AvaTrade Philippines Review
|Free Demo Account|
|US Traders Allowed|
- Easy account openings
- Free fundings and withdrawals
- Negative balance protection for all countries
- Great and responsive live chat support
- Does not accept U.S, Iran and Belgium clients
- High FX trade and inactivity fees
- Outdated MetaTrader4 and MetaTrader5 platforms
Trade with cryptocurrency has reached its highest point of popularity. Individuals and big organizations are beginning to invest and trade with cryptocurrencies. Because of such popularity and demand, many organizations have been established to provide a platform on cryptocurrency trading. The cryptocurrency sector now has so many agencies that it is very difficult to decide which is trustworthy. If you have researched cryptocurrency agencies, you may have seen the name AvaTrade. It is a cryptocurrency trading platform that offers to trade with Forex and CFDs.
AvaTrade has its service available globally and operates from Ireland. It has been working throughout the years to develop and revolutionize cryptocurrency trade. Now let us go through some detailed analysis to see whether you should trade in AvaTrade or not.
What is AvaTrade?
AvaTrade is a reliable online forex broker platform headquartered in Dublin, Ireland. It was founded by Emanuel Kronitz in 2006 and it is part of the AVA companies. Being one of the oldest and prestigious online brokerages, AvaTrade has four main offices around the world and accepts traders from all regions and countries except for three countries: the US, Iran and Belgium. These three nations’ government policies don’t allow AvaTrade to expand their service into the countries.
AvaTrade operates under the eyes of B.V.I Financial Commissions and its capital market is regulated under different authorities in different regions. The serial number in the central bank of Ireland is C53877. It has a total of 6 regulation authorities in 5 different continents.
It is dedicated to bring convenient cryptocurrency trading on the hands of traders around the world. Moreover, its educational materials and tutorials will bring out the best out of you.
Now that we know what AvaTrade is, let us look at its functions and their reviews.
In AvaTrade everyone is required to activate a trade account for using its platforms. It is well-known for its easy, convenient and digital account opening process. However, it does not let clients from the US, Iran and Belgium to have an account.
There are many types of accounts – Retail account, Processional account, AvaTrade Demo, Spread betting account, and Islamic swap-free account.
Account opening method is similar to, if not more easy than, the other online brokerage sites. You will have the option of entering some quick information about yourself or you can just link one of your social media accounts. Then answer some basic questions, verify your identity, and you’re done. Your account has been created.
The last step of the account opening process is to determine what type of account it will be. There is a welcome bonus for account opening. Other AvaTrade bonuses have specific terms and conditions. However, AvaTrade minimum deposit is 100 units.
If you are a beginner or a non-professional, then you should go for a retail account. With the educational materials of AvaTrade, you will eventually become a professional and then you can open a professional account where the leverage is higher than the other accounts.
Security and Client Protection in AvaTrade
You can rest assured about the security of your accounts and information in AvaTrade. It is registered under 6 authorities from 5 different continents. They include the B.V.I Financial Services Commission on the British Virgin Islands, the Abu Dhabi Global Market Authorities Financial Services Regulatory Authority (ADGM – FSRA) and more.
Moreover, you will have negative balance protection in the retailer accounts. Clients are provided with investor protection and the fund differs on your region.
Negative balance protection is available for clients from all countries. This makes AvaTrade different from other forex traders.
It is not in the list of stock exchanges. As a result, financial information is not publicly accessible.
Customer Support of AvaTrade
AvaTrade has the best customer service management. You have three methods of contacting their help desk – Email, live chat and phone calls.
All of them are great in response time and provide relevant answers. They are available in multiple languages for clients convenience.
The email service is quite good and functional. You will get your reply within days. However, the answers are often not direct and clear. Sometimes, they refer to certain links. So, we recommend you to rely on the other customer services.
The best support is the live chat. You will get immediate replies with detailed information and guidelines for your problems and it supports multiple languages.
Phone support is also convenient. They have a long list of local numbers so you don’t need to worry about making an international call. But in some areas, it takes more than 2 minutes to be connected with an agent.
After analysing their customer service, we would give AvaTrade a score of 4.2 and recommend you to use the live chat service for fast and detailed response.
Trade Platforms of AvaTrade
Clients can get access to some of the latest, innovative trade platforms equipped with the next generation trading tools.
The trading platforms are MetaTrader4, MetaTrader5, Webtrader and AvaOptions. While MetaTrader4 and MetaTrader5 are two popular third party platforms, AvaTrade gives you a customizable version of it equipped with customizable tools.
You may know about the MetaTrader4 and the MetaTrader5 if you have been trading for some time. They provide the best platform for forex trading. With the help of AvaTrade’s custom tools, can easily place orders and make bets. However, it offers only one step login process. So we can say that the MT4 and the MT5 are great platforms for trading, but they are a bit outdated and the account security is a little poor.
Webtrader is AvaTrade’s own trading platform. So are the AvaOptions. These platforms will give you a user friendly interface with easy guidance, which makes it ideal for beginners. It also comes with all the tools of AvaTrade. But this platform is not customizable.
Trade Instruments and Offerings of AvaTrade
AvaTrade has a limited number of trade offerings. It does not offer some popular trade assets like real bonds, stocks and mutual funds. What it offers is forex and some limited number of CFDs.
It is best to mention that more than 79% of traders lose money with this platform.
AvaTrade forex trading is quite good and balanced, but recently the leverage rate has risen up. So you must maintain a strong eye while trading with forex.
CFD trading is average, features some individual stocks to trade with.
In brief, we can say that AvaTrade lacks trade instruments.
Price, Fundings and Withdrawals of AvaTrade
The cost of opening an account is 100 units. Other than that, there are high inactivity fees and also fees for fx trade. But the CFD fees are quite low.
Deposits are similar to other trade sites. You can deposit money digitally with your digital wallets. The accounts must be registered under your name. You can withdraw money in the same way. The withdrawals charge no fees.
What is AvaTrade?
AvaTrade is an Forex broker headquartered in Ireland and it operates online globally. It offers its service worldwide but does not allow traders from the US, Iran and Belgium.
How does AvaTrade work?
AvaTrade works just like other forex trading sites. It provides you with a platform for trading with forex and CFDs. The clients are provided with negative balance protection and investors protection funds.
Where is AvaTrade located?
AvaTrade headquarters is located in Ireland. It has three other offices in Australia, Japan and British Virgin Islands.
How to withdraw from AvaTrade?
You can withdraw money using digital mediums and bank lines. It usually takes around 1 to 15 business days for the withdrawal to happen. For withdrawal, you have to login to your account and go to the withdrawal section to request withdrawal.
How to trade on AvaTrade?
You have to open an account first. After verification you will be eligible for trading on AvaTrade.
How to fund an AvaTrade account?
You can fund your account using digital wallets and banks. But they must be registered under your name for deposits.
After all the assessment and discussion on AvaTrade, we can say that it is a somewhat trustworthy site for forex and CFD trading and, as a beginner, you should give it a try.Visit Broker