AVAFX – Is this Broker Worth Your Time?

Although this broker isn't one of the biggest or most prominent in the field, it's still a very solid and stable one to work with. It gives you more than enough with regard to a trading environment, especially since it offers contracts for difference (CFD) trading on top of the foreign exchange options, thus opening up new possibilities for trades and profit.

Basic tools of the trade are available with the trader and, though some of the current ones can be a little hard to use for first timers, more are still expected in the future. Just don't expect anything too fancy; this broker does not have much in the way of analytical tools, which will likely frustrate more technical traders. Few revisions and improvements can also be expected of the analytical tools that are already there. This broker, however, should satisfy the needs of most traders, especially those who are new to the game.

Otherwise, the trader offers an average to slightly above average set of features. Registration is a breeze and setting up an account couldn't be easier. Several options are available for deposits and withdrawals, giving you a lot of flexibility with how you can handle your money. While there's a minimum for the initial deposit, that amount isn't too heavy and doesn't represent too large a commitment to the broker. There's a fair amount of leverage being offered, while the broker uses a spread that's quite unremarkable in this business.

Basic Program Features:

Demo Trading: Yes; no time limits, expiration dates or restrictions Rating:

Initial Investment: No options for a Demo account are offered. Regular (branded as Silver) accounts require a minimum initial deposit of US$100. Together with the fair leverage, this account type is ideal if you want to try live trading on the market. Higher accounts are available for larger initial investments: Gold accounts require at least US$1,000, Platinum accounts need at least US$10,000, and Ava Premium accounts call for at least US$50,000. Rating:

Deposit/Withdrawal Options: Credit cards, bank to bank transfers or PayPal Rating:

Spread: Ranges from 3 pips to 5 pips; spread is maintained for an entire trading session Rating:

Leverage: 1:200 for forex transactions; 1:100 for CFD transactions Rating:

Stop Point: No default stop point set by the broker; you may contact the broker directly to discuss an individual stop point for your own account.

Interest: Varies

Regulation: Not formally regulated by any organization or body. However, it submits a report every quarter directly to the Frankfurt branch of the Cheuvreux Bank, which operates under one of Europe's largest financial institutions. Rating:

User Tools:

Customer/Technical Support: Customer support available 24/7

Literature and Learning Materials: None available

Range of Tradable Currencies: 40 currency pairs available; over 20 commodities and CFD options are also available for trading

Language Support: Full support for 12 major languages

Freebies and Bonuses: Up to US$1,200 off your initial deposit, actual amount varies depending on type of account

Software Platform: Downloadable and compatible with any PC machine

Others: Features a mobile platform that allows for trading and transactions via mobile phone

User-Friendliness Rating:

This program does not offer anything impressive by industry standards, but it does offer a satisfactory platform for trading. It's moderately convenient and professional, which should make it appealing for a very wide demographic of traders. It's not without its shortcomings, though; indicators and other tools for analysis would have been a much appreciated addition, and will be sorely missed if you've gotten used to them.

Advantages

Registration for this broker is a very straightforward affair, and the Demo account is available without restrictions. That combination of factors makes this broker a good option for most beginners to the game. The broker's reasonably low minimum initial deposit for a Silver account as well as its limitation to lower leverages goes even further to make it more attractive for rookie traders.

Variety is something else that you'll find with this broker. Aside from the above average range of currency pairs available for trading, you also have the option to buy and sell CFD's and other commodities. This is something that more advanced traders will be sure to appreciate and maximize. And although it doesn't offer the rock bottom cheapest rates in the industry, this broker keeps its spread fairly low.

Disadvantages

Some traders will surely be put off by the lack of tools that this broker makes available to its traders. Technical methods employed by many traders, for example, require a lot of analysis and measurement, which will in turn be difficult to do when there are no analysis tools for you to use. It can also get hard for beginners who have to make snap decisions regarding a position but don't yet know how to recognize good opportunities without tools.

It's not exactly the best program on the market; quite the contrary, more advanced traders who can live with the lack of this program's analytical tools are likely to go to others that have cheaper spreads and even more trading options. Added financial security options like stop points also don't seem to be a standard practice with this broker, and you'll have to personally negotiate and define it with the broker if you want to get such safeguards.

Although the broker mentions that they're being monitored by a major European financial house, any practical effects or benefits of this monitoring remain to be seen. In terms of security, the reassurance of 'monitoring' coming from the broker does not offer very much.

Overall Rating: 4/5

Important Reminder: Please note that brokers are likely to change their trading platforms, programs, software and offers on a regular basis and without prior notice. As such, the platform version and program you eventually use may differ greatly from the one that we reviewed. Please check with the broker before signing up with any program to determine any inaccuracies in this review.