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AvaTrade Review 2020 – Is This the Right Broker For You?

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AvaTrade, established in 2006, is one of the pioneers of online Forex trading in the world with offices in, Dublin, Sydney, Milan, Tokyo and other locations. AvaTrade is regulated by the Central Bank of Ireland and licenced by the MiFID in the European Union. It is also regulated by ASIC in Australia, the Financial Services Commission (FSC) in Japan as well as by the B.V.I Financial Services Commission in the British Virgin Islands. Their partnership with Manchester City Football Club has made them one of the most recognizable brands out there.

Anyone who knows forex knows AvaTrade. Previously known as AvaFX, AvaTrade broker manages volumes of $60 billion and more per month. They offer over 200 instruments across commodities, indices, stocks as well as over 50 currency pairs. AvaTrade have a massive selection of trading platforms, eight in total. One of the most important aspects of AvaTrade to note is that they are regulated across the globe, so they can offer trading to people in Australia through their ASIC licence, across Europe through their CICEK licence and so on. It is also worth to mention the amount of security and confidence AvaTrade brings you as your preferred forex broker.

AvaTrade has a great reputation and has gotten much praise and that is why we decided to test it for ourselves in order to give our honest and unbiased review of the online broker, AvaTrade and the AvaTrader trading platform.

AvaTrade has been providing its clients access to the CFD and forex trading market since 2006. Following the rise of bitcoin and other leading digital currencies like Litecoin, Dogecoin, BAT, NEO and others, it added crypto trading to its platform. Their primary aim remains to make these markets accessible to traders across the globe. In order to get an accurate picture, we created an account with AvaTrade and funded it with real money, and then tested its services. The following is a comprehensive summary of the services offered by AvaTrader.

PROS CONS
Accepts multiple payment methods for deposits and withdrawalsSupports various trading platforms including MT4, MT5, AvaTradeGO and mobile trading.AvaTrade is an award winning broker.Demo accounts are available, allowing traders to test their strategies before trading for real.Users have access to the markets 24/7.Supports over 250 popular financial instruments.World-class multilingual support is available.Islamic account is available for Muslim traders on AvaTrade.The leverage on AvaTrade is as high as 1:400. Broker does not offer a wide range of educational material.Not available in certain countries like the United States.

What makes AvaTrade a unique platform is the numerous services it offers to its clients. Traders on AvaTrade are granted access to various financial markets including forex, stocks, cryptocurrencies, commodities, indices, CFDs, and minerals. All these are available on any of the trading platforms available on AvaTrade. Traders can choose the Metatrader 4, MT5, Web Trader, mobile trader, mac trading, the AvaTradeGO mobile platform and more. You can choose from a variety of automated trading platforms, like Zulu Trade and others. This is what sets AvaTrader apart from its competitors. Spreads offers on AvaTrader are some of the most competitive in the market. AvaTrade has minimised its spreads up to 50% for all FX and CFDs. This modification propels AvaTrade as an industry-leading broker with the best trading conditions in the entire trading market, including very low spreads, modern trading platforms, and good services. As a multi-lingual platform, AvaTrade also supports multiple base currencies. Therefore multiple traders from all over the world can carry out their transactions with the currencies of their choice.

AvaTrade has set high liquidity and high stringent measures which make it possible for traders to deposit, trade, and withdraw their funds with ease. Here is how AvaTrade keeps your information and money safe:

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  • 256-bit SSL encryption across the entire website.
  • Fixed True-Site identity assurance seal.
  • AvaTrade is a compliant of Web Trust, which has been determined by the (AICPA) American Institute of Certified public Accountants.
  • AvaTrade employs McAfee Secure (HackerSafe) to control fraud of credit cards and identity theft.
  • Client money is set apart from AvaTrade business funds.

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AvaTrade Experience Test

Customer services, order execution and the withdrawal process are imperative to the effectiveness of a trading platform. These three services are the success of traders and they can cause a trader to switch to brokers that offer better services. To confirm the effectiveness of these services on AvaTrade, we opened a live account and funded it with real cash. We later reviewed these services one at a time.

