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Review and classification of the AvaTrade South Africa 2024 brokerage.

Is AvaTrade a reliable brokerage?

User Reviews

Established in 2006, this Irish brokerage has been providing customer-focused trading services for over two decades. With a wide range of offerings including forex and CFD trading encompassing indices, equities, commodities, and ETFs, AvaTrade offers multiple trading platforms to assist traders at every level of expertise.

But in the end, is AvaTrade reliable? With decades of experience, extensive regulation, and a wide range of trading opportunities, there are many reasons why investors are choosing AvaTrade recently. Let's delve a bit deeper into how it operates in the following guide.

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AvaTrade: Pros & Cons
  • Various trading platforms
  • Quick registration via social media
  • Perfect for novice and experienced traders.
  • The website can be a bit confusing.
Payment methods
AVA Trade Ltd
Customer support
Live Chat, Phone, Email
+1 212-941-9609
Rating follows
    User rating
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    Douglas Uggioni

    Offers and experience as a new customer - Sign up using your social media accounts.

    While AvaTrade is renowned for providing a referral bonus, there are instances where clients can only avail of this promotion in jurisdictions that allow bonuses, as certain regulatory bodies impose restrictions on such offers.

    Opening an account with AvaTrade is an effortless task, and we were able to obtain ours within approximately 10 minutes while reviewing the platform for South African users. The procedure is entirely digital, and you can open an account even faster by signing up using your Facebook or Google account. This is an increasingly popular trend among the most contemporary brokerage firms.

    All it takes is a few essential details from you – such as your name, address, and email – and the willingness to answer a few fundamental questions. By doing so, you demonstrate your understanding of the fundamentals of trading and, most importantly, acknowledge your responsibility when engaging in online trading.

    To complete the KYC process, AvaTrade simply requires you to upload a government-issued identification document and a bank account statement or statement. During our evaluation of AvaTrade, our account was verified within 24 hours - and while we waited, we had the opportunity to play around and test some features using the free demo account provided by AvaTrade.

    Usability - Does AvaTrade work effectively?

    With a wide array of trading platforms available on AvaTrade, finding the perfect fit for any trader and meeting their specific needs should pose no challenge whatsoever. The AvaTrade web platform and the mobile platform AvaTradeGO are both exceptionally user-friendly and intuitive, making navigation and executing trades a breeze, especially for novice traders.

    Experienced traders often seek greater control over their trading activities, and fortunately, AvaTrade offers a leveraged option on the highly customizable MetaTrader 4 and 5 platforms. We believe that even novice traders can quickly grasp the intricacies of the MetaTrader platforms, thanks to the customization feature that allows them to tailor the layout to their own preferences. Traders who desire more control, along with the ability to execute more intricate orders, will likely find MetaTrader 5 to be their preferred choice.

    The AvaTrade website itself can be a bit perplexing and lacks intuitiveness. It takes some exploration to uncover crucial information such as fees, available banking options, and any basic account details prior to registering. Nonetheless, with a touch of perseverance, the platform becomes less intricate to grasp.

    Account Options - Trading and Spread

    During our Review of AvaTrade, we discovered a range of account types available, each catering to different types of traders. This includes a corporate account specifically designed for businesses and an options account exclusively for FX trading. For the majority of traders, the standard or professional account will be the perfect fit.

    The availability of higher leverage is the main distinction between a professional and a regular account. Additionally, professional accounts require traders to demonstrate significant industry experience - a minimum of 12 months of trading activity and a portfolio worth at least €500,000 are prerequisites for account activation.

    Certainly, there is a free demo account offered by AvaTrade, allowing you to assess your abilities and become familiar with the chosen platform without any cost. Take advantage of this opportunity to refine your skills and get acclimated to the selected trading environment at no expense.

    The standard account comes at no cost (no opening fee required), and all you need is to initiate a deposit of $/€100 to get started. We highly advise utilizing the AvaTrade demo account prior to making any deposits.

    Islamic traders have the option to establish a Swap-Free account, ensuring that they do not accrue any overnight rollover points or interest on their deposited funds. This account type caters specifically to their religious beliefs by providing a mechanism that aligns with the Islamic finance principles. It allows them to engage in trades without compromising their faith, making it an ideal solution for those seeking a halal trading environment. With a Swap-Free account, Islamic traders can participate in the financial markets while adhering to their religious obligations and avoiding interest-based transactions.

    Are there many fees charged by AvaTrade in Texas?

    In our evaluation of AvaTrade, we uncovered a brokerage that offers a remarkably affordable CFD platform and forex trading with average rates. However, it is worth noting that we did not find the fee structure to be entirely transparent, requiring substantial research to locate the fees prior to signing up.

    AvaTrade doesn't charge any account management fees, and deposits and withdrawals are also completely free. However, the inactivity fee is quite high at $50 per quarter, meaning that after just 3 consecutive months of inactivity, this fee will be applied. Additionally, if there are 12 consecutive months of inactivity, an administration fee of $100 will be charged.

