AvaTrade Broker Review – Forex & CFD Trading | TradeForex

AvaTrade Basics

🏛️ Based in	Dublin, Ireland
⚖️ Regulation	ASIC, BVI, FSCA, FRSA, FFAJ
💰 Minimum Deposit	$100 (40000 Naira)
💳 Deposit Options	VISA, MasterCard, Neteller, Skrill, WebMoney, Bank Wire
💳 Withdrawal Options	VISA, MasterCard, Neteller, Skrill, WebMoney, Bank Wire
📌Open an account	Start Trading with AvaTrade

Our Opinion About AvaTrade

AvaTrade is an established online forex broker with over 200,000 clients. The company was first established in 2006 in Ireland. They are now an international company with offices in Shanghai, Sydney, Milan, Tokyo, New York, Nigeria, Paris, and South Africa.

AvaTrade offers a robust online trading service and all-round great customer experience. They are one of the most regulated companies in the forex industry. They operate under the supervision of eight regulatory authorities, including ASIC and CySEC. As such, they offer a safe trading environment and a high level of client fund protection.

When it comes to their trading conditions, AvaTrade has a much better offering than many of their competitors. They provide access to a wide range of trading instruments including forex, stocks, indices, commodities, cryptos, and bonds. When it comes to their trading accounts, AvaTrade has less options to choose from. That said, they still offer high leverage, tight spreads, and low minimum deposits – all of which are very helpful!

In addition to its excellent trading environment, AvaTrade also offers world-class online trading support. They offer a great selection of trading tools including their very own app AvaGo. They also offer free educational resources such as articles, eBooks, and webinars. And for those with questions, AvaTrade also provides great customer service and multilingual support.

Key Benefits

Fund Safety

AvaTrade operates in line with all regulatory requirements regarding client fund security. It keeps its client funds in segregated accounts, separate from its own funds. This means that it cannot use client funds for operational purposes. You can therefore trust that your funds will be kept safe.

AvaTrade Spreads

The spreads at AvaTrade are quite good. For example, the spreads for EURUSD start from 0.9 retail traders and from 0.6 for professional traders. Whereas, the spreads for GBPUSD start from 1.5 for retail traders and 0.9 for professional traders. As you can see, they are quite competitive for major forex pairs.

AvaTrade Leverage

The leverage at AvaTrade is quite high. For example, the leverage available on forex pairs is 400:1. This is slightly lower than the leverage available at other forex brokers in Nigeria but still high enough for traders to benefit. The leverage for other trading instruments is also fairly good. For example, the leverage available on commodities and indices is 200:1. This is in line with many other forex brokers in Nigeria and allows traders to create opportunities.

AvaTrade Payment Methods

As part of our AvaTrade forex broker review, we checked to see what payment methods they accept. We also looked at the processing times and handling fees.

Deposit Methods

AvaTrade offers a good range of payment options. You can deposit money in your trading account using conventional payment methods such as Visa, Visa Electron, Visa Debit, and Mastercard. You can also use alternative deposit methods such as JCB, WebMoney, Skrill, Neteller and Wire Transfer.

Minimum Deposits

When it comes to minimum deposits, AvaTrade is a slightly more expensive option than some of the other forex brokers in Nigeria. This is because they only have one account option, and the minimum deposit for that account is $100. While this might seem quite high, AvaTrade is definitely worth the extra money. This is because they have low trading costs, competitive leverage, and good trading support.

Minimum Deposit ZAR

When it comes to minimum deposits, AvaTrade is a slightly more accessible option than some of the other forex brokers in Nigeria. This is because they accept payments in a wide range of currencies, including ZAR. The minimum deposit in ZAR is 1966 ZAR.

Bitcoin Deposits

AvaTrade does not currently accept Bitcoin deposits. However, it does accept fiat currencies from a wide range of payment providers.

AvaTrade Withdrawals

AvaTrade offers a good range of withdrawal options. You can withdraw money from your trading account using common payment methods such as Visa, Visa Electron, Visa Debit, and Mastercard. You can also use alternative withdrawal methods such as JCB, WebMoney, Skrill, Neteller and Wire Transfer.

Minimum / Maximum Withdrawals

Avatrade ensures that all non-profit withdrawals are returned to the original deposit source. That means if you deposit money using a debit card, then you must withdraw money using a debit card as well. It is important to note that traders must withdraw up to 100% of the deposit to a credit or debit card.

How Long Does It Take

The withdrawal time depends on your chosen withdrawal method. Most withdrawal requests are handled within a few days. If you’re withdrawing money using an e-wallet then the request could take 24h. If you’re withdrawing funds using a debit or credit card, then the request could take up to 5 business days. However, if you’re withdrawing funds via bank transfer, then the request could take up to 10 business days.

Withdrawal Limit

There are no withdrawal limits for AvaTrade.

Withdrawal Fees

There are no withdrawal fees for AvaTrade.

