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Old 07-24-2010, 08:05 AM   #1 (permalink)
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AvaFX Review


AvaFX

AvaFX is a new sponsor here at InformedTrades.com. I spent some time reviewing their platfom and business -- below is my review.

Currency Trading With Ava FX: AvaFX offers currency trading in many pairs; all the major pairs, plus the Scandinavian currencies, the Singapore dollar, the Mexican Peso, the South African rand, the Israeli shekel. Spreads on the exotics can go into triple digits; the US dollar/South African rand and British pound/Israeli shekel both have 120 pip spreads. EURUSD is 3 pips. The rollover fee (for holding positions overnight) is $-0.19 if you are short EURUSD; you earn $0.11 per lot if you are long EURUSD. The lot size is 5,000 units, which is a bit unconventional.

CFD Trading With Ava FX: AvaFX also offers CFD trading in many international stock indices: FTSE 100, CAC 40, DAX 30, NASDAQ 100, NIKKEI 225, and more. CFDs are also offered for US treasury bonds, commodities and precious metals, and major corporations like Coca-Cola, McDonald's, Apple, Google, Citigroup, Berkshire Hathaway, and more. Many forex/CFD brokers do not offer CFDs for single stocks or treasury bonds -- just indices -- so this is a point of differentiation for AvaFX relative to many other CFD brokers.

As is customary amongst forex/CFD brokers, Ava FX offers commission-free trading, profiting primarily from the spread, rollover, and interest earned on client deposits. Maximum leverage is 200:1, and trading is available 24 hours day, 5 days a week (not on weekends). Deposits can be made via debit/credit card, Paypal, or wire transfer.


Ava FX Regulatory Status: AvaFX has a different applicable regulatory status depending on where you're located -- something we're seeing more and more of, as it will allow firms to participate in the most favorable regulatory environments when possible. If you're in the European Economic Area, you'll be a customer of customers of Ava Capital Markets Ltd, a company regulated by the Irish Financial Regulator (License Number C53877). If you're outside the European Economic Area and NOT in the United States, you'll be a customer of Ava Financial Ltd, A British Virgin Islands company. The British Virgin Islands I think may be a new hot spot for forex and CFD brokers; I half-jokingly call it "the new Cyprus." (because many forex/CFD brokers are currently located in Cyprus).

As CFD trading is illegal in the United States, Ava FX does not accept US clients.

Technology. Ava FX uses ActForex technology. Basically, ActForex is a company that makes a forex/CFD trading platform. It's pretty easy for someone to create their own forex/CFD brokerage firm just by using the ActForex platform; this is a common strategy used by brokerage firms in Cyprus and British Virgin Islands, where the regulatory environment is conducive to this. Personally, I think it's a wise business strategy; in fact, part of me wants to invest in setting up InformedTrades British Virgin Islands Ltd. to pursue this same opportunity! The ActForex platform is definitely not as glitzy as many other platforms developed by larger brokers (like our friends FXCM). It does allow for web-based trading, mobile trading, and MT4 trading, so it does get the job done. It also lets AvaFX focus on sales and customer service rather than software development, which I think is a business strategy that, if done properly, will benefit all: higher profit margins for AvaFX, and a better experience for AvaFX customers. Which leads to my next point....

Customer Service. I contacted AvaFX during New York business hours via chat and was provided with fast service by a representative I found to be reasonably competent. There does seem to be reduced support during Asian market hours; I tried contacting them at 3:20 AM GMT via chat, but could not get through. I then called them via phone, and was directed to a dealing desk. The dealing desk was friendly, but it was clear they were dealers -- not sales/customer support staff. Phone trading is available 24 hours a day for all account sizes, and based on my short experience with the dealing desk, which I think is a great selling point. For questions that are more related to sales/support/operations, you may not be able to get an immediate response depending on when you contact them.

