Originally founded in 2006 as AvaFX, this online forex trader rebranded itself as AvaTrade to reflect the shift to its multi-asset trading business plan that saw their product selection grow to more than just forex offerings. With offices in 11 countries around the world, this online forex and CFD broker is based in Dublin, Ireland. Serving around 200,000 accounts, surpassing 2 million transactions, with a $60 billion mark in total value, on a monthly basis is no easy feat.
Too see the commitment to customer experience, you just need to look at the number of trading platforms offered. Supported with a multilingual support staff that’s available 24/5, you will do what you want and get the answers you want rapidly. Make no mistake AvaTrade is a great example of age before beauty as they have been around for a while, and with time have only grown in size through dedication to their customers’ safety and experience.
AvaTrade presents 3 different accounts for the regular traders, these three being: Free Demo, Standard live, and Islamic account for Muslim traders. If you are newcomer to online Forex and CFD trading then I would recommend you start with the demo account. In this account you will be able to hone your skills and get familiar with the market and the software before risking any real money. Once you become familiar with the system and tools at your disposal you can move on to a standard account with a minimum deposit of $100. This account will give you full access to all the charting tools and other features that you will need.
For traders out there, who do this for a living, AvaTrade offers a MAM or a Multi-Account Manager account. With this account, professional traders will be able to manage multiple accounts for clients, while also gaining access to several features like all MT4 order types, Multiple Allocation Parameters and the ability to create multiple sub trading groups.
This part of the review is where AvaTrade shines the brightest as they have one of the most extensive lists of trading platforms in the market. These platforms include:
- MetaTrader4 – MetaTrader for Mac – MetaTrader for floating spreads
- MetaTrader for web trading – Proprietary AvaTradeAct platform
- Several Platforms for Automated Trading
Each of these platforms offers something different for the traders to use in their strategy so it is worth taking a good long look into what each option offers in term of charting tools, assets for trade and Web access.
If you are looking to take advantage of the variety of Automated trading accounts at your disposal, you will have a assortment of options in picking your software:
- RoboX – Mirror Trader – ZuluTrade -API Trading -MQL5 Signal Service
Automated trade software is especially useful for the newcomers of trade world, as the system will replicate the trades of a person with more experience and capital, reducing the chance for newcomers to make ill-advised and uninformed trades.
You will have multiple choices when it comes to selecting the right mobile application for your trading needs. Whether you choose the AvaTrade Act mobile app developed by ActTrader Technologies Inc, or the always popular MetaTrader4 (MT4) app from MetaQuotes Software corporation, or AvaTradeGO mobile app that syncs with MT4. Or if you prefer, you can use all 3 and see what kind of improvements and changes you can make to your trading strategy. All 3 apps are available on IOS and Android, and all offer great features, easy to use setups and are tailored to your preferences.
As you cross over from the demo to the real thing, you will need to fund your account. As we said before you will need to make a minimum deposit of $100 to open a standard account. To make this deposit you are presented with an array of choices. You can make your deposit with:
- Credit/Debit Cards
- Bank Wire Transfers
- E-Wallets (PayPal, Skrill, Neteller, WebMoney and Moneybookers)
Credit Cards and eWallet transfers usually process instantly while wire transfers may take anywhere from one to three days.
When you want to withdraw your money, you will have the same methods at your disposal. Keep in mind, a withdrawal request might take up to 5 days, so do not be worried if your money hasn’t shown up yet. Also, once you join, you can apply for a Ava Debit Mastercard that will be sent to you, with all your withdrawals being directly put into the account tied to that card, and ready for your spending.
Spreads & Commissions
At AvaTrade you will have the option to trade various instruments with fixed or floating spreads. Some examples of this are EUR/USD 1.5 pips Floating Spread, and 1.9 pips Fixed Spread, and 1.6 pips Floating Spread, and 2.4 pips Fixed Spread on GBP/USD. Compared to previous year the broker’s spreads have improved in both the floating and fixed spread offerings. Having a good Forex spread really makes traders wish they had more currency pairs to offer than 60, but it could be worse.
One of the enticing features of AvaTrade is the leverage maxed out at 1:400. When the market is open 24 hours and you can trade on such a good margin it is hard to say no. However, it is worth remembering the risk that comes with trading on a leverage, which can be as bitter as the rewards can be sweet.
Regulations & Security
Nowadays not being regulated by multiple markets makes you seem small, so AvaTrade is regulated by Central Bank of Ireland, ASIC in Australia, FSB in South Africa and FSC in British Virgin Islands and by several agencies in Japan.
When you are about to put hundreds or thousands or even millions of dollars of your money into a business or a trading site you want to make sure you are going to be taken care of. When you are taking home awards for Best Customer Support, Best Alert System, Best Financial Derivative Trading Provide and Best Forex Broker of the Year you really don’t play games when it comes to business and your customers security.