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: 90/100
Read Full Review…
|Platforms||MetaTrader 4, AvaTradeGO, AvaTradeAct, Floating Spreads, MT4 – Spread Betting, AvaOptions, Automated Trading, Web Trading, Mac Trading, Mobile Trading|
|Minimum account size||$250|
|Minimum lot size||0.01|
|Spread on EUR/USD||1.50 pips (floating spreads) / 1.90 pips (fixed spreads)|
|Payment methods||Credit/Debit Cards, Wire Transfer, E-Payment Methods|
|Accepts US traders||No|
|Regulated||CBI (EU), ASIC (Australia), FSC (BVI), FSA (Japan), FSB (South Africa)|
|Support||Email, Phone, Live Chat|
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?
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.
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 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 faster loading time even if there were a few cosmetic additions and for this, we are giving this broker a Design score of 5/5.
AvaTrade requires a minimum deposit of $250 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. This warrants AvaTrade with a minimum deposit score of 3/5.
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.
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. This is the reason why they notched a Tradable assets score of 4/5.
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.
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 you don’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.
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.
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. For this reason, AvaTrade notched a Support score of 14/15.
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, we are giving this broker a Quote Accuracy Score of 10/10.
AvaTrade has been in the business since 2006 and through the years they have been able to penetrate the market with over 200,000 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 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. They are able to sustain their good credibility and for this they get a Reputation score of 19/20.
Final Score: 90/100