We looked into customer services first. At the top of any page on the AvaTrade website, you will see a button for its Live Chat which is also accessible from your account area. Not far from that button, just a little to the right, you will see the customer support phone number for your location, with the option to change countries immediately to the left. You do not have to wait long to begin talking to a representative. The overall ability to answer depends on the complexity of the question but professionalism is high.

Secondly, we tested order execution speed. Execution can be the difference between a profit and loss. AvaTrade trading platforms are exceptional in terms of order execution speed. Traders can trade with much ease knowing that their orders will be executed as fast as possible. We placed an order on one of our favourite commodities, and the trade was executed immediately. We did not lose a buying opportunity. The same result was obtained when we placed a sell order on the asset for a while. The trading platforms are popular as a result of the fast execution but they also come with other features such as market news, economic calendar and trading tools that make trading easier for AvaTrade customers. The platforms are endowed with an excellent UI, making it easy for traders to navigate the financial markets at all times.

The third most important feature we tested was the withdrawal process. A trader will want to withdraw his earning with ease after a day of trading. AvaTrade has made sure of this. Their streamlined payment system means that we became eligible to withdraw our funds immediately after depositing it, even without trading an asset. We filled out AvaTrade’s withdrawal form and submitted it to the customer service team together with our identification documents. Once our request was approved, our bank account was funded within no time. For those using bank wire methods, it could take up to 2 business days or more for the funds to be deposited into your account due to bank policies so it is recommended to check on this directly with your bank.

After reviewing these three services on AvaTrade, we can safely recommend the platform to any trade out there who would like to fulfil his online trading needs.

Is AvaTrade a Scam or Legit?

AvaTrade is not a scum because it is regulated by various regulatory agencies in the world. The company is regulated by the Central Bank of Ireland (with registration number C53877), B.V.I Financial Services Commission, the ASIC (with registration number 406684), the South African Financial Services Board (with FSP number 45984, in Japan by the FSA (with registration number 1662) and the FFAJ (with registration number 1574).

Due to its numerous regulators, AvaTrade is expected to comply with both local and international policies that govern financial markets. AvaTrade follows the Anti-Money Laundering (AML) and Know-Your-Customer (KYC) policies put in place to help curb crimes in the financial markets. The AML and KYC ensures that issues like money laundering, identity theft and other services are stopped from taking place on any brokerage platforms. These regulations also mean that AvaTrade’s services and operations are 100% transparent. Failure to verify your account would make it impossible to carry out various transactions such as deposits, withdrawals and trading, without the fear of losing their assets or getting hacked.

AvaTrade is comprised of a team of highly efficient staff, present in all parts of the globe. Their customer service is very effective, multilingual and is available in different continents across the globe. Based on this, regardless of your location, you can get in touch with a customer care agent that will fully understand your needs and able to assist you in a language you understand.

The terms and conditions of AvaTrade are very clear I their website. The platform dedicates pages to explain to traders and investors what their policies are and what is required of an active member. Based on this, it is recommended that you check out their terms and conditions page before you begin trading with them.

AvaTrade is a big supporter of user privacy, since customers share personal information with them during the account opening stage or when speaking to customer care agents. AvaTrade ensures that all data given to them remains safe and confidential at all times. AvaTrade does not sell or share users’ personal data with third party companies or other affiliated entities. Ass a trader, you can be confident that your funds and personal information will remain secure and private on AvaTrade.

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AvaTrade Regulation and Safety of Funds

AvaTrade is a highly regulated broker in the brokerage industry. At the moment, the company is regulated by financial authorities in Europe, Asia, Africa, and Australia. AvaTrade is regulated by the Central Bank of Ireland (with reg. No.C53877), the B.V.I Financial Services Commission, the ASIC (with reg. No.406684), the South African Financial Services Board (with FSP No.45984), and in Japan by the FSA (with reg. No.1662) and the FFAJ (with reg. No.1574). The company is very much compliant with both the local and international policies governing financial markets, not excluding the Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Clients are not allowed to carry out activities such as withdrawal of funds on AvaTrade trading platform until they have verified their accounts by providing the necessary ID and address documents.

