For winning a trader’s trust and faith, a broker has to spend years of hard work, planning and getting into a position where market players stick 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?
There are multiple branches of AvaTrade working in different countries, and that creates confusion because those are the traits of charlatan brokers. The domain names are different, which makes it convoluted for people. Also, there are myriad pre-requisites for trading. Thus, a newbie trader would not understand them. So, AvaTrade scam seems legit in the field of the financial market.
Summary:– The trader claims that it has more than 3,00,000 happy customers over the years, but it does not mention how it happened on its websites, which seem like a made-up number. It should back it up with facts. How else would you believe it? Shred of evidence must be presented in front of clients.
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 to everyone, precisely beginners. So, how can they practice and get ready? Why is such formality being practised? Clearly, there is no concern for you in AvaTrade’s system.
History:- It’s been close to a decade and a half to AvaTrade in the field of brokers. It found its establishment in the year 2006. So, it has come a long way, but the types of arrangements it could have mustered in all these years fall short of expectations. Hence, investors can migrate to other brokers.
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 register on 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.
- 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 traders wouldn’t be able to suffice with their inexplicably huge requirements. It hampers the confidence of an investor. So, it lets them down and leaves a bitter impression.
It is only for folks who believe in the religion of Islam. They get to enjoy several 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 other investors or traders should also get the fraction of inclusions or a similar treatment. How can AvaTrade act in such a biased way? This is unethical.
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
The trading platforms are problematic than being useful. When MT5 is there, which comes with plenty of options, you do not need extra support. Also, the broker sometimes might find it challenging to pay attention to other platforms and gets lost in searching, which is not healthy for an investor.
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 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, but these are inadequate.
The leverage is the lowest 1:30, which is peanuts, compared to what someone like Global Trade ATF and ROinvesting are 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 little to mention when the forex market is about leveraging and other brokers offer a minimum of 1:100 leverage.
- No clarity about account types in AvaTrade
- Takes a lot of time during money withdrawal
- Mostly trade through CFDs, 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. So, you can carve a strategy, which is important for success.
Nothing special. They are offering the same old tutorials. Also, it misses some extremely crucial updates.
AvaTrade : Conclusion
AvaTrade review 2021 explains that it 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 that are offering more incredible deals in various domains. So, investing in AvaTrade is extremely risky, mind it.
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