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Contents

AvaTrade Review

AvaTrade

Leverage: 1:30 | 1:400

Regulation: Bank of Ireland, ASIC, JFSA, FSCA

Min. Deposit: 100 US$

HQ: Dublin, Ireland

Platforms: MT4, AvatradeGo

Found in: 2006

AvaTrade Licenses

  • AvaTrade EU Ltd – authorized by Central Bank of Ireland registration no. C53877
  • Ava Capital Markets Australia Pty Ltd – authorized by ASIC (Australia) registration no. 406684; regulated by the South African Financial Sector Conduct Authority FSCA No.45984
  • AvaTrade Japan K.K. – authorized by FSA (Japan) registration no. 1662 and the FFAJ no. 1574
  • Ava Trade Middle East Ltd – authorized by FRSA (Abu Dhabi Global Markets (ADGM)) registration No.190018
  • AVATrade Ltd – authorized by B.V.I Financial Services Commission

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What is AvaTrade?

AvaTrade is one of the leading, globally presented broker with over than 200,000 trusting clients worldwide. A regulated on 5 continents forex broker that providing customers with sophisticated trading solutions, regardless of user knowledge or experience, by bringing the possibility to enter the market trade through numerous, adaptable platforms, tools and options.

Ava also is a multi-national company, which headquarters in Dublin, Ireland but operating regional offices. These including entities in Paris, Dublin, Milan, Madrid, Tokyo, Beijing and Sydney, as well in South Africa, Chile, Mongolia, Nigeria and newly established UAE brokerage.

Pros Cons
• Heavily regulated broker with excellent reputation

• Forex and CFD Cryptos offered

• Great trading tools

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• Fast digital account opening with Demo account

• Wide range of deposits and withdrawal options

• Quality customer support with live chat and fast response

• Phone support not available 24/7

What Type of Broker is AvaTrade?

AvaTrade is a broker that offers range from Forex pairs, CFD trading to Cryptocurrencies available to trade with no restrictions on short selling or scalping. Generally, AvaTrade is an STP and OTC broker that also uses high-technology for order executions, means quotes received from interbank and connected to the market itself.

10 Points Summary

1. AvaTrade is global broker headquarters in Ireland and offices around Europe, Asia and more

2. Strongly established broker with numerous regulatory obligations including licenses from ASIC, FSCA, JFSA and Central Bank licenses

3. A great amount of assets to trade including Stocks, CFDs on Commodities, Forex, Bonds, Metals, Cryptocurrencies and Vanilla Options

4. Demo Account – Available

5. Minimum deposit – 100$ which you can deposit with credit card

6. Trading costs and spreads are low

7. Variety of platforms to choose from including MT4 and proprietary AvaTradeGO, along with social trading platforms

8. Trading tools are provided through trading academy and are on a very good level

9. Great education and learning center defined by the level of experience

10. Customer Support will accompany all your trading experience and available in multiple languages

Awards

Within a few short years since its launch in 2006, AvaTrade has expanded enormously, while Ava global customers executing more than two million trades a month on over 250 instruments.

It’s not a wonder that Ava has earned numerous industry awards since over 10 years of successful activity, in addition to wide support programs launched by Ava. Apart from them, AvaTrade (previously known as Ava FX) was rewarded for its excellent service and the trading technology that confirm brokers’ strong and reputable position in the industry, which we will see why it is like that further in out AvaTrade Review.

Is AvaTrade safe or a scam?

As a multi-presented company, Ava follows strict rules of the Client Asset Regulations and procedures, which are obtained from the main parent company license issued by the Bank of Ireland and other regulations. In simple words its means the broker is constantly overseen and its trading solutions are aligned to safety measures or controlled at any stage.

Pros Cons
• Heavily regulated international broker

• Cross border licenses and global coverage

• Negative Balance Protection applied

• Not listed on Stock Exchange

Is AvaTrade legit?

Yes, AvaTrade is a fully legit and regulated broker in each jurisdiction, as hold necessary licenses and regulatory obligations apart from its main establishment standards regulated by Ireland. This information you may check from the official AvaTrade website, as well as through the authority website. Also, you may find the links of the licenses provided in AvaTrade Review and definitely should always verify for its true state.

Is AvaTrade regulated and by whom?

There are numerous entities Ava respectfully established apart from being regulated by the Central Bank of Ireland. Which also includes authorization from the world famous regulatory bodies ASIC (Australia), FSP (South Africa), FSA (Japan), Abu Dhabi authority, ESMA in European Union, British Virgin Islands and more.

Therefore, AvaTrade is heavily regulated and obliges with internationally recognized laws that keep brokers’ reliability at a certain level of trust and considered to be a safe broker to trade with.

