AvaTrade is one of the most reliable Forex brokers in the industry holding more than eight different licenses from the top-tier financial regulators. The broker operates in over a hundred countries worldwide and provides multilingual 24/5 support to its clients. AvaTrade is famous for its platform diversity and an abundance of financial instruments available for trade. Recently, the broker gained a lot of customers in Canada for numerous reasons.
One of the greatest benefits for Canadian traders enjoying AvaTrade’s services is the fact that their accounts are held at Friedberg Direct. Friedberg Direct is a member of the most influential institution of the country – the Investment Industry Regulatory Organization of Canada (IIROC), as well as the Canadian Investor Protection Fund (CIPF).
Canadian Forex traders can trade various Forex currency pairs, CFDs on commodities, stocks, indices, ETFs, bonds, and others with AvaTrade. Traders have access to the maximum leverage of 50:1 on the mentioned financial assets with ultra-tight spreads on more than 60 Forex currency pairs. The article below represents a detailed AvaTrade Forex review for Canadian traders with an in-depth analysis of the broker’s products, legal framework, trading conditions, and available promotions.
Outside Canada, AvaTrade is regulated by eight different financial regulators that authorize the broker to operate in almost any corner of the world. The list of the regulatory bodies that license the brokerage company includes the Cyprus Securities and Exchange Commission, the Dubai Financial Services Authority, the Financial Services Agency of Japan, the Australian Securities and Investments Commission, the Financial Sector Conduct Authority in South Africa, and a few more. Therefore, the company essentially keeps traders’ funds on segregated accounts and offers Negative Balance Protection, as well. However, none of these regulators are monitoring the financial sectors in Canada. That is why AvaTrade broker has a different regulatory framework in the country.
AvaTrade itself is not regulated by Canadian authorities but rather cooperates with an authorized local broker. AvaTrade Group is in a close partnership with Friedberg Direct, which is a division of Friedberg Mercantile Group Ltd. The group is a member of IIROC (Investment Industry Regulatory Organization of Canada) and the CIPF (the Canadian Investor Protection Fund). It has a headquarter at 220 Bay St. Suite 600, Toronto, Canada. The broker represents the main AvaTrade Canada contact point for the Canadian Forex traders.
All AvaTrade client funds and accounts are kept by Friedberg Direct which means that their funds are protected under the Investor Protection Fund. This fund ensures that in case a broker becomes insolvent the traders’ financial resources will be covered and reimbursed. However, the protection is limited to certain cases. For instance, it does not cover your losses unless you have a missing property previously held by your broker on your behalf. The missing property can be cash, securities (Forex currency pairs, as well), futures contracts, and segregated insurance funds.
When it comes to financial assets at AvaTrade options are Forex currency pairs, CFDs on commodities, stocks, indices, ETFs, and bonds. The minimum nominal trade size is 1000 with CAD margin ranging from 3% to 6% on major and minor currency pairs. Also, the minimum deposit required by the broker is CAD $300 for the CAD account, and for the USD account – USD $250. The broker offers very competitive trading conditions with tight spreads on over 60 currency pairs for Forex traders with low costs on other instruments, as well. For instance, several major currency pairs can be traded with the following spread structure:
Local currency Canadian dollar is also widely available for trade within AvaTrade’s Forex portfolio. The traders can access at least eight currency pairs with CAD including:
AvaTrade ECN broker is one of the most popular brokers in the region and for a reason – there are numerous benefits that Canadian Forex traders are entitled to ranging from the Investor Protection program to premium educational packs, advanced and diverse platforms, and dedicated customer support. We have already covered a significant program of CIPF that guards the traders against the company insolvency affecting their funds. However, we have not mentioned broker’s one of the best features – educational resources.
The broker provides numerous educational sources free of charge to Canadian Forex brokers that include best-selling eBooks, guides, video tutorials on charting systems and platforms, seminars, online trading strategies and etc. That is why AvaTrade is also frequently recommended for Forex beginners. That is why you would hardly ever find negative AvaTrade customer reviews and would rather come across a strong suggestion to trade with the broker. Additionally, the broker is also famous for its diversity of trading platforms. You can find both MetaTrader 4 and MetaTrader 5 supported by the broker, as well as AvaOptions for binary options trading, and WebTrader. All of these platforms come in various modifications and a majority of them are available as downloadable mobile apps supported on both IOS and Android devices.
AvaTrade CFD broker also excels at creating a user-centric trading environment together with a flawless experience for the clients. One of the reasons behind it is the dedicated customer support team of the broker. AvaTrade support team has numerous contact options for clients who need assistance. They can choose between the technical and administrative support call-free toll number or request a general call for assistance in trading or other matters. For the complaints, a broker has a separate communication channel where after an AvaTrade sign up and log in users can send a complaint letter directly through the website to the support team.
However, it should be noted that the support team members are not allowed to give you recommendations or trading advice. It is strongly prohibited by the regulatory organizations that license and authorize the broker. The customer assistance is available 24/5 throughout the week from Monday to Friday and can be reached both by phone and email addresses.
There are few things that we like the most about AvaTrade Canada. First of all, it is the experience – together with the Friedberg Direct the broker has more than 47 years of expertise in the industry. These two brokers are highly regulated by notorious international authorities, as well as the local famous institutions such as IIROC and CIPF. It undoubtedly means that you and your funds are absolutely safe and protected. Additionally, you can access hundreds of financial instruments from different markets and trade with them on AvaTrade MT4, MT5, AvaOptions, or WebTrader platforms.
Furthermore, you can get an extensive educational pack bonus from AvaTrade which covers all important topics, recommendations, and guidance both for beginner and advanced traders. Most importantly, you can rely on the very best experts in the field and timely assistance from excellent customer service.
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