This Avatrade review is an extensive analysis of the whole platform and all features from a traders perspective. The review is meant to be critical and comparative to serve the best interest of the customer. If you are looking for a more objective summary to get a fast overview we recommend Avatrade summary.
Thus, this Avatrade review aims to investigate the features AvaTrade has in store for its client base, to save you time and effort. We analyze and review the trade functions, instruments, security and payment processes in order to construct accurate conclusion. Pros and cons are also available, as to compare the AvaTrade’s attractiveness with competitors in the industry, such as IQ Option, eToro, and Markets.com. All these platforms are CFD platforms but we also have reviews from pure crypto trading platforms such as Bitfinex, Bitstamp and BitMEX.
AvaTrade’s General Information
AvaTrade is a financial broker, offering a variety of financial instruments for its clients, with trading done in real time. The company started its operations in 2006 as Ava FX platform, owned by Emanuel Kronitz, Negev Nosatzki, and Clal Finance. The name AvaTrade became official in 2013, as different instruments were added in the portfolio of the platform.
Its seat is located in Dublin, Ireland while the holding company is located in the British Virgin Islands. Other business units, mostly sales centers, can be found in Japan, Italy, France, Australia, China, and Mongolia.
As for the acquisitions, AvaTrade made large investment projects in 2011, when the organization bought Japanese Forex broker Art Co. and Finotec Trading UK Limited. In 2014, another company’s assets were added to the AvaTrade’s equity, YouTradeFX from Australia.
AvaTrade won numerous prizes for customer support and security of funds excellence, totaling for five awards in the period between 2009 and 2016.
When registering an account at AvaTrade, all you need to provide at this stage is your name, last name, email, and password. Upon completion of the account, you do not verify your email but neither can you start trading immediately. You will be required to provide more personal details for that.
The registration process itself takes less than two minutes to be completed while the account is free of costs to make. It is up to you, which type of trading profile you wish to have, as you are given a choice between demo and real trading versions.
We suggest you start with the demo to practice a bit. In that case, you would get Meta Trader 4 credentials (username and password) and virtual $100.000 for testing the functions out.
Identity Verification Requirements
Once registered, you need to upgrade your profile from demo version to real account, which would lead towards verification process. As a first step, you need to provide personal details and address information.
This would allow you to roam freely around different AvaTrade platforms but you do have 10 days to complete the verification. You can start depositing once you have provided the scanned ID and proof of address, as shown below.
Nothing that different from other platforms, as IQ Option, eToro and Markets.com all require their clients to verify identities.
Deposit/Withdrawal Methods and Fees
At AvaTrade, you have several options when it comes to depositing methods. If you wish to deposit money quickly, then you should choose one (or several of them depending) of the following channels:
- credit or debit cards
All of the above funding options have a minimum $100 as a deposit value.
You also have wire bank transfer as an option, though be advised that said transaction could take up to five business days to be completed. Another issue is that bank transfers have a minimum $500 for deposits. The deposit page is presented in the snapshot below.
Once your account is fully verified, you will get an incentive from AvaTrade in terms of bonus funds that you have deposited. Say you deposit $100, you will get $35 additional funds as a bonus. A neat feature that increases the number of funds you chip in your AvaTrade balance.
Withdrawing money from the AvaTrade needs to be done by the same method you chose for deposits, due to the AML (anti-money laundering) and KYC (know your customer) policies.
Both withdrawals and deposits come without any fees, while trade itself also has no costs. AvaTrade mainly makes money through exchange rates and daily value fluctuations with different instruments.
AvaTrade has several platforms that you can use at any time. There is a desktop version, a Meta Trader 4 platform that you can download for free. You also have web platform and mobile apps, both iOS and Android available.
Apart from the environments, AvaTrade also offers trade platforms, which differ in terms of trade. The available options are:
- AvaOptions (all platforms available)
- AvaTradeAct (all platforms available)
- DupliTrade (available in desktop and web)
- Floating Spread (available in desktop and web)
- Meta Trader 4 (all platforms available)
- Mirror Trader (available in desktop and web)
- AvaTradeGo (on mobile platforms)
Each of these platforms works with its own set of instruments. Cryptocurrencies are available in AvaTradeAct and Mirror Trader. Fiat currencies are available in all except in AvaOptions. Apart from the instruments, the interface of the platform also greatly varies, even though trading functions are similar.