How are you protected?

The set of regulation requirements enables protection to the clients and including – funds segregation, means all client funds are held separately from the firm funds with international banks under encryption. Security of the traders accounts with Investor Protection amount and Compensation Schemes in case the broker goes bankrupt, which is slightly different in each jurisdiction.

As well as fully audited trading procedures that are strictly checked by the authority on a daily basis in addition to negative balance protection.

Leverage

Leverage is a quite known instrument, which obviously increases the initial capital you trading with and can be a very useful tool to magnify your potential gains, but in case you use it smartly. However, always note that higher leverage can work in reverse too.

Risk Level

The risk level is defined by several factors, and of course, leverage dramatically increases your risks to lose money as well.

AvaTrade as a regulated broker complies to slightly different trading conditions or regulatory obligations according to the set of rules established by the particular authority. This means that European traders or those clients that are registered with AvaTrade European entity will fall under ESMA regulation that recently limited Leverage.

  • European traders leverage is maximum 1:30
  • International traders or Australian clients can still use leverage until 1:400

Accounts

Another important note in AvaTrade Review which applicable, once we are sure broker is a reliable one, is to define what account types are available. Also, further we will see the full details on trading costs, platforms and other data that will follow.

Pros Cons
• Fast digital account opening

• Single Account with VIP club option

• Demo Account and Live Account

• Islamic Accounts

None

Do all countries accept AvaTrade?

There are numerous countries around the world the resident of which may open an account with AvaTrade. However, there are some restrictions applied, mainly due to regulation in a particular country and specified laws in the country or another. These restricted countries include the US, Iran, Israel and a few more, but generally, Ava accepts almost all countries.

Types of Accounts

AvaTrade does not diversify clients by the choice of account types but offers a single Standard account, just further, defining specified conditions for Corporate account or Islamic Account. Also you may open Demo account at the beginning to test brokers’ environment.

Accounts Swap free available for traders following Muslim belief or the ones who wish to trade markets according to Sharia principles, which is definitely a great option for world traders.

In addition, if you’re a professional trader with relevant experience and proof of that, you may be entitled to a Professional account where additional benefits are offered.

But first of all, you should proceed with the account opening and these are the steps to do so.

A Step by Step guide on how to open an account

1. Select and Click on AvaTrade Sign In page. You may also sign with an existing account on Facebook or Google.

2. Enter the required personal data (Name, email, etc.)

3. Verify your personal data. The broker may ask a residential proof, utility bill, etc.

4. Complete the electronic quiz to confirm your selection of an account and your experience

5. If applicable request Islamic account opening

6. Once your account is activated and proved, follow with the money deposit. See further paragraphs in our Review on how to do it.

Trading Instruments

So what you can trade in AvaTrade? Markets presented at Ava offering you over 250 instruments ranging from FX pairs to Vanilla options, CFDs on Commodities, Stocks, Indices, ETFs, Bonds and Cryptocurrencies.

Does AvaTrade have Nasdaq?

So yes, AvaTrade has Nasdaq in its trading list as well, eventually Ava offers truly great range so you will surely find a suitable portfolio for yourself.

AvaTrade Cryptocurrencies

AvaTrade offering to work on the pairs with Bitcoin trading, Ethereum, Ripple, Dash, Litecoin, Monero, NEO, IOTA, Zcash, Qtum and more. Cryptocurrency trade supported by both MT4 Platform or AvaTradeGO, and can be used with quite competitive spreads, no commission charges, leverage up to 20:1 and ability to start trading with as little as $100.

AvaTrade Fees

All trading transactions performed on AvaTrade platforms are subject to the trading charges that are consisting of Spreads and Overnight fees.

Generally, AvaTrade spreads are average fees or even low spreads comparing to similar proposals and broker’s competitors. Also, while selecting the broker you should check not only spread but also consider non-trading fees, withdrawal fee or other charges which applicable so that you will see the full picture.

Pros Cons
• Average trading fees

• 0$ Withdrawal fee

• Inactivity fee – 50$

• Administration fee for non-use account

Here is snapshot of AvaTrade fees

Also, see below the comparison table with a typical AvaTrade Spread and compare brokers to other CFD Brokers with CFD fees, commission or inactivity fee if applicable. However, always note fees are presented as an indication only and may widen to volatile conditions, especially Cryptocurrency spreads that depend on current market conditions.

