We test the latest trading providers on a daily basis
We test the latest trading providers on a daily basis
Ever since Alexander got his first stock savings account, he’s also taken a keen interest in the financial markets. Now a full time writer and contributor to TradersBest.com, he uses his experience in the world of finance on a range of different topics, from investment strategies to reviews of new brokers.
Founded in 2006, AvaTrade is an established global CFD and forex broker. The online broker is regulated and licensed by tier-1 financial authorities, including The Central Bank of Ireland and the ASIC (Australian Securities and investments commission).
AvaTrade has grown exponentially ever since its inauguration back in 2006 and is now known for being an ideal trading platform for beginners and experts alike. Users can now trade cryptocurrencies through AvaTrade’s trading platform as well. The following AvaTrade review aims to elaborate on each aspect of the trading platform to help you understand whether or not it’s the ideal crypto trading platform for you.
AvaTrade: Pros & Cons
Account opening process with AvaTrade is simple and fast
Trading platform offers numerous top-notch research tools to assist traders
Broker allows its users to make deposits and withdrawals with zero fees
Charges users an inactivity fee if they’re inactive for a year
Limited trading options are offered; CFD’s, forex, and crypto.
Watch our in-depth review of AvaTrade!
AVA Trade Ltd
AvaTrade Financial Centre
,Five Lamps Place
,Dublin 1 Ireland
Security, Usability, Look & Feel - Several trading platforms available
If you’re planning on registering an account with an online broker, there’s a high probability that you’ll end up spending a fair amount of time on the trading platform that the broker offers. So, making sure the platform is top-notch is important.
Great for crypto CFDs
Easy to get started
Intuitive trading platform
AvaTrade offers its users several trading platforms; WebTrader – AvaTrade’s own trading platform; MetaTrader 4 – a third-party trading platform; MetaTrader 5 – a third-party trading platform, and AvaOptions -AvaTrade’s own trading platform for CFD Options.
The trading platforms to choose from are a web-based trading platform, a mobile trading platform, and a desktop trading platform. In terms of easy navigation and convenient usage, the web-based platform took the trophy. The mobile and web platforms were much easier to use and offered more advanced features in comparison to the desktop version.
We analyzed WebTrader and noticed that the platform was easily navigable, customizable, and had a user-friendly design. There was a one-step login, which could be improved for further security. The theme of the trading platform is minimalistic and dark, which gives it a professional yet welcoming feel.
The primary drawback we noticed was that setting price alerts and notifications wasn’t an option. However, the broker offered a unique feature known as AvaProtect, which is for those who want their trades to be insured. (This feature cannot be used on limit orders).
AVA Trade Ltd
AvaTrade Financial Centre
,Five Lamps Place
,Dublin 1 Ireland
How to Start Trading Crypto with AvaTrade – Our top tips
Once you’ve decided that you want to trade with AvaTrade, choose which platform you’ll be trading with.
Register an account with your selected platform; this shouldn’t take more than a few minutes and is entirely digital.
Once your account is open, add funds. You can start off by adding the minimum deposit, which is $100.
Once your account is funded, you can make any trade of your choice. Make sure to utilize the tools available on the platform to ensure you don’t end up losing money.
You can also customize your trading page according to your priorities.
Don’t forget to focus on continuous learning. It’s no secret that with the right amount of knowledge and correct strategies, you can reduce risk and increase the potential profits of your trades or investments.
Payments - Which methods are available with AvaTrade?
AvaTrade allows its users to trade with several base currencies, including USD, EUR., GBP, CHF, and AUD. However, it’s important to note that only Australian residents are permitted to trade in AUD, and UK residents can trade in GBP.
Allowing users to trade in 5 different base currencies is highly beneficial because using the same currency that is in your bank account to fund your trading account leads to zero conversion rate. Many brokers suggest that users open multi-currency bank accounts to conveniently trade with their desired currency without paying a conversion fee.
The minimum deposit limit for AvaTrade is $100 only. Depositing money in your account is free of cost and can be done through a number of options. You can use bank transfers, debit/credit cards, or electronic wallets. Deposits processed through debit/credit cards take a few hours because the company has a verification process for payments. However, it’s better than a bank transfer, which can take a few days to complete.
Similarly, withdrawals are free of cost as well and can be done through bank transfer, debit/credit card, and electronic wallets as well. Withdrawing money with a debit/credit card will take you roughly three business days, and the withdrawal can only be made through the account holder’s account. It’s best to resort to debit/credit cards for deposits and bank transfers for withdrawals.
