with and we’ll find out if AvaTrade is able to meet our high standards.
With AvaTrade, registering an account is very easy and quick. All you need to provide is your first and last name, email and a phone number during the initial phase of the sign-up process.
A good alternative way to sign-up is using your Facebook or Google account. This option is now a common method of registering for account so that you won’t need to provide your details anymore. What will happen is that AvaTrade will automatically pullout the details from Facebook or Google and will link it directly to your newly opened trading account.
You can also use your Facebook or Google account to sign-in whenever you want to access your AvaTrade account. This makes it a lot more convenient since there’s no need to input your login details especially if you’re the type of user that easily forgets your password.
Most of the clients from over the world are permitted to use AvaTrade but there are a few exceptions.
Unfortunately, they don’t have an official list of these countries on the site. The good news is that it’s quite simple to check if it is supported by this broker. You just need to open their website and it will automatically check your IP address and location and will give a notification whether your country is allowed or not.
Just be sure that you’re not connected to the internet via a virtual private network or VPN. That means your connection should indicate your actual location rather than one from another country or region.
Here’s the thing:
Some brokerages offer various account types for their clients. Most of them have different tiers or levels like bronze, silver and gold, or categories like standard and VIP.
The difference with AvaTrade is that there are no account types. That means anyone who has an AvaTrade account will be able to enjoy the same benefits. There is no difference with the perks so there’s practically no limited feature whatever amount you deposited into your account and we think that’s really fair.
What about bonuses?
What’s great about AvaTrade is that they offer occasional welcome bonuses for newly signed-up clients.
Like for example, they had a limited welcome bonus offer for new clients who will make their first deposit during the promotion period.
Do take note that specific terms and conditions apply in order to claim, use and withdraw these bonuses so be sure to read them first before availing them.
AvaTrade allows its users to participate with thousands of traders who have made them their preferred trading platform. If you are interested to trade with this broker but are still not ready to do live trading then you can examine the demo account first.
The demo account provides data that is not delayed and is similar to the numbers displayed on a real platform. The prices are shown in real time. This will allow you to become accustomed to trading without letting your emotions take place over rationality.
Here’s the deal: The account comes with $10,000 in virtual money to practice and fine-tune your trading strategies. This amount is already sufficient if you are a beginner as this will also teach you how to manage your funds efficiently.
And take note, the AvaTrade demo accounts expire after 3 weeks.
The only information required to login to your Avatrade account is your email and password.
Tip: If you’re the type of user who keeps on forgetting your login details then you could use your linked Facebook or Google account to sign in to the platform.
On rare instances, you may encounter issues when signing in to one of their platforms or apps. When this happens, it is recommended to clean all your cookies and cache on your phone or computer. Then, you can try entering your AvaTrade login details again and it will most likely be resolved.
Making a deposit is fairly simple and won't require any complicated process as long as you provide the correct details. The deposit page can be accessed directly from the trading platform so you don't need to switch screens or go to a different page.
Adding funds to the AvaTrade account is possible by the use of various gateways such as:
It’s also good to know that they implement a 256-bit SSL encryption across their website which means you don’t need to worry about credit card fraud and identity theft.
In general, our experience in making an AvaTrade deposit was hassle-free.
AvaTrade requires a minimum deposit of $100, which is at par with the requirements of most brokers in the market today.
This is good news for newbie traders because they won’t be required to transfer a huge capital. We also think that this is the ideal amount for starters especially for those who want to explore various markets.
AvaTrade features a selection of trading platforms which includes the popular MetaTrader 4 and their very own downloadable platform called AvaTrader that features advanced charting and multiple live news feeds.
The MT4 doesn’t need much explanation as it is known to be a standard in this industry and is very flexible for novice traders.
They also offer WebTrader, Mobile and an automated trading system including MirrorTrader and ZuluTrade which is capable of emulating the trades of skilled traders even if it is unattended.
In terms of design, AvaTrade has done a terrific job in keeping their platform very simple and not too fancy.
An advanced interface design looks a bit intimidating especially for one who is not yet used to the platform but after a while, you will realize that it’s well-organized and very user-friendly.
It’s easy to view the open positions, the prices, the charts and everything that you need is on the entire screen as they have organized all the necessary items very well.
