AvaTrade Broker Review For Kenya In 2024

Why We Choose AvaTrade

AvaTrade is a reputable online forex broker with more than 200,000 clients. They were first established in 2006 in Ireland. Since then, they have grown into an international online trading company with offices in places such as Shanghai, Sydney, Milan, Tokyo, New York, Kenya, Paris, and South Africa.

AvaTrade offers an excellent trading service and great online trading environment. They take their regulatory responsibilities very seriously and are one of the most highly regulated forex companies in the industry. They currently work under the supervision of eight regulatory authorities, including reputable bodies such as ASIC and CySEC.As you can imagine, Avatrade offers secure trading platforms and good client fund protection.

When it comes to their online trading conditions, AvaTrade has a strong offering compared to many of its competitors in Kenya . They provide access to a large number of trading instruments including forex, stocks, indices, commodities, cryptos, and bonds. When it comes to their trading accounts, AvaTrade has less options compared to many of its competitors. That said, they still offer high leverage, tight spreads, and low minimum deposits – all of which hugely benefit traders.

In addition to its great online trading environment, AvaTrade offers lots of additional features that are helpful to forex traders. For example, they have a good range of trading tools including AvaGo. They also offer free educational materials such as articles, eBooks, and webinars. And for those with questions, AvaTrade also provides great customer service and multilingual support.

AvaTrade Regulation and Safety

AvaTrade consists of several smaller companies that operate as a group. This allows them to offer services in more countries, and to apply for licences from local regulatory authorities. As such, their legal structure, while complicated, is actually beneficial for clients. The group has licences from some of the top regulatory authorities in the work. Here is a quick breakdown of their company structure and licence setup.

• Ava Capital Markets Australia Pty Ltd is regulated by the ASIC 
• DT Direct Investment Hub Ltd is regulated by CySEC
• ATrade Ltd is regulated by the Israel Securities Authority 
• Ava Trade Middle East Ltd is regulated by the ADGM
• Ava Trade Japan K.K. is regulated by the Financial Services Agency
• Ava Capital Markets Pty is regulated by the FSCA 
• Ava Trade Ltd is regulated by the British Virgin Islands FSC 
• AVA Trade EU Ltd i is regulated by the Central Bank of Ireland

AvaTrade Regulations In Kenya

Traders in Kenya can sign up via AvaTrade Ltd, – the company that  is regulated by the British Virgin Islands FSC. The BVI FSC is not necessarily as strict as some of the other regulators, but it still provides some level of oversight.  Traders in Kenya do not need to worry though. This is because Ava Tarde is a reputable forex broker with good business practices. For example, it discloses its financials, it carries out regular audits,  and it maintains high levels of client security across all its companies..

Fund Safety

AvaTrade respects all regulatory requirements regarding good service,  fair treatment, and client fund security. They keep client funds in segregated accounts, separate from their own funds. This means that it cannot use client funds for operational purposes. You can therefore trust that your money will be securely held.

AvaTrade Legit Or Scam

AvaTrade is a legit forex broker. They are a reliable service provider with licences from several regulatory authorities. As a regulated company, they take all the required security and client fund protection measures. They also offer many convenient payment options and are transparent about their transaction handling processes. You are very unlikely to  have any account funding or account security issues with AvaTrade. 

AvaTrade Account Types

AvaTrade has a simple account offering. You have the choice of two account types – a standard account or a demo account. The minimum deposit is $100 if you fund your account using a credit card, and $500 if you deposit money in your account via wire transfer. In addition to these two account types, some traders are also able to choose a ‘swap free account’ that operates in accordance with the Islamic Sharia Principle of interest free trading. While their account options are limited, they do come with excellent trading conditions, which we’ll cover more below.

How To Create Account

As part of our AvaTrade review, we look at their online registration process. If you live in Kenya, then you are eligible to open an online trading account, and can sign up  via the  AvaTrade website. The first step is to register online. This is so that AvaTrade can gather the personal data they need to create your online trading account. At this stage of the registration process, all you need to do is choose an email address and password. These will be your login details.

