AvaTrade is a global brand that offers several solutions for traders and investors. It is one of the most trusted brokers in a wide range of financial instruments. Whether you want to trade CFDs, cryptocurrencies, commodities, stocks, or bonds, the broker’s platform has all the options available. The AvaTrade company has been in business since 2006 and is committed to empowering people in investing and trading.
In today’s article, we will review AvaTrade and know whether it is a legit broker platform. We will talk about the features, account types, reasons to use AvaTrade, and the final verdict.
Features Of Trading Platform
The main features of AvaTrade are as follows:
Multiple Trading Platforms
There are generally two types of trading platforms: proprietary platforms and commercial platforms. Proprietary platforms are applications developed and designed by brokerage businesses. These work on imitation of trading style and electronic brokerage models. At the same time, commercial trading platforms are more focused on the retail audience and day traders. Easy-to-use platforms with indicators, newsfeeds, and other helpful features characterize such platforms.
In the case of AvaTrade, there are two proprietary platforms: AvaTrade WebTrader and AvaOptions. The users can also access ZuluTrade, DupliTrade, and the full MetaTrader suite via WebTrader.
Ease of Use With Wide Compatibility
The AvaTrade app is the most talked-about feature of the platform that is known for the user interface and simplicity of the tools for everybody to understand. Whether a beginner trader or a veteran investor, the AvaTrade app is for everyone. It is easy to use and available on all operating systems.
Safety Of Platform
AvaProtect is a feature that allows investors and traders to reduce their risk on investments and trading. It allows the investors to hedge their position in an open trade with a forex option. If we talk about the overall safety of investments on AvaTrade, it has scored 93 out of 99 on ForexBrokers.com’s Trust Score. The platform is authorized by four tier-1 regulators, four tier-2 regulators, and one tier-3 regulator. It makes the platform a globally trusted one.
Data And Charting
Data and charting are one of the hottest features of AvaTrade. With 90 indicators, 10 ten-time frames, 13 drawing tools, and three chart types, it is the best tool when you want to do an in-depth analysis of investments.
Types Of Accounts
When we say types of accounts, most trading platforms offer accounts in two categories: real accounts and demo accounts. Demo accounts are for traders and investors who are just starting to invest and trade their money. At the same time, real accounts are for real trading.
However, there are other categories of accounts as well. These categories signify different features and capabilities available for different audiences. So here are the different types of accounts offered by the Avatrade platform:
Retail Accounts
It is the most popular account and is also known as a standard account. Individuals who want to trade via AvaTrade can make the retail accounts for themselves. Actually, the term Retail Accounts is used for standard accounts for the traders of the European Union. The same account is called the Standard account in the rest of the world.
AvaOptions Account
The forex traders can capitalize on the AvaOptions account, which is an exclusive account for trading Forex options.
Corporate Account
Legal business entities from around the world can sign up for a corporate account and trade with the entity’s name.
Islamic Account
An Islamic account is exclusive with swap-free trading according to Sharia requirements.
Spread Betting Account
The spread betting account of AvaTrade is available for users residing in Ireland and the United Kingdom only.
Professional Trading Account
It is an on-request account that can be opened by contacting the customer care of AvaTrade. It is for experienced traders and offers higher leverage. You must be able to show your trading history in the past 12 months and relevant experience in the financial sector. The traders having portfolio value higher than 500,000 Euros are eligible to update to a Professional Trading account.
Fees And Commission
Let’s talk about the fee structure and commission when trading via AvaTrade.
If we talk about the trading fee of the platform, they are in line with the industry average and other competitors. For instance, the spread on a standard account is between 0 to $20, depending on which platform you are using. Besides, there are no charges on money withdrawals with a standard/retail account of AvaTrade.
When we compare the average commission of AvaTrade with other competitors like IG Markets and FxPro, AvaTrade is offering a low-value commission of $4. At the same time, the average commission of FX Pro and IG Markets is $13.2 and $6, respectively.
