AvaTrade is an online broker for trading Forex, CFDs on stocks, metals, energies, indices, cryptocurrencies, FX Options, bonds and ETFs with no commission fees.
AvaTrade was founded in 2006. The broker is regulated in multiple Top-Tier jurisdictions and accepts traders from Nigeria.
We will review the trading conditions, fees, deposit/withdrawals, trading platforms and the customer support of AvaTrade Nigeria to see if this broker is right for you.
|AvaTrade Review Summary|
|🏢 Broker Name||Ava Trade Markets Ltd|
|📅 Establishment Date||2006|
|🏢 Address||Ava Trade Markets Ltd, Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands|
|🏦 Minimum Deposit||$100|
|⚙️ Maximum Leverage||1:400|
|📋 Regulation||FSC BVI, FSCA, ASIC, FCA, CySEC, FRSA, Central Bank of Ireland|
|💻 Trading Platforms||AvaTrade WebTrader, MT4, MT5 and AvaTradeGo available on PC, Mac, Web, Android, & iOS|
- Authorised by Top-Tier Regulators
- Offers commission-free trading
- Offers negative balance protection
- Low Minimum Deposit
- Supports multiple trading platforms and EAs
- Does not charge any fees for deposits or Withdrawals
- Charges inactive account fees
- Do not have 24/7 customer support
- Does not offer NGN account currency
- Slow processing of deposits and withdrawals
Is AvaTrade Safe for Traders?
AvaTrade is licensed in multiple jurisdictions by top-tier financial regulators and this makes them trustworthy for traders in Nigeria.
You can find details of AvaTrade’s regulatory status in South Africa, Europe, the UK and Asia below.
1) Financial Services Commission (FSC), British Virgin Islands (BVI): AvaTrade is regulated in BVI, by the FSC as ‘Ava Trade Markets Ltd.’
Traders from Nigeria are registered under this offshore regulation. Note that because AvaTrade is not regulated in Nigeria, you are trading at your own risk as the offshore regulation may not protect Nigerian traders.
2) Financial Sector Conduct Authority (FSCA) in South Africa: AvaTrade is authorised by the FSCA to provide financial services in South Africa as Ava Capital Markets (Pty) Ltd with FSP number 45984, issued in 2015.
3) Financial Conduct Authority (FCA), United Kingdom: AvaTrade is authorized in the UK by the FCA as Ava Trade EU Limited with Reference Number 504072 and has been given Temporary Permission to offer certain financial services in the UK following EEA (European Economic Area) authorization.
4) Australian Securities & Investments Commission (ASIC): AvaTrade is registered in Australia and regulated by ASIC as Ava Capital Markets Australia Pty Ltd with ACN 143 340 907, issued in 2010.
5) Central Bank of Ireland: AvaTrade is registered in Ireland, regulated by the Central Bank of Ireland, and authorized as an investment firm with reference number C53877 in 2009. Ireland serves as the headquarters for AvaTrade.
6) Financial Regulatory Services Authority (FRSA) of Abu Dhabi Global Markets (ADGM): AvaTrade also has authorization as an investment dealer in the UAE as Ava Trade Middle East Limited, regulated by the FRSA with permission number 190018 issued in 2020.
AvaTrade operates a fixed leverage system traders are subject to maximum leverage of 1:400 on AvaTrade and some instruments have lower leverage ratios.
With AvaTrade maximum leverage of 1:400, you can open a trade worth 400 times the size of your deposit. For example, if you despoit $100, you can open a trade position worth $40,000. Note that the maximum of 1:400 applies to forex majors and metals, other pairs have lower limits.
It is important that you do not use all your leverage when trading as it increases your risk exposure. It is best to avoid trading CFDs if you do not have experience or understand it as you can lose all your money.
AvaTrade Account Types
AvaTrade offers only one type of account to traders in Nigeria, which is the Real Account.