The next step is to take a short test about online trading. This is so that AvaTrade can determine whether their online trading services are suitable for you. At this stage, all you need to do is show AvaTrade that you have the skills and knowledge needed to trade properly. If you pass the test, you will be able to open a trading account. 

As part of the registration and account opening process, AvaTrade also needs to verify your identity. For this reason, the third step is to complete their KYC process and submit certain verification documents. You  will need to send AvaTrade a primary form proof of ID. This could be a copy of your passport or driving licence. You will also need to give them a secondary form of ID. This could be a utility bill, a bank statement, or a government issued tax document. Alternatively, it could also be a birth certificate.  After you have completed the KYC process, and AvaTrade has been able to check your identity, they will then approve and verify your account. Then you can add funds. 

Real Account

There is only one type of real trading account at AvaTrade. Their live account is suitable for both new and experienced traders. This is because of its low minimum deposit and competitive online trading conditions. 

Demo Account

There is only one type of demo trading account at AvaTrade. Their demo account is suitable for both new and experienced traders. This is because it replicates live trading conditions and gives traders the opportunity to test new skills and strategies. 

Cent Account

Cent accounts allow traders to trade with a balance measured in cents instead of the US dollars. Unfortunately, AvaTrade does not offer a cent account. However, its live trading accounts do come with a low minimum deposit and low trading costs, making it an affordable choice for new traders. 

ECN Account

AvaTrade does not have a dedicated ECN account. AvaTrade in Kenya is considered a ‘Market Maker’, with its own in-house dealing desk. That is because it makes the market and fulfils all of your trades for you. This has many benefits for traders, such as low fixed spreads.

Micro Account

Micro accounts allow traders to trade micro-lots equivalent to 1,000 units of the base currency or asset. Unfortunately, AvaTrade does not offer a cent account. However, its live trading accounts do have low minimum deposit and low trading costs, making it an affordable choice for new traders. 

ZAR Account

AvaTrade does not offer ZAR as a base currency. However, traders can choose from five other base currencies including USD, EUR, CHF, GBP, and AUD – depending on their country of residence. Traders in Kenya may benefit from a USD account. 

MAM Account

AvaTrade also offers MAM accounts for experienced or professional forex traders.. You can use the MAM account to manage accounts for your own clients, and earn a profit from sharing your expertise with others. The MAM accounts include multiple sub-trading groups, all MT4 order types, Expert Advisors (EAs), multiple allocation parameters, order placements for unlimited client accounts, and trade order placement.

AvaTrade Payment Methods

As part of our AvaTrade forex broker review, we checked to see which payment methods are available. We also checked their processing times and handling fees. 

Deposit Methods

AvaTrade has a good selection of payment methods. You can fund your trading account using conventional payment methods such as Visa, Visa Electron, Visa Debit, and Mastercard. You can also use JCB, WebMoney, Skrill, Neteller and Wire Transfer.

Minimum Deposit in Kenya

When it comes to minimum deposits, AvaTrade has higher requirements than some of the other forex brokers in Kenya. This is because they only have one account type, and the minimum deposit for that account is $100. While this might seem like a lot of money, AvaTrade is definitely still worth considering. This is because they have low trading costs, competitive leverage, and good trading support. 

Minimum Deposit ZAR

When it comes to minimum deposits, AvaTrade is a slightly more accessible option than some of the other forex brokers in Kenya. This is because they accept payments  in a wide range of currencies, including ZAR. The minimum deposit in ZAR is 1966 ZAR.

AvaTrade Crypto Trading

AvaTrade in Kenya does not currently accept Bitcoin deposits. However, it does accept fiat currencies from a wide range of payment providers.

AvaTrade Withdrawals

AvaTrade offers a good range of withdrawal options. You can withdraw money from your trading account using common payment methods such as Visa, Visa Electron, Visa Debit, and Mastercard. You can also use alternative withdrawal methods such as  JCB, WebMoney, Skrill, Neteller and Wire Transfer.