Trading Fees of AvaTrade vs Similar Brokers

Asset/ Pair AvaTrade Fees eToro Fees Plus500 Fees
EUR USD 1.3 pips 3 pips 0.6 pips
Crude Oil WTI 3 pips 5 pips 2 pips
Gold 40 45 29
BTC/USD 0.75% 0.75% 0.35%
Inactivity Fee Yes Yes Yes
Fee ranking Average High Low

Trading fees

However, total fees are always defined by several points, which are consistent with the CFD spread as the main fee, commissions if applicable, conversion fees while you hold account in different base currency. And lastly inactivity or non trading fee. AvaTrade charges no commissions, as all fees are built into a spread, alike typical USD EUR 1.3 pips which is a difference between bid and ask price.

CFD Fees

CFD trading at AvaTrade gives you the opportunity to trade Commodities, Bonds, ETFs, Indices and Stocks. Generally, AvaTrade CFD fees are average level, yet Index CFD offered at a very competitive level as example Europe 50 CFD is 0.6$.

Forex Fees

Forex fees are remaining also at the average level, while major currency pair offer pleasant cost wise, along with over great opportunities to invest AvaTrade offers. Also, Forex and CFD assets spread might be calculated in a slightly different way, since spreads may vary according to country rules, yet all remain clear and transparent with AvaTrade.

Also, always consider Overnight fee or interest rate is a fee which should be paid in case the trading position is opened longer than a day, or overnight. In this case, you should calculate a small percentage that will be added above, yet, also subject to change on a particular instrument, hence may cause you even to gain on rollover.

How to use the AvaTrade Forex calculator

So in order to manage your risk or not let you confused about charges, while trading you may also use great tool AvaTrade provide. Which is Forex Calculator that allows to consider and see all costs, losses or profits. Here are the steps on how to use Calculator.

  1. Select instrument you trade
  2. Choose account currency
  3. Add leverage level
  4. Set either buy or sell position
  5. Lastly, choose the platform you’re using

Non trading fees

Lastly, there is an inactivity fee that is charged if you didn’t show any activity or open trades for a period of 3 month. In this case you will be charged 50$ per quarter. Moreover, the broker sets a fee for administration of 100$ in case you didn’t use the account for 12 consecutive months, so you better keep an eye over your account.

Deposits and Withdrawals

Being able to access your funds, fund your account with an initial deposit through a bank account with no complication is another core of the options trading. And while choosing a broker you should consider that point too, so here there are also good options offered by AvaTrade.

Pros Cons
• Fast digital deposits, including Credit Card, Debit Card, Electronic Wallet

• Withdrawals free of charge

•Withdrawal requests take up to 3 days for some entities

Deposit fees and Options

As a licensed broker that obliges to safety measures in various jurisdictions, Ava offers several convenient ways of depositing money into the account, these includes

  • Credit and Debit Card,
  • Wire Transfer
  • Electronic Wallet payments alike PayPal, Skrill, Webmoney and Neteller (available to all clients except EU & Australia residents)

Minimum deposit requirement

By the AvaTrade policy, the minimum deposit by Credit Cards or Debit Cards which is $250, or $500 by the Bank wire transfer. Yet you may need to deposit even smaller amount, starting from 100$ which depend on your trading entity. However, also always check on the necessary margins and trading costs in order to open position or define the invested amount.

Account base Currencies vs Similar Brokers

AvaTrade eToro Plus500
Bank Transfer V V V
Credit Card, Debit Card V V V
Electronic Wallets V V V
Base Currencies 5 1 10

Why is it important to compare base currencies with similar brokers?

In simple words, it means you avoid currency conversion fee and may transferwise or withdraw money to your bank account, debit cards or credit cards, when applicable, with no extra charges. All in all it makes your money management smooth process, which is indeed very useful.

Withdrawal fees and Options

Smooth withdrawals are definitely crucial for any trader, thus AvaTrade understanding that point typically process requests within 1-2 business days and does not charge any withdrawal fee. It is a good point to us, yet note that due to anti-money laundering regulations funds have to go strictly through the same source as the deposit was done including credit card or debit card.

Also due to regulations and international transfer laws, it may take additional days to receive the payment. For instance, you may also check out and compare AvaTrade fees to IG.

Here are the steps to withdraw money from AvaTrade

By a simple follow of instructions, you may access your account and submit a withdrawal. And of course, you may always count on great help center which is remaining at your assistance.

How do you withdraw money from account?

1. Login to your account. Select on Withdraw Funds’ at the menu tab

2. Fill in the form and enter the desired withdraw amount

3. Choose the withdrawal method

4. Complete the necessary form requirements

5. Confirm withdrawal details and Submit

Trading Platforms

AvaTrade offering a truly wide selection of platforms and tools, it is not an overstate that each client will find his suitable way. So let us take a closer look at a range of AvaTrade platforms while all of them available through Web, Desktop or Mobile Apps tailored to iOS or Android devices.

