AvaTrade Review 2024 | Is it a Scam or Legit Forex Broker?
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Read our AvaTrade review to find out if AvaTrade is a scam or a reliable forex broker. Unbiased Forex brokers reviews that serve the interests of our users.

AvaTrade Review and Analysis

Overview

AvaTrade Review

Since its establishment in 2006, AvaTrade has expanded to 11 countries and offers an array of trading platforms for web, desktop, and mobile use. It facilitates trading in spot forex, forex options, and CFDs across various asset classes, including cryptocurrencies. AvaTrade boasts 300,000 registered traders executing over 3 million trades monthly, with a total traded value exceeding $1.47 trillion.

Investor Protection & Regulations

AvaTrade holds regulatory licenses in several major financial hubs globally. Headquartered in Ireland, it is regulated by the Central Bank of Ireland and is a member of the Investor Compensation Company DAC (ICCL), which provides up to EUR 20,000 in compensation to eligible clients in case of broker insolvency.

AvaTrade adheres to essential safety measures, such as segregated funds and negative balance protection, ensuring clients' funds are kept separate from the company's operating funds and protecting clients from losing more than their account balance. Additionally, the broker has introduced the innovative AvaProtect tool, allowing traders to purchase protection against potential losses for a set period. Its robust client categorization system tailors services and protections according to traders' experience levels, helping novice traders minimize risks.

Tradeable Products

The variety of markets available at AvaTrade depends on the chosen trading platform and the specific global entity managing the account. AvaTrade offers 1,260 symbols in MT5 and nearly the same in WebTrader, although some symbols are currently inactive. Cryptocurrency trading is available through CFDs but not through direct asset trading (e.g., buying Bitcoin).

AvaTrade provides an average number of currency pairs and cryptocurrencies compared to the industry standard, but stands out with a higher number of commodities, share CFDs, and indices. This extensive range allows traders to diversify their portfolios and explore various market opportunities.

Fees and Commissions

AvaTrade fees and commissions

AvaTrade's spreads are nearly industry average at just under one pip (0.9 pips) but are slightly higher than those offered by some competitors' entry-level accounts. Its trading fees are competitive, catering to high-frequency trading in various asset classes (most FX pairs, share CFDs, some commodities, etc.) and longer-term trading due to low swap charges.

AvaTrade offers low spreads on share CFDs, low-to-average spreads on currency pairs and commodities, average spreads on indices, and high spreads on cryptocurrencies. However, it has a relatively high inactivity fee: $50 after three months of inactivity, charged monthly until activity resumes or the balance drops to zero, and $100 after twelve months. These fees can be a significant drawback for traders who do not frequently engage in trading activities.

Trading Platform

AvaTrade trading platform

AvaTrade stands out with its diverse range of trading platforms. For retail traders, it provides a proprietary platform along with MetaTrader 4 and MetaTrader 5, which are widely recognized for their advanced charting tools and automated trading capabilities. Copy traders can use AvaSocial and DupliTrade, which allow them to mirror the trades of experienced traders. Options traders have access to AvaOptions, which offers a range of trading tools for options trading. The AvaTradeGO app and mobile versions of MetaTrader facilitate trading on the go, allowing traders to manage their accounts and execute trades from their smartphones.

AvaTrade offers three proprietary platforms (AvaTrade WebTrader, AvaOptions, and AvaFutures), the complete MetaTrader suite, ZuluTrade, and DupliTrade (via WebTrader). The proprietary mobile apps are user-friendly and suitable for most traders, though they may not be as advanced as some competitors' offerings.

Account Types

AvaTrade offers a universal account type for retail trading, featuring commission-free trading with floating spreads starting at 0.9 pips. This account is affordable and suitable for both high-frequency and longer-term trading strategies, including scalping, hedging, and algorithmic trading.

Islamic accounts are available for swap-free trading, adhering to Sharia law. Qualified clients may opt for a Professional account with higher leverage and fewer restrictions, ideal for experienced traders who meet specific criteria such as trading volume and professional qualifications.

Deposit and withdrawal

AvaTrade Deposit and Withdrawal

The minimum deposit requirement at AvaTrade is $100. Payment methods include bank wire, credit/debit card, and e-wallets such as PayPal and Skrill. Processing times are generally within the industry norm, with deposits typically processed instantly and withdrawals taking one to two business days. AvaTrade does not charge handling fees for deposits or withdrawals, though third-party fees may apply.

Withdrawals typically take one to two business days, comparable to most forex brokers, but times can vary based on the method used. Up-to-date account verification, including proof of ID and address, may be required for withdrawal requests after significant time periods. This ensures compliance with regulatory requirements and enhances security.

Usability

AvaTrade is ideal for longer-term day and position traders due to its low swaps and enhanced risk management features. It is also suitable for beginners interested in learning technical analysis or engaging in copy trading.

