Forex Broker Review #2: Avatrade

It’s been a little while since I looked into HotForex. While it’s a promising option, I didn’t want to just sign up with the first forex broker I came across without investigating other options. Next on my list is Avatrade.

Avatrade Overview

Avatrade

Avatrade was established in 2006 and is an award-winning forex broker. They provide all of the top features that make it easy for me to trade: plenty of assets, educational tutorials, real-time data and numerous platforms to choose from. As my trading skills improve, I can switch from a basic trading platform to a more sophisticated one.

The minimum deposit to get started is only $100. Maximum leverage is 400:1 and they have more than 200 assets available, which is amongst the highest in the industry. They keep upgrading their system to add the most cutting-edge features, including Bitcoin trading.

They also have some special promotions and bonuses if I refer a friend.  That’s great because I have a couple mates who are also looking to get into forex trading.

Account Types

They also offer free demo trading accounts. It will be a good opportunity for beginners like me to get familiar with making trades without risking my money.

The real accounts include Silver, Gold, Platinum and Ava Select. Each have slightly different minimum deposit accounts, fees, and features. I’ll probably go for the silver if I open an account with Avatrade.

Trading Software

I can choose from many trading platforms including Avatrader, Metatrader 4, Ava Options, Mirror Trader, and Zulu trade.

In any case, every platform seems to provide me with all the information I need to trade efficiently. They all seem pretty user friendly and intuitive.

Order Types

Avatrade enables various order types: market, entry, stop and cancel.   Using them in combination can allow for active risk management. For example, the “Cancel Order” institutes a new trade immediately when the parameters of an old trade have been met.

Market Info

Avatrade also has many educational resources I can use to learn more about forex including video tutorials, webinars and the Hush Trade website. The financial news feed provides me with current market information, economic indicators for fundamental analysis, and colorful charts and graphs for technical analysis.

Costs

Avatrade offers fixed or floating spreads ranging from 3 to 7 pips. This seems little bit on the expensive side but they do seem to offer a lot of services compared with other brokers.

Customer Service

In terms of customer service, Avatrade offers support via telephone, email or Live Chat. Although they are based in Ireland, they also have branches all over the world and multilingual support staff.

Summary

Avatrade seems like a solid, reputable broker who has been around for a long time. Compared with Hotforex, it seems to have a much broader range of products and educational resources. However, it’s spreads and account fees are quite a bit higher. I think I’ll investigate a couple more brokers before making a decision.