They also offer demo accounts for beginners and a no-swap Islamic account option upon request.
Below, you will find information about the different account types at AvaTrade.
1) Real Account: When you sign up with AvaTrade, you will automatically become a Real Account trader. You can trade on a variety of financial instruments, including forex pairs and CFDs on bonds, stocks, commodities, precious metals, energies, FX Options, ETFs, cryptocurrencies and indices.
Deposits and withdrawals of funds to your account are free of charge and no commissions for opening or closing trades on instruments.
Swap fees are charged for maintaining a position that remains open overnight, and the spreads on EURUSD start from 0.9 pips.
This account attracts an inactivity charge of $50 and an administration fee of $100 each month when it stays inactive for a period of three or 12 consecutive months respectively. However, your account will not incur a negative balance if it has no funds.
To start trading with the Retail Account, you must deposit a minimum of £100 and trade with a minimum of 0.01 lots with a maximum leverage of 400:1.
2) Islamic Account: AvaTrade offers swap-free Islamic Accounts to Muslims who want to adhere to sharia law in their trading.
If you want an Islamic Account, you need to first sign up for a Real Account and then contact customer support so that they can convert your account to swap-free Islamic status. Such requests are processed within 2 days.
The leverage and fees for this account are the same as the Macro Account except that it does not charge a fee when you hold a position overnight.
Note that AvaTrade Islamic Account holders are not allowed to trade FX currency pairs of ZAR, MXN, TRY, RUB, and any Cryptocurrencies. Additionally, Islamic customers pay increased spread fees on all trades.
AvaTrade Base Account Currency
While signing up for an AvaTrade account you can select United States Dollars (USD) or British pound sterling (GBP) as the base currency on your account and all your trades, deposits, and withdrawals will be measured in this currency.
You can set any of them as your AvaTrade account base currency and deposits in Nigerian Naira (NGN) will be converted to this currency.
AvaTrade Overall Fees
Fees on AvaTrade depend on several factors, including the type of account you have, the instruments you’re trading, and the volume of your transactions. An overview of trading and non-trading fees can be found below:
1) Spreads: When you trade any instruments on the platform, AvaTrade charges spread fees, which are the differences between the buy and sell prices of the financial instrument you are trading.
For example, if you’re buying EURUSD at 0.02250 and selling it at 0.02180, the difference of 0.0007 is the spread fee, also called pips.
The AvaTrade spreads are fixed. The typical spread fees for 1 lot size of major currency pairs are shown in the table below.
2) Commission fees: AvaTrade offers commission-free trading on all account types, a feature that allows you to enter and exit trades on any instrument without paying any fees.
3) Swap fees: Swap fees apply whenever you keep an open position on AvaTrade after midnight. The fee is based on the total volume of your positions and whether they are long (buy) or short (sell).
Your daily typical swap costs on AvaTrade for EURUSD on a trade size of 1,000 would be -0.0015% for selling, and -0.0060% for buying.
Since Islamic Accounts are swap-free, they do not pay any swap fees.
1) Deposit and Withdrawal fees: AvaTrade does not charge you any fees when you deposit money into your trading account or withdraw money from it. This applies to all payment methods.
Your bank or payment processing company may charge some independent transaction fee.
2) Account Inactivity charges: If you don’t log in to your AvaTrade account for three consecutive months, a fixed monthly inactivity fee of $50 will be charged. After 12 months of inactivity, an additional administrative charge of $100 will be added. However, your account balance won’t become negative if it has no funds.
How to Open AvaTrade Account in Nigeria?
To start trading on AvaTrade, follow the basic steps below to open a trading account.
Step 1: Visit AvaTrade’s website, www.avatrade.com, and click the ‘Register Now’ button highlighted in orange. If you do not want to open a real trading account yet, click on ‘Demo Account’ below ‘Register Now’.
Step 2: Type in your email address and create a password on the form that appears. Then click ‘Create Account’ to continue.
