- Regulated by the FSB in South Africa.
- 100% bonus match on first deposit
- Each account type comes with different custom features to help investors earn big
- The broker caters to a very broad range, from rookies just starting out to investment pros
- Lots of educational resources
- Must make relatively large investment before reaping full benefits
- The platforms can take some getting used to
- The demo account doesn't allow all the platform options
- Relatively lengthy withdrawal times
AvaTrade is one of my leading brokers because of the strength of the institution. Avatrade can easily be considered as one of the most well respected and trusted Forex brokers around, with offices in Dublin, Sydney, Milan, Tokyo, and New York. They offer services in nearly every nation, and they have dozens of different language options in their software. All with technical support.
Apart from being regulated in South Africa by the FSB, this brokerage firm is licensed by MiFID from the European Union while being regulated by the Central Bank of Ireland and ASIC (Australi). Avatrade is always held to the highest possible standards of legislation and strict oversight. They are reliable, and South Africans love trading with them.
AvaTrade Account Types
As AvaTrade becomes a larger and more popular firm, they are creating more account types to suit traders. They now offer five separate account types for those interested in trading. These accounts are:
- Demo Account: A no-cost, no-risk account that allows those interested in Forex trading to explore without having to risk money. Like practice for the big game, practicing with a demo account can make all the difference.
- Real account: Avatrade only has one main account type for real traders. This account has a minimum deposit of $100. Traders have access to all the platform choices available with AvaTrade including MT4 and MT5 options. Leverage is up to 400:1 and floating FX spreads are as low as 0.7 pips.
- Islamic account: This is an optional account type that can be activated by your account manager once you have created your real trading account. This account option supports swap-free trading meaning that no interest will be paid or earned on overnight positions.
AvaTrade offers a strong platform choice that will suit most traders. MetaTrader 4 platform is the main application for AvaTrade, and they offer a fixed and floating spreads version. The version you would choose would depend on the account setup you have. Mac and PC users are both supported.
For those who want to trade with MetaTrader4, but don’t want to download the software, Avatrade does offer a browser version of the platform.
For the mobile trader, AvaTrade has created their mobile application called AvaTradeGO and is available for both IOS and Android. While the application does get mixed reviews and had a weak start, my experience is that it is improving, and it does offer better UX than using the mobile version of other standard tools like MetaTrader 4.
Avatrade was one of the first major brokers to offer trading in cryptocurrency pairs. Most brokers will only allow for trading in a very limited number of cryptocurrencies and do not give the trader much choice or value in these offerings.
Avatrade is different in that regard and has the widest variety of coins available. Avatrade offers trading in Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ripple, Dash, Litecoin, Neo, Qtum, Zec, Iota, Monero & Dash.
Note that leverage on these products is not as high as with non-crypto pairs. Maximum leverage is 20:1 and often lower. Besides this lower leverage, there are no other restrictions for traders. For example, these cryptocurrency pairs can be shorted and traders can make money on the swaps.
- Streamlined software
- Great bonuses and promotions offered
- A long list of educational resources
- A range of different trading tools
- A multi-platform set-up
- A very low minimum deposit ($100)
- Stability and honesty in trading
- Well regulated broker
Customer service is open 24 hours a day, 5 days a week. While email correspondence with AvaTrade is often slightly delayed, they do offer local phone numbers for all countries they take clients from. It is safe to say that should you have questions or concerns, either drop an email or make a phone call if urgent.