AvaTrade Review - Truly Trade with Confidence
Video AvaTrade Review
Previously known as Ava FX, AvaTrade is a multi-award winning broker that has been in existence from 2006. With over 10 years’ experience in the industry, AvaTrade has diversified their portfolio from forex trading to binary options and also expanded into five continents over this period. Their most recent awards have been Best Broker (2016) and Best Affiliates Program (2016).
AvaTrade offers a platform called AvaOptions where their customers can exclusively trade options. The customers can access the web platform or the standalone platform which is a 20MB PC installable application which can be downloaded from the website.
Once you login to the platform you click on advanced workspace. On the top left side of the screen you will find the trading tiles where you can execute spot trades for various assets. In the centre console will be an array of tiles for trading options. On the top right, you can see your account details such as your balance, margin requirements and equity. On the bottom left of the screen is a tile that shows all the open and pending positions that you have at any one time. On the bottom right is a tile called the risk manager.
AvaTrade has availed a mobile trading platform for customers with both Android and iOS devices as seen in the screenshots below. The Android version is 7.99MB while the iOS version is 49MB Both have a total of over 150,000 downloads.
First of all, I must mention that it was quite confusing trying to find my way around their website. This is because they offer forex trading platform as well as binary options trading platforms and it was quite hard to distinguish the two. I did end up logging into the forex web trading platform a couple of times before I managed to get into the binary options platform.
The platform is not as intuitive as it should be for a company that has been in operation for so long. It should go without saying that customers are easily attracted to simple and intuitive platforms. This is definitely an area that needs to be taken into account in order to attract more customers.
Account Types and Asset Index
AvaTrade gives their customers the options of opening a demo account or a real account. Some brokers have been known to offer different market conditions for the demo account compared to the real account for purposes of encouraging investors to open real accounts. However, AvaTrade has assured investors that the only difference between these two types of accounts is that in the real one you use real money whereas in the demo account you trade with virtual money. The demo account is credited with virtual money to the tune of $100,000 valid for 21 days.
AvaTrade offers Islamic accounts specifically for Muslims and these type of account is subject to Sharia Law. Investors who deposit over $100,000 or exceed 100M in trade volume automatically qualify for a premium club known as Ava Select. These investors are entitled lots of benefits which include tailored educational programs, express withdrawal approvals, dedicated customer support hotlines as well as customized trading terms.
Their asset index is made up of 40 currency pairs, spot gold and silver.
Deposit & Withdrawals
AvaTrade offers the payment methods below.
In order to make a withdrawal, one must fill an online withdrawal form usually available when you click the ‘Withdraw’ button located at the bottom of the home page (MY AVA). It is important to note that the account needs to be verifies before withdrawal requests can be approved. For your account to be approved, you will need to submit proof of identification as well as location. The approval process takes 1-2 business days. Once dispatched from AvaTrade, the funds may take a few days to reach the investor’s account.
Customers are offered the option of obtaining an Ava Debit MasterCard (powered by Payoneer) which offers a pocket-friendly and convenient way of withdrawing funds from your real account.
AvaTrade customers are able to reach out to the brokerage for any queries or consultation via live chat, telephone and email. In the event that you are within one of the countries where they have an office, they are available for a face-to-face session. They have offices in South America (4 countries), Europe (21 countries), Middle East (2 countries), Asia (3 countries), Australia/New Zealand, North America and Africa.
Apart from the standard FAQ section on the website, AvaTrade have a dedicated education section where investors can view lots of material that would help them understand not only the trading platform but also binary options in general. They facilitate this education platform by providing eBooks, video tutorials, webinars economic indicators and a glossary section full of descriptions that investors might come across. This information is complimented by a ‘tools and resources’ section that contains the economic calendar, forex eBooks, news and technical analysis.
AvaTrade is definitely not a scam. As a matter of fact, it is one of the largest brokers in the world with presence in a numerous number of countries around the world. AvaTrade is regulated in its country of origin (Ireland) as well as all the other countries in which it operates (five continents) by the relevant authorities. These include The Bank of Ireland, MiFID (European Union), ASIC (Australia), BVI (Virgin Islands), FSA & FFAJ (Japan) and the FSA (South Africa).
It was discouraging to learn that deposit bonuses are tied to a minimum trading volume. This is often a problematic area for many brokers as most beginners do not understand this clause tied to bonuses so many are the times it ends up badly for both parties.
Pros & Cons AvaTrade
- One of the pioneers of the forex trading history, this strong history means a level of reliability and trust
- Regulations across the globe, means this broker is highly transparent and well-protected
- A fantastic suite of different platforms on offer including proprietary, MT4 and copytrading too.
- Their proprietary platform can get a little complex, not necessarily for beginners.
Conclusion about AvaTrade
AvaTrade has definitely become a household name over the years. They have worked hard to create their identity not just in Ireland but in worldwide. The fact they have a physical presence in more than 20 countries and they are regulated by the relevant authorities in these countries instils great levels of confidence in investors. As a matter of fact, this has made them one of the most sought after brokers in the world. Our only word of advice to them is that they should make sure that they stay ahead of current trends or else they will lose out on lots of customers.