AvaTrade Review South Africa – Unbiased Pros & Cons Revealed (2020)
WHO IS AVATRADE?
AvaTrade is a licensed broker in South Africa offering over 250 financial instruments including Forex, commodities, cryptocurrencies, stocks and indices trading.
AvaTrade was started in 2006 and has evolved into a leading, award-winning Forex broker.
Regulated on five continents, with 200,000 Forex traders on their platform, AvaTrade strives to provide all its traders with the tools and conditions to trade with confidence.
They are licensed with regulators in South Africa, the EU, Japan, Australia and the British Virgin Islands.
Their dedication to customer service is definitely felt in the trading journey from opening a demo account to trading live and later withdrawing profits.
Their easy to use mobile app, AvaTradeGO, is innovative and feature-rich allowing you to trade in real-time having everything you need at your fingertips.
|Time to open an account||Immediate account opening, 1 day for verification|
|Bonus||Up to $10.000 bonus|
|Publicly traded – listed on stock exchange||No|
|Country of regulation||Ireland, Australia, Japan, South Africa, Abu Dhabi, British Virgin Islands|
|Platforms||MetaTrader 4, MetaTrader 5, AvaOptions|
|Mobile App||iPhone, iPad, Android|
|Base currencies||ZAR, USD, EUR, GBP, CHF, AUD|
|Ave spread EUR/USD||From 0.9 pips|
|Leverage||Up to 400:1|
|Trading fees (low, average, high)||Low|
|Deposit with electronic wallet||Yes|
AVATRADE REVIEW OF PROS AND CONS
|Low trading fees||Telephonic support is not up to par|
|No deposit and withdrawal fees||Inactivity fee|
|Quick account opening||Only Forex, CFDs and cryptocurrencies|
|Excellent educational info|
|Solid automated trading functionality|
|Innovative tech and platform features|
IS AVATRADE SAFE?
AvaTrade is a broker with one of the strongest regulations in the market regulated by 5 different jurisdictions including:
- Central Bank of Ireland
- V.I Financial Services Commission on the British Virgin Islands
- Australian Securities and Investments Commission (ASIC)
- The Financial Sector Conduct Authority (FSCA) in South Africa
- The Japanese Financial Services Agency (FSA)
- The Financial Futures Association of Japan (FFAJ)
With over 200 000 Forex traders making over 2 Million trades a day, AvaTrade is considered a reliable and trusted broker.
In addition, they pioneered many industry firsts including launching CFDs on commodities, indices and stocks, and cryptocurrency trading.
The leverage you get from AvaTrade depends on the financial instrument chosen and also on the platform you use to trade.
You can get leverage up to 400:1 on MetaTrader 4 and MetaTrader 5 platforms, as well as for gold, however crude oil and silver are limited to 200:1 leverage.
As with any other broker, you must make sure you have enough funds in your account to cover any possible losses, otherwise the broker will shut down your positions (margin call).
For retail traders (individual traders) AvaTrade requires a minimum 50% equity of your used margin in your account for MetaTrader 4 and the AvaOptions account.
AvaTrade is accepted in Australia, South Africa, Thailand, Canada, Singapore, United Kingdom, France, Denmark, Germany, Norway, Sweden, Italy, UAE, Saudi Arabia, Kuwait, Luxembourg, Qatar and many other countries.
This broker cannot be used by Forex traders in the U.S., Belgium, Zimbabwe, Iraq, Iran, Pakistan and India.
AvaTrade has two different accounts for the individual retail trader:
- Standard Account – operated by an individual
- Demo Account – for anyone wishing to trial AvaTrade’s platforms and services
- Islamic Account – swap-free account according to Sharia Principle of interest free trading
In addition, professional traders can open a MAM account to manage different client accounts. AvaTrade provide some excellent conditions on their MAM accounts:
- Creation of multiple sub trading groups
- EA compatible
- Minimum lot size of 1.01 lots
- All MT4 order types are available
- Place orders for unlimited client accounts
AvaTrade has a range of instruments which can be traded through top platforms with great trading conditions.
You will be able to trade Forex, stocks, commodities, indices, ETFs, bonds and cryptocurrencies with AvaTrade.
They also provide traders access to Forex Options and Options in gold with a sophisticated options trading experience.
- Excellent spreads
- Automated trading platforms
- Segregated accounts for clients
- Support in more than 20 languages
You can open an AvaTrade account with a min of $100 to begin day trading or according to any other Forex trading strategy.
Their fees are competitive and like their peers withdrawals are free, however account inactivity does incur a $50 fee after three months of inactivity and $100 for a year.
DEPOSIT AND WITHDRAWAL
You can deposit and withdraw at AvaTrade through multiple banking options including credit and debit cards, numerous e-Wallets and wire transfers.
Alternatively, you can use a demo account for free until you are ready to live trade, when you will need to deposit $100 before making any trades.
