With the multitude of Internet-based Forex brokers out there, it’s tricky to decide on the best one to work with. In this article, we focus on dishing out the scoop about opening an account with AvaTrade (AT), a Dublin-based multinational Forex broker that has been increasing its customer base to over 200,000 clients since it was established in 2006.
For a start, Avatrade boasts some pretty impressive business statistics, facilitating over two million transactions every month, with total values regularly exceeding $60 billion in value. These transactions aren’t only limited to forex trading, but extends to other financial instruments such as digital currency, bonds, different binary options and CFDs. The huge volume of transactions Avatrade deals with are facilitated by an international team that is spread out globally in key financial centers such as Shanghai and Tokyo in Asia, Milan and Paris in Europe and Nigeria and South Africa in Africa. As a multinational broker, Avatrade offers multilingual services backed by a support team that works round the clock five days a week.
How Reliable is The Platform ?
AT has been in the financial instrument trading business for over a decade, making the company one of the oldest CFD brokers. Their long-standing industry presence lends itself some undeniable credibility to start off. Further proof of their reliability can also be seen from the long list of awards the company has received.
Awards Received by Avatrade
Over the course of its business, Avatrade has racked up a considerable list of outstanding achievements, such as being awarded “Best Forex Broker” by various sources including FXEmpire in 2016, Forextraders and Grand Prix De La Confiance in 2015 and World Finance Foreign Exchange Results in 2010. Just last year in 2018, Avatrade received the honorable title of “Best Trading Experience” from FXEmpire.
The Industry Certifications
Industry experience and awards aside, let’s take a look at Avatrade formal certifications. Avatrade owns broker licenses in the European Union, British Virgin Islands, Australia, South Africa and Japan. In the financial industry, a licensed company is obliged to comply with stringent industry-standard regulations, such as transparency in reporting financial statements. Here is the full list of organizations whose regulations are complied with by Avatrade:
- Australian Securities and Investments Commission
- B.V.I (British Virgin Islands) Financial Services Commission
- Central Bank of Ireland (Eurozone)
- Financial Services Agency & Financial Futures Association of Japan
- Financial Services Board in South Africa
- Israel Securities Association (ISA)
So in terms of reliability, they does have a remarkably solid track record to back itself up. But reliability itself isn’t the sole deciding factor in selecting an online Forex trading platform to sign up with.
How Good Are Their Services?
What we found to be their greatest strength is the wide variety of services it offers. We earlier stated that they trading services for an extensive range of financial instruments apart from just Forex — this expands their capacity to cater to a large group of financial traders. And it’s not just variety in terms of products that Avatrade offers, but in the type of trading platforms as well. In total, Avatrade members have eight different major platforms to select from.
The complete range of trading platforms Offered
The wide range of trading platforms that Avatrade deals with opens up a wealth of opportunities for any financial trader. From Mac-based platforms to mobile-based ones, Avatrade trading platforms cater to the needs of a wide group of users and this makes them an extremely user-friendly Forex broker. In particular, clients who prefer a mobile-based trading platform can select between a MetaTrader or a AvaTradeACT platform. This is the complete list of trading platforms that you can find with this broker.
- MetaTrader 4 platform
- Metatrader 5 platform
- MetaTrader platform for Mac
- MetaTrader platform for floating spreads
- MetaTrader platform for web trading
- MetaTrader platform for mobile trading
- The proprietary AvaTradeAct platform forex and CFD trading
- Automated Trading platforms
Avatrade Platforms for beginner traders
If you are new to the world of financial trading, the previous section probably didn’t make much sense to you and that’s okay. Here’s a piece of good news for you instead: AT offers five different automated trading platforms specially for beginner users. Automated trading platforms are excellent choices for people who don’t know much about trading because through these platforms, you get to copy the moves of more experienced traders. Such platforms hence ease your introduction to the world of financial trading and also provides you with an opportunity to learn from the best. Here is a detailed analysis of some of the automated trading platforms that you can utilize on Avatrade:
ZuluTrade lets you get right into the heart of the financial trading market by analyzing the decisions of other more experienced traders and then formulating these decisions into your recommendations. This saves you quite a fair bit of time in trying to read the market situation before you make your trading decision.
At this point, we have established that Avatrade services are quite exemplary because of the wide variety of financial instruments one can choose to trade in, as well as the various platforms you can use to conduct your trades. However, the type of trading account you use is extremely important when it comes to your trading decisions and habits. There are two main types of trading account: the demo account and the live account (also known as the standard trading account or the real account). Avatrade offers both and this is great news because once again, anyone looking to delve into financial trading is able to enjoy variety in the services offered. For beginner traders, having the option to use a demo account eases some of the fear and uncertainty of starting out as a trader.
