Australia Brokers: AvaTrade Review – An All-in-One Trading Solution

AvaTrade Review

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If you are looking for a broker that can offer you excellent customer service, constant innovation and fair and transparent services, AvaTrade is your all-in-one solution. Introduced in 2006, AvaTrade was formed on the values of integrity and fairness and believes in uncompromising self-evaluation. With various adaptable trading platforms, AvaTrade can meet the needs of traders of different backgrounds and skill levels. The number of registered clients on the platform has reached 200,000 and these people perform 2 million trades every month. Monthly trading volumes have increased to £60 billion and this figure continues to grow. Apart from the numerous options in terms of platform, AvaTrade also offers support in multiple languages.

Regulation

AvaTrade’s administrative headquarters can be found in Dublin, Ireland. Sales centers of the broker can also be found in other countries such as Paris, Johannesburg, Santiago, Milan, Beijing, Dublin, Madrid, Nigeria, Tokyo, Mongolia and Sydney. As far as regulation is concerned, AvaTrade is regulated the British Virgin Islands, South Africa, Australia, Europe and Japan. The regulations for every country may vary as the regulator is different for each. For instance, the ASIC regulates AvaTrade in Australia whereas the South African Financial Services Board (FSP) regulates it in South Africa. Since the broker is regulated in so many jurisdictions, investors can confidently use it for their trading needs.

Products

When you decide to use AvaTrade, you will come to know that it gives you access to a wide array of markets that include forex, cryptocurrencies, stock indices, exchange traded funds (ETFs), bonds, individual equities, options and commodities.

Cryptocurrencies

You can get access to some of the top cryptocurrencies on AvaTrade 24/7. You can start trading with a minimal sum of $100 and the leverage offered begins at 20:1. The platform offers you the ability to sell or short a cryptocurrency, which leads to a profit when there is a drop in price, and competitive swap rates are also offered. There is absolutely no risk of wallet hacking or theft when you are using AvaTrade. With this broker, you can trade Ethereum, Bitcoin, Litecoin, Bitcoin Cash, Bitcoin Gold, EOS, Dash and Ripple.

If you want to trade cryptocurrencies via AvaTrade, you should be aware that maximum position limits are applicable. These might be changed, especially due to extreme volatility when the limits are reduced.

Orders

In order to ensure that its clients can have the best possible experience, the most popular types of trades are offered by AvaTrade. Particularly if you are using the MetaTrader 4 platform, you will be able to conduct all major types of trades. If you want to immediately buy or sell at the existing market price, it is possible to place a market order. A limit or stop order can also be used where a position is only opened if it reaches the price you have predefined. Entry orders are also available that open positions at a price specified for the future. You can also use orders where if one is triggered, the other one is canceled automatically.

Account Opening

When you wish to open an account on AvaTrade, you first need to fill out the application provided on the website. This is when your personal information needs to be verified. You will then have to add funds to your account in order to start trading. Select the base currency carefully when signing up because changing currencies is not possible later on. However, you can open another account with a different base currency if you want. The currency options available to you are USD, AUD, GBP and EUR.

Once you have opened your account, you will need to verify it by uploading some documents. These documents include a valid government issued ID such as passport, driving license or ID card. No matter what document you submit, it should clearly mention your name, date of birth and have a photo. Address verification is also required for which a utility bill, credit card statement or similar document should be submitted. All details should match your registration for you to be able to move forward.

AvaTrade also offers corporate accounts to its users, but these do require some additional documentation. You may have to submit the Certificate of Incorporation, Corporate Board Resolution, Articles of Association, Memorandum, Shareholders Register and some more.

Islamic Account

As the name indicates, these accounts are based on the Sharia law and are especially offered for Muslim traders. Bear in mind that these account types don’t include some forex currency pairs and do not provide support for crypto trading. In addition, there is increased spread available for currency pairs in an Islamic account.

Practice Account

If you are new in the market or you just want to try some new strategies without risking your actual money, AvaTrade is ready to cater to you because it offers you a practice or demo account. This is also a great way for traders to get an idea of the platform and enables them to polish their skills and develop a trading style for their chosen instrument. Real-time market prices as well as actual market conditions are mimicked by the demo account and it is only available for 21 days. If you want an extension, customer support can be contacted for this purpose.

Professional Account

If you are a serious and experienced traders, AvaTrade has a Professional account option to offer to you. Signing up for this account enables professionals to benefit from pre-ESMA leverage of about 400:1 on some forex currency pairs and 25:1 for some cryptocurrencies. In order to sign up for this account type, your financial instrument portfolio needs to be more than €500,000, you need to have at least one year worth of relevant experience in the financial sector and should have made 10 significant sized transactions in the last four quarters.

