Broker Trusted Point
For winning a trader’s trust and faith, a broker has to spend years of hard work, planning and getting into a position where the market player sticks with them. However, it is easier said, then executing. Several brokers are running in the rat race of becoming numero uno but lacking conviction and quality of service. However, Avatrade is a little different from them. Let’s find the AvaTrade Review.
AvaTrade Review: AvaTrade scam or safe?
The broker is safe for trading with registration in several nations and regulation from various regulated authorities. Like AVA Trade EU Ltd is getting supervised by the reputed Central Bank of Ireland.
Similarly, there are multiple branches of Avatrade working in different countries with licenses. However, it creates confusion, as well. The domain names are different, which makes it convoluted for people. Also, there are myriad pre-requisite for trading.
Summary:– The trader claims that it has more than 3,00,000 happy customers over the years, but it does not mention how on its websites, which seem like a made-up number. It should back it up with facts.
It does not mention the account types properly. All you see is a professional and an Islamic type account and of course a demo one, which is nothing new. Also, the demo account is for 21 days opposed to other brokerage firms offering at least a 30-day trial.
History:- It’s been close to a decade and a half to Avatrade. The broker found its establishment in the year 2006. So, it has come a long way, but the types of arrangements it could have made in all these years fall short of expectations.
AvaTrade Review: Account Types
First of all, the website is so convoluted that you have to search a lot about your type of account. However, all you find is a demo account and an Islamic account. Both of them are not good for the usage of a newbie to a professional trader. Hence, Avatrade does not care about how it can make life conducive for investors who are willing to get an account on it.
It is explicitly necessary to have correct information on the website, and if you are into trading, that is the prime duty. After much introspection, we could find a professional account. But it is not available in several countries that we checked. That seemed quite dicey and contrary to what the brokerage firm claimed.
The eligibility criteria for the professional account is too high. It is a cup of tea only for capitalists and ultra-rich people.
The conditions are tough to meet for even a professional trader. So, one might have to migrate to another broker to get a chance of investment. These are the conditions available on their official website:-
- Sufficient amount of trading activity in the past twelve months. It should be of significant size.
- You should have worked in the financial sector in a relevant position for at least a year.
- The trader applying for the account must have a financial portfolio of at least Euro 500,000, excluding property, commodities etc.
Now, even if you read it carefully, most of the brokers wouldn’t be able to suffice with their inexplicably huge requirements. It hampers the confidence of an investor.
It is only for folks who believe in the religion of Islam. They have particular liberties, which others do not have. The Islamic account has perks of halal oil trading, halal trading, halal silver and gold trading. There’s no issue with that, but others should also get the fraction of inclusions.
You have the option but only for 21 days, which they should expand to 30 days. The extra nine days will help investors get a better understanding of different financial markets.
PS:- There may be other accounts for trading, but due to lack of information or navigation that the broker is providing us, it isn’t easy to find them. Precisely, it should be in front of the website.
AvaTrade Review: Trading platforms
They have mobile trading, mac trading, MetaTrader4, MetaTrader5, AvaOptions, AvaTradeGo, and many others. These are fruitful but problematic. When MT5 is there, which comes with plenty of options, you do not need extras to support. Also, the broker sometimes might find it challenging to pay attention to other platforms.
AvaTrade Review: Markets and products for trading
The brokerage firm lacks stocks and commodities as prime instruments. If a trader is looking to get a holistic and inclusive financial portfolio, then the person might have to create another account with another broker. That would cost the investor much more than one may anticipate. So, that is the biggest drawback among all that Avatrade consists.
It focuses mainly on currencies, like forex and cryptocurrencies. Both the instruments are precarious and volatile. So, they require extra attention while trading.
So, if you are looking to trade in the dangerous markets, then only create an account on Avatrade. For trading on gold, oil, silver, platinum, or Amazon, Netflix or different stocks directly, you need to find a better broker.
It offers CFD trading, which is again quite unpredictable and not for a novice trader.
You will find it confusing when you click on account registration. It does not ask any more information. So, you keep guessing what lies ahead. The website does not decipher. Other brokers present all steps in front of its users, which keep things transparent.
Commission and fee
Premium commissions and fees get applied depending on the kind of trading a person is opting. Also, when the account remains dormant for a while, there are hefty and unexpected charges that one may have to pay. That can put off the mood of investors. FX trading fees are relatively high.
Deposit and Withdrawal
The withdrawal may take more than three days, which is more. You can use Neteller, Skrill, WebMoney etc. for depositing the money.
The leverage is the lowest, 1:30 is peanuts compared to what someone like Global Trade ATF and ROinvesting is offering to its traders. People trading in the currency markets are used to having better leverage as the risks are higher, so they also wish for greater returns.
But 1:30 is too less even to mention when the forex market is about leveraging and other brokers are offering a minimum of 1:100 leverage.
- No clarity about account types in Avatrade
- Takes a lot of time during money withdrawal
- Mostly trade through CFD, which is risky
- No option for direct trading of stocks, commodities and indices
Avatrade does not mention properly about research work for helping a trader.
Nothing special. They are offering the same old tutorials.
AvaTrade : Conclusion
Avatrade is an old broker, but it has to improve in several departments like leverage, commission, and must add new instruments like stocks and commodities for offering better options for the expansions of portfolios. The website should segregate better information about types of accounts as well. You can check out ROinvesting, 101 investing and other brokers who are offering more incredible deals in various domains.
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