AvaTrade pays close attention to the safety of user funds on its platform. Their payment system has been streamlined to ensure that funds are safe during deposit and withdrawal processes. It is not possible for anyone who is not an account owner to withdraw funds from an account. AvaTrade doesn’t mix its clients’ funds with its operational money. This is to ensure that the funds don’t get mixed up, and traders can have access to their money whenever they wish to. The security measures implemented by AvaTrade do not stop with fund safety; it also extends to personal information. AvaTrade’s security protocols ensure that user’s personal data remain secure and private always. In terms of security of funds and data, AvaTrade meets with the international standards. As a result of this, your funds and data are safe with AvaTrade.

AvaTrade – Account Types

AvaTrade is committed to remaining a global CFD brokerage platform that provides services to everyone. It is for this reason that they keep their platform simple and easy to use and navigate. At the moment, AvaTrade only provides users with two account types; standard accounts and demo accounts. In addition to these two, AvaTrade has an Islamic account to support Muslim traders using its platform. The Islamic accounts are swap-free accounts that enable Muslims to trade within the confines of the Sharia law.

While the demo account is free, the minimum deposit amount on the standard and Islamic accounts is $100. The minimum lot size on AvaTrade is 0.01 lots, while they also support multiple trading platforms such as MT4, MT5, Mobile Trader, WebTrader, AvaTradeGO, and Mac Trading. The trading platform you choose during registration will determine the features available to you. However, all traders on AvaTrade have the ability to create multiple sub trading groups on their accounts.

In general, AvaTrade users get to enjoy excellent customer care services, swift order execution, quick funds withdrawal service, and so much more. If you are looking for more tailored account types, check out other leading brokers in the industry.

The following are trading conditions on AvaTrade:

  • All spreads on AvaTrade are Over Market.
  • Forex Standard Spreads follow the normal market regulations.
  • Gold & Silver spreads could be wide between 22:00 – 02:00 GMT.
  • Crude and Brent Oil spreads could be wider than stated between 22:00– 05:00 GMT.
  • Crude Oil & Natural Gas spreads may be wider during weekly inventories.
  • Prior to their expiration, forex options on this platform can be traded online up to 24 hours.
  • Trading is 24/7 for MetaTrader account holders.
  • Depending on the market situation, cryptocurrency spreads may be volatile.
  • Margin expectations on cryptocurrency pairs may hike during volatility.
  • Islamic accounts cannot access crypto trading.
  • The minimum trading size lot on MetaTrader platform = 0.01
  • Trading hours may change because of Daylight Savings Time.
  • Overnight rates of interest are indicative and may change at any point.

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Fees and Spreads

AvaTrade is known for offering competitive pricing on its platforms. The company doesn’t charge transaction fees. Deposits and withdrawals are entirely free on AvaTrade, however, your bank or financial institution could charge you for the transactions.

In terms of spreads, AvaTrade’s spreads are very tight and competitive. AvaTrade has reduced its spreads by up to 50% across all FX and CFDs. AvaTrade platforms have equal spreads, which are calculated depending on the asset and the amount of money the trader is investing. Due to this, traders need to consider the amount they are trading when deciding on the spread.

Opening an account with AvaTrade could not be a simpler process. The platform finds pride in providing traders with easy access to the financial markets. This is therefore, the reason why the registration process is straightforward.

To open an account with AvaTrade, you can visit their official website. Click on the ‘REGISTER NOW’ button at the top right corner of the homepage. You will be asked to provide your details, which include full name, email address, and a valid phone number. Submit your application and your account will be opened immediately. Your information will be safe.

Next, you will be required to provide your personal data to AvaTrade. This data includes your date of birth, address, city, street name, street number, zip code, password for the account, base currency, and the trading platform you wish to use. After providing these details, your registration is complete, and you can start trading your favourite assets on AvaTrade. All the information provided is secure and will be held in the highest level of confidentiality.

