AvaTrade is a regulated online trading platform that prioritizes the safety of its clients’ funds. It is regulated by eight financial regulators around the world, including the Central Bank of Ireland, the Australian Securities and Investment Commission (ASIC), the Japanese FSA, and the South African FSCA, among others. This provides a good level of safety for your funds, although the full amount of protection can vary depending on your jurisdiction.
AvaTrade segregates client funds from company funds, which is an important measure to ensure that your money is not used to run the broker’s business. This is a regulatory requirement for brokers regulated in Europe and Australia, and AvaTrade extends this protection to all of its entities regulated around the world.
However, it’s important to note that AvaTrade is not regulated by the Financial Conduct Authority (FCA), a highly regarded regulatory entity known for its strict market practices. This means that it’s not subject to ESMA-mandated client account protection and leverage restrictions.
Why Choose AvaTrade
AvaTrade is a reputable trading platform that offers several standout features that make it a good choice for Nigerians. Here are some of the key features:
- Regulatory Compliance: AvaTrade complies with the requirements of multiple regulatory authorities across five continents, including the EU, Japan, Australia, South Africa, and the British Virgin Islands. This compliance makes AvaTrade one of the most reliable companies in the trading industry.
- Risk-Free Practice Trading: AvaTrade offers the opportunity for risk-free practice trading, allowing users to gain experience before starting real trading.
- Wide Range of Trading Platforms: AvaTrade provides a large choice of trading platforms, including MetaTrader 4, MetaTrader 5, Mirror Trader, ZuluTrade, AvaTrader, and mobile and web versions of these platforms. This variety caters to different user levels and trading preferences.
- Educational Resources: AvaTrade offers an educational platform, tutorial videos, analytical materials, and webinars for traders. This educational support is valuable for both beginners and experienced traders.
- Customer Support: AvaTrade provides support by qualified experts 5 days a week at any time of the day. Although customer support is not available 24/7, the response time is generally short, and the support team is knowledgeable.
- Security of Funds: AvaTrade provides a high level of protection for customer funds, which are stored in segregated accounts. This ensures the safety of traders’ funds.
- Diverse Trading Instruments: AvaTrade offers a wide assortment of assets and analytical tools that make automated trading possible. These include Forex, CFDs on stocks, metals, energies, indices, cryptocurrencies, FX Options, bonds, and ETFs.
- Low Forex Fees: AvaTrade stands out for its low Forex fees, particularly for major currency pairs.
- AvaProtect: AvaTrade’s proprietary risk management system, AvaProtect, is available on its web trader platform and mobile app, providing an additional layer of security for traders.
- Islamic Accounts: AvaTrade offers special accounts for Islamic traders, catering to their specific religious beliefs.
- Demo Accounts: AvaTrade offers demo accounts for beginners, allowing them to practice trading without risking real money.
- Bonuses: AvaTrade offers a bonus to new traders in Nigeria on their first deposit of over $200 during the promotion.
It’s important to note that while AvaTrade is not regulated in Nigeria, it is regulated by ASIC & FCA, which are Tier-1 financial regulators, as well as other Top-Tier regulators like FSCA, CySEC, ISA, and FRSA. However, their protection rules may not cover Nigerian traders as the broker is not regulated in Nigeria.
AvaTrade Trading Platforms
AvaTrade offers a variety of trading platforms for its clients in Nigeria. These platforms cater to different trading styles and preferences, providing flexibility and convenience for traders. The available trading platforms for AvaTrade in Nigeria include:
1. MetaTrader 4 (MT4)
MT4 is one of the most popular trading platforms in the world. AvaTrade offers MT4 with advanced charting tools, indicators, EAs, and algorithmic trading options. Nigerian traders can access MT4 on desktop, web, and mobile.
2. MetaTrader 5 (MT5)
MT5 is the upgraded version of MT4, with more advanced tools for trading forex, stocks, futures, and CFDs. It offers enhanced EA capabilities and built-in market depth analysis. MT5 is also available on multiple devices.
AvaTradeGO is the broker’s proprietary mobile trading app, optimized for Android and iOS devices. It provides fast trade execution, advanced charts, and real-time push notifications on market events.
