AvaTrade is not regulated by CMA in Kenya but holds Regulatory licenses with FSCA of South Africa and ASIC of Australia. AvaTrade offers Fixed spreads which are low on various forex and CFD instruments.
AvaTrade is a well-regulated market maker that offers low-cost trading on forex pairs and CFDs of financial instruments. It is not regulated by CMA or any local regulatory authority in Kenya.
It offers trading through MT4, MT5, and its own proprietary mobile trading app AvaTradeGo. A wide range of financial instruments from various asset classes can be traded with AvaTrade by opening a single account.
Table of Content
We have comprehensively reviewed AvaTrade specifically for the clients in South Africa. Every component of the broker has been thoroughly covered to provide an honest review of the broker.
|Broker Name||Ava Trade Markets Ltd|
|Regulation||FSCA, ASIC, CySEC|
|Year of Establishment||2006|
|Minimum Deposit||$10 with Standard Account|
|Trading Platforms||MT4, MT5 & WebTerminal|
|Trading Instruments||Forex, cryptoсurrencies, energies, metals, indices, stocks|
The regulatory authorities grant operating licenses to brokers and financial services providers to operate in their respective jurisdictions. A broker with top-tier regulations is considered safe for trading. AvaTrade holds multiple regulatory licenses from multiple tier 1 regulatory authorities. Following are the details of the highest tier regulatory licenses held by AvaTrade.
The FSCA regulatory license makes AvaTrade less risky for traders in Kenya.
Upon checking for the authenticity of the license at the ASIC website, we found it legitimate. We also found a resolved external dispute that was commenced in 2018 by the Australian Financial Complaints Authority.
Apart from these major regulatory licenses, AvaTrade also holds a regulatory license from the Central Bank of Ireland (C53877), British Virgin Island Financial Services Commission, Financial Services Agency of Japan (1662), and Abu Dhabi Global Markets (ADGM) Financial Regulatory Services Authority (FRSA) (190018).
AvaTrade is a market maker broker and none of the market maker brokers are regulated by CMA in Kenya. The risk of choosing a non-CMA regulated broker in Kenya is higher compared to those who have CMA regulatory license. Kenyan clients are registered under the regulation of British Virgin Island Financial Services Commission.
AvaTrade has been in the business of online trading since 2006. It claims to have more than 200,000 registered customers globally with a monthly trading volume of more than 60 million USD. Due to several top-tier offshore regulations, the third-party risk of choosing AvaTrade is very low but higher than those regulated under CMA.
AvaTrade is a market maker. This allows it to offer competitive spreads that are lower than many of the regulated online forex and CFD brokers in Kenya. CMA only regulates Non Dealing Desk forex brokers in Kenya, the spreads at AvaTrade are lower than most of the CMA regulated brokers. The fees structure at AvaTrade is quite simple as there is a single account type. No commission of any type is charged from the traders.
|Trading Instruments||Average Spread in Pips|
|BTC/USD||0.2% over market|
|US Tech 100||1.00 over market|
We have compared the average spread incurred by various brokers in Kenya. Traders must note that the spreads in the following table are with the Standard account with no trading commission involved. The fees are built into the spread for the most traded currency pairs.
|Trading Instrument||AvaTrade||FXTM||eToro||CMC Markets||Pepperstone|
Traders can calculate the swap fees for specific instruments and positions with the trading calculator on their website and app. This calculator can help in calculating all the details of the trade like spread, swap long, swap short, margin, spread cost, stop loss and take profit amount.
The inactivity fee is charged once for each inactivity period of 3 months. For more than 12 months of inactivity, the fees incurred by AvaTrade is called administration fee. It is incurred if no trades are executed for 12 consecutive months. The administration fee at AvaTrade is 100 USD. It is incurred once for every 12 consecutive months of inactivity.