The platform's intuitive design and educational resources make it accessible to new traders, while its advanced tools and features cater to the needs of more experienced traders. AvaTrade's user-friendly interface and comprehensive range of trading instruments make it an attractive option for traders of all levels.

Customer Support

AvaTrade customer support

AvaTrade offers reliable customer support via phone, email, and live chat, available in multiple languages across 36 countries. The support team is responsive and informative, and the website includes a comprehensive FAQ section to address common queries. AvaTrade's commitment to customer service is evident in its timely and efficient handling of inquiries and issues, ensuring that traders receive the assistance they need promptly.

Education and Research

AvaTrade provides extensive educational content through its in-house staff, AvaAcademy, and third-party providers like Trading Central. The Learning Center on AvaTrade’s website includes 103 detailed articles covering various topics.

AvaAcademy offers courses organized by experience level, with video and written content, progress tracking, and quizzes. AvaTrade also offers 48 educational videos on various topics, including niche subjects like Donchian Channels, and archives video webinars on YouTube and Vimeo. In-house research content is available daily in video and article formats, complemented by Trading Central research modules. However, AvaTrade's research offerings are not as comprehensive as those of the top forex brokers. The educational resources are designed to enhance traders' knowledge and skills, providing valuable insights into market trends and trading strategies.

Overall Conclusion – Final Thoughts

AvaTrade is a technologically advanced broker providing access to a broad range of tradable markets through CFD accounts. It is licensed and regulated across multiple jurisdictions, catering to both novice and experienced traders with its functional platforms and apps.

AvaTrade's commitment to innovation and customer service, combined with its extensive educational resources and competitive trading conditions, makes it a solid choice for traders looking to explore various market opportunities.

Broker's Features AVATRADE Availability
Commissions
Hedging
PAMM
Scalping
Accepts US traders
24 hour trading
Swaps
Demo account
Daily analysis
Automated trading
Mobile trading
Trading by phone
1st deposit bonus
Forex contests competitions
Bonuses Promotions
Interest charges on the balance
Free education
Expert advisors
Partnership programs
Trust management
24 hour support

Latest News

avatrade default news image
AvaTrade has won the “Best Trading Features UAE” award for 2024 from Global Business Review Magazine!

AvaTrade has received the UAE's Best Trading Features Award for 2024 from Global Business Review Magazine, recognizing its innovative tools and features. Key factors include its comprehensive range of trading instruments (forex, stocks, commodities, ... 

cryptocurrencies, indices) and the user-friendly AvaTradeGO platform. AvaTradeGO offers real-time market data, advanced charting tools, and seamless mobile trading. The platform's integration of AI and machine learning provides personalized insights and analytics for informed decision-making.

Monday 24 June, 2024

avatrade default news image
AvaTrade partners with Worldpay to make payments

AvaTrade has partnered with Worldpay to enhance payment solutions, offering clients more efficient and secure transactions. This collaboration is part of AvaTrade's broader strategy to expand its services, which now include new trading instruments ... 

and the launch of AvaFuture, a futures trading platform.

Tuesday 11 June, 2024

People Also Asked

Is AvaTrade regulated?
Yes, AvaTrade is regulated by top-tier regulators, ASIC, BVI, CBI, FSCA inclusive.
Where is AvaTrade based?
AvaTrade is based in , Ireland
How does AvaTrade make money?
AvaTrade charges a spread between the bid price and ask price. It does NOT charges a commission.
How do I deposit in AvaTrade account?
With AvaTrade you can deposit money via the following means; Boleto, Credit Card, FasaPay, Moneybookers, Neteller, Skrill, Wire Transfer.
How do I withdrawal in AvaTrade account?
AvaTrade lets you request a withdrawal of funds from your account via the following means; Boleto, Credit Card, FasaPay, Moneybookers, Netell.
What is the minimum deposit for AvaTrade?
AvaTrade has $100 minimum deposit.
What are the available account base currencies with AvaTrade?
AvaTrade trading accounts are offered in USD, EUR, GBP, CHF, AUD. If your country's currency isn't included in the list, you will need to open an account with another currency base.
What is the max leverage in AvaTrade?
AvaTrade has a maximum leverage is 1:30 for professional traders.
Does AvaTrade use MetaTrader?
AvaTrade platforms: Yes, AvaTrade use MetaTrader as well as the following platforms: ActTrader, MT4, MT5, Proprietary, Zulutrade
What type of broker is AvaTrade?
AvaTrade appears to be a Dealing Desk, Market Maker broker which offers market access to a variety of traders.
Does AvaTrade accept US clients?
No, AvaTrade does not accept US clients
Does AvaTrade offers Islamic accounts?
Yes, AvaTrade offers Islamic accounts
What financial instruments can I trade?
You can trade a wide variety of instruments with AvaTrade: You can trade a wide variety of instruments with AvaTrade: Currencies, Commodities, Indices, Stocks, Bonds, Cryptocurrency, Futures, ETFs

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