AvaFX Review: A Closer Look at Multiple Trading Platforms and MiFID Regulated Standards

AvaFX is an online trading center that specializes in providing forex trading platforms to traders. Founded in 2006, it is operated by Ava Capital Markets Ltd. and is subject to the European Union’s Markets in Financial Instruments (MiFI) directive. To date AvaFX claims to have provided their services to over 150,000 traders across 15 countries around the globe.

AvaFX HomepageAvaFX stands out from other forex trading services because its platforms are designed to conform to the MiFI directive. However, the question is whether or not it really delivers on its promises to traders who use the company’s systems. Let’s take a closer look at what AvaFX offers and determine if it is worth trying out.

What AvaFX Promises to Traders

In a nutshell, AvaFX is an online brokerage center where traders can conduct business and apply various strategies and techniques to improve their trading skills. At present, the company offers 3 main trading platforms that account holders can choose from and use according to their needs. These are ZuluTrade, MetaTrader 4, and the proprietary AvaTrader which AvaFX has developed. There are also API libraries provided to traders who wish to personalize their own trading solutions and come up with an automated system to facilitate more efficient trading.

ZuluTrade is known in the online trading industry as a marketplace where traders can interact and learn from one another through their own preferred platforms. Aside from this, ZuluTrade is known to provide a level of auditing among traders, keeping them honest in their dealings and promoting transparency in any type of trade. Traders who use AvaFX as their brokerage online can expect to connect to ZuluTrade without hassle if they choose to use this trading platform.

AvaFX also offers traders the opportunity to use MetaTrader 4 in their dealings, with the popular trading platform providing users with automated trading, mobile trading, and multiple account management capabilities. Those who choose to use MetaTrader 4 with their AvaFX accounts are also given the tools needed to improve their trading strategies for better gains.

AvaFX Proprietary Trading Platform, AvaTraderAvaFX’s own proprietary trading platform on the other hand can be fully-configured based on a trader’s needs, with extensive API libraries that users can choose from to come up with their own trading systems as they see fit. Called the AvaTrader, this proprietary trading platform can either be used as an online interface or a downloadable application for those who wish to have installed on their PCs or laptops.

Other trading platforms on AvaFX that are worth mentioning are Mirror Trader, Ayondo, and Currensee, all of which can be brought over to the AvaFX brokerage by traders without any compatibility issues.

Other Notable Trading Resources Offered by AvaFX

As a means for traders to stay in the loop and be updated on all forex news and information, AvaFX also offers Twitter feeds, forex market analyses, real time trading charts, and what they call FX insights which are various links that lead traders to the most recent forex news and updates. This makes the company a provider of not just brokerage and trading platform services, but news and updated information on everything related to forex as well.

Signup and Trading Process

Those who wish to sign up with AvaFX are given two options: one is for a practice/demo account and another is for a real trading account. One can then choose the type of trading platform to do business with – an Ava Trader account, a MetaTrader account, or a Mirror Trader account. Traders can opt to register either way, with the real trading account leading to a demo account registration offer and vice versa. Once this step is completed, traders can then deposit funds through credit card, PayPal, wire transfer, Western Union, Moneybookers, and several other payment processors. Traders can also choose to use AvaFX debit cards which the company provides to minimize difficulties when withdrawing earnings.

AvaFX Demo Account RegistrationMinimum deposit required to trade in AvaFX is $100, with premier solutions offered to VIP traders who have more than $100,000 in funds and $100 million worth of trade volumes. Like most online brokerages, AvaFX does not charge commissions for trades done with their services, but instead earns through spreads of 3 to 7 pips.

Advantages and Disadvantages of AvaFX

Clearly one of the main benefits that AvaFX offers to traders is the fact that it is lawfully regulated and monitored through the MiFI directive, what with the company operating out of Dublin. This provides traders with a sense of security, knowing that their trades are legally recognized and that any earnings they make from their ventures are duly processed and deposited to their accounts once withdrawn from the AvaFX account. Aside from this, traders who do not have as much funds to commence trading need not worry about deposits, seeing that $100 is the required minimum. The multiple trading platforms as well as mobile capability also allows traders to choose trading solutions that fit their needs to ensure better results.

One of the main disadvantages of AvaFX is the quality of customer service they provide to traders. Although one can expect to receive a response for a query, the length of time by which a response is received still leaves something to be desired. Aside from this, AvaFX seems to only be very useful for those who are already at ease with their trades and have been trading for quite some time. Beginners are welcome, yes, but the lack of information and instructions given to beginners is a bit of an issue.

Final Word on AvaFX

Solid trading platforms and a regulated brokerage is what all traders want when conducting business online, and this is what AvaFX can provide. The number of available platforms to choose from ensures that there is an appropriate venue for each trader to excel in their trades as long as they use effective strategies. Plus, the fact that the company is subject to MiFID regulations provides traders with peace of mind, knowing that they are doing business with a legally recognized outfit.

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