Avatrade Review: Pros and Cons Of Avatrade Broker In 2024

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Looking for an Avatrade review?

If you are looking for forex brokers, you will need reviews of different forex brokers. That is to say, you will be able to choose the best forex broker for you that fits all your requirements. 

So, today we will be discussing a complete Avatrade review. Here, we will include the most useful pros and cons of the Avatrade broker. 

Avatrade Review Summary

CFD and forex broker AvaTrade was established in 2006 in the United States. Several financial authorities regulate it, including the Central Bank of Ireland.

A CFD is a complex instrument that carries a high risk of losing money rapidly due to its leverage. Trading CFDs with this provider results in a 71% loss for retail investor accounts. That is to say, consider whether you understand how CFDs work and whether you can afford to lose your money. This Avatrade review includes the pros and cons of Avatrade brokers.  

Avatrade broker's pros and cons

Avatrade Broker Pros:

  • Avatrade brokers make it easy and fast to open an account.
  • Avatrade brokers have free deposit and withdrawal options.
  • They have great research tools.
  • They do not charge any withdrawal fees.
  • They charge very low CFD fees. 
  • Their account opening procedure is very fast.
  • It is completely digital.
  • You will get a low minimum deposit from them. 
  • For deposits and withdrawals, you can use debit cards, credit cards, and electronic wallets. 
  • The Avatrade broker’s web trading platform is user-friendly. 
  • Their web trading platform has a very good search function.
  • This platform is an AvaProtect order type.
  • The mobile trading platform of the Avatrade broker is also user-friendly. 
  • Their mobile trading platform has a good search function as well. 
  • This platform is also an Avaprotect type. 
  • The desktop trading platform provides clear, free reports. 
  • It has good customizability for charts and workspace. 
  • The desktop trading platform provides price alerts. 
  • Avatrade has user-friendly research tools. 
  • It provides trading ideas as well.
  • Avatrade brokers provide good interactive charts that will help you a lot.
  • Avatrade brokers provide great customer support via phone and chat.
  • Avatrade brokers are packed with lots of quality materials to educate yourself, and they also offer a demo account.
  • The majority of Avatrade’s clients belong to top-tier financial authorities.
  • They make sure there is negative balance protection as well. 

Avatrade Broker Cons

  • Avatrade’s portfolio is limited. It only offers forex and various CFDs for stocks, indexes, commodities, etc.
  • They charge high inactivity fees.
  • Their forex fees are also not so low.
  • Their deposit and withdrawal procedures are quite slow. It takes 3 days to proceed. 
  • Avatrade’s web trading platform doesn’t have a two-step safer log-in to avoid scams. 
  • This web trading platform has limited customizability.
  • The web trading platform doesn’t provide any price alerts. 
  • The mobile trading platform only works with English-speaking customers.
  • It does not have any kind of safer two-step log-in system.
  • The desktop trading platform also does not have a two-step log-in system.
  • It has a poor design.
  • No fundamental data on the stock is found in the research. 
  • Customer service is not available 24/7.
  • It does not hold a banking license. 
  • Avatrade is not listed on a stock exchange.
  • Their financial information is not publicly available.

How To Open Your Account

avatrade opening account

Opening an account is quick and easy. Just like with most other CFD/Forex brokers,

  1. Firstly, use one of your social media accounts, such as Facebook or Google, to enter some of your basic personal information.
  1. Secondly, indicate your level of trading knowledge.
  1. Thirdly, verify your identity and residency by uploading your ID card, driver’s license, or passport, as well as a recent utility bill or bank statement.

Account Base currencies

At Avatrade, you have to choose your currency. Choose from the following: USD, EUR, GBP, CHF, AUD, and ZAR. They make AUD available only to their Australian customers. On the other hand, GBP is for their UK customers. And, the base currencies are EUR, GBP, USD, CHF, AUD, and ZAR. Opening a multi-currency bank account with a digital bank is a convenient way to save on currency conversion fees. Meanwhile, most of them offer many currencies, as well as free or cheap international transfers and bank accounts in several currencies. Opening an account on your phone only takes a few minutes. You can find assets grouped into categories. 

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