They do have staff to provide full customer support in 13 different languages: English, French, Japanese, Spanish, Italian, German, Portuguese, Chinese, Russian, Arabic, Indonesian, Swedish and Turkish.

Anecdotally, I have a friend who works at AvaFX, out of their office in New York City. As they have enough capital to hire my friend, an experienced forex marketer, and set up an office in New York, that lends some credence to the notion that they are not a fly-by-night operation.

Account Opening Bonuses. Like many of you, I am a cheapskate, and quite proud of it. And so, AvaFX's account opening bonuses are worth noting. There are all sorts of restrictions on your ability to withdraw these funds, so it's probably easier to think of it as "loss insurance" -- in other words, the amount of the bonus is the amount of losses you can incur without losing any of your own money. Ava FX has pretty big account opening bonuses which I think is a really nice selling point for them; see the breakdown below.

Initial Deposit Minimum / FREE Cash Amount:

$/€300 / $/€150
$/€1,000 / $/€300
$/€3,000 / $/€750
$/€10,000 / $/€1,500



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Old 08-08-2010, 07:33 AM   #2 (permalink)
 
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AVAFX or CMSFX ??


Hello Simit, hoping everything goes well.

I am still evaluating companies in the Forex marketplace.
Do you know CMSfx? I have heard is a serious company.

In case you have references on this company, I'd appreciate if you advise me about what broker is more recommended between AVAFX and CMSFX?
Thanks in advance.

Best Regards!!
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Old 08-08-2010, 07:54 AM   #3 (permalink)
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hi raul,

sorry, i'm not too familiar with CMS; perhaps another member who has tried them can share their thoughts.
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Old 01-06-2011, 06:54 AM   #4 (permalink)
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AVA FX.


Hi Simit,

I've just read you review on AVA Fx and I understand that they are sponsoring your site, so there's a limit to what you can say about them.

I've been dealing with them for the last few months and I must say they are one of the worst companies to deal with!
I've had a pending withdrawal for the last 4 weeks, and it is still not rectified. They didn't even bother getting back to my queries. Had to send them 4 e-mails to 3 different persons and contact them via live chat, before I could get them to call me.

They also tried to sneak in some 'terms and conditions' and cancel my bonus, when I wanted to withdraw.

STAY AWAY FROM THEM!!!

As soon as I get my money back from them (if...) will be more than happy not to hear from them ever again!
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Old 01-06-2011, 07:31 AM   #5 (permalink)
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hey unregistered,

thanks for sharing your views. you may find other brokers used by our community members on our broker matrix.

feel free to leave as honest reviews as you'd like, my goal is to create composite review sources based on comments left by trusted members (i.e. those with badges) of the community. here are some other reviews of avafx that folks may want to check out:

http://www.forexpeacearmy.com/public.../www.avafx.com
http://forums.babypips.com/rate-my-b...-scam-not.html

sorry to hear about your troubles. hope they are resolved soon.
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Old 02-27-2012, 07:02 PM   #6 (permalink)
 
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hi.. im not new to avafx, i started trading with this broker long time ago. my experience with it was pretty good so far, not perfect, but good is better than bad.
thanks for all the information about avafx, its good that someone can clearify all the facts about it. i now know its well regulated for me.

the trader that had some problems withdrawing the money - listen, i've been withdrawing money for few times with avafx. usualy if you provide them what they ask you (mostly documents to verify its realy your account) they will deposit the money for you in 3 days, without any questions or how so ever. sometimes, people have problems and it takes time, but i dont think anyone lose his money with this broker.
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Old 02-28-2012, 07:20 AM   #7 (permalink)
 
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I work as a customer service rep in a bank.

One of my customers had trouble receiving money which AVAfx said they had already transferred. Although he did say his friends also dealt with AVAfx and they did not have any problems so far.

Every organisation makes clerical/operational errors. What sets good one's apart from the bad one's is how quickly are they able to resolve the issue.

I've heard good things for FXCM and OANDA. So I would personally recommend them.
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