AvaTrade Canada is the Canadian branch of AvaTrade, an international brokerage. This branch is a member of the Canadian Investment Regulatory Organization (CIRO).
The discussed broker offers 5 tradable markets [Forex, commodities, indices, stocks, options.] More than 35 Forex instruments are available.
AvaTrade Canada Company Details and Regulation
The broker is operated by Friedberg Direct, a division of Friedberg Mercantile Group Ltd. (FMGL). This group was established in 1971 and is a member of the Canadian Investment Regulatory Organization.
Friedberg Direct's office is located at 220 Bay Street, Suite 600 Toronto, Ontario M5J 2W4.
Summary of The Broker's Details and Specifics
Let's break down the essentials of what AvaTrade Canada offers:
Broker | AvaTrade Canada |
Account Types | Standard, Islamic, Demo |
Regulating Authorities | CIRO |
Based Currencies | USD, CAD |
Minimum Deposit | 250 USD 300 CAD |
Deposit Methods | Credit/Debit Card, Bank Transfers, Google Pay |
Withdrawal Methods | Credit/Debit Card, Bank Transfers, Google Pay |
Minimum Order | 0.01 Lots |
Maximum Leverage | 1:20 |
Investment Options | None |
Trading Platforms & Apps | MetaTrader 4, MetaTrader 5, AvaOptions |
Markets | Forex, Commodities, Indices, Stocks, Options |
Spread | Varies |
Commission | None on Trading |
Orders Execution | N/A |
Margin Call/Stop Out | N/A |
Trading Features | Economic Calculator, Trading Calculator, Earning Releases Tracker |
Affiliate Program | No |
Bonus & Promotions | No |
Islamic Account | Yes |
PAMM Account | No |
Customer Support Ways | 24/5 |
Customer Support Hours | Ticket, Phone Call, Live Chat |
Account Types Details and Comparison
AvaTrade Canada doesn't offer any variety in this regard, providing only 1 real account type.
Specifics and Details:
- Base Currencies: USD, CAD;
- Minimum Deposit: 250 USD or 300 CAD;
- Maximum Leverage: 1:20.
Furthermore, there is an Islamic and a demo account available on the broker.
AvaTrade Canada Account Registration and Verification
It's easy to register with the mentioned brokerage, but it will take additional steps to verify your identity. Here's a brief guide:
- Visit AvaTrade.ca and click "Register Now;"
- Fill out the registration form with your name, email address, and phone number;
- Check your inbox for your account's temporary password;
- Log in with the received password.
Now, you have created your account on the website. To complete the registration process and verify your identity, provide additional details (Birthdate, address, and more), answer the questionnaire, and submit the required documents.
Trading Platforms and Terminals
AvaTrade Canada does an acceptable job in this regard, offering a suite of 3 trading platforms:
- MetaTrader 4 (MT4): The industry standard, known for its robust charting and automated trading capabilities;
- MetaTrader 5 (MT5): An upgraded version of MT4, offering more timeframes and analytical tools;
- AvaOptions: A proprietary platform specifically designed for options trading, with intuitive risk management tools;
- WebTrader: A browser-based platform requiring no downloads, perfect for trading on-the-go.
In the table below, you will see all the available versions of these applications:
MetaTrader 4 | Mac | Windows | Web | ||
MetaTrader 5 | - | Windows | Web | ||
AvaOptions | - | - | - | Web | |
WebTrader | - | - | - | - | Web |
Commissions and Fees
AvaTrade Canada operates on a spread-based model, meaning they make their money from the difference between buy and sell prices. Here's what you need to know:
- Spreads vary based on the trading pair;
- No commissions on standard forex and CFD trades;
- Spreads can widen during volatile market conditions.
Based on our investigations, there are no charges on deposits and withdrawals. However, a $50 monthly inactivity fee is deducted from the accounts that have been inactive for 3 months or more.
Also, an administration fee applies to those with 12 inactive months or more. It's a monthly $100. Note that these commissions aren't charged if prohibited by Law.
Deposits and Withdrawals: Payment Options
AvaTrade Canada offers 3 main methods for funding and withdrawing from your account:
- Credit/Debit Cards: All major credit cards are accepted;
- Wire Transfer: Direct bank transfers;
- Google Pay: Available for clients.
As stated by the broker, withdrawals are only processed by the same method used for deposits.
Does AvaTrade Canada Offer Any Copy Trading or Investment Options?
Unfortunately, The company does not currently offer copy trading or social investment features. This is a notable absence, especially considering that some of AvaTrade's global entities do provide these services.
Promotional Offers and Bonuses
AvaTrade Canada does not offer any bonuses or promotions to new or existing clients. This must be due to regulatory restrictions in Canada that limit such incentives.
Actually, most Forex Brokers with stringent regulatory licenses follow the same approach.
Support Team Contact Options and Schedule
The discussed brokerage has 3 channels for contacting its customer services team:
- Ticket: Accessible on the "Contact Us" page of the website;
- Live Chat: Available directly from the website and WhatsApp;
- Phone: +1-877-846-2240.
The company doesn't provide a 24/7 support service; the open hours are Sunday 21:00 to Friday 21:00 GMT.
AvaTrade Canada Broker Trust Scores & Reviews
Several websites, including Trustpilot, ScamAdviser, ForexPeaceArmy, and more, are decent sources for examining a broker's trust scores. Here are the discussed broker's ratings:
- Trustpilot Score: 3.2/5 based on 3 customer reviews;
- ScamAdviser: 13/100 Trustscore, with 6 user reviews averaging 2.1/5.
Conclusion and Final Words
AvaTrade Canada offers 3 accounts [Standard, Demo, Islamic] with leverage up to 1:20. The broker supports 3 payment methods [Credit/Debit Card, Bank Transfers, Google Pay] for both deposits and withdrawals.
There is a $50 inactivity fee and a $100 administration fee for inactive accounts, which are charged monthly.
