Avatrade Broker Review
- Commissions & Fees
- Investment Offerings
- Trading Platforms
- Customer Service
- Education and Research
If you are a forex trader you may have heard of Avatrade broker. Avatrade is a major brokerage in the forex sector and has peaked many traders interest. Read our thorough review of Avatrade to find out if this forex broker is the right one for your trading style.
Avatrade was founded in 2006. Headquartered in Dublin, Ireland, and regulated by the Central Bank of Ireland as well as several other respected bodies in the world of finance, this broker has taken many progressive steps over its decade in the industry.
These steps have culminated in a present day where Avatrade has more than 200,000 active customers, executing millions of trades on a monthly basis, and with regional offices around the world. For these reasons, it would be fair to categorize Avatrade as a major player in the forex sector.
Avatrade Account Opening
Opening an account with Avatrade offers the user only a standard account option. This means that for the majority of traders, there will be only one account type to choose. Ultimately, this keeps the process simple and allows the broker to focus on the more important points of providing the best possible service to traders within that account.
There is one more option available to professional traders. That is the opening of a Multi-Asset Management (MAM) account. This account type allows for unlimited client accounts and the creation of multiple sub-trading groups. This type of account also offers slightly improved spreads to traders.
The minimum deposit required in order to open an Avatrade account is 100 USD/EUR/GBP depending upon your choice of base currency.
Availability and Ease of Opening
Opening either a demo account or a real live account with Avatrade is relatively easy. In terms of the demo account, only basic personal information is required for activation and this can be completed in around 10 minutes. You are free to trade within you demo account for a limited period of 21 days.
With a real account, much of the same registration process is required, with the addition of ID and address verification which can take place digitally, and be completed without inconvenience through the Avatrade platform.
Through this Avatrade review, it can be noted that they attempt to offer a very wide and diverse range of trading products. This offering includes a broad range of major, minor, and exotic currency pairs. These pairing amount to more than 60 in total.
On the CFDs front, the broker offers an extensive selection across commodities, indices, stocks, bonds, ETFs, and cryptocurrency as CFDs. There are a total of 117 CFDs offered by Avatrade. This includes trading in the crypto CFDs of Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Litecoin, and Ripple.
Commissions and Fees for Avatrade
On trading commissions, Avatrade, like so many other major brokers, make their money by incorporating their commissions into the spread. Through Avatrade, you have an option of choosing either fixed spreads, which are usually between 1.3-2.6 pips on major forex currency markets, or floating spreads. These floating spreads begin from a more reasonable 0.9 pips, but are updated in real-time, and thus, subject to fluctuation. In-terms of objective competitiveness, the Avatrade market spreads can be considered slightly above average.
Avatrade does feature some non-trading fees. These include an inactivity fee which amounts to 50 USD/EUR/GBP after an inactive period of three months. This fee is then repeated after each inactive three month period subsequently. After a 12 month period of inactivity, a further 100 USD/EUR/GBP fee is levied on a traders account.
There are also swap fee charged by the platform, although there is an Islamic account offered for those who require it by law which allows for interest free swaps. Further information on how overnight fees and interest are calculated can be found here.
Avatrade Platforms and Tools
Avatrade offers a broad range of industry recognized and respected platforms. These include MQL5 by Metatrader for web-based trading, MT4 on both desktop and mobile, and a range of social copy-trading platform partnerships from the well supported Zulutrade, and Duplitrade.
MT4 on desktop from Avatrade offers the same comprehensive features and fluidity which traders in the industry have come to expect over the last year from this much utilized platform. Technical indicators provided run into the hundreds and are easy to apply, and the platform with its basic layout functions in a highly intuitive fashion with the center console window set to display 6 charts from the outset.
On the left side tab you can also keep track of all the popular market movements through the Market Watch feature. These are all uniquely color-coded for ease of identification.
Orders are easy to place with an intuitive and color coded order window allowing easily executable trades and more advanced options when required. On-click trading can also be facilitated through the platform.