According to AvaTrade withdrawals take up to five days to process, and the AvaTrade Mastercard has the fastest withdrawal times currently.
Wire transfers can also take up to 10 days to be processed which can be frustrating.
As is required by regulatory bodies, AvaTrade makes sure you have a robust and secure method of depositing and withdrawing. Therefore, the broker has to verify the identity of all its traders and ensure the integrity of its trading community.
When funding or withdrawing from your account, you can choose from these base currencies: ZAR, USD, GBP, EUR, AUD and CHF. Only Australian clients can use the AUD and UK clients the GBP.
AvaTrade does not charge you any fees for withdrawing funds from your account.
AvaTrade has an excellent range of platforms:
- MetaTrader 4 – a popular trading platform
- MetaTrader 5 – latest trading platform with more tools
- Web Trading – no need to download the software trade from your browser
- AvaTradeGO – app for mobile trading
- MetaTrader 4 Mobile app
- Automated Trading – including RoboX, Mirror Trader, MQL5 Signal Service, API Trad
- Mac Trading web or download
HOW TO OPEN AN ACCOUNT
Setting up an account on AvaTrade involves the following steps:
- Fill in your personal details
- Answer questions about trading to assess your level of understanding
- Upload your identity document (ID, license or passport) and proof of residence
- Voila you are done
AvaTrade can be contacted via live chat on their website or you can email and phone them. They are pretty efficient on live chat and email, but you may wait a while to speak to someone on the telephone.
Support staff are very active on social channels so you may want to drop them a message there if you are struggling to get response over the phone.
This is where AvaTrade really stands out, they go out of their way to provide as much Forex education as possible.
You get access to a multitude of basic trading guides, tutorial videos and educational articles. And the best is you do not have to be a client to watch their education materials.
AvaTrade also has a wealth of trading tools including economic calendar, market analysis, charting tools and more which are only available once you become an AvaTrade client.
Whether you are a beginner or a more experienced trader, AvaTrade has the information and tools you need to become a better, more informed Forex trader.
AvaTrade provides the analysis tool Autochartist on MetaTrader. Autochartist provides a wealth of analysis including technical, statistical, macro-economic, and fundamental analysis which you get in MetaTrader through AvaTrade.
The Autochartist analysis caters particularly for different types of traders from trend traders, mean-reversion traders, swing traders, news traders to value investors.
AvaTrade also provides their own trading position calculator which helps you calculate the risks associated with your next trader before you make any moves.
AvaTrade has garnered numerous awards and honours in the market throughout their 14 years in business.
2017–2020 – Awarded No. 1 Broker, Best Forex Broker, Best Bitcoin CFD Trading Provider of the year and Best Affiliate programme by The European
2019 – Awarded Best Forex Broker by Daytrading
2019 – Most Innovative CFD broker, UK by International Business Magazine
2019 – Best Forex broker, Portugal awarded by Rankia
2018 – Best Trading Experience awarded by FXdailyinfo.com
2017 – Best Affiliate Programme awarded by FXdailyinfo.com
2018–2008 – Best Financial Derivative Trading Provider, Best Affiliate Programme and Best Alert System by Arabcomgroup – AG
2017-2014 – Best Affiliate Programme and Best Dealing Room by the JFEX Awards
2017 – 2011 – Best Forex Broker and Best Broker; Most Reliable, and Best Trading Experience by FXEmpire
2016 – Best Trade Execution, awarded by African Expo Financial Awards
2015 – Best Forex Broker by Grand Prix De La Confiance
2015 – Best Forex Broker by Forextraders
2013 – Most Innovative Forex Broker in Europe from the Global Banking & Financial Review
2012 – Best FX Affiliate Programme from Forex Magnates.
2011 – Excellence Award Forex from IBTimes Trading Awards
2011 – Best Execution Broker in Western Europe
2011 – Best Trading Platform Globally from World Finance: Exchanges and Brokers
2010 – Best Forex Broker from the World Finance Foreign Exchange Awards
2009 – Best Alert System from Money Summit, and Best Customer Support from Daily Forex
Because of its strong regulation across six jurisdictions, AvaTrade is considered to be a safe broker and has a strong track-record in the Forex market.
The second thing we like about AvaTrade is their realistic leverage levels and excellent trade executions with low spreads, ensuring that as a trader you do not suffer massive losses.
AvaTrade does more than the average broker to protect their clients and we must comment their AvaProtect Service which protects traders from sudden negative movements.
This is highly positive because it demonstrates AvaTrade’s commitment to risk management.
AvaTrade has an excellent selection of tradeable assets for traders seeking diversification beyond Forex and their fee structure is particularly attractive. Having said that, they range is limited to Forex, CFDs and cryptocurrencies.
And lastly, AvaTrade has good customer support and their live chat option is probably the best channel to use when communicating with them.
Once you are signed up and place a deposit of $1000 you get your own personal account manager to guide you through trading, which is invaluable when you are just starting out in Forex trading.