Deposits

A minimum deposit of 100 units of the base currency of your account is the requirement on AvaTrade. Nonetheless, it is recommended that you kick off your move in the market with at least 1,000 to 2,000 of your base currency. You can make a deposit into your account by going to the Deposit section after you have logged in. You need to select one of the methods that are offered, which include wire transfers, credit cards and e-payments. The amount of time taken by a deposit to be processed also varies according to the deposit method selected. Debit or credit deposits are instantly credited whereas wire transfers can take as long as seven days. E-payments, on the other hand, are processed within 24 hours.

Withdrawals

In order to make a withdrawal from your AvaTrade account, you first need to ensure it is fully verified. If you have already done so, you need to fill out the online form for making a withdrawal. It takes 24 hours for this request to be processed. Anti-money laundering regulations are followed by AvaTrade, which means the method used for making the deposit should also be used for making a withdrawal. If you are using credit or debit cards, you can withdraw as much as 200 times the deposit and then switch to another method.

Similar to deposits, withdrawals may take time to be processed and this time depends on the method you are using. In most situations, it takes anywhere between one to two days for processing to complete. After that, wire transfer withdrawals can be made within 10 business days, five business days for debit and credit cards whereas 24 hours for e-money withdrawals.

Fees

Recognized as a market maker, AvaTrade offers some of the most competitive spreads. Profit is made by the broker through spreads, which means no commissions are applicable. Traders have the option of choosing between fixed and variable spreads. An inactivity fee is applicable on AvaTrade’s accounts of about 50 units in the base currency if the account is not used for three months. An administration fee is also charged, which is 100 units in the base currency and this is deducted automatically if the account remains inactive for a year.

Trading Platform

In order to make trading easier and accessible for people of different skill levels, an array of platforms is offered by AvaTrade. Traders have the option of downloading a platform, using mobile apps or conduct their trades via the web. AvaTradeGO can be downloaded for both iOS and Android devices, which allows users to manage multiple MT4 accounts, use the demo and do plenty more via an intuitive and responsive app. You can use the ever popular MetaTrader platform on AvaTrade as it offers MetaTrader 4 to its clientele. Support is also available for auto trading, algorithmic trading and traders can also come up with their own automation solutions if they wish.

MetaTrader 4 can be used by traders on their mobile, desktop or also through the web browser. As it is quite light, you don’t have to worry about any lags. There are a range of features that you can enjoy through this platform including trading stop losses, simple order execution, multiple platform types and pending orders amongst others. With the mobile app called AvaTradeGO, you can do things on the go such as developing watch lists, checking trades in a glance, making trades and viewing prices and charts.

Expert Advisors

If you want, it is possible to use Expert Advisors with your AvaTrade account. You can either purchase them or can also be self-developed. These are programs that enable hands-free trading like automated trading on MetaTrader 4.

Education

One major perk that AvaTrade has to offer to its clients is the massive amount of educational resources that can be immensely useful for polishing your skills and also learning new ones. There is a whole section that’s dedicated to beginners who have just stepped into the trading world and they can find a forex e-book, comprehensive explanations regarding economic indicators and a variety of trading video tutorials. Every section is quite extensive and detailed and you can find everything ranging from currency trading, paper trading, copy trading, trading strategies and more.

There is also a full section dedicated to Analysis. Here, you can learn more about technical and fundamental analysis, which can be incredibly useful for traders. You can figure out what they are, what’s the difference between them and when they should be used.

Customer Support

Obviously, when you are using a platform, it is a given that you are going to have some questions and queries. There is an option of Live Chat on the top right of every single page on AvaTrade’s website. Other than the live chat option, you can also find a phone number for customer support. The number is listed as per your country and you can switch countries if you want. You can also go to the Contact Us section where you can fill out a form for sending an email to AvaTrade’s customer support department.

The customer service representatives are very responsive and friendly and you can get answers with ease. One major advantage in terms of customer support at AvaTrade is that the broker has physical offices in different parts of the world. Traders can visit one of these offices, if convenient, depending on their needs. Other than that, there is also a complete FAQ section on the website, which has been divided into different sections to make it easy for traders to find answers they are looking for. In most cases, you will find the solutions you seek in the FAQ section so you will not have to contact the customer support team.

Conclusion

Suffice it to say, AvaTrade is a reliable and secure platform for trading a wide array of financial instruments. It is heavily regulated, which ensures it follows strict rules and regulations. Likewise, it offers great customer support to its users and in numerous languages to make it easy for you. A demo account is offered to help traders in honing their skills before risking money and there are several platforms to choose from.

Author: Website Admin

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