Step 3: After you click Create Account, you will be taken to the AvaTrade dashboard and asked to provide some personal details like date of birth, phone number, and full name.
Supply this information and then click the blue arrow button at the end of the form to go to the next page of the registration.
Step 4: Now you will be asked to provide some information about your income and employment status.
You will need to select a preferred trading platform (MT4 or MT5) and a base currency for your account. You can choose USD or EUR, then click on the blue arrow button to continue.
Step 6: Once you complete registration, you will be redirected to the AvaTrade dashboard.
Here you will upload identity and address verification documents to verify your account. Click on the menu (three bars) on the top right corner, then select ‘Upload Docs’.
Once you verify your account, you can add money to your trading account, begin to trade, and withdraw funds.
AvaTrade Deposits & Withdrawals
AvaTrade accepts the following payment methods for deposits and withdrawals: credit/debit cards, Skrill, Neteller, and bank wire transfers. These methods are visible on the deposit and withdrawal page of your account.
Below we have provided an overview of deposits and withdrawals on AvaTrade South Africa.
AvaTrade Deposit Methods
Here is a summary of payment methods accepted by AvaTrade for deposits.
|Deposit Methods||Availability||Charges||Processing time|
|Local Bank Wire Transfer||Yes||Free||Up to 10 business days|
|E-wallet||Yes (Skrill, Neteller)||Free||24 hours|
AvaTrade Withdrawal Methods
Here is a summary of payment methods for withdrawals accepted on AvaTrade.
|Withdrawal Methods||Availability||Charges||Processing time|
|Local Bank Wire Transfer||Yes||Free||up to 10 business days|
|E-wallets||Yes (Skrill, Neteller)||Free||24-48 hours|
What is the Minimum deposit for AvaTrade?
AvaTrade’s minimum deposit is $100 or €100 if EUR is your base account currency for all payment methods.
When you deposit for the first time with a card, it can take up to 24 hours to be credited due to security checks.
To deposit to AvaTrade, log in to your account and click the ‘Deposits’ link on the left side menu, select a deposit method, enter the amount you want to deposit then click on ‘Deposit’.
What is AvaTrade Minimum withdrawal?
On AvaTrade, there is a minimum withdrawal amount of $100 for wire transfers and $1 for cards and e-wallets.
To withdraw your money from AvaTrade, log in to your account and click the menu button on the left side of your dashboard, then click ‘Withdraw.’ Select a withdrawal method, fill out the withdrawal form and click ‘Submit’.
AvaTrade Trading Instruments
Below are financial instruments that can be traded on AvaTrade
|Forex||Yes||53 currency pairs on AvaTrade|
|Commodities||Yes||18 spot commodities on AvaTrade (Metals, Oil, Energies, Cocoa, and others)|
|FX Options||Yes||44 pairs of FX Option on AvaTrade|
|Indices||Yes||32 spot indices on AvaTrade|
|Stocks||Yes||629 stocks on AvaTrade|
|Cryptocurrencies||Yes||20 cryptocurrency pairs|
AvaTrade Trading Platforms
AvaTrade supports the following trading platforms:
MetaTrader 4 and MetaTrader 5: AvaTrade offers MT4 & MT5 trading applications that can be accessed on the web, desktop, and mobile devices (Android & iOS).
AvaTrade WebTrader: AvaTrade also offers its clients a proprietary web-based trading application, the AvaTrade WebTrader.
AvaTradeGo: AvaTradeGo is AvaTrade’s mobile trading application, available on both the App Store and Google Play Store.
AvaTrade Nigeria Execution Policy
AvaTrade is a market maker. This is evidenced by their fixed spreads and in-house dealing desk. They determine the bid-ask prices of the CFDs they offer and fulfill all of your trades for you.
In a review of their legal document, we observe that there might be cases of delayed connectivity and latency. If the prices displayed during this delay are favourable to you, AvaTrade can block the trade, void it, revoke your profits, or even widen the spread after you have placed the trade.