You can open up all accounts at the same time but do arm yourself with patience as interface and registration might take time to complete. The reason for a slow response for the system might lie in the fact that many traders use the services. Still, when it comes to trading, fast response is crucial and the slow interface is definitely something that needs to be fixed soon.
Mirror Trader - What is it?
Mirror Trader is a platform where you can copy trade made by experienced and successful traders that operate in AvaTrade. The function is quite similar with those offered by eToro and InstaForex, as you have the ability to check the traders’ profiles, seek out their publicly listed trade tools and simply use them to create a trade order.
It provides a necessary lift and education for starters, as many of the traders that create such tools are experienced players in the industry. On the other hand, these tools were made at the moment when trade held certain specification and in a certain situation. Since Forex and financial markets are very dynamic, there is a good chance the copy-pasted order might not work in your favor.
Much like in eToro and InstaForex, you have to do your own research first and then choose which options would be the best at the moment. Without basic knowledge of the industry, you are gambling your funds with someone else’s tools.
This is especially true for cryptocurrency market, in which the value of coins might drastically change within a couple of minutes.
AvaTrade has several DFCs to offers, them being Forex, stocks, metals, energies, ETFs, indices and, most importantly, cryptocurrencies. The accepted coins at AvaTrade are Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Dash, and Litecoin. The number of currencies available is in line with other platforms, such as eToro (7 of them) and IQ Option (10 available).
You have a very limited number of platforms that you can use to trade cryptocurrencies in. The coins can be traded in few of the platforms but Meta Trader 4 is not one of them. The Forex pairs in that particular platform are possible only for fiat currencies, while cryptos cannot be used in transactions. AvaOptions & DupliTrade is also an environment, where you cannot use bitcoins as an investment instrument, as shown below.
The platform, which comes under our radar, is AvaTradeAct, as it has cryptos as trading pairs, alongside with fiat currencies. The desktop interface can be seen below.
Both desktop and web versions hold much the same trading functions for cryptocurrency trade. You have the usual “Buy” and “Sell” positions, with values that you can set on the market (the current price in the industry) or customized value.
The customized value is the one you set, based on the previous analysis you made on the value. You are betting that price will change in specified future, thus earning your more profit (or loss f you are wrong).
The leverage can go up to 1:20, meaning that you can multiply your order by “borrowing” the power of twenty times larger order value. This also increases the rate of profit and loss, depending on the market value trends.
Lastly, you have a stop loss and take profit limitations, allowing you to limit lost balance and reach profit margins if the market would go that way.
Overall, we would say that nothing is especially interesting here, apart from the fact that crypto trade at AvaTrade is not that different from IQ Option, eToro, and Markets.com. All platforms offer pretty much the same functions, without any real difference, except the Mirror market, which only AvaTrade, InstaForex, and eToro offer.
In all cases, no matter if you are using Meta Trader of Forex, or AvaTradeAct for cryptos, the interface at desktop beats the web platform when it comes to customization of the charts, indicators, and movable tables. You can pretty much redesign the entire platform according to your needs, although the only thing that cannot be changed is the background color.
Other than that, at the desktop, you have the ability to develop your own version of the trading environment. The web is more geared towards starters, where you do have many indicators and analysis tools but you do not have the vast number of design freedom.
Mobile apps are even simpler, as you have limited space to look at when trading, thus the interface reflects a lot more condenses interface settings.
This is quite cool stuff to work with, as the individual traders can post their own charts with necessary indicators and redesigned tradeview for others. The said apps do have a price, with values ranging from one trader to another.
Although many might deem this is useless, it is important to mention that experienced trades have reasons for why they have chosen specific indicators and design. Investment in this area can help beginners to quickly pick up the trade and meaning behind various numbers. This service is unique to AvaTrade, as other platforms, such as eToro, IQ Option, and Markets.com do not have the option available.
As with MirrorTrade, you should also do your own research, in order to choose the proper interface app. You should know your own trade weaknesses and strengths and thus will find the best option out there for you.
Social Platforms and News
AvaTrade is present in both social media and news reporting environments, as you can use their activities to inform yourself about the crypto world. AvaTrade works with Facebook, Twitter, and YouTube, where updates about the industry and AvaTrade promotions can be found.