Overall, AvaTrade is among the most cost-effective forex and CFD brokers in Kenya. The spreads are competitive and no trading commission is involved. The inactivity fee is much higher than most of the Non Dealing Desk and market maker brokers in Kenya.
The Demo account at AvaTrade can be opened without providing all the details of the traders. This account gives a virtual currency of up to 100,000 USD which can be used to gain experience of the forex and CFD market. Opening the demo account grants access to MetaTrader 4, MetaTrader 5, Web Trading, and AvaTrade’s own mobile trading platform application AvaTradeGo.
The live trading account at AvaTrade can be opened with either of USD/EUR/GBP as base currency as AvaTrade does not offer a real KES-based account. The Real account can also be converted to an Islamic or swap-free account. The trading platform of the live account can be MT4, MT5, AvaOptions, and AvaTradeGo.
Standard Account: The Standard Account is the basic account type offered by Avatrade. It is suitable for beginner traders or those who prefer a straightforward trading experience. The Standard Account typically offers access to a wide range of financial instruments, including Forex, commodities, indices, and cryptocurrencies, with competitive spreads.
Apart from this, AvaTrade also offers following live accounts to traders
Options Account: Avatrade also offers an Options Account for traders interested in trading options. This account type allows traders to participate in options trading across various underlying assets, such as Forex pairs, stocks, and indices. Options trading provides traders with additional flexibility and strategies to manage risk and potentially profit from market movements.
Islamic Account: Avatrade offers Islamic (Swap-Free) Accounts that comply with Islamic Shariah principles. These accounts are designed for Muslim traders who require adherence to Islamic finance principles, which prohibit the charging or earning of interest (swap) on overnight positions. Islamic Accounts have no overnight interest charges or credits.
VIP Account: Avatrade provides a VIP Account for high-volume traders or those with substantial trading capital. The VIP Account offers additional benefits and features, such as lower spreads, personalized support, access to exclusive trading tools, and priority withdrawal processing.
AvaTrade has automated trading accounts named DupliTrade and ZuluTrade. Both these accounts are connected with the main AvaTrade Account. DupliTrade is a copy trading account where the trade orders from the experts can be automatically or manually copied. ZuluTrade is more like a social trading account where hundreds of traders around the can connect and follow each other’s trading strategies and orders.
There is no spread-free or zero spread account type available at AvaTrade. Spread-based trading is ideal for many traders but high-volume traders and scalpers may not find it much convenient. A wide range of features can be accessed by opening an account at AvaTrade but lack of account options with different pricing patterns can be a drawback for some of the traders.
The account opening process is simple and only takes a few minutes.
Step 1) Enter basic details: The first step is to enter the email address and choose a password. After this, you will be redirected to fill up basic details like name, address, phone numbers, etc. The trading platform and base account currency need to be selected by the user. By completing this, the demo account can be opened for web trader, MT4, and MT5 trading platforms.
Step 2) Complete Verification & make a deposit: To open a live account, you need to enter a few more details like employment details, financial details, etc. To complete the verification, you need to submit documents for address and identity proof. Once the documents are verified by AvaTrade, the deposits can be made through multiple methods including local bank deposits. The trade orders can be executed once the deposit amount gets reflected in the account balance.
The deposit and withdrawal methods at AvaTrade depend on the country where you reside. For Kenyan clients, we found multiple methods with different conditions, processing time, and minimum amount. Following is the detailed review of each available deposit and withdrawal method at AvaTrade.
It must be noted that the method used for the deposit should be the same as the method used for withdrawal. If multiple methods are used for deposit, then the proportionate amount in the account can be withdrawn through particular methods used for the deposit.
The m-pesa, Credit/Debit cards, Skrill, and Neteller deposit and withdrawal methods are the most suitable method to transact at AvaTrade in Kenya. The KES deposits can only be done through m-pesa. There is no commission charged from the broker’s side but the third parties involved in transaction may incur a currency conversion fees or commission.