Customer Service - Great support from AvaTrade
AvaTrade offers its users excellent customer service through phone, email, and live chat. Receiving a response from the broker or getting in touch with a customer service representative is pretty simple and convenient. The live chat is highly effective, and you can reach someone within minutes if you leave a query in the chat box.
The customer service team provides assistance in several languages, including Arabic, Chinese, French, Italian, German and Russian. The website allows you to call a customer service representative country-wise. However, the phone service isn’t as fast and reliable as email and live chat.
The only drawback regarding the customer service was that it isn’t available over the weekends. Users still get support throughout the week for 24 hours. Albeit having 24/7 support is always more ideal. AvaTrade has a well-described FAQs page that directly answers most queries to make things easier for users. If you ever stumble across an issue and are unable to get in touch with a customer representative, there’s a good chance that you’ll find your answer through the website’s FAQs section.
License & Security - Is AvaTrade secure?
Being licensed and regulated by several financial authorities, AvaTrade applies many methods to protect its clients information and ensure it’s platforms are secure. Firstly, the account opening process requires users to provide proof of identity as anyone below 18 isn’t allowed to trade cryptocurrencies or other trading instruments.
Access to trading cryptocurrencies on the platform is only given to expert traders. Due to the highly volatile nature of cryptocurrencies, the platform aims to ensure clients don’t end up losing their money.
The online broker also uses industry-leading encryption and anti-fraud methods to ensure any information passed through their websites or platforms is secure and all client funds are safe as well.
Reputation and Customer Feedback – A great reputation
According to our AvaTrade review Canada, the broker has a pretty decent reputation as it’s regulated by tier-1 financial authorities, and is considered to be a safe broker. The broker offers users multiple trading platforms to choose from, and each of those trading platforms is easy to use, navigable and consists of numerous tools to assist traders during their trading journeys.
The only drawbacks are that there are limited trading options on the platform, and there isn’t a 24/7 customer support team. Other than that, the platform is ideal for beginners and experts alike. Our AvaTrade crypto review concludes that the broker is good for trading crypto and other instruments. It’s definitely worth giving a try.
Bonds Section Is Temporarily Closed.
AvaTrade Crypto Canada – Trade crypto on AvaTrade today
Cryptocurrency trading has taken the world by storm as many volatile cryptos continue to rise in value day after day. To put things in perspective, Bitcoin started trading at $0.0008 in July of 2010. Today, Bitcoin is being traded for over 30,000 GBP. In fact, expert analysts are suggesting that the price of Bitcoin will surpass $100,000 by 2030.
As a rising number of investors are dipping their toes into cryptocurrency trading, AvaTrade introduced crypto trading and offered its users a selection of 13 leading cryptos to trade with. The cryptos available on the platform include Bitcoin, Litecoin, Ethereum, Ripple, and EOS. The AvaTrade Bitcoin trading option has attracted many people to register an account with the online broker as Bitcoin is the market leading cryptocurrency right now.
AvaTrade allows its users to trade crypto on CFDs, which means users don’t need to own the cryptocurrency. Not having to own the underlying crypto sets users free from the worry of digital wallets and exchanges. Trading crypto on CFD also enables users to make a profit whether the crypto is rising in value or declining in value. Keeping in mind the volatile nature of cryptocurrencies, it’s always better to be on the safe side.
An additional benefit of AvaTrade crypto trading is that the platform allows you to trade cryptos against fiat currencies, including USD, CAD, EUR., and JPY. If you’re interested in finding out about other brokers that offer crypto trading, you can hop on to our CMC review or Forex.com review.
Trading Costs - Fees at AvaTrade
When compared with other brokers of its kind, it’s evident that AvaTrade’s trading fees are low to average. Thankfully the broker is transparent about all charges applicable, and there aren’t any hidden costs. The trading costs are extremely easy to calculate as well.
To discuss the fees asset-wise, we checked and compared the fees of each asset available on the platform. While the CFD trading fees were low, AvaTrade forex fees are average. The fees are majorly built into the spread, which is the difference between an asset’s buying and selling price.
The forex calculator on the platform makes it extremely easy to check trading fees before making any trades. You can enter details of your potential trade, including the leverage level, the instrument you’re trading, the currency you’re trading with, etc., and the forex calculator will indicate your next forex position.