Scores & Availability of different platforms

• Great proprietary Web trading platform

• A choice between Web, Mobile and Desktop

• MetaTrader4 and MetaTrader5 offered

• Specialized software for social, automated and algorithmic trading included into proposal

• AvaOption for Options trading

• Web and Mobile App AvatrageGO for iOS and Android

• Easy to navigate and simple to use software

• Support of different languages

None

Web Trading Platform

As part of its commitment to empower traders, Ava caters to every type or level while each of its platforms provides an option to trade manually or automatically on a variety of financial instruments. Also, UK clients may request spread betting opportunities.

WebTrader as a innovative platform is a great option for beginning traders, as it features an intuitive interface and great design simple to use or understand.

• Proprietary Web trading platform

• User friendly design and login

• Price alerts and push notifications

• Supporting many languages

• WebTrader is more suitable for beginners

Languages available on the Web Trading platform

It is also very important to use the platform through your native language, therefore AvaTrade supports truly numerous languages, so you may select your best preferences. Available languages including but not limited to

Look and Feel

AvaTrade platform either web one or its additional software MT4 or MT5 features clear look and simple navigation. So whether you’re beginning or professional you will be happy to see intuitive design yet with powerful capabilities of tools. Also, you may choose the most suitable software according to your need either from WebTrader, AvaTradeGo app, Mac Trading or AvaOption platform.

Which was developed by Ava and allows you to enjoy another level of Options trading or FX with calls and puts, use of embedded tools and overall easy trading experience.

Login and Security

Accessing your account either through MT4 or MT5, along with other Ava platforms is a quite simple process. If you login through Web version you simply need to follow steps of security login.

In case you use AvaMetaTrader you need to install the desktop program then click on File-> Login to Trading Account, while typing your credits so then you’ll enjoy trading instantly.

Search Functions

One of the good features at the Ava platform is its search function, offering you easy navigation between the instruments or products you wish to trade. So by simple search line you will find the desired instrument through an advanced search between assets or options through a use of symbols.

Order Types

AvaMetaTrader or other platforms allows you to set specialized order types in order to manage risks, or set, adjust and manage profits or losses at any time. You may set either Trade Market or Pending order also specifying Stop Loss, Take Profit, Trailing stop and select desired type of executions. Also you may always modify your order through Order Modification Window. Eventually, you should stick to your strategy strongly and always set risk management tools for your successful trading experience.

Also note, AvaTrade does allow the holding of both Sell and Buy position known as hedging strategy.

Alerts and notifications

Platforms also powered with advanced technical indicators, charts and real-time price alerts with notifications which you may receive to your email. Thes

Desktop Trading Platform

It is still an option to use at AvaTrade desktop Platform which is an industry leading software very common, very powerful, yet allows flexible trading with a full capacity of auto or robot trading. You also can switch to MT4 Variable Spreads that offering the trade with lower spreads, starting at 0.9 pips and derived directly from the market liquidity, or to choose the fixed spread.

• Choice between platforms

• Suitable for professional traders or beginnersc

• Many languages supported • No Face login

Automated Trading

And the last but not the least, the AvaTrade Automated Trading capabilities, a very useful and promising tool especially for beginning traders. So Avar brought a variety of auto-trading software that enables copy or mirror the experienced strategy of successful traders.

AvaTrade offers few platforms to access auto trading which includes: DupliTrade is another successful social platform available for your opportunity, which suited for MT4 floating spreads and automatically copies the trades.

You still may also use ZuluTrade – one of the most popular auto trading software, and MQL5 – designed for MT4 terminal and enhancing signals service to auto-trade.

Mobile Trading Platform

Mobile app which AvaTrade absolutely proud of is AvaTradeGO, which is simple to use and offers a wide circle of tools at the same time. The App features a friendly dashboard with advanced tools and step-by-step guidance for trades opening, activity feedback and support.

As well, the platform allowing management of multiple MT4 accounts or switch between demo, real and variable spreads accounts.

• Proprietary App

• Customer friendly and easy to navigate

• Price alerts with notifications right at your mobile

• Many languages supported • No Face login

Customer Service

So getting to AvaTrade customer support it provides 24-hour live support available through live chat, email, phone support in 15 languages. Eventually, AvaTrade offers some of the greatest quality support with fast and reliable answers and a huge range of free of charge lines all around the world.

Pros Cons
• Quality customer support with live chat

• Fast response

• Phone support not available 24/7

Education

In addition to its some of the good quality trading offering among industry, all clients can enjoy absolutely stunning education resources. As Ava states that inspiring and expanding horizons of traders is the main part of everyday trading life.