AvaTrade offers multiple trading platforms to suit different types of traders in Kenya. They have an ideal trading platform for beginners, intermediate, and professional traders. We have separately reviewed the trading platforms at AvaTrade for web, mobile, and desktop devices.
Web trading platforms do not require downloading any software. These platforms can be accessed through any browser. At AvaTrade, clients can choose between 4 web trading platforms to trade forex, CFDs, and CFD options. Additionally, AvaTrade also offers 2 platforms for automated trading.
AvaTrade Web Trader: The WebTrader at AvaTrade is the most basic trading platform with a simple interface. This platform gives access to various features and trading tools through any web browser.
The web trader also displays the live market sentiments with accurate data. This tells us whether the majority of traders are bullish or bearish on a particular instrument. Price alerts or notifications cannot be manually placed through webtrader.
The web trader only has a one-step login and cannot be customized by clients. The position of tabs will remain the same. The trailing stop loss order cannot be placed through the web trader. The AvaProtect feature is very useful as it acts as insurance against losses on a trade at the expense of extra costs over spreads.
MetaTrader: The MetaTrader 4 and MetaTrader 5 trading platforms are available at AvaTrade through web browser. These platforms are available in 40+ languages and can be customised according to traders’ requirements.
MT4 and MT5 web trading platforms at AvaTrade have one-step login. Price alerts can be set with this platform. GTC and GTT orders are available but trailing stop loss orders are not available through the web trading platform.
AvaOption: AvaOption is a proprietary trading platform at AvaTrade for trading FX and Options with several in-built strategies. The AvaOption web trading platform is only available in the English language and can be customised up to some extent. It has excellent risk management tools and can be very useful for experienced and professional traders.
AvaTrade offers 4 different trading platforms for android and iOS mobile and tablet devices. We have separately reviewed all the mobile trading platforms at AvaTrade to help clients choose the best one for themselves.
AvaTradeGO: AvaTradeGO is the proprietary trading platform designed by AvaTrade for mobile and tablet devices. It is the most chosen mobile trading platform at AvaTrade. The platform looks user-friendly with a modern interface.
AvaTrade is only available in English and cannot be customized. It has a one-step login but clients can also set up a PIN or fingerprint login for additional security. Price alerts and notifications can be set by the traders.
AvaOptions Mobile: AvaOptions is the proprietary trading platform at AvaTrade that can also be downloaded on Android and iOS devices. The AvaOptions mobile offers all the features that are offered by the AvaOptions web trading platform on a smaller screen.
MetaTrader: The MT4 and MT5 trading platforms are also available on mobile at AvaTrade. The features, indicators, time frames, and patterns are lesser compared to web and desktop trading platforms. However, the MT4 and MT5 mobile platforms can be used to trade on the go.
For desktop devices, AvaTrade offers 3 trading platforms namely MetaTrader 4, MetaTrader 5, and AvaOptions. The AvaOptions desktop platform can only be used to trade options.
MetaTrader 4: MT4 is the most chosen trading platform at AvaTrade. It is a third-party platform developed by MetaQuotes software in Cyprus in 2005. Despite being the oldest, it is still chosen by a large number of traders. It has a very simple interface that looks like Windows 98. It is compatible with all devices and works fast.
MetaTrader 5: MT5 is an upgraded version of MT4 launched by the same company in 2011. It has a modern-looking interface and has more indicators and time frames compared to MT4. MT5 is preferred by experienced traders and algorithmic traders.
Mt4, as well as the MT5 trading platform, have one-step login. These two platforms allow the market, limit, stop loss, and trailing stop loss orders. These are easily customizable and can be paired with external trading tools. MT4 and MT5 are also ideal for algorithmic trading through MQL4 and MQL5 languages.
For Copy trading and social trading, AvaTrade offers a separate platform called DupliTrade and ZuluTrade. The DupliTrade allows traders to copy trade orders of experts and professionals. The DupliTrade platform needs to be paired with the live trading account at AvaTrade.