What we also liked about the overall design is that it has a fast loading time even if there were a few cosmetic additions.
Having a broker that covers a wide range of assets is no doubt an advantage as it increases the possibilities of making a profit.
With AvaTrade there are more than 250 instruments but aside from that, their biggest advantage over their competitors is that they are one of the very few brokers that offer trading on emerging cryptocurrencies like Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, IOTA, DASH, NEO, Monero, Zcash and Qtum.
People trade forex and other instruments for the purpose of making considerable earnings and for this reason, the pip value is important as it will calculate how much profit can be made or lost on a trade.
This broker doesn’t charge any commission and offer fixed and floating spreads conditional to the platform that is being used and what’s notable about AvaTrade is that they have reduced the fixed, floating and options spreads.
In fact, AvaTrade has even reduced the fixed, floating and options spreads by an average of 35% across the majors and as much as 50% on some FX pairs. For the EUR/USD currency pair, they now offer 0.90 for the fixed spreads. These are much more competitive than the typical spreads of other brokers.
This change in AvaTrade spreads set them as an industry-leading broker with some of the best trading conditions, including extra-low spreads, excellent bonuses and up to 400:1 leverage.
AvaTrade charges ZERO deposit fees. However, they impose a strict minimum deposit. The required deposit for e-payment and credit cards methods is 100 GBP or its equivalent if your account is using a different currency.
Same with deposit fees, AvaTrade does not charge its users with a commission fee. This means, you will not be charged for any trades you open, or any buy and sell transactions.
Remember: AvaTrade, similar to other online brokers today, get much of their earnings through the market / bid and ask spread or the price difference between the BUYING and SELLING of a financial asset.
In general. we found most of the AvaTrade fees to be small and comparatively lower than other brokerages we've tested.
A requote is one of the biggest headaches of forex traders as the broker is a not able to provide a trade that is based on the price that they specifically entered.
AvaTrade does not experience any requotes and slippages which is an advantage for those who are trading fast-moving markets.
The common setback of most brokers today is the deferral in processing withdrawal requests where in most cases, the funds experience a lot of delays before they reflect on the customer’s chosen banking account.
At AvaTrade, it only takes a total of 7 business days to process withdrawals. 1 to 2 business days of it is for verifying the submitted withdrawal form before they start processing the transfer of funds.
To fully test the processing time of AvaTrade withdrawal, we made several requests on different days and all of them were handled promptly.
It is always ideal to sign-up with a broker that is reliable and fast in providing support since they will serve as your lifeline when things go wrong or when you have questions that need answers.
As for AvaTrade, they can be contacted through phone, call back, email and live chat.
Their response time is quite faster in comparison to other forex brokers in the market today.
It’s also good to know that they assign personal account managers to their clients so every issue and query will be handled with sensible consideration since they know the trader and they can keep track of their transactions for reference.
Our discussion with their live chat support agent was very valuable as we were able to get the answers about our queries.
All of the responses were straight to the point and we were very impressed on how well the conversation was handled with professionalism.
AvaTrade has been in the business since 2006 and through the years, they have been able to penetrate the market with over 300,000 registered customers as of this writing.
The fact that they are operating for nearly 2 decades (that's around 20 years) and even support over 20 languages are solid indications that they mean serious business.
As per our extensive research, they also didn’t get any serious warnings or penalties from the financial regulators that they are registered with. And when it comes to user reviews, just like any broker, they got good and bad reviews but most of them were noticeably on the positive side and the bad ones were usually isolated cases.
In general, they were able to sustain an excellent credibility and for this, they get a good reputation score.
They were also able to get the approval for full regulation from several financial authorities including:
AvaTrade also has a lot of positive comments from traders and has been praised by many for providing an easy-to-use trading environment that is rich in functionalities.
So what’s our take on AvaTrade? In general, this broker has the edge in the world of online forex and CFD trading and this can be credited on how they created a platform based on the perspective of their users.
Compared to other brokers that are simply an extended brand of banking institutions, this one was able to provide a rich trading environment that is specifically made for retail traders.
Add to that a good reputation and a support team that is able to maintain the highest standards and you have yourself the perfect broker for forex trading.
The bottom line?
AvaTrade is the ideal broker to sign-up with if you’re looking for one that is credible, user-friendly and has excellent customer service.