Withdrawal Problems

AvaTrade is a regulated forex broker, and as such, is required to follow all the necessary AML procedures. This means that all funds will be returned as quickly as possible, whilst still following all the correct regulatory procedures. You are unlikely to have issues getting your money back, but you should also research each withdrawal option, and get a good understanding of what the withdrawal process involves and how long each withdrawal is likely to take.

AvaTrade Registration: How To

As part of our AvaTrade review, we checked their online registration requirements. If you live in Nigeria, then you are eligible to open an online trading account at AvaTrade. The registration process is quite simple and you can register online.

The first step is to register online. This is so that AvaTrade can gather some basic personal data and create your account. At this stage of the registration process, all you need to do is choose an email address and password. These will be your login details.

The next step is to take a short test about online trading. This is so that AvaTrade can determine whether their online trading services are suitable for you. At this stage, all you need to do is show AvaTrade that you have the skills and knowledge needed to trade properly. If you pass the test, you will be able to open a trading account.

As part of the registration and account opening process, AvaTrade needs to verify your identity. For this reason, they ask you to complete their KYC process and submit certain verification documents. You need to send AvaTrade a primary form proof of ID. This could be a copy of your passport or driving licence. You also need to give them a secondary form of ID. This could be a utility bill, a bank statement, or a government issued tax document. Alternatively, it could also be a birth certificate, or a citizen certificate.

Once you have completed the KYC process, and AvaTrade has verified your identity, they will then approve and verify your account. At this stage, you can deposit money and start using your account to trade forex.

AvaTrade Account Types

AvaTrade has a simple account offering. You can choose from a standard account and a demo account. The minimum deposit is $100 if you fund your account using a credit card and $500 if you deposit money in your account via wire transfer. In addition to these two accounts, some traders are also able to choose a ‘swap free account’ that operates in accordance with the Islamic Sharia Principle of interest free trading.

Real Account

There is only one type of real trading account at AvaTrade. Their real account is suitable for both new and experienced traders. This is because of its low minimum deposits and competitive online trading conditions.

Demo Account

There is only one type of demo trading account at AvaTrade. Their demo account is suitable for both new and experienced traders. This is because it replicates live trading conditions and gives traders the opportunity to test new skills and strategies.

ECN Account

AvaTrade does not have a dedicated ECN account. AvaTrade is considered a ‘Market Maker’, with its own in-house dealing desk. That is because it makes the market and fulfils all of your trades for you. This comes with many benefits, including low fixed spreads.

Cent Account

Cent accounts allow traders to trade with a balance measured in cents instead of the US dollars. Unfortunately, AvaTrade does not offer a cent account. However, its live trading accounts do come with a low minimum deposit and low trading costs.

Micro Account

Micro accounts allow traders to trade micro-lots equivalent to 1,000 units of the base currency or asset. Unfortunately, AvaTrade does not offer a cent account. However, its live trading accounts do have low minimum deposits and low trading costs.

ZAR Account

AvaTrade does not offer ZAR as a base currency. However, traders can choose from five other base currencies including USD, EUR, CHF, GBP, and AUD – depending on their country of residence. Traders in Nigeria may benefit from a USD account.

MAM Account

AvaTrade also offers MAM accounts for professional traders.. You can use the MAM account to manage accounts for your clients. These types of accounts include multiple sub trading groups, all MT4 order types, Expert Advisors (EAs), multiple allocation parameters, order placements for unlimited client accounts, and trade order placements from a master account.

AvaTrade Bonuses

Welcome Bonus

Current promotions offer a bonus of up to 40% of the deposit based on a sliding scale amount. The more you invest as a start, the more you will receive as a reward. It’s important to check the terms and conditions though. For example, in order to withdraw the bonus, you need to execute a minimum trading volume of 10,000 base currency within six months. So be sure to check their website for the full details.

AvaTrade Trading Hours

AvaTrade is open for trading during market hours. You can place trades from Sunday 22:00 GMT to Friday 22:00 GMT. Like all forex brokers, AvaTrade changes their trading hours on public holidays. Be sure to keep an eye out for updates.

AvaTrade Scam

AvaTrade is not a scam broker. They are a reliable forex broker with licences from several regulatory authorities. As an established company, they take adequate security and client fund protection measures. They also offer convenient payment methods and transaction handling processes. You are unlikely to have any funding or security issues.

AvaTrade Trading Assets

AvaTrade has a good selection of trading assets. They offer traders more than 1200+ trading instruments including forex pairs, stocks, indices, and cryptocurrencies.

Trading Instruments

AvaTrade offers a wide variety of trading instruments. This means that you can trade a broader range of assets, try to minimize your risk, and aim for a balanced trading strategy.

