AvaTrade Review - Low deposit broker for beginner traders
Our AvaTradeReview at a glance
AvaTrade was founded in Dublin, Ireland in 2006. The broker is fully licensed and regulated by several regulators such as ASIC, MiFID, FSA and FSCA. AvaTrade is committed to providing a safe trading environment and strictly follows the regulations enforced on by its regulators. Due to this, AvaTrade is considered to be a low to average- risk company.
AvaTrade offers its services to 150+ countries and has over 200,000 registered traders. The broker is a market maker and operates through dealing desks.
AvaTrade offers two account types. As they are regulated by different regulators, they offer different maximum leverage levels. Despite that, AvaTrade offers users access to the same platforms and markets.
Creating an account at AvaTrade is quite simple and the minimum deposit fee is $100. In addition to this, you have option of creating a demo account to test drive the platform. The demo account requires minimal details such as your name, phone number, address and email. ECN / STP Accounts are not offered by AvaTrade. AvaTrade also offers swap free accounts that are applicable to those traders following the guidelines of Sharia law.
Even though we found AvaTrade’s platform user-friendly, we also noticed that its quite basic and outdated. The platforms that AvaTrade offers are MT4, Proprietary as well as Zulutrade and Tradency for copy trading. AvaTrade does not offer MT5. While the broker does offer a platform for copy trading, it does not provide the advanced, sophisticated features that its competitors, such as eToro, offer. That is quite disappointing.
AvaTrade offers traders a limited range of financial trading instruments. Despite that the most popular asset classes are included, such as CFDs, stocks, indices, commodities, bonds, shares, forex and cryptocurrencies. AvaTrade offers over 60 popular currency pairs which includes the major currency pairs such as the EUR/USD, GBP/USD, etc. AvaTrade does allow scalping.
AvaTrade offers mobile trading on Android and iOS. We faced some challenges when using the AvaTradeGO mobile app on Android, however their MT4 app was easier for us to use.
AvaTrade does not offer the most competitive pricing. In addition to this, Avatrade does not have clear pricing – it charges various fees for spreads and margins. AvaTrade offers typical spreads of 1.3 pips. In addition to this, AvaTrade charges inactivity fees if you do not use your account on a regular basis, as well as overnight interest. At AvaTrade you can deposit money using wire transfer, credit/debit cards as well as e-wallets such as Skrill, Neteller and Webmoney.
AvaTrade does have some good features like commission free trading, 24/7 trading on cryptocurrencies and VIP spreads. AvaTrade also offers automated trading through Expert Advisors.
AvaTrade is often criticized for its poor customer service. While customer support is available in over 30 languages, customers have a hard time connecting to the customer service team. AvaTrade’s live chat is a lot better than their phone support, although it is not available on a 24/7 basis.
Overall, AvaTrade left us impressed. While Avatrade is considered to be a safe broker to trade with, their product range is limited. Their platforms, customer service and research tools lack the progression and sophistication of their competitors.
Forex Broker Ratings
Wednesday, January 6, 2021