Given the amount of technical and fundamental analysis which goes into running a successful investment strategy, it’s often surprising how many traders skip analysing the health of their broker. With some big-name brokers recently sharing performance updates, we’ve run the rule over some of the names to assess those currently looking strong enough to justify investors holding accounts with them. Two of the most popular brokers, eToro and IG, are first up for review. The good news for their clients is they are building on already strong foundations.
Dublin based AvaTrade continues to develop a strong reputation in the trading community and has recently announced some further upgrades to its service. The regulatory framework of the broker has for some time been market-leading; it operates under licence from the Central Bank of Ireland, CySEC, ASIC, FSCA, FSA, FFAJ, ISA and B.V.I. FSC. Client funds are held in segregated accounts, so if the broker goes bust, funds are protected. The banks providing that service include safe bets like NatWest, Barclays, Commonwealth Bank, Soc Gen and ABSA Bank. There’s little more that could be done to improve on that part of the operation, but a range of new client-facing services have caught the eye.
The new AvaSocial service allows clients to engage with other traders to exchange news, thoughts and ideas. At their discretion, AvaTrade account holders can copy trading signals and, from the 9th of July, have even been able to do so using the MetaTrader MT5 platform.
MT5 at AvaTrade
One by-product of the promotion of the MT5 service for AvaTrade clients is that market coverage is also being improved. Newly listed stocks such as Robinhood (HOOD) can be traded on MT5, and a broker boosting the number of total instruments available is always good news.
AvaTrade’s Weekly Webinars are another neat, innovative feature. The quieter summer months are an ideal opportunity to brush up on old skills and learn new ones and the easy-to-use format of the webinars means that the learning process is smooth.
The broker’s Demo accounts still expire after three weeks, which can be frustrating. That is, however, the other side of the coin in terms of the firm being strict adherents to compliance matters and running a tight ship. There is some value in pursuing the opportunity to test out the new services. AvaTrade Demo accounts can be found here.
We at Forex Traders continue to receive messages from traders who have been scammed. Given the health of the broker sector, anyone considering signing up with a broker or switching broker could do worse than check out the reviews of trusted brokers. Even the newer entrants into the sector realise that being regulated with a Tier-1 authority such as the FCA is a fundamental first step towards attracting switched-on customers.
Crowdsourcing information about scam brokers can help others avoid falling into the traps set by disreputable brokers, and you can share your experiences here. If you want to know more about this particular topic or have been scammed by a fraudulent broker, you can also contact us at [email protected]
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