On the bottom of the main screen, traders can easily track their positions, email, signals, and other useful features. One thing which does not seem present in the Avatrade version of MT4 is a live news source feed, however, overall, MT4 desktop provides the same level of in-depth and easy to manage functionality which it has done across many brokers for well over a decade.
Web Trading Platform
MLQ5 from Metatrader provides the web-trading platform for Avatrade and access to the knowledgeable online resource collection and community they have developed. The platform itself is visually rudimentary but provides all of the same execution fluidity and access to professional charting tools which the desktop variety provides.
Avatrade offers mobile trading through its AvatradeGo application. Available on both Android and iOS, this presents an attractive proposition to traders in terms of design and functionality. The log-in process is simple and trade execution is also convenient and fast. The platform allows for easy monitoring of all markets through rotatable charts, where up to 30 professional tools can also be deployed.
A number of useful statistical analyses are also carried out through the mobile platform, charting the recent market movements in a clear and understandable way for new traders in particular. Furthermore, traders can easily access some of the Avatrade video educational content through the platform. This makes for a more accessible and enjoyable learning experience.
Overall, mobile trading through Avatrade is a positive experience which is to engage in for all traders and which provides a pleasant and immersive trading environment which also facilitates further learning.
Having been in the industry for more than a decade, Avatrade can consider itself among the most experienced brokers in the sector. Although they do not offer a lot in the way of a proprietary trading platform, they do facilitate connection to DupliTrade and Zulutrade. This will appeal to social and copy traders who can get more involved in the sector, or already possess an account.
The broker also manages to offer a wide enough range of products across a variety of markets. This can be relatively rare for a broker of their size who tend to focus predominantly on one market or another. Headquartering in Ireland is also a positive move which helps the company achieve dual aims of reducing costs, and being located in a respectable and financially compliant nation.
Support is provided by Avatrade in a number of ways. Primarily, traders are directed to the Avatrade website which houses an extensive FAQ guide where traders can find many of the answers they seek. Beyond that, they offer local phone support in no less than 37 countries. This is highly impressive and available as long as markets are open.
Furthermore, live chat function is offered through the brokers website, although this is not offered on a 24/7 basis. This fact has been to the disgruntlement of some users. Email support is also available with a response in 24hrs being relatively slower than some other platforms.
Our Avatrade review has uncovered a number of positive signals as far as trustworthiness is concerned. Firstly, they have been around for more than a decade. They are also thoroughly regulated by well-respected financial bodies around the globe. These include, the EU, Japan, and Australia. As some of the foremost authorities overseeing the actions of the global sector, this bodes well for the Avatrade operation and its traders.
Servicing in excess of 200,000 users, a number which is growing consistently year on year, also indicates that Avatrade is a well-trusted name within the forex industry.
Is Avatrade Worth It?
Ultimately, Avatrade shows all the correctly positive indication of being a well-trusted broker, with a diverse product offering, and a satisfied user base. This should provide everything required for both new and experienced traders.
The broker, in spite of being more than a decade in the industry, has also lost none of its energy in striving to implement progressive features and facilities for users. This can be clearly seen in elements such as their partnership with social copy-trading platforms, and willingness to offer both floating and fixed spreads to all users.
This type of progression and transparent model of business is part of the reason Avatrade has become, and will likely remain one of the top-named brokers in the sector.
- Extensively compliant with a number of highly respected industry regulators.
- Extensive educational resources including videos, trading guides, and other materials are easily available to assist new traders.
- Widespread support for cryptocurrency and a diverse range of CFDs provide increased diversity for traders both new and experienced.
- Addition of social trading through partnerships with Duplitrade and Zulutrade is a progressive move, attractive to many who wish to incorporate elements of social trading.
- Relatively costly in terms of spreads and other fees when compared with other brokers of a similar stature.
- Lack of extensive proprietary trading platforms may put off some traders.
- The website FAQ do not provide as detailed answers as could be possible, and customer service response time is widely considered slow by users.