Minimum / Maximum Withdrawals

Avatrade ensures that all non-profit withdrawals are returned to the original deposit source. That means if you deposit money using a debit card, then you must withdraw money using a debit card as well. It is important to note that traders must withdraw up to 100% of the deposit to a credit or debit card.

Withdrawal Problems

AvaTrade is a regulated forex broker, and as such, is required to follow all the necessary AML procedures. This means that all funds will be returned as quickly as possible. 

How Long Does It Take

The withdrawal time depends on your chosen withdrawal method. Most withdrawal requests are handled within a few days. If you’re withdrawing money using an e-wallet then the request could take 24h. If you’re withdrawing funds using a debit or credit card, then the request could take up to 5 business days. If you’re withdrawing funds via bank transfer, then the request could take up to 10 business days. 

AvaTrade Bonuses

Deposit Bonus

AvaTrade is currently offering a 40% deposit bonus, with credit funds awarded based on a sliding scale amount. The more you invest as a start, the more you receive as a reward. It’s important to check the terms and conditions though. For example, in order to withdraw the bonus, you need to execute a minimum trading volume of 10,000 base currency within six months. So be sure to check their website for the full details. 

No Deposit Bonus 

AvaTrade does not currently offer a no deposit bonus. 

AvaTrade Trading Hours

AvaTrade is open for trading during market hours. You can trade anytime from Sunday  22:00 GMT to Friday 22:00 GMT. Like all forex brokers, AvaTrade changes their trading hours on public holidays. 

AvaTrade Trading Assets

AvaTrade offers a good range of trading assets. They have more than 1200+ trading instruments including forex pairs, stocks, indices, and cryptocurrencies.

• Forex – AvaTrade offers 50+ currency pairs including all majors, minors, and many exotics. Traders can enjoy spreads from 0.8 pips, and leverage up to 1:400.
• Cryptocurrency – They also offer 9 different cryptocurrencies including Ripple, Ethereum, Bitcoin and Bitcoin cash. Traders can enjoy leverage up to 1:20.
• Indices – AvaTrade offers 30+ stock indices including all the top indices across the US, European, and Asian markets. 
• Bonds –  They only offer trading on two major  bonds. These are the EURO-Bund and the Japan Govt Bond.
• Stocks – AvaTrade offers 600+ stocks including all the most popular brands across the consumer staples, consumer discretionary, and technology sectors.
• ETFs – They offer trading on 50+ ETFs. 
• Commodities – AvaTrade also offers many other CFD instruments. Traders can benefit from competitive spreads and high leverage.

AvaTrade Platforms

AvaTrade offers two of the best online trading platforms in the industry – MetaTrader4 and MetaTrader5. 

Desktop Platforms

MetaTrader4 – MetaTrader4 (MT4) is a great trading platform for new forex traders in Kenya. It has a basic interface that is easy to navigate. You can use it to trade forex, stocks, and indices. The MT4 trading platform also has some helpful charting tools as well as 4 order execution types, 30 technical indicators, and 23 analytical objects. You can use these trading tools to work on your market analysis and create your own trading strategies.

MetaTrader5 – MetaTrader5 (MT5) is another great option for beginner traders in Kenya. It has a simple interface that is easy to use. You can trade all of your favourite markets including forex, shares, and crypto. It is very easy to navigate. The AvaTrade MT5 trading platform also has 6 order execution types, 38 indicators, and 37 analytical objects. As such, it offers slightly more functionality than theMetaTrader4 trading platform.

WebTrader Platforms

WebTrader is an innovative online trading platform designed specifically for traders looking for a simple and uncluttered interface. With its easy-to-use dashboard and modern design, online trading has never been so simple. There’s no need to download or install anything, and you can access WebTrader from any computer connected to the internet and trade from anywhere in the world.

Trading Apps

AvaTrade also offers a proprietary trading app called AvaGo. You can use it to trade from your mobile. You get full access to the markets and to a great set of analytical tools.