    Trading platforms - What can I trade on?

    Finding a broker that offers as many trading platforms as AvaTrade is quite challenging. AvaTrade utilizes both proprietary and third-party technology to provide six distinct trading platforms. In our assessment of AvaTrade, we discovered four diverse platforms developed by the company: a web-based trading platform, a mobile trading platform, AvaOptions for CFD options trading, and AvaSocial for copy trading.

    We also confirm that investors can effortlessly utilize the MetaTrader 4 and 5 on their PC or Mac. It is of utmost significance to note that in order to fully explore the wide array of investment opportunities at AvaTrade, users will need to employ the MetaTrader 5 as the other platforms present certain limitations.

    AvaTrade's web trading platform is designed with simplicity and user-friendliness in mind, catering to beginners. It offers basic functions such as three types of orders - Market, Limit, and Stop. Whether you choose MetaTrader 4 or 5, both provide extensive customization options and advanced charting tools.

    AvaTrade's mobile trading feature, known as AvaTradeGO, offers the same functionality as web trading. It allows users to also utilize AvaTrade's mobile app for MT4. Those who prefer trading on their PCs have the option to use MetaTrader 4, MetaTrader 5, or AvaOptions. Mac users, on the other hand, can take advantage of the dedicated MetaTrader 4 platform designed specifically for Mac.

    Payment Methods - How to fund a trading account?

    Avatrade offers a wide range of deposit and withdrawal options, allowing customers to transact in multiple currencies such as AUD, EUR, GBP, and USD. However, it's important to note that payments in British pounds are exclusively available to British clients. Our Review further affirms that Avatrade does not impose any deposit fees and provides a comprehensive selection of payment methods, encompassing various convenient choices for users to choose from.

    • Debit/Credit Cards
    • Bank transfers
    • Skrill
    • Klarna
    • Webmoney

    At the time of writing this article, several banking details were missing from AvaTrade's homepage. Thankfully, a live chat agent promptly assisted us in resolving all our inquiries, leaving no room for doubt.

    Among the areas for improvement that we can mention are the relatively high minimum deposit requirement ($/€100) and the fact that deposits are somewhat slow compared to almost any other broker. A credit card deposit takes 4 to 5 hours to be released into your trading account, whereas with most brokers, it happens instantly. Bank transfers may take 2 to 5 business days to process.

    Fortunately, the absence of fees also extends to withdrawals. Throughout our examination of Avatrade, we verified that the same deposit methods can be employed for cost-free withdrawals.

    Withdrawals with credit/debit cards have a maximum limit of 200% of the deposited amount over an indefinite period of time. Consequently, it is conceivable that a substantial number of traders opt for bank transfer withdrawals.

    Once again, the processing speeds for withdrawals are not optimal. During our review of the Avatrade platform, we made a debit card withdrawal and it took 3 business days for the funds to appear in our account. However, we can assure you that your withdrawal will be completed, it just requires a bit of patience.

    Does AvaTrade have an accessible support team for customer service?

    Customer service is one of the foremost factors that a trader should bear in mind prior to signing up with a new online brokerage firm. In the realm of investments and stock markets, things can go awry from time to time, and in the event of an unforeseen financial occurrence, you will certainly desire seamless communication with your broker, won't you? It is crucial to ensure that your chosen brokerage provides efficient and accessible customer support, enabling you to reach out to them effortlessly whenever the need arises.

    Considering this, the top online brokers provide multiple support channels and round-the-clock customer service options. They understand the importance of being available to assist their clients at any time of the day or night.

    Throughout our evaluation of AvaTrade, we discovered that the customer support team is accessible round the clock, five days a week, through four different communication channels.

    • Telephone
    • E-mail
    • Whatsapp
    • live chat

    First and foremost, AvaTrade provides dedicated telephone support in nearly all the countries where its services are available. This includes South Africa, a significant portion of South America, Europe, Australia, Japan, South Africa, Nigeria, China, and numerous other regions. It is worth noting that AvaTrade's commitment to offering accessible and reliable customer assistance extends to a wide range of countries and continents, ensuring that clients from various locations can conveniently reach out for support.

    Our customer service operating hours are as follows: commencing on Sunday evening at 9:00 PM, and concluding on Friday at 9:00 PM - a seamless service available 24/5.

    Traders can also choose to seek assistance by sending an email to the support department. To do this, simply fill out a basic web form that does not allow for attaching any documentation or screenshots. However, an immediate confirmation of submission is emailed to you, and in this instance, you may include attachments if needed.

    Residents of certain areas can also receive assistance via WhatsApp, which acts as a live chat support. Additionally, AvaTrade's website features a live chat function that offers chatbot functionality along with the option to connect with a real agent. Lastly, there is an option to contact a real agent through the live chat feature on AvaTrade's website.

