The Forex market is the largest market in the world with over 4 trillion dollars being traded daily. For you to trade profitably and successfully, you need to choose a broker who is not only safe, but also qualified enough to fulfill your trading needs. Choosing the right Forex broker to trade with can be overwhelming due to the hundreds of brokers available in the market. To select the right broker, you first need to assess your own needs. After that, focus on brokers who are regulated, have competitive spreads and excellent customer support. To make the entire process easy, here are some of the essential qualities you should look for when selecting a Forex broker and our insider AvaTrade review.
Regulatory compliance is without a doubt one of the most crucial factors to consider when choosing a broker. An unregulated Forex broker can as well be a scam since they do as they please with their trader’s funds. All trading activities of a trustworthy broker should be governed by an official regulator who is designed to protect and promote the integrity of brokerage operations. As a trader, you should be protected against fraud, manipulation and all types of abusive practices.
A reliable broker must comply with a set of rules that are meant to protect the investor’s assets. A regulated broker is subject to the “Net Capital Rule” that prescribes a minimum amount of capital that should be kept in liquid form. This way, even in the event the broker is forced down, the investor’s assets are protected. Also, a regulated broker is expected to keep all their client’s funds separated into segregated accounts to ensure the resources are not accidental, or purposely used for anything else other than to execute trades.
Poor customer service can lead to significant losses in actual money. For instance, if the customer care team takes too long to respond to your request to open or close a position based on the market, it might result in losses on your end. Excellent customer service is crucial for both new traders and experienced investors alike. In case an investor runs into any problems with their broker, the customer service team should be available to iron out everything. As such, the skills, expertise, and availability of a customer service team are crucial when choosing the right broker.
This is another crucial aspect to consider when choosing a broker. The spread is the difference between the buying and the selling price. The first thing you need to do is look for the competitiveness of the spreads and what they charge. A wide spread means a large amount of money is leaving your pocket going into the broker’s pocket. And this fee is payable, regardless of the profit or loss that you make. Therefore, it is crucial that you choose a broker that offers competitive spreads. If possible, go for a broker whose spread is no larger than 3pips for major currencies.
Deposit and Withdrawal
A good Forex broker should allow you to deposit or withdraw your earnings hassle free. Take the time to find out how long the withdrawal process takes since there have been complaints from traders who had to wait a week to get their funds when they needed them available sooner.
A trading platform is a link between a retail trader and the markets. It is also where the investors perform all their trading. An excellent trading platform should be fast, intuitive, precise and user-friendly for successful trading. It should also include a variety of trading tools and technical indicators.
From the summary provided above, it is clear that choosing the right broker greatly impacts how successful your trading venture will be. Hence, you should not leave any detail to chance. We highly recommend AvaTrade Forex Broker as it profoundly checks on all the above qualities.
AvaTrade Forex broker is a well-regulated brokerage firm and one of the top Forex brokers globally. It has a strong foundation of Web-commerce experts and financial professionals whose main aim is to perfect the experience of online retail traders. They have been in this business since 2006 with offices in Dublin, Milan, Sydney, Tokyo, New York and other locations.
Licensing and Regulations
AvaTrade is regulated by ASIC in Australia, the Central Bank of Ireland and accredited by MiFID in the EU, the B.V.I Financial services Commission in the British Virgin Islands and the Financial Service Commission (FSC) in Japan.
AvaTrade offers one standard account that requires a minimum of $100 deposit. The leverage provided is at 1:400. They also offer fixed, and variable spreads starting from 0.9 pips. They have some of the most competitive offers compared to other internet brokers.
- AvaTrade is one of the first brokers to introduce CFD trading on stocks, commodities, and indices. It was also a pioneer in the introduction of digital currency trading, which granted access to the Bitcoin market to regular retail traders.
- This broker offers total transparency to all their trading conditions which are quite delightful
- They offer numerous unique features that are not provided by other brokers,
including the following:
The CFD rollover feature:
Before a contract expires, the CFD feature is able to swap its price for a new one. They adjust the difference in price for both underlying agreements.
Traders are offered first-time bonuses depending on the amount of money they deposit into their trading accounts. They also get seasonal rewards for Christmas and Easter.
AvaTrade account holders are entitled to a series of live webinars, online courses, and daily analysis. They offer Forex learning tools, including eBooks like Forex Trading Strategies that teach traders how to identify trends.
AvaTrade offers a Forex Option platform. AvaOption is the first accessible online platform for trading OTC basic calls and puts.
Other platforms include;
- AvaTrader: This is the downloadable trading platform that is used by AvaFx
- AvaJava: This is an online version of the AvaTrader
- Ava MT4: Ava MT4 is one of AfaTrader’s most recent platforms
- Autotrading: This one allows transactions with Currensee and Zulutrade
- Mobile trading apps: This service is available for Android, iPhone, and iPad devices
Deposits and Withdrawals
You can fund your AvaTrade account through wire transfers and credit cards. All live account holders are provided with an Ava debit card to make deposits. To make a withdrawal, you are required to fill out a virtual withdrawal form. This transaction takes some days to go through.
AvaTade boasts of an award-winning multi-language customer service team that is available to traders at any time during the trading days of the week. You can reach them by phone, email or live chat.
According to the above review, it is evident that AvaTrade is a brokerage firm that you can rely on. So, do not hesitate to check them out or even to contact them for more details on how they can help you multiply your money.
For more information and additional AvaTrade reviews, visit: http://www.avatradereviews.com/