Pros Cons
• Superior level educational videos and resources

• Tutorials and webinars defined by the traders level

• Free Demo account available

None

Therefore, education center constantly develops and features both Forex and CFDs trading information with Live Webinars, Technical Analysis, educational tools and much more. Along with proposal as a premium designed unique source with video tutorials divided by traders level, which is definitely great.

Also, you can choose a risk-free account at the first step with AvaTrade known as a demo account allowing to practice strategies and test the offered systems. So whether you beginning trader or professional one there is the right tool in AvaTrade box for your better practice.

Research

Also at AvaTrade you will find great research tools and materials, while you may use Autochartist when trading through MetaTrader. Along with other user-friendly tools including calculator, fantastic and clear charting with built-in News Feed and other essential trading data for your better trading. Also, you may sign in for the most recent market analysis which provided by professional AvaTrade educational site Sharp Trader.

Pros Cons
• Wide range of trading tools

• Trading ideas and social options

• Fundamental Analysis, Sentimental Analysis and Technical Analysis

• Economic Indicators

• None

Conclusion

Overall, AvaTrade Review shows us a broker with an expanded trading strategy available and a certain way of dealing with market and clients that gained a reliable and respected reputation. Ava flexibility in terms of platforms, currency pairs and a number of provided solutions is another key advantage to their positive side.

The broker offers competitive costs and excellent education material suitable for traders of different levels. While Ava continues to expand its trading range and capabilities you, as a trader, may gain multiple options for investment or trading all accompanied by a great reputation.

What we also like is AvaTrade high-tech access to an expanded range of the instrument and multiple platforms either for manual, algorithmic or social trading.

Apart, AvaTrade is an active social member company that supports numerous activities and other global strives. One of them is a partner with Manchester City premier league champions. Which is always a good plus, meaning the company maintains an excellent reputation not only in its direct area of business but beyond as well.

So all in all, within our AvaTrade for us it becomes clear from numerous favors that AvaTrade is a good choice for beginning or veteran traders. Indeed, its competitive conditions having all the potential to turn into an exciting collaboration.

Yet, it is always great to hear your personal opinion about AvaTrade. So you may share your experience or thoughts or discuss them below or ask us for additional information.

Forex Auto Traders: A Scam or A Gold Mine

Automated Forex trading, also known as auto Forex trading, is the process in which you allow a computer program to either trade your Forex account or recommend trades which you may then execute manually.

The computer program executing or recommending trades will operate according to a set of rules which will govern the generation of trade entries and trade exits.

Implementing automated Forex trading can be done by either building your own computer program, buying one, or even obtaining one for free, and then attaching the program to your trading platform. Many Forex trading platforms, especially MetaTrader 4 and MetaTrader 5, are designed to accept such programs easily.

The main advantages of auto Forex trading are that it can remove emotional and human factors from your trading, and also that it can execute trades 24 hours per day and free the trader from the need to be sitting in front of a computer terminal.

The main disadvantages of automated Forex trading are firstly, that if there is any bug in the software, it can make a huge amount of unnecessary or poor trades very quickly and blow your entire account. Secondly, if you buy a program whose rules are secret, and you entrust it with your account and leave it running, you may return later to find very unexpected results. This is why it is very, very important to back test thoroughly any auto Forex trading program or “robot” before attaching it to a trading platform on which you are running a live, “real money” Forex trading account.

How Do Forex Automated Systems Work?

If you are going to trade Forex, sooner or later you will hear about automated Forex trading systems. They are also called “robots”, “expert advisors”, and “auto traders”. No matter what you call them, they all operate in a similar manner. While the exact technical set ups will vary from system to system, the operation of them will essentially be the same.

You will download and install the system to your Forex trading platform and set up should only be a couple of steps. The basic premise of these things is that they are essentially an “add on” to your trading platform. This allows for easy installation, and uninstalling is just as simple. Because of this, many traders will actually have several different systems that they use in a variety of market environments.

The systems will fall into two basic categories: automatic and semi-automatic. The automatic ones will place trades for you, without any input from you at all. The semi-automatic ones will simply give you a signal or suggestion as to which way to trade a particular currency pair, and you may then place the trade yourself.

The automatic systems will simply buy or sell based upon a possibly complex mathematical formula that tells the computer when it is time to enter or exit the trade. The automated Forex brokers system simply does all of the work for you. It is very common for these systems to have a hidden proprietary algorithm that you never see in order to make these decisions. The one thing they will all have in common is that they are all mathematically based. Hiding the algorithm is just a simple way of protecting their intellectual property.

