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AvaTrade Review & Rating 2017 – Forex Broker Review

#3 of 11 Forex Broker Comparison - Best UK Forex Brokers

Founded in 2006 and formerly known as AvaFx, the online broker, which offers FX and CFD trading, has been around for more than ten years. With their headquarters in Dublin, Ireland, Ava Capital Markets Ltd is the retail forex arm of Ava Group, a popular international investment firm. As a subsidiary of the company with almost $17 billion in market capitalization, AvaTrade’s large capital base adds to their credibility. The broker’s regulatory environment in the EU also ensures customer safety, making AvaTrade a choice for new and experienced forex traders who see the security of their capital as a priority. Their minimum deposit is also quite low; with AvaTrade, traders can fund their accounts with as low as £100. Read on and get a complete overview of our AvaTrade experience.

15000£
No Deposit Bonus T&Cs Apply, 18+

HIGHLIGHTS

  • Regulated by the Central Bank of Ireland
  • Up to £15,000 welcome bonus
  • Wide range of tradable instruments
  • Social trading platform
  • Direct Market Access available
  • Additional features like RoboX, ZuluTrade and more…

User ratings

01Trading Offer & Conditions 9.0
02Trading Platforms & Demo Account 8.5
03Bonus for New and Existing Customers 10.0
04Mobile Trading 8.5
05Payments8.5
06Security / Regulation 9.5
07Customer Service 8.0
08Account Opening 9.0

UP TO £15,000 WELCOME BONUS

New clients can get up to £15,000 as welcome bonus. In addition, traders can practice forex trading for free on their demo account. We were quite impressed with their extensive market offering, they offer traders up to 60 currency pairs including Bitcoin and other crypto currencies. They also offer CFD trading on indices, commodities, bonds and equities.

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Trading Offer & Conditions

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01 Trading Offer & Conditions

AvaTrade has both fixed and variable spreads for most instruments. The variable or floating spreads usually vary depending on market conditions. Fixed spread accounts usually have spreads that are a bit higher than the typical spread for most accounts but these spreads are constant regardless of market conditions. Considering spread as part of our AvaTrade review is very important, therefore, we are going to look at the spread on the some instruments on the floating spread account.

  • EUR/USD has a typical spread of 1.8 pips and spreads can be as low as 1 pip
  • EUR/GBP has a typical spread of 2.7 pips and spreads can be as low as 1.9 pips
  • EUR/JPY has a typical spread of 2.7 pips and spreads can be as low as 1.8 pips
  • GBP/USD has a typical spread of 3.0 pips and spreads can as low as 1.8 pips

As market makers, they may act as counterparty to a trader’s position which poses a significant risk of conflict of interest between the broker and the trader. This, however, is not totally disadvantageous, because their position as a market maker also means that there would be enough liquidity pool for their client throughout the market season. AvaTrade clients with £50,000 or more can enjoy the opportunity of a direct market access which gives traders the opportunity of trading the markets without any dealing desk intervention.

One big advantage of choosing AvaTrade is that they have a very wide collection of instruments. AvaTrade offers traders the opportunity to trade forex, metals, stocks, ETFs, commodities CFDs, treasures and bonds, agric commodities and even crypto currencies. These instruments are available on both classic and spread betting modes. There are over 60 currency pairs and hundreds of other instruments to choose from. Their ability to provide this extensive number of instruments makes them very attractive to clients, making them able to have a large client base. Many broker reviews are silent about hidden charges which may be charged from clients account, however, at Yourate.com, we believe that the AvaTrade forex review is incomplete without informing clients appropriately about this. It is very important to note that fees are charged if a trader fails to trade with his account for a period of time. Inactivity fees and administration fees may be charged on traders’ accounts except the law states otherwise. Administration fee is charged after 12 consecutive months of non-use. This fee is charged to offset the cost incurred in making the service available. The value of the fees depends on the client’s base currency. The administration fee for UK clients is £100. Traders who do not use their accounts for up to 3 consecutive months are charged an inactivity fee, except the law states otherwise. The Inactivity fee for UK clients is £25.
  • Fixed or variable spreads
  • Forex trading with variable spreads starting at 0.8 pips
  • No commissions

Trading Platforms & Demo Account

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02 Trading Platforms & Demo Account

AvaTrade clients also enjoy the benefit of having a variety of trading platforms to choose from. The broker offers two manual trading platforms –MetaTrader4 and AvaTradeAct– which has full mobile trading support. There are also a variety of automated trading platforms like ZuluTrade, Mirror Trade and many others that clients can choose from.