AvaOptions allows trading vanilla options and spreads on forex, commodities, stocks, and indices. Traders can use analytical tools to identify trading opportunities and hedge risks.
AvaTrade’s WebTrader is an HTML5 web-based platform accessible from any browser. It retains the core features of MT4 while adding one-click trading and custom layouts.
6. Mac Trading Platform
AvaTrade also offers a native Mac trading platform in addition to MT4 and MT5. This provides a seamless experience for traders using Mac devices7.
7. Automated Trading
For algorithmic trading, AvaTrade supports trading platforms like ZuluTrade, Mirror Trader, and RoboX. These allow you to copy signals or use EAs for automated trading.
- MetaTrader 4 (MT4): MT4 is a popular and widely used trading platform that offers advanced charting tools, technical indicators, and automated trading capabilities.
- MetaTrader 5 (MT5): MT5 is an upgraded version of MT4, offering additional features such as more timeframes, advanced charting tools, and a built-in economic calendar.
- AvaTradeGo: AvaTradeGo is AvaTrade’s proprietary mobile trading app, available for Android and iOS devices. It offers a user-friendly interface, advanced charting tools, and real-time market updates.
- Mirror Trader: Mirror Trader is a platform that allows traders to copy the strategies of other successful traders, providing an opportunity to learn from experienced traders and potentially improve trading performance.
- ZuluTrade: ZuluTrade is a social trading platform that enables traders to follow and copy the trades of other successful traders, creating a community-driven trading experience.
- AvaTrader: AvaTrader is AvaTrade’s proprietary desktop trading platform, offering advanced charting tools, technical indicators, and automated trading capabilities.
- WebTrader: WebTrader is a browser-based trading platform that does not require any download or installation, allowing traders to access their accounts and trade from any device with an internet connection.
These trading platforms provide Nigerian traders with a wide range of options to suit their trading needs and preferences. Whether you are a beginner or an experienced trader, AvaTrade offers a trading environment that can cater to your needs and help you achieve your trading goals.
How Does AvaTrade’s Automated Trading Software Work?
AvaTrade’s automated trading software works by using computer programs to execute trades based on pre-defined rules and algorithms. This system allows traders to set specific parameters for entering and exiting trades, such as price, volume, and timing, and then the system executes the trades accordingly.
AvaTrade offers several platforms for automated trading. One of the most popular is ZuluTrade, which converts the recommendations of experienced traders and automatically executes the trades.
Another platform is DupliTrade, which allows you to automatically duplicate the actions of expert traders directly into your account.
AvaTrade also offers automated trading through the MT4 and MT5 platforms with expert advisors. The MT4 and MT5 platforms use Expert Advisors (EAs), which are essentially robots that execute trades and manage position sizes automatically.
EAs are written in MQL (MetaQuotes Language). While coding isn’t necessary for pre-built Expert Advisors, proficiency is required to develop or modify them for specific strategies.
In addition to executing trades, these automated trading systems can also alert you when certain conditions or price points have been reached in the markets. They’re commonly used for forex trading, but you can use them with any asset that’s tradable on the MT4 platform.
Automated trading has several benefits, including the ability to save time, trade across many markets simultaneously, and trade with very little human input. It also allows for emotion-free trading, increased speed and efficiency, and better risk management.
However, it’s important to note that while automated trading can be a powerful tool, it still requires oversight and understanding of the markets. It’s also crucial to understand the risks associated with trading and to have a sound trading and risk management strategy
AvaTrade Deposit and Withdrawals in Nigeria
AvaTrade offers several deposit methods for its clients in Nigeria. These methods include:
- Credit/Debit Cards: AvaTrade accepts major credit and debit cards for deposits. This includes cards from Nigeria, as confirmed by AvaTrade’s Help Centre.
- Wire Transfer: You can also deposit funds into your AvaTrade account via wire transfer.
- E-Payments: Depending on your location, AvaTrade allows deposits through various e-payment methods.
- Electronic Wallets: AvaTrade supports several electronic wallets for deposits, including PayPal, Neteller, Skrill, Klarna, Webmoney, POLi, Boleto, and Perfect Money.
Please note that the minimum deposit for an AvaTrade account is $100, equivalent to approximately 41,600 Nigerian Naira (NGN) at the current exchange rate. AvaTrade does not charge any fees for deposits.