The auto Forex trading system type offered by Forex automated traders will simply let you know when it generates a signal to buy or sell. The system will still have that hidden algorithm that you won’t see, but instead of it automatically placing the trade on your behalf you will often see some kind of pop up alert when it is time to trade. You can then choose as to whether or not you want to trade the signal, allowing greater flexibility for the trader.

The majority of these systems are made for the MetaTrader 4 platform as it is by far the most popular one out there. There are systems made for other platforms such as DealBook 360, NinjaTrader, TradeStation, and many others. However, you will find a huge supply of them for the MetaTrader 4 platform as even the brokers that use other platforms will often offer MetaTrader 4 as well. There is also a large amount available for the MetaTrader 5 platform, which is not always compatible with MetaTrader 4.

The better Forex automated trading systems will come with a money back guarantee. Because of this you should be able to feel somewhat comfortable with the software as your money can be refunded. However, it is recommended that you try a new system out on a demo account just to make sure it performs to your required standard. Like anything else, there will be some that are better than others and your mileage may vary so to speak.

Forex Auto Traders: A Scam or a Gold Mine?

The rapid speed at which the Forex market is growing has many consequences, some better than others. On the one hand, there are endless resources online for learning and becoming an expert on the largest most lucrative market in the world. There are also many more people around the world who are spending their days and nights testing the waters of Forex trading.

Other positive outcomes of Forex growth are more Forex brokers and services from which a trader can choose. On the other hand, the great popularity of Forex brings with it some problems that require caution on the part of the Forex trader. One of the biggest issues in today’s online Forex community, as well as the general Web community, is spam. When it comes to surfing the web and encountering annoying popups or receiving bogus emails, as annoying as these occurrences are, 99% of the time, they are annoying and nothing more. Of course, there is the occasional online scam, but with the widespread use of online communication such as email, messenger, and social media, most people know to stay away from those types of things.

When it comes to Forex spam, however, it is a totally different ball game. There is money to be lost as a result of the different types of Forex spam that traders encounter on a daily basis. The most common type of Forex spam is advertisements for Forex robots or auto forex trading systems. The big question regarding these auto traders is “Are they all bad? Are there some legitimate ones and are they worth trying”? The answer is that they are NOT all spam and that there is a LOT of money to be made by using auto traders, but for that, you need to do your homework.

An Introduction to Auto Traders

First, let’s try to understand why one would use an auto trader and what are its advantages. As, we said earlier, one of the biggest downfalls of the Forex trader is emotion. While being in touch with your emotion will get you far in life, it will set you back in your Forex trading. It is important to set yourself a trading strategy and stick to it, NO MATTER WHAT. This is harder than it sounds. Just imagine you define your trading technique, and for days, all you see are losses. Could you control yourself and not become overly emotional at this result?

Alternatively, if you are seeing constant profits, would you not be swayed by greed to trade with too high a risk? It would only be human. Precisely for this reason, it can be a smart tactic to remove the human factor from your trading. The way to do this is to automate your trades.

There are many auto traders out there that perform technical analysis and decide when to open or close trades, while its primary “concern” is to keep you on the winning side. Unlike Forex brokers who occasionally profit from your loss, auto traders work for you and not against you. This could of course be a reason to be wary of Forex auto trader which you see promoted by Forex brokers! Another reason to use auto traders is that they can trade 24 hours a day, even when you are not near your computer.

Imagine, you can be at a friend’s party and find out that you just made a huge profit, it’s like the feeling you get when finding money in your pocket multiplied by 100. Let the auto trader do all the work while you sit back and enjoy the fruits.

Finally, auto traders can be a great and effective trading tool for any Forex trader, no matter how experienced they are. However, it offers a huge advantage to new traders. They do not need to know the market, how to read the charts, or what a certain currency will do in the market today. Essentially, you do not need to know anything about the Forex market, and you can become a very successful Forex trader.

Choosing an Auto Trader

Now that we have established that Forex auto traders can be a wonderful thing for traders, how do you choose one?

There is no one way to decide which auto trader to use. An important and crucial tip in ensuring your auto trader is legitimate and will bring you profits and not losses, is of course to read reviews. You can read professional reviews as well as user reviews, but make sure these are objective opinions and not written by the people who are behind the system that is being reviewed.

Before entrusting your money to an auto trader, you should back test the auto trading program against many years of real historical Forex data, ideally over 20 years. Then you can see how badly it would have done in a “worst case” scenario. A good risk manager would plan to encounter another scenario which would be twice as bad. So, for example, if your back test shows that the auto trader lost as much as 30% at some point over the last 20 years, you should plan for a worst-case scenario of a 60% loss in the future. Of course, you should be able to adjust the risk by playing with the position sizing element of the auto trader to ensure that the risk is adjusted to the worst drawdown you are prepared to sit through.