ZuluTrade is an Auto Trading account that can be paired with the AvaTrade web trader and MT4 trading platforms for automated trading. Traders from all over the world as well as trading strategies can be copied. It has a user-friendly interface and allows convenient analysis and comparison of strategies and strategy providers.
Overall, AvaTrade offers a wide variety of trading platforms for all types of traders. All types of traders from beginners to experts can find a suitable trading platform at AvaTrade with useful tools and features.
AvaTrade allows trading on a wide range of trading instruments from multiple asset classes. Following are the details of available trading instruments at AvaTrade.
|Asset Class||Number of Trading Instruments||Maximum Leverage|
According to our review and comparison with other forex brokers in Kenya, the total number of available trading instrument is higher than many peers. The number of cryptocurrency and commodity CFDs is impressive while the number of forex pairs is decent.
The research and education tools are very helpful for new as well as experienced retail traders. AvaTrade offers multiple tools to assist traders in learning and improvising their strategies. following are the available research and education tools at AvaTrade.
According to our analysis and comparison, there are plenty of tools to educate traders in forex and CFD trading. However, AvaTrade lacks a daily news feed and market updates with significant price movement and predictions.
Execution Types: AvaTrade typically offers two main execution methods: Market Execution and Instant Execution.
Market Execution: Market Execution involves executing trades at the best available market price. This type of execution is suitable for traders who prioritize rapid order execution and are willing to accept the prevailing market price.
Instant Execution: With Instant Execution, traders specify a specific entry price for their trade. If the market reaches the specified price, the trade is executed at that price. If the price is not available, the order is not executed.
No Dealing Desk (NDD): AvaTrade often promotes its no dealing desk approach, suggesting that orders are processed electronically without manual broker intervention.
The customer support service at AvaTrade is excellent as the queries can be resolved through multiple methods. The help center contains articles for most of the common queries. Following are the methods through which Kenyan clients can connect with support executives at AvaTrade.
The support executives can be connected upon request during working hours (24/5). Queries raised during holidays are automatically converted to email queries. The waiting time is 2-5 minutes and the executive are user-friendly in assisting the clients. The live chat support is also available via WhatsApp.
According to our review, the customer support service at AvaTrade is good but during active and rush hours, the connectivity might take longer than usual.
The 20% welcome bonus is decent for accounts with USD, EUR, GBP, and AUD. The referral program is also lesser rewarding than that of other forex and CFD brokers in Kenya. Compared to other brokers, the bonus offering to Kenyan clients is below average.
Yes, AvaTrade is a legitimate market maker that offers to trade on forex and derivative financial instruments globally. It holds a regulatory license from FSCA in South Africa, ASIC in Australia, CySEC in European Union, and more regulatory authorities.
The minimum deposit at AvaTrade is 11,400 in KES or 100$. KES deposits are accepted through m-Pesa while USD/EUR/GBP deposits can be made via Skrill, Neteller, credit/debit cards, and wire transfer.
The withdrawal time at AvaTrade depends on the method chosen by the trader to withdraw funds. Withdrawal through e-wallets is processed instantly while withdrawals through bank transfers and debit cards can take up to 3 business days to process.
Yes, AvaTrade is regulated by top-tier regulatory authorities like FCA of the UK and ASIC of Australia but it is not regulated by the Capital Markets Authority of Kenya. It offers to trade on a wide range of instruments and offers competitive spreads.
The trading fees at AvaTrade are built into spreads. On average, the spread for EUR/USD is 0.9 pips. No commission-based account is available at AvaTrade. Apart from this, AvaTrade also charges an inactivity fee of $50 if no trades are executed for 12 consecutive months.
Yes, AvaTrade offers a low spread on trading instruments and has various educational tools to assist beginners. The trading platforms are user-friendly for beginners. However, forex trading can be risky for beginners and the majority of new traders lose money in forex and CFD trading.