    Throughout our Review, we thoroughly examined the support alternatives available, including phone, email, and live chat. The live chat support, in particular, stood out as highly responsive, allowing us to connect with an agent instantly. Interestingly, it was the live chat agent who elucidated the brokerage's fee structure, thereby providing invaluable assistance for this AvaTrade review.

    The telephone support, moreover, attended to the 3 or 4 calls we made. Similarly, the email support was quite prompt, with response times within a few hours.

    Regulation and safety - Is AvaTrade reliable?

    Is AvaTrade reliable? This is a crucial question that every trader should ask before starting to trade on a new platform. It's important to keep in mind that you'll be entrusting your hard-earned money, so you should always ensure that the chosen brokerage is trustworthy. With that being said, can you trust AvaTrade?

    Thankfully, in our examination of AvaTrade, we have uncovered that the company holds licenses from various top-tier and prominent regulators. These regulators ensure the safety of traders when engaging with this leading CFD broker. At the time of our assessment, we have identified 7 distinct regulatory bodies overseeing AvaTrade's operations worldwide.

    • The Central Bank of Ireland
    • The Financial Services Commission in the British Virgin Islands is known as B.V.I's regulatory authority for financial services.
    • The Financial Services Agency (FSA) of Japan
    • The Australian Securities and Investments Commission (ASIC)
    • Japan's Financial Futures Association (FFAJ)
    • Financial Sector Conduct Authority (FSCA)
    • Authorities from the Global Market of Abu Dhabi, known as the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM-FSRA),

    It's always fantastic to witness an extensive list of regulations, and furthermore, some regulatory bodies even provide negative balance protection. It's truly remarkable to have such a comprehensive framework in place, ensuring the safety and security of individuals engaging in financial activities. The inclusion of safeguards like negative balance protection adds an extra layer of reassurance, mitigating the risk of potential losses beyond one's initial investment. This commitment to accountability and customer protection sets a high standard for regulatory practices, fostering a trustworthy environment for participants in various financial endeavors.

    To conclude, it is worth highlighting that AvaTrade boasts an extensive track record of trading operations ever since its establishment in 2006. This signifies that the brokerage firm has consistently thrived amidst numerous financial crises. Ultimately, we can affirm with confidence that AvaTrade is a trustworthy and lawful broker.

    Additional resources - Copy Trading and educational tools

    Beginner investors will find great pleasure in the vast array of e-books and educational videos we discovered while conducting our Review of Avatrade with a specific focus on South African investors. Traders can delve into a wide range of topics, starting from the basics of trading all the way to advanced practices in technical Review. During our investigation, we were delighted by the extensive collection of educational resources tailored to meet the needs of novice investors. Whether you're seeking to grasp the fundamentals of trading or eager to refine your skills in technical Review, Avatrade offers a comprehensive educational platform that caters to all levels of expertise.

    For those seeking to engage in investments with proven track records, AvaTrade presents an array of Copy Trading platforms, ranging from one-click Automated Copy Trading to Manual Copy Trading, granting investors significantly greater control.

    Frequently asked questions about the AvaTrade brokerage.

    How many forex currency pairs exist on AvaTrade?

    Catering to users from numerous countries around the globe, there is an extensive array of currencies that can be traded against each other in pairs for the purpose of profit-making. AvaTrade offers a wide selection of currencies that can be traded on one of its platforms. Discover the comprehensive range available by exploring our detailed AvaTrade review.

    Is your money safe with AvaTrade?

    Ensuring the safety of your funds while trading online is of utmost importance, and in today's world, there are numerous factors that can determine the reliability and security of a brokerage. At AvaTrade, you will discover a plethora of these factors, which are elaborated upon in our comprehensive company Review. Feel free to explore them right away.

    Where can I find more information about online brokers?

    Here at South Africa , you can find the most comprehensive broker reviews, including our assessment of XTB. While there is a plethora of information available on online brokers, cryptocurrency exchanges, and financial institutions, we pride ourselves on providing the best broker Review. In this AvaTrade review, you will discover an abundance of broker details, just like the ones we offer here. Rest assured that our evaluations are thorough and reliable.

    Conclusion - Is AvaTrade worth it?

    AvaTrade is a Forex and CFD trading platform that is under the regulation of multiple leading financial authorities. With over two decades of industry experience, AvaTrade has gained a valuable edge in the market.

    Investors have the freedom to venture into a wide range of assets, spanning from global indices and ETFs to commodities and stocks. With low spreads and zero commissions, even casual traders can effortlessly initiate trade on AvaTrade.

    There are no account management fees, and deposits and withdrawals are also free, meaning traders need not worry about excessive costs when trading on this Irish brokerage. Rest assured, you won't be burdened with any charges for maintaining your account, and you can freely deposit or withdraw funds without incurring any extra expenses. This brokerage in Ireland ensures a hassle-free trading experience, allowing you to focus on your investments without the worry of unnecessary costs.

    With an affordable minimum deposit, once again, casual traders will feel right at home here. Ultimately, AvaTrade is a secure broker that offers perfect platforms for novice and occasional investors.

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