Deposit and Withdrawals

AvaTrade has a very vigorous trading platform that enables the easy withdrawal and deposit of funds. They accept several payment methods. To deposit funds into your AvaTrade trading account, follow these steps:

  • Login to your AvaTrade account via your computer or mobile device
  • Click on the ‘DEPOSIT’ button on your dashboard
  • Enter your payment method (credit/debit cards, e-wallets or bank wire)
  • Insert the amount you wish to deposit and submit
  • Your account will be funded instantly (for bank wire, it could take 2 business days or more for the transaction to be completed).

To withdraw your funds from AvaTrade, follow this process:

  • Login to your AvaTrade account via your computer or mobile device
  • Click on the ‘WITHDRAW’ button on your dashboard
  • Fill out the payment withdrawal form and submit
  • Your account will be funded after your application has been approved (for bank wire, it could take 2 business days or more for the transaction to be completed).

AvaTrade accepts the following payment methods:

Credit/Debit Cards

Credit and debit cards are commonly used by international clients for depositing and withdrawing cash. Credit/Debit card transactions are usually instant which means the funds reflect in your account instantly. AvaTrade accepts different credit and debit cards, including Visa, MasterCard, Maestro, and others. Transaction fees are zero when you use credit cards to fund your account or to withdraw your earnings.

E-wallets

E-wallets are becoming a more popular way of funding online trading accounts also withdrawing funds by traders. As is the same while using credit and debit cards, transactions using E-wallets are approved instantly. AvaTrade doesn’t charge transaction fees. E-wallets that are accepted by AvaTrade include Neteller, Skrill and others.

Bank Wire

Bank wire is most prevalent in regions where the use of credit cards is low. This payment method takes longer to process (2 days or more), and transactions are free, however, your bank might charge you for processing the transactions so check these costs directly with your bank.

Keep in mind that you will not be allowed to withdraw your earnings on AvaTrade if you are yet to verify your account.

Being a highly regulated platform, AvaTrade abides by the regulations set by the KYC and AML. Traders are expected to verify their accounts by submitting their ID and residence documents to the customer support team.

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Proof of Identity

For proof of ID, AvaTrade accepts the following documents:

  • National ID card
  • International passport
  • Driver’s license

The submitted copies of these documents need to be clear. The names displayed on the documents should match the ones on your profile. They should also display the full name, date of birth and picture.

Proof of Residence

AvaTrade also requires traders to provide evidence of their address. The documents accepted by AvaTrade include:

  • Bank statement
  • Utility bills (electricity, water, gas, and others)

The documents should have been issued less than three months ago and must display the necessary details, such as name and address.

Proof of Credit Card

Traders who transact using credit/debit cards are asked to verify their identities before using these cards. They are required to provide Ava with a copy of the front and back of the credit/debit card used. The copies should clearly show your full name, the expiration date of the credit card, and the first and last four digits of the credit card number. You are allowed to block the 8 digits in the middle of the card, including the CVV security code displayed at the back.

AvaTrade Trading Platform

AvaTrade supports multiple trading platforms. Traders will have access to trading platforms such as WebTrader, MT4, MT5, Mobile Trader, Mac Trading, AvaTradeGO and AvaOptions.

The various trading platforms available are to enable clients to choose the ones they prefer. Despite the differences, the trading platforms all come with excellent trading tools that would make it easier for you to trade financial assets with AvaTrade.

The trading platforms give users access to tools such as price charts, daily market news and analysis, economic calendar, experienced advisors, automatic trading options, a flexible trading environment and much more. With WebTrader, you don’t need to download or install any software, and it is compatible with most of the browsers. However, you need to install the MT4 and MT5 trading platforms before you can use them.

Each of the platforms also has a friendly dashboard and a simple user-interface that will make it easy for traders to navigate the financial markets.

