Avatrade Review 2021

What is Avatrade all about & Is it a good broker?

4.9

Best Broker

Summary

Avatrade is an online-based broker founded in 2006 that hosts CFD and Forex and crypto trading that is ideal for novice traders that don’t have a lot of capital to start with. The broker is hosted within Ireland and currently services over 200,000 traders and helps execute $60 billion worth of trades each month. In the past 15 years, Avatrade has continued to grow both with its user base and in trade executions. Due to its increasing popularity and beginner-friendly nature, we’ve provided a thorough Avatrade review so that you can make the most informed decision about your broker and trading platform.

Is AvaTrade a good broker?

Yes, Avatrade hosts a platform called the Metatrader 4 and the Metatrader 5, which are considered the gold standards for Forex trading. In addition to their gold standard platform, Avatrade meets the guidelines of several trading regulations and has been steadily increasing in the performance and customer base for the past 15 years. Their fees are competitive with other top brokers in the trading realm, and there are headquarters located across the globe for quick customer support. Customer support is available 24 hours a day, five days a week; users can access customer support through telephone, chat, or social media and are usually answered by a representative in as little as 8 minutes. In addition, the broker is beginner-friendly and hosts many educational materials such as tutorials, trading courses, and blogs to help their traders succeed.

Fees

While opening an account is free, there are fees associated with executing trades. When one is looking for a suitable platform, they should consider the potential expenses to determine possible monetary gains. Avatrade incorporates round trip fees, which means that they collect a single fee for both the opening and closing of a trade. The fees vary based on the type of trade executed, but those who stay close to the minimum deposit of $100 will have a more competitive fee structure compared to those who trade thousands of dollars.

Another fee that is important to keep in mind is the inactivity fee that Avatrade enforces. After three full months of inactivity, Avatrade will charge users’ accounts with a $50 fee, and after one full year of inactivity, the accounts will be charged a $100 administration fee. There are no fees associated with withdrawing funds and closing the account, so if you are not actively using the account, it’s best to close it down to avoid these fees.

Account Opening

Almost all locations will allow access to Avatrade, but there are some exceptions. People located in the United States, Belgium, and Iran are not eligible for any accounts through Avatrade. For those who are eligible to use Avatrade, opening an account is quick and easy, but there are different account types that users can choose from, which will also largely depend on where you live. Half of the accounts opened service people in the European Union and the other service users outside of the European Union. Those who reside within the European Union can choose between a retail account, a spread betting account, or a professional account. Although, the spread betting account is only available to traders located in the United Kingdom and the Republic of Ireland. The difference between the retail account and a professional account is the amount of leverage available for use. While retail accounts restrict users to a legal limit of 1:30, professional accounts allow users to leverage as much as 1:400 within Forex Instruments. The difference between spread betting accounts and retail accounts is the way position sizes are measured, but the costs and accessibilities remain the same.

Those who reside outside of the European Union will be limited to the Standard account, which allows for leverage up to 1:400. For traders with more capital, the VIP account requires a deposit of $10,000 or greater and offers the lowest spreads of all of the account options.

ome additional account options include the crypto account, the Islamic account, and the vanilla options account. The crypto account is available to anyone in the world who wishes to trade cryptocurrencies. The Islamic account is available for traders who are Muslim, and it eliminates overnight swap and trade fees. The vanilla options account is for users interested in trading options.

Once you’ve decided which account you are eligible for and that will suit your needs, you will head over to Avatrade.com and click the “let’s get started button.” The website will take you through a series of steps that will retrieve your information and trading preferences – this step only takes a couple of minutes. Once you are set up, you will have the option to use the Avatrade demo account, which we highly recommend. The Avatrade demo account will allow users to learn the platform and refine their strategy before utilizing their Avatrade real account.

Deposit & Withdrawal

The minimum deposit to use the Avatrade real account is $100; this is equivalent to an Avatrade minimum deposit Zar of 1, 549.00 for traders in South Africa. The platform allows deposits from USD, EUR, GBP, CHF, and AUD currencies, and there are no deposit fees. Users can make deposits through E-payments such as WebMoney, Wire Transfers, or major Credit/Debit cards such as Visa. The currencies accepted for deposits could be considered a con for Avatrade as other brokers host more options such as cryptocurrencies. If you are located in a country whose currency is not accepted by Avatrade, you will need to pay currency conversion fees through your bank. If you decide to try out Avatrade, you may want to look into a bank account that will allow for the holding of several currencies and has excellent conversion rates because the conversion rates can add up.

How long do AvaTrade withdrawals take?

When traders are ready to withdraw, they can request funds through the platform and expect to receive the funds within one to seven business days; the length of time depends on the payment method. Wire Transfers are the slowest withdrawal method and can take up to ten business days for users to receive their funds. While there are no fees associated with withdrawal, the slow process can be a turn-off for users when other brokers and platforms offer near-instantaneous withdrawal.

Trading Platform

Almost all locations will allow access to Avatrade, but there are some exceptions. People located in the United States, Belgium, and Iran are not eligible for any accounts through Avatrade. For those who are eligible to use Avatrade, opening an account is quick and easy, but there are different account types that users can choose from, which will also largely depend on where you live. Half of the accounts opened service people in the European Union and the other service users outside of the European Union. Those who reside within the European Union can choose between a retail account, a spread betting account, or a professional account. Although, the spread betting account is only available to traders located in the United Kingdom and the Republic of Ireland. The difference between the retail account and a professional account is the amount of leverage available for use. While retail accounts restrict users to a legal limit of 1:30, professional accounts allow users to leverage as much as 1:400 within Forex Instruments. The difference between spread betting accounts and retail accounts is the way position sizes are measured, but the costs and accessibilities remain the same.

Those who reside outside of the European Union will be limited to the Standard account, which allows for leverage up to 1:400. For traders with more capital, the VIP account requires a deposit of $10,000 or greater and offers the lowest spreads of all of the account options.

ome additional account options include the crypto account, the Islamic account, and the vanilla options account. The crypto account is available to anyone in the world who wishes to trade cryptocurrencies. The Islamic account is available for traders who are Muslim, and it eliminates overnight swap and trade fees. The vanilla options account is for users interested in trading options.

Once you’ve decided which account you are eligible for and that will suit your needs, you will head over to Avatrade.com and click the “let’s get started button.” The website will take you through a series of steps that will retrieve your information and trading preferences – this step only takes a couple of minutes. Once you are set up, you will have the option to use the Avatrade demo account, which we highly recommend. The Avatrade demo account will allow users to learn the platform and refine their strategy before utilizing their Avatrade real account.

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