Looking to get into forex trading with a reputable forex broker? Read a few AvaTrade reviews but still need more info?
AvaTrade is one of the most well-known forex brokers in the world. In our AvaTrade review, we give you the proper scoop on what it’s all about – including account types, features and bonuses – so that you can decide if it’s the one you want to go for.
What Is AvaTrade?
AvaTrade is an online forex broker that was formed in 2006. It’s got offices in some of the world’s biggest financial cities, including Tokyo and New York, and it’s regulated by the Central Bank of Ireland, the Financial Services Commission in Japan among others.
AvaTrade is aimed at all traders of any skill level, and it offers numerous trading platforms, tools and accounts, as well as high levels of customer service.
AvaTrade Account Types
Whereas some online forex brokers offer a variety of account types, AvaTrade offers just one. That said, there are different variations of this standard account – silver, gold, platinum and Ava select – with each variation offering different benefits.
For example, it takes 5 days to withdraw your money from silver, gold and platinum accounts, but you can withdraw your money in just 24 hours from the Ava select account.
Moreover, only the silver account has a minimum deposit of $100 – the others require a minimum deposit of $1,000.
Leverage is 1:400, while spreads – floating and fixed – begin at 0.9 pips, which are super competitive.
And while there is only one standard account type, AvaTrade offers different types of orders. These include:
- Advanced Orders
- Stop Loss Orders
- Trailing Stops
- Entry Stops
- Entry Limits
- Limit orders
- Market orders
- Managed forex accounts
Spread betting is also available but only to Ireland and UK customers.
AvaTrade’s Trading Fees
CFDs are complex instruments. Comparing trading fees for CFD forex brokers isn’t easy but we decided not to quote long fee tables when examining Ava Trade’s fees. Instead, we took a look at a typical trade for EURUSD, calculated the fee and then compared it to rivals. We bought a $20,000 position on EURUSD, held it for a week and then sold it.
We factored in financing costs, commissions and spreads and, as it turned out, AvaTrade’s trading fees are competitive – but a tad higher than rivals like Plus500 and XM. On the other hand, their non-trading fees are in line with the industry average. You won’t be charged a fee for withdrawing or opening an account. That said, if you leave your account inactive for 3 months, you’ll be charged $50.
Its financing gates, meanwhile, are relatively high but the calculation method – which is published on AvaTrade and nowhere else – isn’t transparent.
Review of AvaTrade’s Key Features
AvaTrade is one of the most reputable online forex brokers that offered CFD trading on stocks, indices and commodities before anyone else.
When it comes to digital currencies, meanwhile, AvaTrade was also one step ahead of the competition, introducing Bitcoin before its competitors.
We also like the fact that AvaTrade is fully transparent in regards its trading conditions, while a number of features that other brokers don’t offer is another huge reason investors are using AvaTrades. These features include the CFD Rollover, where you can swap a mature contract price for a new one before the previous one expired. AvaTrade then takes the 2 underlying contacts and adjusts the discrepancy in price.
Trading Central, meanwhile, is a charting tool feature that is available when you deposit at least $1,000.
All the best forex brokers offer their fair share of bonuses and promos, and it’s often these bonuses and promos that help investors choose which platform to sign up with.
If you sign up with AvaTrade and deposit $200, you’ll get a cool $40 to kickstart your trades. If, on the other hand, you choose to deposit $50,000, you’ll bag a $10,000 signup bonus.
The Ava Select program, meanwhile, awards investors who deposit $100,000 or more upon signing up. Special perks with this program include express withdrawal approvals, educational programs tailored to your needs and a committed Ava Select hotline.
AvaTrade Educational Materials
As well as offering bonuses and promos, the best forex brokers also offer a solid amount of useful educational materials. These materials are designed to help traders improve their game and net bigger profits while minimising their losses.
If you decide to participate in the Ava Select program, you’ll get access to educational materials such as live webinars, online courses and daily analysis from the pros.
Even if you don’t participate in the Ava Select program, you can still take advantage of AvaTrade’s eBook Forex Trading Strategies that will help newbies get started.
Live market news is posted frequently by AvaTrade, while their dedicated Economic Indicators page updates you with economic indicators around the world.
There is also a Trading A-Z feature that educated new traders on key concepts, technical terms and financial instruments that will sharpen your trading knowledge from the get-go.
Pros and Cons of AvaTrade:
- Highly competitive spreads
- Excellent award-winning customer support that’s available 25/7 in numerous languages. Live chat is available, while phone chat is offered to 34 countries
- Modern website that’s easy to get to grips with
- Low trading fees
- Spread betting unavailable outside the UK and Ireland
- Limited product portfolio – this shouldn’t be an issue for anyone who just wants to trade forex and crypto but beyond that, Ava Trade’s offering is limited
Should You Choose AvaTrade?
Thank you for reading our AvaTrade review.
The bottom line is that AvaTrade is a credible, highly regulated forex broker that’s worth a closer look. Trading fees are competitive, it’s easy to open an account and get started, while withdrawal is free of charge.
The product range is a tad limited but if your main aim is forex trading, AvaTrade should have all the tools, data and customer support you need to get started.