AvaFX was founded in 2006 and more than 100,000 Forex Traders are using this Forex Broker.
AvaFX is incorporated in Ireland, and its operations revolve around its unique software, Metatrader 4. Although AvaFX is small when compared to many other foreign exchange market brokers, its reputation is enhanced by the fact that it is backed by a major financial institution. That financial institution has been given an “A+” rating by an S & P-affiliated rating agency.
AvaFX doesn’t boast a large number of branches spread across the globe. Instead, it is made up of two basic entities: the Ava Group and Ava Capital Markets Ltd. Of course, location is not of primary concern when it comes to trading on the foreign exchange market online, and AvaFX makes up for its small size by offering a high level of customer service and support.
Unlike many of the top forex brokers doing business today, AvaFX does not appear to have a large number of key registrations. Instead, it is listed as “compliant” with the Markets in Financial Instruments Directive, or MiFiD, and is regulated by the Irish Financial Regulator.
If you opt to sign up with AvaFX to conduct your forex trading, you will need to keep all of its pertinent contact information handy. That way, if an issue arises you will be able to quickly and easily get the help that you need. Basic contact information for AvaFX is as follows:
Toll-Free Phone Number: 1 (888) 541-3720
Local Phone Number: 1 (212) 941-9609
Fax Number: 1 (646) 335-0333
Trading Desk: trading@avafx.com
Email Support: customer@avafx.com
Online Support/Live Chat: www.avafx.com/support/OnlineTrading on AvaFX centers around its custom trading platform, AvaTrader. Like many other online foreign exchange programs, AvaFX’s AvaTrader features a user-friendly interface and is free for current AvaFX customers to download and use. Live streaming prices allow traders to quickly and easily make the moves they need to make. Multiple worksheets can be opened at once, increasing the ease-of-use and flexibility of the AvaTrader program. One-click trading, easy-to-read charts, simple lists for open positions and orders, user-friendly dealing rates tables – and many other great features – are all available on the AvaTrader platform.
AvaFX also offers mobile trading to those who wish to manage their foreign exchange trades via their cell phone or other mobile device.
There’s more to AvaFX than its software, which is why we take a closer look at several key characteristics of the service below.
At $100, AvaFX has one of the higher minimum deposit amounts among top foreign exchange market brokers. Still, it is more than enough to get the ball rolling and those funds will be used in short order to engage in foreign exchange trading.
By applying online, you can set up an account with AvaFX in a relatively short amount of time. The application itself typically only takes three to five minutes to complete. From there, it takes another few days to have your application approved. An email is sent when your account is all set and ready to go; an initial deposit is, of course, required.
For up to 21 days, you can sign up for a free practice account with AvaFX. With your free account, you will be given a balance of $100,000 in fake currency so that you can get a real sense for how AvaFX and the AvaTrader software works. For best results, traders are advised to use their practice accounts for the full trial period in order to see how fluctuations and other events affect their positions.
There is no express or implied guarantees or promises made by AvaFX regarding dealing desks and trading against its customers. For that reason, traders are advised to participate at their own risk. However, this advice holds true for all foreign exchange market brokers and in no way suggests that AvaFX is inferior.
Leverage limits of up to 200:1, or up to 200 times the current equity value, are par for the course with AvaFX. With a $500 deposit, then, you could open trades of up to $100,000 with this broker.
AvaFX does support the use of trailing stops, and they are easy to set up using AvaTrader. On an existing trade, traders simply need to edit the trailing stops option within the “Open Positions” window. Otherwise, you just need to enter a stop order, click on the “Trailing Stop” option and specify the number of pips from high or low that you desire.
During normal market conditions, AvaFX offers spreads of three to four pips on major currency combinations. For example, the spread for EUR/USD is typically three pips; the spread for USD/CAD is typically five pips.
Despite its modest size, AvaFX brings plenty of benefits and features to the table for traders who choose to sign up. However, the lack of guarantees regarding trading against its customers and its lack of accreditation with major regulatory bodies may raise concerns for many traders. Ultimately, AvaFX may prove to be a wise choice for those just getting into forex trading, but may not be as attractive to more seasoned traders.