Another way to take precautions before buying a Forex auto trader is to look for a few signs when examining the company at hand. Here are a few questions you should ask yourself when choosing a Forex auto trader:

  1. Do they offer a money back guarantee?

Most reputable auto traders are so confident that their product works, they will offer a money back guarantee ranging anywhere from 30-60 days after the purchase. This means if you buy the software and realize soon after, it is not for you, you can receive a complete refund. This is a must when choosing a Forex auto trader. If you have this guarantee, it lowers the risk of a scam to virtually zero.

  1. Do they offer a free demo?

Similar to choosing a Forex broker, one of the first things you need to do when choosing an auto trader is test it out. When buying a car, would you not test drive it first? Make sure to do the same in your Forex trading. Test out the software before purchasing it. However, it is also important to take into account that demo accounts are not always 100% accurate, so take the results of the demo with a grain of salt.

  1. Does their website annoy you?

Lastly, this is a universal rule when it comes to buying anything online. Go to the vendor’s site and look out for any popups/illegal activity/inappropriate advertisements. This is not always the case, but it is a precaution worth taking. 9 out of 10 times, a site that displays annoying and shady popups will offer a questionable service as well. If this vendor associates itself with shady businesses or the online pornography industry, you should think twice before investing your money in such a company. As I said, this is not across the board, there are some very legitimate online businesses that feel that a popup covering your entire monitor is effective marketing. They are wrong, but that does not make them a scam.

The bottom line is that online scammers choose to scam in areas that are full of potential. Nobody is going to click on a spam advertisement for a computer from 1981, scammers know what they are doing, and they choose topics that will draw attention. Forex auto trading has endless potential when it comes to making you significant profits, but just like anything else online, you must proceed with caution

Adam Lemon

Adam Lemon began his role at DailyForex in 2020 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy

eToro Review – Is This Service a Scam or Legit?

eToro Review
  • Commissions and Fees

Summary

eToro is a global online brokerage with built-in social trading features. Many traders are attracted to eToro for their “copy” features which allow you to replicate the trades of other traders. Read our review to see if it makes sense to use eToro and copy other traders.

About Etoro

eToro.com is a global online brokerage enables users to trade a variety of financial instruments including stocks, ETFs, indices, forex, commodities and cryptocurrencies via CFDs (contract for difference). The intuitive mobile platform along with the social trading features have caused the popularity to flourish worldwide. The platform claims to have over five million users worldwide in over 170 countries executing over 250,000 million trades to date. eToro is currently not available for U.S. customers, but is working on making it happen soon.

Originally launched as a forex trading broker by brothers Yoni and Ronen Assia and their partner David Ring in Tel Aviv, Israel in 2006, the platform has since expanded to include stocks, commodities and cryptos. 2020 was a pivotal year as eToro rolled out their social network called Openbook which enabled the CopyTrading function allowing users to follow and autotrade the specific trader’s trades on the platform. Additionally, they rolled out their mobile trading platform on Android, which sparked growth like wildfire. The platform has evolved into a comprehensive one-stop shop for traders wanting instant access to some of the most popular global trading instruments.

eToro is a brokerage platform operating under two entities eToro Europe Ltd and eToro U.K. ltd. eToro Europe Ltd. is based in Limassol Cyprus and registered as a Cypriot Investment Firm (CIF). It is regulated by the Cyprus Securities and Exchange Commission. eToro U.L. Ltd. is based in London and regulated by the Financial Conduct Authority (FCA).

Commissions and Fees

Due to the global nature the eToro platform, certain countries and regions may have different policies, pricing and processing schedules. While eToro technically has “no-commissions” or “ticket-fees” on most trades, they make their fees from the spreads and additional fees like USD LIBOR for U.S. stocks. Here are the minimal spread fees . It’s best to confirm the rates specific to your country.

Forex trade spreads can range from two-to-five pips on the most popular major pairs like EUR/USD, USD/JPY, USD/CAD, GBP/USD and AUD/USD. As the pairs get less liquid, the spreads widen up to 20 pips or more for more exotic pairs like EUR/SEK.

Cryptocurrency trades are “commission-free” when opening a position, but (like forex) they make their fees on the spread. The spread can range from 1.5% for Bitcoin (BTC) to 3% Litecoin (LTC) to 5% on less popular (and liquid) currencies like NEO. The spreads vary during periods of heavy volatility and liquidity. BTC spreads can range from 100 to 225 pips. Therefore, it’s wise to consider using limit orders.

Commodities trade spreads range from two pips for copper to 45 pips for gold trades.

Stock and ETF trades have a 0.09% minimal spread fee for both buy and sells.