AvaTrade recognizes the importance of training and education in the trading environment. Based on this, AvaTrade provides a range of educational materials on their website for their customers benefit. AvaTrade has several eBooks, video tutorials, and articles for traders. New traders can get a complete introduction to trading online, looking at trading forex and CFDs with technical analysis. The video tutorials will help you to better understand the trading strategies and how you can use them for trading your favourite assets. Some top brokers offer a wealth of other trading and educational resources including webinars, daily market news, videos and much more.

In terms of resources, AvaTrade has a vast number of trading tools. Each of the trading platforms supported here comes with several features and tools. Some of the tools available include price charts, daily market news, market analysis, economic indicators and calendar, and more. All these trading tools are made available to ensure that you easily navigate the markets. They also help traders make more informed decisions regarding their trades.

AvaTrade has one of the most active customer services in the industry. Their customer service is available in multiple languages, and they can be reached via phone in several countries around the globe. They are quick to respond and are available 24/7 to tend to traders’ needs. The customer support team is comprised of friendly and a professional staff that has an in-depth knowledge of the financial markets. Furthermore, you can reach them via email, live chat, or phone call.

FAQs

Is AvaTrade Regulated?

Yes, AvaTrade is a regulated company. They are currently regulated and authorized by the Central Bank of Ireland (No.C53877), B.V.I Financial Services Commission, the ASIC (No.406684), the South African Financial Services Board (FSP No.45984), and in Japan by the FSA (No.1662) and the FFAJ (No.1574). AvaTrade abides by the regulatory requirements of these agencies and ensures the safety of user funds and data on their platform.

What is AvaTrade?

AvaTrade is a pioneer in the crypto, forex and CFD brokerage industry. They grant traders access to the online trading markets, and allows them to trade over 250 assets of stocks, cryptocurrencies, forex, CFDs, commodities, and metals. Because of this, AvaTrade charges commissions and other trading fees for providing them with these services.

Who has Experience with AvaTrade?

AvaTrade is open to everyone, whether new or experienced traders. It is the reason why AvaTrade have a demo account so that all users can familiarize themselves before getting into actual trading. AvaTrade trading platforms have simple UI designs, making it easy for anyone to navigate the financial markets on AvaTrade.

How Does AvaTrade Work?

AvaTrade grants traders access to over 250 financial assets in the forex, crypto, stocks, commodities, CFDs and indices markets. Through making trades on the platform, AvaTrade charges commissions on each trade. However, AvaTrade doesn’t charge fees for deposits and withdrawals, but your financial institutions might charge you for those transactions.

How Reputable is AvaTrade?

AvaTrade are a highly praised brokerage firm. They are regulated by various regulatory agencies from across the globe. The company is associated with the popular English soccer club Manchester City. Over the last ten years, they have handled client transactions worth billions of dollars for hundreds of thousands of clients. With a reliable security protocol in place, traders can be confident that their funds and personal data are safe with AvaTrade.

How do I Register and Open a Trading Account with AvaTrade?

To open an account with AvaTrade, follow these steps:

  • Visit their official website and click on the ‘REGISTER NOW’ button
  • Provide the required details including name, email address, and phone number
  • The second stage of the registration will ask you to fill in your personal information
  • Submit the application and your account will be activated within a few seconds
  • Deposit funds into your AvaTrade trading account and start trading your favourite assets.

Where is AvaTrade Based?

AvaTrade is a global brokerage platform that has representatives in several countries around the world. They are present in Asia, Africa, North America, and Australia. You can get in touch with the customer support team via a phone call, email, or live chat feature available on their site.

AvaTrade is considered by many traders to be a top broker in the industry, yet when it comes to trading online, it is vital that the broker you choose to trust meets your trading needs and goals. Once you have read this review, take the time to learn more about other reputable and excellent brokers in the financial industry.

Conclusion

To sum up, AvaTrader is a leading broker in the world of forex trading. With their excellent trading platforms and customer service, it gives its clients an easy time during their trading. Their tight security and client confidentiality is also a great feature when it comes to client trust. AvaTrader is definitely the right trader for you.

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