A general overview of the AvaTrade fee is as follows:
- Forex Fees For Long Positions: Higher than market competitors
- CFD Trading Fees For Long Positions: Lower than or at par with market competitors
- Non-Trading Fees: No account fee, no deposit fee, and no withdrawal fee, but an inactivity fee is charged by the platform
Things We Like The Most
After reviewing account types, fees, and features of the AvaTrade platform, it’s time to highlight the good things about the platform:
Regulated Platform
When traders and investors want to choose a platform, regulatory licenses are essential to consider when making a decision. The company, with its headquarters in Ireland, holds multiple regulatory licenses from different financial hubs across the world. AvaTrade has regulatory licenses from seven commissions: CBI. (EU), BVI FSC (British Virgin Islands), ASIC (Australia), FSCA (RSA), FRSA (UAE), FSA, and FFAJ (Japan).
Different Trading Tools & Options
AvaTrade allows traders and investors to do trading and investing on multiple platforms, including DupliTrade, ZuluTrade, and many others. Besides, you can trade in multiple instruments like stocks, bonds, FOREX pairs, cryptocurrencies, indices, Vanilla options, commodities, and ETFs.
Easy Trading With AvaTrade App
AvaTrade platform has an app with a very user-friendly interface that offers an exceptional mobile experience. The mobile app features might not be very advanced, but they are great for beginners who are just starting to do trading and investing.
Copy Trading
AvaTrade is one of the best platforms for copy trading options. The platform is working to advance the copy trading features and trading to make the platform at par with market competitors like Pepperstone, eToro, etc.
Best Platform For Professionals Traders
Professional traders can leverage exceptional features, leverage, and trading choices. The veteran traders and investors. There are exclusive options for professional traders which are not available to retail traders. For instance, crypto CFDs are only available to Professional traders. Besides, professional accounts are more competitive than other market comparables.
AvaTrade Research Tools
AvaTrade research tools, marketing indicators, chartings, and educational content is very valuable for both beginners and advanced traders & investors. The Trading Central, AvaTrade’s research hub, has several features like Analyst Views, Market Buzz, Featured Ideas Tool, economic calendar, streaming news, etc.
Reasons To Avoid AvaTrade
AvaTrade is a good platform, but there are certain cons of the platform as well. Let’s have a look at it.
High Fees
If we compare the fees for Forex options and another trading via AvaTrade, it is a bit higher than other competitors. Therefore, you might want to consider other platforms. The retail accounts’ pricing is at par with industry averages but higher than the industry leaders.
Occasionally Frozen Trading Terminals
You might experience frozen trading terminals occasionally. According to some estimates, around 351 symbols on AvaTrade’s platforms are on hold.
User Experience Needs Improvements
If we talk about the user interface and user experience on the Desktop mode of AvaTrade, it needs a lot of improvements. A very old-school user experience can be a big turning off point for many traders. Although the app is way better than the desktop versions, advanced traders might find it a very basic user experience.
Limited Research And Instructor Content
The platform has an enriched research tool with powerful features, but the educational content and instruction videos are limited. Only one or two videos are updated daily, contributing to the platform’s limitations.
Customer Support
Customer Support of the platform is not ideal. The response time and efficiency of the customer service representative is the area where AvaTrade’s team needs to put efforts in for improvement.
Final Verdict: Is Avatrade Legit?
Let’s head to the final verdict about the AvaTrade brokerage platform.
So if we have to rate the platform on a different basis, it will be a 9/10 in trading platforms, trading options, charting and data, and research tools. However, when it comes to the execution of orders, investment instruments, withdrawal speed, and customer support, we can expect an above-average rating but not the best. What will be the overall rating for AvaTrade?
It is a popular platform as a proprietary trading platform support. The company has been rated as the most popular platform in different categories. However, when it comes to the legitimacy of the platform, there are no questions about it. The company, authorized and licensed by several commissions and regulatory authorities, is a 100% legit platform. All you have to do is compare and decide if the platform features are something you have been looking for.