Stock and ETF trades held overnight (CFD trades leveraged or sold short) incur additional daily fees of 6.4% + one-month LIBOR for buy orders and 2.9% + one-month LIBOR on sell orders. (IE: A $1,000 value buy order results in a $0.22 daily fee. A short-sell position results in a $0.12 daily fee.)

The minimal account starting account balance ranges from $200 to $10,000 (residents of Israel) depending on your region. However, a demo account is provided free-of-charge just for registering as a user. There are no software fees. There is a $5 inactivity fee if no trades are made during 12-months. There are also various withdrawals fees based on the region.

eToro Platform Features and Tools

The platform is accessible on desktop as well as mobile on Android and iOs. There is no direct-access trading and the order entry is suited for investors and newbie traders who don’t require sophisticated tools. The navigation is very intuitive and fits like a glove for most experienced traders with a very shallow learning curve. The demo is identical to the live account platform, which makes it easy to learn.

Charts

The eToro Procharts has various types of charts including candlestick, bar and line with time frames ranging from 1-minute to monthly. It has drawing tools that enable trend lines and basic indicators from moving averages to Bollinger Bands. Multiple charts can be opened on the workspace to show multiple time frames on a single asset or multiple assets to compare performance and any combination of each.

Users can click news for access to headlines and articles relating to the underlying symbol. The newsfeed also allows for keyword searches or a general stream of headlines that you can configure by symbols, themes or markets.

Watchlists

Traders can create watchlists of their favorite markets and trading instruments. It’s pretty fluid and impressive having such a variety of diverse products all in a single window. You can also set up watchlists of traders on the platform to follow their performance and trades. Ultimately, you may consider the CopyTrade function if the style and strategy fits yours preferences.

Margin/Leverage

eToro renames leverage as ‘risk level’ , which can range from 2x to 400x depending on the underlying financial asset. The max risk level on stocks range between 5x to 10x. Currencies range from 50x to 400x. ETFs have a max 5x and commodities range between 10x to 100x. There is no leverage provided for cryptos. With this kind of leverage, it’s crucial that newbies understand they can owe more than they have in their account if margin calls trigger.

eToro’s Trading Academy

From live webinars to e-courses and training videos, eToro provides a nice array of learning content to get newbies situated with the platform. The material doesn’t dive too deep into specific methodologies, that’s on the user. However, the instructional content allows for quicker acclimation to the platform.

Order Entry

The order entry windows have a comprehensive set of user-configured conditions. The ability to place limit orders with conditions like risk level (leverage) along with pre-set profit and stop losses are very convenient. There is no ‘direct-access’ on stocks as all orders are routing through eToro based on their own spreads, which will different from other platforms since they factor in their fees.

Watch Lists

Users can create and customize their own watch lists or use the pre-set watch lists like the most active stocks or benchmark index stocks like the S&P 500 or Nasdaq 100. Stocks can be linked to charts so simple click on any symbol in a watch list can quickly update the chart along with all your indicators and studies.

Social Trading

This is one of the most unique aspects of eToro. While many fintech’s have tried the social network approach to markets, eToro set up a system that is equally rewarding to both the following and followed traders. This is the main platform differentiator coupled with the convenience of mobile trading.

CopyTrader

This function enables users to allocate up to 25% of their accounts to autotrade, mirror, the trades placed by selected Popular Investors . This win-win situation enables followers to mirror performance while the traders receive various fees and benefits based on the number of ‘Copiers’ autotrading their trades. Users can also apply to be a Popular Investor for an opportunity to earn fees based on level rankings from Cadet to Elite.

CopyFund

There are two types of CopyFunds. Top Trade CopyFunds include top performing traders for specific strategies and mirrors their trades, whereas Market CopyFunds are based on financial assets only, not traders. These are constructed by eToro’s investment teams. Minimum investments are $5,000.

Customer Service

eToro has 24/5 customer service via online/mobile chat. Visitors and existing users have access to the help center and ability to open tickets. The website operates in 14 different languages.

eToro Platform Differentiators

eToro stands out due to the social tools incorporated into the platform. There are very few established companies that offer social trading features and “Copy trading.” That said, traders should be careful to not become overambitious in their pursuits of profit. Copy trading is not always as simple as it sounds.

eToro also covers a wide range of assets, including stocks and Forex.

What Type of Trader Is eToro Best For?

eToro is an exciting brokerage platform that takes a direct approach to social investing. This platform is great for beginners to seasoned traders and investors, who are educated in the underlying financial assets they are trading. While the learning curve is shallow thanks to the tons of education and instructional content, it’s easy to get over confident with the leverage.

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