The MetaTrader4 platform offers traders a comprehensive selection of resources on a powerful trading platform. Traders also have access to detailed analytics, market insight and other interesting features. Their MetaTrader4 platform enables you to modify your trading environment to meet your needs using a wide variety of tools like custom chart, templates, toolbars and windows. You also get an opportunity to back-test your strategies using historical data and over 30 analytical tools which include the Fibonacci retracement and extension levels, and trend lines.

DEMO ACCOUNT 21 DAYS FREE TRIAL

Demo trading is a popular feature among forex traders. It is a very important part of trading, not only for beginners who want to have a feel of the market and gain confidence, it is also important for more experienced traders who want to test their strategies properly before using it in their live trading. AvaTrade offers traders the opportunity of accessing their demo platform for a limited period of 21 days, however, clients can access their unlimited demo platform after opening an account with them.

Bonus for New and Existing Customers

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03 Bonus for New and Existing Customers

Our Avatrade reviews also looked into the attractive bonuses offered by this broker. It is important to understand that these promotional offers are always subject to change.
AvaTrade is very attractive to potential clients due to a lot of special bonus offers available when you deposit money or when you refer another trader. AvaTrade clients can also enjoy the new client’s bonus and deposit bonus.
As at the time of this review, the broker offers a deposit bonus when a client funds his account with £200 or more.

BONUS
New Customer Deposit Bonus T&Cs Apply
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    Up to £15,000

    Bonus amount
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    Deposit Bonus

    Type of bonus
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    Yes

    Trainings and webinars
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    12 months

    Duration of bonus offers
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    £100

    Minimum deposit
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    Yes

    Free demo account
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    No

    Personal contact person
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    Yes

    VIP Program
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    Without deposit

    Account opening

Immediately after the first deposit, the AvaTrade bonus will be credited to a trader’s account. This means that the bonus is immediately available for trading. In order to have the bonuses withdrawn, a client would have to fulfill various AvaTrade bonus conditions. One of which is to reach a volume of £10,000 for every £1 bonus within 12 months.

They also have the referral bonus option where a client can earn up to £400 for referring other traders. To get this bonus, traders have to inform their new downlines to contact the broker through email at [email protected], providing referrer’s full name and account number. The bonus is earned as soon as the trader’s downline makes a deposit.

If you want to use a no deposit bonus, you should read our Markets.com experiences.

  1. £200 deposit -> £60 bonus
  2. £500 deposit -> £150 bonus
  3. £1,000 deposit -> £300 bonus
  4. £2,500 deposit -> £750 bonus
Get your bonus on your first deposit
T&Cs Apply

Mobile Trading

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04 Mobile Trading

Our AvaTrade trading reviews also looked into their mobile trading platforms. The broker’s mobile MT4 app is available for Android and iOS devices, making online forex and CFD trading more convenient. AvaTrade also has another mobile app, AvaTrader, which is also available for iOS and Android devices.

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Apple

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Android

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Windows

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Web App

01 | rating

The mobile applications on the respective app stores receive a very high rating because of the functionality and flexibility. They are simple and intuitive, and have numerous features, making trading easy as you monitor your trades from anywhere. All important functions and charting tools are also available. Whether you want to monitor your open positions, check your account balance, read news, or watch specific exchange pairs – you’re good to go.

02 | recommendation

In order to be able to trade the markets at any time, we always recommend using a forex app. However, that should be after you’ve done a comprehensive chart analysis on your PC.
  • Instant account access
  • Trading reports
  • Interactive charts
  • Monitor and manage your open positions anywhere and anytime

Payments

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05 Payments

AVATRADE DEPOSITS: £100 MINIMUM DEPOSIT

AvaTrade accepts payments via credit cards, bank transfers, PayPal and other e-wallets. The minimum deposit for an AvaTrade account opening is £100. There is a minimum threshold of £500 for traders who opt to pay via bank transfer; this minimum amount applies not only to the opening of the account, but also to subsequent payments. The two main payment methods available are:

  • Credit card (MasterCard and Visa)
  • Bank Transfer

As earlier stated, PayPal and other e-payment funding methods are allowed; however, the client must be an EU or Australian resident. No fees are charged for AvaTrade deposits. Traders should, however, note that there is maximum deposit threshold of £1,000. Although most traders also use credit cards to deposit, nevertheless, it is better to have more payment options for increased flexibility. If you would like to use a broker without a minimum deposit, we recommend you GKFX.

Important: It is important to inform you that even with this limited payment option, our AvaTrade forex reviews on deposits and withdrawals are generally positive. Above all, no fees are incurred and a relatively low minimum payment of £100 applies. With only 2 main payment methods, the option is quite limited.

