Many of us are interested in getting into the stock market, trading commodities, options, indices, currencies and so on. Once upon a time, doing this was reserved solely for those who actually made this their job and managed to somehow break through in a big company on Wall Street. Now, however, the markets have opened up to the internet, and this has led to a huge array of online brokers appearing. Although this is good on one side, because it allows everyday people to get into the markets and earn some extra money, it is also risky business. After all, as a costumer, you need to know that you are putting your money into real accounts and that you are not being scammed. One of the online brokers I came across is AvaTrade, who promised me that they would make my trading experience easy. I decided to give these guys a try and let you know what I think about them.
Who Is AvaTrade?
AvaTrade has been around for quite some time, having been recognized under the name AvaFX in 2006. They changed their name because they moved away from solely the Forex market to incorporate other markets as well. Presently, they still work with Forex, but also with various indices, commodities and stocks. They are based all over the globe and are regulated as such as well. Their regulators include Australia’s ASIC, Ireland’s Central Bank, Japan’s FSC and the EU’s MiFID. They are also currently trying to get a license in the British Virgin Islands. Their headquarters are based in Dublin, Ireland.
What AvaTrade Offers
As with all online brokers, AvaTrade has a number of limitations. These include:
- A lot size of at least 1,000
- A leverage of no greater than 1:400
- A minimum deposit of $100
- A minimum trade amount of $25, but no maximum per trade
When AvaFX became AvaTrade, a lot of things changed. They added a huge range of new features to their trading platform, which made the whole experience far more enjoyable for users. They currently have eight different trading platforms that customers can choose from and they have included a mobile trading platform. Furthermore, they have made sure that their platforms are fully integrated with various other service providers.
Their most popular trading platform is MetaTrader 4. Through this platform, which requires a quick download, people can trade in over 60 different currency pairs. This particular platform is perfect for those with little to no experience. However, they also have a range of other platforms that make it possible for anybody, from the real novice to the biggest expert, to trade with confidence.
Main Features of AvaTrade
There are a number of educational resources available on the site, which is hugely beneficial. These are mainly geared towards the novice traders, but even the veterans may be able to pick up some good information from here. Another unique feature is the Ava debit card, which is provided to any trader that opens a live account, as well as charting tools for those who make a deposit greater than $1,000.
What really sets AvaTrade apart, however, is their openness and transparency. In their fixed spreads, the pips can start at 3 and can go all the way up to 120. Furthermore, there are more than five different types of trading accounts. Best of all, rather than taking commission, the broker offer a spread of between 3 and 7 pips.
Something that I personally find hugely important when considering an online broker is the type of customer support that is available. Support is offered through live chat, email and telephone support. Over 34 different countries are able to telephone a free or local number to access this service. It also means that support is offered in a huge range of different languages. In fact, I have yet to find another broker that offers support in as many languages as AvaTrade (they are English, German, French, Spanish, Italian, Portuguese, Russian, Arabic, Turkish, Swedish, Chinese, Greek and Japanese).
The platform is incredibly user friendly and it will take you no time whatsoever to get used to it. One of the things that really stood out for me is the fact that no commissions are charged, which is very rare. The platform also offers a huge range of payment options, both for deposits and withdrawals, again meaning that anyone should be able to use this platform. There are also very regular promotions and bonuses for people to take advantage of and the platform offers comprehensive market analysis. What matters most, however, is the fact that AvaTrade is stable, safe and reliable.
What I Liked
- Whatever the market conditions may be, the spreads are always fixed.
- There are mobile, web based and downloadable trading platforms.
- The dealing interface takes just one click.
- Support is available in a huge range of different languages.
- Their customer service is amazing.
- Suitable for novice trader, but just as much for expert traders.
What I Didn’t Like
The only thing I could come up with in terms of disadvantages is that market order executing can be really slow from time to time, and this seems to coincide with news releases.
I am impressed with AvaTrade. They have long been an established Forex broker and I am happy to see that they are now expanding their market. Many companies who have tried expanding in this manner have found that they simply couldn’t cope with their customers’ new demands. AvaTrade, however, has really set the bar and they have set it high. They have completely redesigned the look and feel of their platforms, ensuring that novices and experts alike can trade in their favorite stocks, currencies, commodities and more. Considering they also offer various bonuses and promotions, I really struggle to find anything wrong with this particular broker, bar perhaps the issue of slowness that I have mentioned above. However, this isn’t anything that really gets in the way of trading. All in all, I fully recommend AvaTrade to anybody.