In addition, there are also price requotes. According to the document, if the initial bid-ask price offered to you does not reflect the ‘fair’ market rate, AvaTrade at its sole discretion can choose not to execute your order. Instead, they send you an amended quote for your consideration.
Furthermore, the document states that your Limit Orders will not be executed if the price moves to your advantage. This means AvaTrade does not have a system that seeks the best prices for traders.
AvaTrade Nigeria Customer Service
Avatrade customer support is available Monday through Friday via the following channels:
Live chat support: AvaTrade offers live chat support to traders via the website. The chatbot AvaGuide is available 24/5, but live agents are only available from 5:00 to 21:00 GMT, Monday to Friday.
The chatbot can answer a lot of questions about AvaTrade platforms, deposits/withdrawals, and more by prompting you with options when you ask a question.
In order to chat with a live agent, just send ‘chat agent’ as a message and the bot will give you a couple of options. Select ‘Chat With An Agent’ and it will take you to a live chat session. You will need to submit your email address and name for this.
The AvaTrade live chat customer support for us was prompt when we tested it, with a response time of about 1 minute. The answers provided were both accurate and relevant.
Email support: AvaTrade offers email support during business days, so you can send them an enquiry through their contact us form on their website.
When we sent an enquiry through the form, we got no response. But you can send a direct email to the AvaTrade email address at [email protected].
When our team tested by sending a direct email, we got an auto-generated email acknowledging receipts of our enquiry and a support representative replied within 30 minutes.
Phone support: AvaTrade offers phone support to traders on the platform in different countries. The phone support is available during business hours from Mondays to Fridays. The AvaTrade Nigeria support phone number is +23412278891.
To reach AvaTrade WhatsApp support, you can send a message to the following number: +447520644093.
Physical Office: AvaTrade has no office in Nigeria. AvaTrade Headquarters is in Dublin, Ireland. Although the office is not open for clients to visit. All clients’ enquiries are made online.
AvaTrade Nigeria Bonus
AvaTrade offers a bonus to new traders in Nigeria on their first deposit of over $200 during the promotion. A 20% bonus will be credited into your trading account once you’ve made your first deposit and your account is verified.
Do we Recommend AvaTrade Nigeria?
Based on the safety of traders’ funds, AvaTrade is low risk because although they are not regulated Nigeria, they are regulated by ASIC & FCA which are Tier-1 financial regulators, as well as other Top-Tier regulators like FSCA, CySEC, ISA, and FRSA which will compel them to protect clients. However know that their protection rules my not cover Nigerian traders as the broker is not regulated in Nigeria.
The fees on AvaTrader are moderate, with spreads starting from 0.9 pips for major currencies and the broker charges no trading fees for currency pairs. AvaTrade supports trading on many platforms, including web browsers and mobile devices, which makes it easy to create an account and make trades.
Customer support at AvaTrade is not so good, while their live chat has very little wait time, they cannot be reached 24 hours a day, which means that if you ever need to contact customer support, you may be waiting a while to get assistance. There are brokers who offer 24/7 customer support.
AvaTrade Nigeria FAQs
Is AvaTrade available in Nigeria?
Yes, AvaTrade is in Nigeria as the brokers accept Nigerian traders. Traders from Nigeria are under their regulation with the B.V.I. Financial Services Commission as Ava Trade Markets Ltd.
How long does AvaTrade withdrawal take?
It takes up to 5 business days for you to receive the funds withdrawn to your credit/debit card, 24 hours for e-wallets, and up to 10 business days for a wire transfer.
Is AvaTrade good for beginners?
AvaTrade offers a Demo Account for new and prospective traders to try out the platform and its features.
AvaTrade’s negative balance protection means that traders do not lose more than the money in their account, making the broker a good choice for beginners.
Note: Your capital is at risk