AVATRADE WITHDRAWAL OPTIONS

Withdrawals can only be done through the same channel as the previous deposit. This means that only these two major withdrawal methods are available for most categories of traders. No fees are charged on withdrawals and there is no minimum withdrawal limit.

If you would not use any of these funding methods, we would want you to consider using FxPro.

  1. 01 | £100 minimum deposit
  2. 02 | No withdrawal charges
  3. 03 | No minimum withdrawal limit

Security / Regulation

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06 Security / Regulation

Central Bank of Ireland

At Yourate.com, we count the security of clients’ funds as the most important, that is why we looked in-depth into their regulation as part of our AvaTrade review. AvaTrade is based in Ireland and duly regulated by the Central Bank of Ireland. Their ring-fenced account ensures that European Union clients get industry leading trading fund protection.

LICENSE
license
CBI LICENSE C53877
ASIC LICENSE 406684

FFAJ LICENSE 1574
FSA LICENSE 1662
BaFin LICENSE 122649

Traders’ funds are secured in a segregated account, keeping customers’ funds from broker’s assets and ensuring their security in the case of bankruptcy. Clients’ funds are maintained by one of Europe’s leading banks, Danske Bank, and AvaTrade cannot access customers’ trading funds under any circumstance because the bank has the sole authority to transfer funds.

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    50,000 EUR deposit insurance
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    Regulated by irish CBI
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    Negative Balance Protection
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    Compliance with MIFID regulations
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    Secure payments

Trading with AvaTrade also gives you another layer of internet security because they use a 256-bit SSL encryption and true-site assurance seal. AvaTrade is WebTrust compliant – as determined by the American Institute of Certified Public Accountants.

Customer Service

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07 Customer Service

As part of our AvaTrade reviews, we also looked at their customer service. After all, customer service is the business card of a company. AvaTrade offers a 24/5 support, which can be reached as follows: telephone, live chat, e-mail and contact form. Their website does not have enough information about account opening and other information. If a client does not find the information he needs in their FAQ section, their live chat feature will be very helpful to answer clients’ queries.

EMAIL

LIVE CHAT

TELEPHONE

Address
AvaTrade Financial Centre

Five Lamps Place, Amiens Street, Dublin 1, Irland

Email
[email protected]
Phone
+1-212-941-9609

Their support is available in about 27 languages, though their overall customer service is good, we believe it can be much better.

Account Opening

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08 Account Opening

With AvaTrade, UK clients can open the Fixed, Floating or Spread betting accounts.
The fixed spread account has a fixed spread over varying market conditions.
Floating and spread betting accounts are basically the same, and their spreads can fluctuate but are generally steady under normal market conditions. The typical spreads for these accounts are generally lower than the spreads for fixed accounts. Other accounts like MAM and VIP accounts are available.

The Multi-Account Manager (MAM) account makes it easy for professional traders who trade as money managers to execute several trades across an unlimited number of client accounts – all from the MetaTrader 4 terminal. AvaTrade makes it easy to manage the account of diverse groups of clients. It allows traders to

  • Place bloc orders from a master account for an unlimited number of clients
  • Utilize all MT4 order types: stops, limits, trailing stops, close all, etc.
  • Create multiple trading sub-groups for a variety of strategies
  • Use multiple allocation types, including lot, percentage, balance, and equity

The MAM account is also compatible with EAs (Expert Advisors) and automated strategies. This system provides all the information a trader needs for the effective management of clients’ lists, including open trades, balances, P&L, etc.

The VIP account is available for traders with a balance of at least £50,000. This account has a lot of benefits which include spread reduction on FX instruments, a £15,000 trading bonus based on their current promotions, dedicated market analyst, direct dealer access and much more. Avatrade also offers the Islamic swap-free accounts for traders of the Muslim faith who trade according to Sharia ideologies. There are no rollover or swap fees for this account.

For our Avatrade trading review, we also looked into their account opening process. The process is quite brief, simple and clear. Opening an account with them takes only a few minutes. AvaTrade, just like all other forex brokers, needs to query your personal data. Our impression is that that the account opening process for this broker is particularly fast and easy.

Account verification by post or video is not necessary. You can verify your account by uploading the required documents to their site or sending them via e-mail. When paying with a credit card, the money is immediately credited to the trader’s account, additional fees do not apply. You can start trading immediately. The maximum deposit is £1,000 at the beginning. Only after successful verification can you deposit much more.

  1. 01 | Open an account with AvaTrade
  2. 02 | Deposit money by credit card
  3. 03 | Start trading the markets immediately
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