Another very cool feature is that AvaTradeAct allows you to open Facebook and news windows at the desktop app, as shown below. It saves time to have the said pages on hand, rather than switching between trader program and internet explorer.
AvaTrade has an upper hand over competitors in the market when it comes to educational tools it offers. The platform offers:
- Video tutorials: with videos, you get complete step by step tutorials on many different aspects of trade within AvaTrade platform. These are useful for beginners who would need visualization of the things available for them. Most of the platforms in the industry have this feature.
- Sharp Trader: this is an extension of the AvaTrade training program, oriented towards the trading experience of starters and those that wish to improve their analytical skills. Cryptocurrency investors are provided with videos, analysis of the AvaTrade staff and trading tools (economic calendar, trading platforms, calculators and more).
- FAQ and Glossary: usual FAQ section explaining available tools and trade conditions to the traders, both experienced and starters. The glossary is an interesting concept, as it provides definitions of the platforms, marketplace sectors, and instruments.
- Trading for Beginners, Economic Indicators and Order Types: all of the mentioned tools are available online on the AvaTrade’s homepage. These sections provide detailed descriptions and explanations of various functions, platforms, and assets for beginners. These are different from FAQ, as they are more technical in nature and provide general knowledge that can be used on other platforms as well.
- eBook: this is unique service for traders interested in deeper pools of knowledge when dealing with financial markets, cryptocurrencies especially. The AvaTrade eBook “Forex First Steps” was written by the staff members as a guide for new customers looking to use AvaTrade’s platforms. Up to this point, it is the only book written by the company though we expect more to come in near future.
As for the overall security system of the website, AvaTrade implements McAfee Secure (HackerSafe) system, protecting the servers from cybercrime. In addition to the anti-hacking system, the company also has encrypted the entire website using 256-bit SSL encryption.
On the personal account protection, you are provided with different usernames and numbers for different available platforms. Since you have deposit sources also divided into the platforms, it was crucial to establish a system where a person would need to manage different accounts, with its own keys. These keys, unfortunately, are not private, thus can be reached by hackers if the platform is compromised.
Other functions like two-factor authentication (2FA) or email verifications are not available at AvaTrade. Meaning it has very low security of the personal account.
AvaTrade covers more countries in terms of regulations than other platforms, InstaForex and eToro in particular. It currently holds licenses issued by Central Bank of England, Australian Securities & Investments Commission, British Virgin Islands Financial Services Commission and the Financial Futures Association of Japan & the Commodities Futures Association of Japan.
Due to the financial regulations and KYC/AML policies, the company can operate in almost every country in the world, with the USA being the only exception. The reason why the US is not covered lies in an act that license and business units have not been open in that particular region.
Support & Reputation
Apart from educational sources & tools, FAQ sections, and Sharp Trader functions, you also have two support systems that you can use at AvaTrade. You have a ticket system, where you can post bugs and other personal issues that you have with the account. You also have a “Live Chat” option, where you can contact one of the customer representatives if the issue needs immediate attention.
Pros and Cons
- a lot of countries have full protection and support through several regulations
- different platforms and instruments to invest in
- extensive educational section available for clients to use
- no additional fees on trade apart from exchange rate
- availability of FX design app program and Mirror Trade
- an attractive bonus system for verified users and deposits
- the USA not supported
- somewhat slow interface and registration processes
- only AvaTradeAct platform available for cryptocurrency trading
- verification is a must for trade to be available
- lack of personal security functions
To conclude this Avatrade review, AvaTrade does have several things to boast about when it was compared with other financial brokers. If you verify your account and deposit a substantial amount of funding, you get a nice bonus to start you off. Additionally, you have a number of platform choices and trade features that you can use to make a profit at AvaTrade.
The only serious downside is the time it takes to load the platforms and perform order requests, meaning that system should be improved to include more users. Security is almost non-existent except for passwords and usernames. Beginners would find education at AvaTrade delightfully full of information, with glossary, videos, economic calendar and many more tools to use.
Overall, this AvaTrade review resulted in that Avatrade is a good place to be when it comes to overall trade, though certain improvements in the speed, cryptocurrency coverage and security should be made.
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