• Forex – AvaTrade offers 50+ currency pairs including all majors, minors, and many exotics. Traders can enjoy spreads from 0.8 pips, and leverage up to 1:400.
• Cryptocurrency – They also offer 9 different cryptocurrencies including Ripple, Ethereum, Bitcoin and Bitcoin cash. Traders can enjoy leverage up to 1:20.
• Indices – AvaTrade offers 30+ stock indices including all the top indices across the US, European, and Asian markets.
• Bonds – They only offer trading on two major bonds. These are the EURO-Bund and the Japan Govt Bond.
• Stocks – AvaTrade offers 600+ stocks including all the most popular brands across the consumer staples, consumer discretionary, and technology sectors.
• ETFs – They offer trading on 50+ ETFs.
• Commodities – AvaTrade also offers many other CFD instruments. Traders can benefit from competitive spreads and high leverage.

AvaTrade Trading Platforms

AvaTrade has two of the best online trading platforms in the industry – MetaTrader4 and MetaTrader5.

AvaTrade MetaTrader Platforms

MetaTrader4

MetaTrader4 (MT4) is a great trading platform for new forex traders. It has a simple interface that is easy to navigate. You can use it to trade all of the most popular and liquid trading instruments including forex, stocks, and indices. The MT4 trading platform has helpful charting tools, 4 order execution types, 30 technical indicators, and 23 analytical objects. You can use these trading tools to work on your market analysis and create your own trading strategies.

MetaTrader5

MetaTrader5 (MT5) is another great option for beginner traders in Nigeria. It has an easy-to-use interface and comes with lots of helpful trading tools. You can trade all of your favourite markets including forex, shares, and crypto. The AvaTrade MT5 trading platform also has many great features including 6 order execution types, 38 indicators, and 37 analytical objects. As such, it has slightly more functionality than MetaTrader4 and offers you more analysis tools.

Trading Tools

Economic Calendar

The AvaTrade global economic calendar provides information about the routine financial events that affect the financial markets. You can use the calendar to learn more about how economic data releases for things like GDP, CPI, and retail sales affect currency prices. You can also use it to anticipate upcoming financial events and plan your trades in advance.

Trading Position Calculator

As a trader, knowing how to manage your risk is crucial. When trading in volatile markets, it is important to consider the potential profits, losses and costs of trading. AvaTrade’s Trading Calculator helps you understand all of these risks of your next trade before you make it.

Extra Trading Services

Trading Central

AvaTrade offers market analysis via a third party provider called Trading Central. It includes coverage of all the major markets. You can use it as your primary source of fundamental analysis, technical analysis, and economic news. You can also use it to support your own market research and learn new analysis techniques.

AvaSocial

AvaTrade has a copy trading app called AvaSocial. It lets clients replicate the trades of successful investors. You can use it to manually trade on market signals or to follow a fully automated service. AvaSocial is also an excellent social trading platform. You can use it to find mentors and connect with other traders via community channels. You can also use it to ask other traders questions about their strategies.

DupliTrade

AvaTrade also has another copy trading tool called DupliTrade. It allows you to automatically duplicate the actions of expert traders directly into your AvaTrade trading account. You can use it to implement strategies built by experienced forex traders with a proven track record of successful trades.

AvaGo

AvaTrade also offers a proprietary trading app called AvaGo. You can use it to trade from your mobile. You get full access to the markets and to a great set of analytical tools.

Non-Trading Fees

It’s worth keeping in mind that Ava Trade does charge an account inactivity fee of $50 per quarter after three months of inactivity. They also charge a $100 fee after 12 consecutive months of no trading. Compared to other forex brokers, these inactivity fees are high.

Industry Awards

AvaTrade has won many industry awards. For example, they have won best retail broker, best fixed spread brokers, best mobile trading platform, and best forex education. They have also won awards for best customer support, best alert system, and best financial derivative trading provider.

AvaTrade Customer Support

The customer service team is available 24/5. You can contact them via e-mail, phone, and live chats. The team speaks English, German, French, Hungarian, Arabic, and Spanish. They also have staff that speak Russian, Portuguese, Japanese, and Swedish.

Education and Research

AvaTrade offers excellent educational support. It has a wide selection of free trading videos. These videos cover all the basic trading terminology including pips, margin, leverage, and spreads. They also teach you how to open an account, how to set up your trading platform, and how to manage your trades. You can use them to learn how to do both technical and fundamental analysis. You can also use them to learn about trading psychology and how to manage risk.

It also has a great selection of blog articles and trading guides. You can use them to improve your trading skills and learn how to use chart indicators. You can also use them to improve your knowledge of the markets and learn to study new trading strategies.

Our Verdict

AvaTrade is a reliable, award-winning Forex broker. They have a simple but competitive account offering. They also have a good choice of platforms and resources for education. AvaTrade caters well for both novice and experienced traders and traders should consider seeking services from this broker.

AvaTrade Forex Broker Review – FAQ

Ready to sign up? Register for an online trading account with AvaTrade here.

AvaTrade Forex Broker Review – Similar Brokers

AvaTrade is an excellent forex broker. However, if you want to look at other companies, there are also many other forex brokers in Nigeria. Here are some similar brokers.

Looking for more options? Take a look at more of our forex broker reviews.