Moving towards non-trading fees, the broker does not charge its users a deposit or withdrawal fee. However, there is an inactivity fee for users who register an account but remain inactive for a year at a stretch. Thankfully, the broker does not have any account fee either.
Jurisdictions and Limits - Where is AvaTrade allowed?
Being licensed and regulated by tier-1 financial authorities, AvaTrade has to adhere to several strict policies. According to AvaTrade’s website, the broker is regulated on five continents; so basically, the platform is regulated wherever it operates. It’s important to note that AvaTrade is not regulated in the USA and hence, cannot accept investors from within the US up till now. The list of regulators that AvaTrade comes under is;
The Central Bank of Ireland.
The B.V.I. Financial Services Commission on the British Virgin Islands.
The Australian Securities and Investments Commission (ASIC).
The Financial Sector Conduct Authority (FSCA) in South Africa.
The Japanese Financial Services Agency (F.S.A.).
The Financial Futures Association of Japan (FFAJ).
The Abu Dhabi Global Market Authorities Financial Services Regulatory Authority (ADGM – FSRA).
Being regulated by several tier-1 financial authorities, AvaTrade ensures its clients money is kept in separate accounts and does not mix with the company’s funds. This is to ensure that if something goes wrong, the client’s funds will remain safe and untouched. Client money protection is prioritized in all states and under all regulators. The only drawback we noticed was that only traders in Europe get access to a deposit compensation scheme. This is not available in any other continent.
Trading Options - Other trading options on AvaTrade
Apart from AvaTrade crypto trading, there aren’t many trading options offered by the online broker. The platform only offers forex and CFDs, such as stock, index, forex, and commodity CFDs. Users don’t get access to popular asset classes such as real stocks, bonds, or mutual funds.
If you’re interested in CFDs, this should be your go-to option. However, trading CFDs requires a high level of risk management. CFDs are extremely risky instruments and aren’t suitable for everyone. Over 2/3rd CFD Investments end up in loss. So, before jumping into CFD Trading, make sure you’re able to handle the risk that tags along to avoid serious loss.
Users can also benefit from 55 currency pairs, a decent amount compared to other trading platforms. There are FX options as well; however, they require users to open a separate account. Similarly, the crypto trading platform offers social trading through third-party platforms DupliTrade and ZuluTrade, as well. To help you with social trading, the platforms allow you to analyze the activities of other traders so you may copy them.
It’s important to note that the variety of instruments available to trade on AvaTrade depend on where you’re located. It remains different in various parts of the world, be it Canada or the UK.
AvaTrade Review FAQ
💁 Can I make money with AvaTrade?
AvaTrade offers users a decent number of trading options and an advanced yet easy-to-use trading platform. However, making money through crypto trading or stock trading isn’t so simple. To make profits through an online trading platform, you must have an insight into how the market works, supportive tools, and the right strategies to implement. To see how you can use these tools to your advantage, check out our AvaTrade review on TradersBest.com CA.
🦰 Is AvaTrade safe?
AvaTrade is considered a safe broker based on several factors. Primarily, it is licensed and regulated by several tier-1 authorities. This entitles AvaTrade to adhere to several guidelines, which makes it a safe broker. For instance, the broker keeps client funds and company funds in separate tier-1 bank accounts to ensure client funds are protected at all costs. To see an overview of exactly which licenses and security measures are held, consult our AvaTrade review at TradersBest.com.
🔥 What is AvaProtect?
AvaProtect is a risk management tool offered by AvaTrade.The tool is designed to offer clients protection against any losses on chosen positions for an amount of specified time. It acts as insurance on investments because it’s a risk coverage that reimburses any losses an investor might face. If you are wondering how to use this tool, check out our AvaTrade review at TradersBest.com.
Final Thoughts - A reliable broker for Canadian investors
Choosing a broker to trade with can be challenging, especially because there are way too many options to choose from. However, our AvaTrade review Canada aims to make the choice easier for you. As our AvaTrade review 2021 comes to an end, we can safely conclude that the online broker is ideal for beginners as they offer easy-to=use platforms, a good deal of trading tools, and decent customer service.
However, the online broker could introduce more trading instruments or trading options. Nonetheless, our Avatrade crypto review was positive based on numerous factors. Thankfully users can easily open an account with AvaTrade and begin their trading journey or trade crypto with Avatrade today, that too, with a small deposit fee.
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Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.