There are many foreign exchange market brokers to choose from, and they come in many different sizes and configurations. Bigger isn’t necessarily better, though, and Ava FX is a modestly-sized broker that brings a lot of flexibility and different features to the table. Is Ava FX the right forex broker for you, though? To get a better idea about whether or not to trade with Ava FX, check out our comprehensive review below.
About Ava FX
In terms of longevity, Ava FX has not been around for a very long time. It was founded in 2006, but has already managed to secure more than 100,000 customers during its brief history. Ava FX is incorporated in Ireland, and its operations revolve around its unique software, Metatrader 4. Although Ava FX 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.
Ava FX 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 Ava FX 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, Ava FX 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.
Contact Information At A Glance
If you opt to sign up with Ava FX 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 Ava FX 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: firstname.lastname@example.org
- Email Support: email@example.com
- Online Support/Live Chat: www.avafx.com/support/Online
Vital Trading Information About Ava FX
Trading on Ava FX centers around its custom trading platform, AvaTrader. Like many other online foreign exchange programs, Ava FX’s AvaTrader features a user-friendly interface and is free for current Ava FX 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.
Ava FX 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 Ava FX than its software, which is why we take a closer look at several key characteristics of the service below.
Minimum Deposit Amounts
At $100, Ava FX 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 Ava FX 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 Ava FX. 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 Ava FX 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 Ava FX 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 Ava FX is inferior.
Leverage limits of up to 200:1, or up to 200 times the current equity value, are par for the course with Ava FX. With a $500 deposit, then, you could open trades of up to $100,000 with this broker.
Ava FX 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, Ava FX 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.
The Bottom Line
Despite its modest size, Ava FX 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, Ava FX may prove to be a wise choice for those just getting into forex trading, but may not be as attractive to more seasoned traders.