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 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.
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.
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.