Avatrade is our #5 rank forex broker for Nigerians. They are a fixed spread market maker broker, and their fees is competitive. But should you choose them or not? Read our honest Avatrade review to know more!
Avatrade is an Ireland based Forex broker that also has local office in Nigeria. They were founded in 2006 & are now one of the leading broker in the world. They have over 200,000 active traders globally.
Avatrade is regulated with Central Bank of Ireland, FSCA (South Africa) & with ASIC (Australia), so trading with them is safe. They are a fixed spread broker, so the fees they charge is fixed for every trade, and we have found them to be very competitive in terms of their fees.
We looked into Avatrade Nigeria’s regulations, their trading (and non-trading) fees, platforms, deposit/withdrawals, support & many other factors for this review.
Want to know if Avatrade is really good (or bad) for you? Let’s look into our detailed check of all the factors for this broker.
Table of Contents
|Broker Name||Avatrade Nigeria|
|Nigerian Address||Ojimadu Nwaeze House, 20 POW Mafemi Crescent, Jabi District, Abuja, Nigeria|
|Avatrade Minimum Deposit||$100|
|Regulation||Bank of Ireland, FSCA (South Africa), ASIC (Australia)|
|Trading Instruments||Forex, Crypto Currencies, Metals, Indices, Shares, Energies, Commodities, Bonds|
|Trading Platforms||Avatrade MT4 for PC, Mac, Web, Android|
|Avatrade Bonus||20% deposit bonus for new clients (minimum $1000 deposit required)|
Avatrade is a regulated broker that has licences with top regulators in Europe, Australia & South Africa.
They are regulated with following regulatory authorities:
Further, Avatrade is also regulated in Japan as well as many other countries. But on the bad note, they are not yet regulated with FCA (UK), which is a top-tier regulator.
Overall, we consider it safe for Nigerians to trade forex with Avatrade.
Avatrade is a fixed spread market maker broker, with zero commission. Hence the trading fees with them is fixed per trade (only the spread) depending on your currency pair or trading instrument.
Here’s a breakdown of the fees at Avatrade
Based on our research, this spread is quite low, and it is lower than FXTM’s spread but higher than the spread offered by Hotforex, XM & Exness.
In short, Avatrade has very low spread & no other commissions at all. We like their low fees per trade, but other brokers i.e. Hotforex & Exness offer lower fees then Avatrade.
Avatrade offers demo accounts & live accounts. Below are the features & the account types offered by them.
Avatrade offers demo accounts, but the limitation is that they are active only for 21 days. You will have to contact their customer support if you need to extend the demo for more days.
Avatrade is very straightforward & simple in terms of their live trading account types. They offer a 1 single Live account with all of their features. There are no choices or account options.
The following features come with Live Accounts at Avatrade:
But all in all, their execution is quick & we found no complaints related to their order execution.
Overall, we have found Avatrade’s accounts to be very simple & easy to understand. But no other account options like no ECN accounts, or lower spread accounts, may not be very good for some traders.
There are very simple steps that you need to follow to open account with AvaTrade. Below are the list of steps that you can follow one by one to open account with AvaTrade.
Step 1) First of all you need to open the home page of AvaTrade website and click on Register Now button at top right side of the screen.
Step 2) After clicking on the Register now button, A Sign UP pop up will open where you need to enter your details. Or you can sign up using your Gmail or Facebook account.
Step 3) Now you will be redirected to page where you need to enter your personal details to complete the registration process. You also need to select the Trading Platform and Base currency on same page.
Step 4) Once done with the basic registration details, you need to verify your account. For that you can upload your ID proof and Address proof.
Note: After submitting the documents, AvaTrade can take maximum 24 hours to check and verify your uploaded documents. Once your account has been verified, you will get a mail from them on your registered email.
Step 5) At last you need to fund your account to start Trading. For that you need to click on Fund your Account under Deposit section as shown in the below screenshot.
Congradulations! Your account has been set up and you can now start trading with them. In case of any issue or query you can contact them via Live Chat Support.
AvaTrade offers 2 platforms i.e. MetaTrader 4 for Mac, mobile, web, and PC, and another platform is their AvaTradego mobile app for Android & iPhone.
Avatrade offers many deposit and withdrawal methods. Good part is that they charge zero fees on deposits & withdrawals. But on the negative side, some traders have complained about slow withdrawals.
Let’s check this out!
They offer 3 deposit methods i.e. cards, wire transfer, and Wallets. There is no local bank transfer option for Nigerians.
Here are the deposit methods available for Nigerian traders on Avatrade
The withdrawals at Avatrade are slower compared to other regulated brokers i.e XM, Hotforex, FXTM etc. Some users have complained that it took few weeks for them to receive the withdrawn funds.
Also note, you can get your first withdrawal via your funding source only. And your account must be verified before you can request a withdrawal, and any issue with any of your KYC documents can delay (or even cause cancellation) of your withdrawals.
According to our tests, Avatrade’s deposit and withdrawal methods for Nigerians are limited. And the time they take to process funding/withdraw requests is also slow.
Avatrade does not offer any major bonus or loyalty programs for Nigerian traders. They only have 1 welcome bonus promo, but that too has many limitations.
Below are the Avatrade bonus available currently:
The bonus offers at Avatrade are very limited. Other brokers like Hotforex offer 100% deposit bonus with only $250 deposit, whereas XM offers 50% deposit bonus to Nigerian traders, but Avatrade lacks in this department. Moreover, there is no loyalty program for existing traders, so we feel that they can improve on this.
Avatrade’s support is not the best. They offer local support options for Nigerian traders, but their support is not available for 24 hours in a week, it is only available during company’s business hours.
All their support methods i.e. chat, phone, and email are available from Monday till Friday 6:00 AM to 10 PM Nigerian time.
The following at the support methods available at Avatrade for Nigerians:
You can request for a callback via email, with the time at which you would like to receive the call.
Customer support at Avatrade lacks since it is not available 24/7. On the plus side, they are have a local phone number for calling, and also have a local office that you can visit, but their chat and email support are slower & less knowledgeable than other brokers.
Yes, we recommend Avatrade if you are looking for a broker that has local office in Nigeria.
Their fixed spread is competitive, and there are no commission. Plus they are regulated (in Ireland, South Africa & Australia) which means that your funds are safe with them.
But on the downside, the don’t offer the latest MT5 plaform. Also, their support is also not that good, and some users have complained about very slow withdrawals.
Moreover, their 20% welcome bonus is not very friendly for Nigerians as it requires very high deposit of at-least $1000.
Overall, Avatrade is a safe broker for Nigerians, but there are some other better brokers that you can go for in terms of lower fees, better support, good bonus & faster withdrawals!
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