AvaTrade (previously AvaFX) is a Forex and CFD broker and was founded in 2006. You can a trade a wide varieties of markets – forex, stocks, commodities, treasury bonds, indices and even Bitcoin and Litecoins CFDs.
Official website: http://www.avatrade.com
It is an established broker and is regulated by the Central Bank of Ireland (Reference No.: C53877).
Information You Must Know:
- Min Deposit: $100 (depending on your country and currency)
- Does NOT accept US clients
- Leverage: Up to 1:400
Trading Bitcoins (This is what I like most)
What I like about AvaTrade is that you can trade Bitcoins. It is one of the few brokers that allows you to trade Bitcoins. Please take note that you are not actually buying Bitcoin itself. You are trading (buy/sell) the CFD and profit from its price movement.
You can trade Bitcoins CFDs at up to 20:1 leverage and the spread is $6 under normal conditions (can vary). Below is screenshot of the web-based platform where I attempted to buy 1.00 Bitcoin CFD. The web platform is very neat and intuitive to use.
- Ava Trader
- MT4 (MetaTrader 4)
- Automated (via Mirror Trader and ZuluTrade)
I tried my hands on their proprietary platform – Ava Trader (screenshot below). At first, it looks daunting because I am not used to the platform. However, after a while I find that it is actually very easy to use. All the buttons and icons are self-explanatory.
They are categorised in a very orderly manner. As you can see from the screenshot below, I can see the prices, my open positions, charting and have access to the news and education all at one glance.
MT4 (MetaTrader 4)
There is no need much introduction for MT4. It’s the industry’s standard. Most Forex brokers have MT4 as their platform and Avatrade is no exception.
Avatrade does not charge any commission. They are compensated through the spreads. They offer fixed and floating spreads depending on what platform you are using.
Let’s take the most traded currency pair EUR/USD to compare. It is 3 pips for fixed spread and for floating spread, the minimum is 1 pip (typical 1.8 pips).
I find that 3 pips fixed spread is absolutely “expensive”! The typical spread for EUR/USD is usually 1-2 pips in other brokers. Just go for the floating spreads if you are using the MT4 platform.
It is pretty easy to fund your account and there are several methods to do it:
- Credit/Debit Card
- Wire Transfer
- e-payment such as PayPal (not for EU clients)
I suggest you go for credit card funding, as the money will be deposited into your account instantly. Wire transfer will take a few business days.
To withdraw, you will need to fill out a withdrawal form and will take 5 business days to be processed. You can also apply for Ava Debit Mastercard for an easy way to withdraw profits from your AvaTrade account. However it is currently only available for US dollar accounts.
Bonus for New Clients:
Avatrade is giving out bonus of up to $10,000 for new customers who open and fund their accounts. Of course, terms and conditions apply. How much bonus you get will depend on how much you fund your account.
Any Complaint or Dissatisfied Customers?
And so far, I have no issue with Avatrade. I am trading mainly on the major forex pairs and all my execution on my positions are fine, opening and closing my positions with no problems. So far so good.
Is the Customer Support Good?
Avatrade provides a 24/5 email, phone and live chat support. Extremely easy to get in touch with them.
I must say I like their live chat. It is fast and the support staff can handle all my questions with ease. Below is a screenshot of my conversation with the live chat support. It is up to my expectation.
Pros and Cons In a Nutshell
Regulated and established broker
Multiple trading platforms
Able to trade Bitcoins
Automated trading available
Live chat support
Low minimum deposit of $100
New client bonus
Comprehensive trading education
21-day demo account
5-day withdrawal time
Higher spread if you choose fixed spread option
My Personal Verdict:
Actually there is nothing much to fault on Avatrade. It is a very established broker and their platforms are stable (I am using MT4). Their support is also up to my expectation. If you are new to trading, its extensive educational and training materials will definitely help you to get started.
As I am an experienced trader, I am looking for a stable platform that can execute my positions seamlessly with reasonably tight spreads (I am using floating spread), and Avatrade passes with flying colours.
I highly recommend Avatrade. Go and open a demo account first, test out the platforms and then fund your account with them.