AvaTrade Spreads

AvaTrade offers good spreads on most of its trading instruments. For example, the spreads for EURUSD start from 0.9 retail traders and from 0.6 for professional traders. Whereas, the spreads for GBPUSD start from 1.5 for retail traders and 0.9 for professional traders. As you can see, they are quite competitive for major forex pairs.  

AvaTrade Leverage

The leverage at AvaTrade is quite high. For example, the leverage available on forex pairs is 400:1. This is slightly lower than the leverage available at other forex brokers in Kenya but still high enough for traders to benefit. The leverage for other trading instruments is also fairly good. For example, the leverage available on commodities and indices is 200:1. This is in line with many other forex brokers in Kenya and allows traders to create opportunities.

 AvaTrade Trading Tools

Economic Calendar – AvaTrade has a global economic calendar that provides information about events that affect the financial markets. You can use the calendar to learn more about how economic data releases for things like GDP, CPI, and retail sales affect currency prices. You can also use it to anticipate upcoming financial events and plan your trades in advance.

Trading Position Calculator – If you’re a trader, then it’s important to know how to manage your risk. When trading in volatile markets, it is important to consider the potential profits, losses and costs of trading. AvaTrade’s Trading Calculator helps you understand all of these risks and make more accurate trade calculations.

Trading Central – AvaTrade also offers market analysis through a company called Trading Central. It includes coverage of all the financial markets. You can use it as your main source of fundamental analysis, technical analysis, and economic news. You can also use it to help with your own market research and learn new analysis techniques. 

AvaSocial – AvaTrade offers a copy trading app called AvaSocial. It enables clients to replicate the trades of more experienced investors. You can use it to manually trade signals or to follow a fully automated service. AvaSocial is also a great social trading platform. You can use it to find mentors and connect with other traders via community channels. You can also use it to ask other traders questions about their strategies. 

DupliTrade – AvaTrade also has another copy trading tool called DupliTrade. It allows you to automatically duplicate the actions of expert traders directly into your AvaTrade trading account. You can use it to implement strategies built by experienced forex  traders  with a proven track record of successful trades.

Non-Trading Fees

It’s worth keeping in mind that Ava Trade does charge an account inactivity fee of $50 per quarter after three months of inactivity.  They also charge a $100 fee after 12 consecutive months of no trading.  Compared to other forex brokers, these inactivity fees are high.

Industry Awards

AvaTrade has won many industry awards. For example, they have won best retail broker, best fixed spread brokers, best mobile trading platform, and best forex education. They have also won awards for best customer support, best alert system, and best financial derivative trading provider.

AvaTrade Customer Support

The customer service team is available 24/5. You can contact them via email, phone, and live chats. The team speaks English, Spanish, French, German,  Hungarian, and Arabic. They also have staff that speak Russian, Portuguese, Japanese, and Swedish.

Education and Research

AvaTrade offers great educational resources. It has many free trading videos. They cover all the basic trading terminology including pips, margin, leverage, and spreads. They also teach you how to open an account, how to set up your trading platform, and how to manage your trades. You can use them to learn how to do market analysis. You can also use them to learn about trading psychology and how to manage risk. AvaTrade also has a great selection of blog articles and trading guides. You can use them to improve your trading skills and learn how to use chart indicators. You can also use them to improve your knowledge of the markets and learn to study new trading strategies.

Conclusion

AvaTrade is an established forex broker that offers good online trading services. They have a simple but competitive account offering. They also have a good choice of platforms and resources for education. AvaTrade caters well for both novice and experienced traders. They also have an attractive bonus plan for new clients. 

AvaTrade Forex Broker Review FAQ

 

AvaTrade Forex Broker Review – Similar Brokers

AvaTrade is an excellent forex broker. However, if you want to look at other companies, there are also many other forex brokers in Kenya. Here are some similar brokers.

Looking for more options? Take a look at more of our forex broker reviews.