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 Verfasst am: 12. Sep 2022 05:45 Titel: AvaTrade Review |
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AvaTrade Review
Founded in 2006, AvaTrade is an award-winning, Dublin-based forex broker, offering its trading services in more than 150 countries worldwide, however, they do not accept clients from the U.S. They are an international company with sales centers and offices in, Dublin, Paris, Milan, Sydney, and Tokyo.To get more news about avatrade demo account, you can visit wikifx.com official website.
AvaTrade has over 200,000 clients worldwide who make trades exceeding $80 billion per month. Their website is available in 29 languages and the customer service is also multilingual.
However, despite being an international forex broker regulated by several national financial authorities like ASIC, JFSA, and IIROC, AvaTrade is the most popular close to home. The company’s main focus is on the biggest chunk of its audience which is its UK-based client base.
Is AvaTrade Safe and Secure? 🛡
AvaTrade is regarded as a low-risk broker, however, there are a few details that raise red flags. They are not listed in any stock exchange and they’re not very transparent, as their financial information is not publicly available.
This lack of transparency coupled with mistakes by the company’s administration caused legal problems for AvaTrade in the past.The brokerage has been sanctioned in 2016 and 2017 in Belgium, Canada, and Israel for failing to meet certain legal requirements.
They had to pay €175,000 in Belgium because they failed to provide a prospectus for some of their products. AvaTrade also advertised the aforementioned products without seeking approval from FSMA, a top financial authority in Belgium.
In Israel, AvaTrade was fined because its subsidiary (atrade.co.il) ran a promotional video with misleading information in its advertising campaign. Also, AvaTrade advertised its products in Canada without seeking government approval from BSCS. Luckily for AvaTrade, there was no fine this time, and the broker got off with just a warning.
As mandated by EU financial regulators, AvaTrade offers negative balance protection, which means you can’t lose more money than what you have on your account balance. Believe it or not, your account balance can go into the negative with some brokers, which means you can get in debt.
AvaTrade protects users from this inconvenience, and in case the company goes bankrupt, or fails in any way, Ireland’s Investor Compensation Company (ICCL) guarantees clients insurance up to €20,000.
Account Types
There is a plentitude of different account types available on AvaTrade but they all have similarities. All accounts have fixed spreads, as well as mini or micro lots trading capabilities. AvaTrade Go mobile platform and MetaTrader 4 are available with all account types.
Demo Account
Users who want to try out the platform can start with AvaTrade’s demo account. The demo account is available regardless of which account type you sign up for and has $100,000 of virtual money. It is available for 21 days after opening the account.
Standard Account
AvaTrade’s standard account is a good next step to take after trying the platform out with the demo accounts. This account is only for international clients outside the EU and is the same in most respects to the retail account. The standard account allows for the maximum leverage of 400:1 in some markets.
Retail Account 🧮
This is the most popular account type and is reserved for EU-based clients. The retail account provides users with leverage of 30:1, which is the max leverage approved by ESMA regulations in Europe. Users also have access to a dispute settlement service.
Professional Account
Active traders will greatly benefit from the discounted prices provided on the professional account. This account is reserved for traders who can meet certain trading volume and frequency requirements. If you upgrade to the professional account, you will get numerous benefits like 400:1 leverage. |
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