AvaTrade Review

AvaTrade Overview

Founded 2006
Platforms MetaTrader 4, AvaTradeGO, AvaTradeAct, Floating Spreads, MT4 – Spread Betting, AvaOptions, Automated Trading, Web Trading, Mac Trading, Mobile Trading
Minimum account size $100
Minimum lot size 0.01
Tradable assets 250+
Maximum margin 1:400
Spread on EUR/USD 1.50 pips (floating spreads) / 1.90 pips (fixed spreads)
Payment methods Credit/Debit Cards, Wire Transfer, E-Payment Methods
Demo account Yes
Accepts US traders No
Regulated CBI (EU), ASIC (Australia), FSC (BVI), FSA (Japan), FSB (South Africa)
Support Email, Phone, Live Chat
Website www.avatrade.com

 

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Pros

  • Stable platform
  • Low minimum deposit requirement
  • Regulated
  • Segregated client accounts from Europe, Australia and Japan

Cons

  • US traders not accepted
  • Demo account valid for 21 days only

AvaTrade was founded in 2006 and is known to be one of the leading online forex brokers today with over 1.5 million trades executed per month. 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?

Platform

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. This merits AvaTrade with a Platform score of 10/10.

Design

AvaTrade has done a terrific job in designing their platform. At first the 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 my open positions, the prices, the charts and everything that I need is on the entire screen as they have organized all the necessary items very well.

What I also liked about the overall design is that it has a faster loading time even if there were a few cosmetic additions and for this I am giving this broker a Design score of 5/5.

avatrade platform

Minimum Deposit

AvaTrade only required a minimum deposit of $100 which is considerably lower than the requirements of most brokers in the market today. This is certainly good news for newbie traders because they won’t be required to transfer a huge capital anymore.

This warrants AvaTrade with a minimum deposit score of 4/5.

Minimum Lot Size

The minimum lot size is 0.01 which is ideal for small investors who prefer investing with a much smaller lot size. Another advantage is that it also lowers the risks for the trader and because of this AvaTrade gets a Minimum Trade Score of 4/5.

Tradable Assets

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 and Litecoin. This is the reason why they notched a Tradable assets score of 4/5.

avatrade assets
 

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Payouts

People trade forex 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 recently reduced the fixed, floating and options spreads. For the EUR/USD currency pair, they now offer 1.50 pips and 1.90 for the floating and fixed spreads, respectively. These are much more competitive than the typical spreads of other brokers. Such rates warrant this broker a Payouts score of 9/10.

UPDATE: AvaTrade has reduced the fixed, floating and options spreads by an average of 35% across the majors and as much as 50% on some FX pairs. This change sets AvaTrade as an industry-leading broker with some of the best trading conditions, including extra-low spreads, excellent bonuses and up to 400:1 leverage.

Withdrawal Time

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 5 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. Such speed is well above the industry standards, which usually takes longer and this advantage has earned this broker a Withdrawal Time score of 9/10.

Deposit and Withdrawal Methods

Adding funds to the AvaTrade account is possible by the use of various credit and debit card brands like MasterCard and Visa, wire transfer and several E-payment methods like PayPal (except for EU customers). It’s also good to know that they implement a 256-bit SSL encryption across their website which means I won’t need to worry about credit card fraud and identity theft. Such coverage and security warrants this broker with a Deposit and Withdrawal Methods score of 5/5.

avatrade deposit

Customer Support

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.

Amazingly 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.

avatrade support

My discussion with their live chat support agent was very valuable as I was able to get a lot of useful details about my queries regarding their bonuses. All of the responses were straight to the point and I was even given a link for reference. I must say, I was very impressed on how well the conversation was handle with professionalism and politeness and for this reason AvaTrade gets a Support score of 14/15.

Quote Accuracy

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. Fortunately, AvaTrade does not experience any requotes and slippages which is an advantage for those who are trading fast-moving markets and because of this I am giving this broker a Quote Accuracy Score of 10/10.

Reputation

AvaTrade has been in the business since 2006 and through the years they have been able to penetrate the market with over 150,000 registered customers as of this writing. They were also able to get the approval for full regulation from several financial authorities such as the Australian Securities and Investments Commission in Australia, the Financial Futures Association and Commodities Futures Association of Japan, the Financial Services Commission and Central Bank of Ireland.

Aside from this AvaTrade also gets 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. They are able to sustain their good credibility and for this they get a Reputation score of 19/20.

avatrade reputation
avatrade reputation
avatrade reputation

Conclusion

AvaTrade has the edge in the world of online forex 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 broker was able to provide a rich trading environment that is specifically made for forex 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.

Final Score: 91/100

 
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29 Responses

  1. Esme Shuster
    Esme Shuster at |

    I am so glad I signed up with AvaTrade, I just love their trading platform, very user friendly and fast.

  2. Guy Prescott
    Guy Prescott at |

    Hi, I like the ZuluTrade option on the platform, as I am a novice I have found it very useful to beable to copy other peoples profitable trades!

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