Here’s a step-by-step guide on how to deposit funds into your AvaTrade account:
- Log in to AvaTrade’s client area.
- Look for the ‘Deposit’ or ‘Funding menu’.
- Choose your funding method.
- Provide the necessary details for the transaction.
- Check if the payment details are correct.
- If you are OK with it, you are ready to proceed.
Remember, you can only deposit funds from accounts that are in your name. Also, while credit/debit card and e-wallet transfers are usually instant, bank transfers may take 2-3 business days to arrive
AvaTrade Minimum Deposit
The minimum deposit required to open an account with AvaTrade is $100. This applies to various account types, including the Standard account, which offers access to a wide range of markets such as forex, commodities, stocks, cryptocurrencies, indices, FXoptions, ETFs, and Bonds. The $100 minimum deposit makes AvaTrade accessible for traders with different investment capacities.
What is AvaProtect and How Does it Work?
AvaProtect is a risk management tool developed by AvaTrade. This tool offers protection against losses on a specific position for a chosen time frame in exchange for a fee paid at the time of the transaction. It’s designed to provide a safety net for traders, allowing you to protect your trades from adverse market movements.
AvaProtect works by reimbursing you for any loss that occurs during the protection period. This includes stop out, manual closure of an operation, or unrealized losses of an operation opened at the time of the protection expiration.
If a covered transaction is closed manually or by a stop-out, the protection will cease to apply from that moment. Any reimbursed losses will be credited in the form of cash, without any withdrawal restrictions.
Activating AvaProtect is straightforward and involves a few simple steps:
- Open the WebTrader or the AvaTradeGO app.
- Select a tool.
- Click on the AvaProtect icon.
- Choose the duration of protection.
- View commission and deadline.
- Complete the operation.
Once these steps are completed, your operation is protected.
AvaProtect is available only for trades on FX, Gold, and Silver.
The cost of coverage for AvaProtect is based on the expected volatility of the underlying position during the contract period. The premium varies depending on the size of the operation and the chosen protection period.
The cost of coverage for AvaProtect will be deducted from the free balance of your account at the time of opening the transaction.
AvaProtect is available on the AvaTradeGO app and the WebTrader platform, which does not require any download or installation procedure. It’s a unique feature among competitors in the market, serving multiple purposes such as onboarding new traders without fear of losing money while they gain experience and retention of existing customers.
Pros and Cons of Using AvaTrade in Nigeria
AvaTrade, a global forex and CFD broker, has been serving Nigerian traders for several years. Here are the pros and cons of using AvaTrade in Nigeria:
- Regulation: AvaTrade is regulated by multiple financial authorities worldwide, including the Central Bank of Ireland, ASIC, FSCA, and others. This ensures a secure and reliable trading environment for Nigerian traders.
- Trading Platforms: AvaTrade offers a variety of trading platforms, including MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, and WebTrader. These platforms cater to different trading styles and preferences.
- Competitive Trading Conditions: AvaTrade provides competitive trading conditions, with no commissions on trades and spreads starting from as low as 0.9 pips. This makes trading more cost-effective for Nigerian traders.
- Wide Range of Tradable Assets: AvaTrade offers a diverse range of tradable assets, including forex, commodities, stocks, cryptocurrencies, indices, FXoptions, ETFs, and Bonds. This allows Nigerian traders to diversify their portfolios and explore various trading opportunities.
- Educational Resources: AvaTrade provides a wealth of educational resources, including webinars, video tutorials, and articles, to help Nigerian traders improve their trading skills and knowledge.
- Inactivity Fees: AvaTrade charges a high inactivity fee of 50 EUR/GBP/USD if there is no trading activity for 3 months, and 100 EUR/GBP/USD if there is no trading activity after 12 consecutive months. This can be a disadvantage for traders who do not trade frequently.
- No Local Office: AvaTrade does not have a local office in Nigeria. However, they do offer customer support through various channels, including live chat, email, and phone.
- Withdrawal Times: Some users have reported slow withdrawal times with AvaTrade. However, this may vary depending on the withdrawal method used.
Last Updated on by Patrick Mahinge