Demo Accounts for Beginners
The demo account is designed to introduce new traders into the trading community by providing a moderated platform for you to start off with. Think of it as learning how to cycle with additional support wheels attached to your bike — when you use a demo account on Avatrade to make trades, the environment is sufficiently controlled so that you will be able to make your transactions with ease without worrying too much about fluctuating real-time market conditions. Starting off with a demo account also allows not just beginner traders but also experienced traders to experience the working process of Avatrade and then assess if they like it enough to sign up for a standard account. By offering the opportunity to sign up for a demo account, Avatrade makes it much less daunting for traders to sign up as a member with them.
AvaTrade Live Accounts
There’s a couple of things that you should know about their standard live accounts. To open such an account, you have to secure a deposit and there’s a minimum requirement for the value of this deposit. The value is set at 100 dollars for various types of currency (USD, GBP, EUR, AUD). You should also expect a live account to work rather differently from a demo one. Because live accounts are working according to real-time market conditions, your transactions won’t always be as smooth sailing. For instance, there might be times when pending orders don’t go through when you use a live account. It’s all part and parcel of dealing with volatile financial instruments so if you are a beginner, you are recommended to start off with the demo account.
For the professional traders: Multi-Account Manager (MAM) account
So far, a lot of the benefits of using AT services have been directed at beginner traders. However, this doesn’t mean that Avatrade is a platform that’s purely catered to beginners at all. For the professional traders who handle multiple trading accounts from different clients, Avatrade offers the option of a MAM account. The MAM account has many useful functions to facilitate the job of a professional trader. First and foremost, the MAM account lets traders create groups to manage their various clients. Client information can also be conveniently accessed via the MAM account, and orders can be placed for the clients. There is no limit to the number of orders traders can place for the clients they represent, so there’s room for freedom here. The MAM account is also great because it can work with all MetaTrader 4 order types including stops, limits and close.
Trading cryptocurrency with AvaTrade
A final point to make on AvaTrade services is that it offers a rather unique way of dealing with cryptocurrency exchange. To begin with, Avatrade offers trading services for a total of eight different types of digital currency. They are namely: Bitcoin, Bitcoin Cash, Litecoin, Dash, Ethereum, Monero, Neo and Ripple. Now here’s the deal on trading cryptocurrencies with this platform: you will not actually be trading physical cryptocurrency but instead, you will be using financial derivative like CFD trading to capitalise on market movements for profits. This method of dealing with cryptocurrency is way more cost-effective and also grants you greater leverages.
To sum up, Avatrade caters to both novice and professional traders by offering different trading platforms and account types so every trader can customize their trading experience according to their needs and experience. Avatrade offers really beginner-friendly services to help new traders find their footing in the trading industry. At the same time, Avatrade also provides more sophisticated account types for professional traders who are managing multiple accounts for clients. Working with Avatrade basically provides you with a lot of room for flexibility in trading and this makes Avatrade a great platform for almost all traders.
Making deposits and withdrawals
Making deposits and withdrawals via their platform is straightforward and simple. Deposits can be done through a variety of mediums: using credit cards, eWallets (such as NETELLER and WebMoney) or through bank wire transfer.
As for withdrawals, they can only be done through credit or debit cards and bank wire transfer. Withdrawals are done through a form available on your AT dashboard and it will take around five business days for each withdrawal request to be processed. Once the request is processed, you can expect to get the money back in a few days’ time. The process may be a tad bit slow, but you can easily shorten this waiting time by applying for and using AvaTrade Ava Debit Mastercard when withdrawing.
AvaTrade definitely does not lack a good customer support service. Given that Avatrade client base is international, the customer service team offers multilingual services that can be conducted over email, phone call, live chat or fax — whatever the customer is comfortable with. Plus, you don’t have to worry about being unable to get support after office hours, since the support team works 24/5.
In this article, we have looked at the reliability of Avatrade services, the quality of their services and also, touched briefly the different uses and purposes of Avatrade functions. As with all online financial trading services, it’s up to your own discretion to engage with a company and hopefully, this article provided some preliminary information to guide your decision.
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- 1 How Reliable is The Platform ?
- 2 Awards Received by Avatrade
- 3 The Industry Certifications
- 4 How Good Are Their Services?
- 5 The complete range of trading platforms Offered
- 6 Demo Accounts for Beginners
- 7 AvaTrade Live Accounts