AvaTrade Broker Review
AvaTrade is a regulated Forex trading broker providing clients with tailor made solutions. Since 2006, the company has been an innovative pioneer in online trading. It was founded through combined efforts between financial experts and specialists in web commerce. This was done with the goal of perfecting online trading experience for all traders whether experienced or not.
As one of the top Forex brokers in the world, the firm has offices in New York, Dublin, Sydney, Milan, Tokyo and other locations. It is regulated by the Central Bank of Ireland and licensed by MiFID located in the European Union. Over the last decade, AvaTrade has established itself as a major player in online Forex trading with a proven track record of positive customer satisfaction.
The company has carved a reputation as the leader of adaptable trading solutions backed by strong financial institutions. Today, it has over 200,000 registered trades from around the globe. This has resulted in over 2 million trades every month.
As one of the first Forex brokers to introduce CFD trading on commodities, indices and stocks, AvaTrade has gone ahead to introduce currency trading granting traders access to the lucrative Litecoin and Bitcoin markets too.
The following services are offered to both beginners and experienced traders.
a. Free demo account
Beginners can practice trading online without risking their own capital thanks to AvaTrade’s free demo account that is also 100% risk free. You can download your demo trading account to your PC, mobile or access it via the web. Once you register, you can begin trading in different markets finally familiarizing yourself with the platforms on offer. You can also take advantage of their 24/7 customer service and educational portal too. This will allow you to learn the basics about trading.
b. Real trading account
Now that you are ready to trade in the real world, you can open a real day trading account. The type of online trading account to be opened will be determined by the demo account you chose. There are 5 superior Forex trading accounts. They are compatible with Android, iPhone and PC. Traders have the ability of playing with different types of orders such as stop, trailing stop, limit and many more. Here are some of the trading platforms available at AvaTrade:
i. MetaTrader 4
ii. Mirror Trader
iii. Zulu Trade
vi. Mobile, Mac and web trading
c. Access to online tutorials
AvaTrade offers training materials in form of online video tutorials, webinars, online video tutorials and a glossary. Online tutorials allows beginners to learn what MetaTrader 4 is, what a pip is, about Forex trading, how to read a Forex chart, about CFDs, Options and technical analysis among others. The tutorials are available as a step by step guide making it easy to learn.
d. Customer support service
Both beginners and experienced traders have access to customer support staff that is ready to answer any questions as well as provide additional information. Support is provided via email, phone, fax and live chat.
This is a program that awards qualifying customers with premium trading experience. It includes tailored educational programs, express withdrawal approvals, dedicated Ava Select hotline and other special gifts. To qualify, you have to make a minimum deposit of 100,000 in the following denominations USD, EUR, GBP and AUD. You can also qualify by exceeding 100M in trade volume.
Avatrade now allows clients to trade cryptocurrencies through their M4 Platform with up to 20:1 leverage, 24 hours a day. They also give you the ability to short cryptocurrencies so you can take advantage of both sides of the market. They currently allow you to trade Bitcoin, Ripple, Dash and Litecoin cryptocurrencies. The only dowside to Avatrade is they don’t allow US based customers. Check out the following link for more information on cryptocurrency trading with Avatrade.
Opening both real and demo trading accounts is free. To start trading with the real account, you need to make a deposit of $100. Acceptable payment solutions include PayPal, NeTeller, Skrill, MasterCard, Visa and WebMoney. Traders can also apply for an AVA Debit Card. This allows you to deposit and withdraw funds without any paperwork. The maximum leverage allowed is 400:1.
Trading benefits offered include:
a. Fully regulated company
b. Access to higher levels of education that comprise of videos, FAQs, courses and webinars
c. Swift and easy withdrawals. Takes only 5 business days for regulars but 24 hours for Ava premium members
d. Updates from live market news feed from leading news agencies
e. Minimal deposit of $100
f. Availability of multiple trading platforms that work with a wide variety of devices
A few were noted:
a. The platform is not responsive which makes it difficult to navigate via mobile devices
b. Lengthy withdrawal process – 5 business days for the money to reflect in one’s account
c. One can open a single standard account only
Although AvaTrade’s website is not responsive, it has a simple navigation system. This enables users to locate any type of information they want. Online tutorials are provided as a step by step guide making it easy for beginners to learn the ropes about trading. What users would have loved improved is a shorter withdrawal process and higher spreads for popular currency pairs.