AvaFX has it’s own autotrading service, which is creatively named AvaFX Auto Trader. The AvaFX AutoTrader platform allows AvaFX forex broker clients to choose from a large list of trading signals providers, and have those signals traded automatically on their live forex trading account.
Pip spread: 3-7 – plus 1 pip commission for auto trades
Min Deposit: $1000 for auto trading
Max Leverage: 200:1
If you’re nervous about using it for real, you can take advantage of the free 30-day demo account, which lets you check out the platform and the performance of the signals.
If you’re looking for an autotrading platform, then AvaFX is a great place to start. The standard AvaFX online currency trading service is a good one, and you get a decent web-based trading platform, and strong signals from their autotrading service. The trial account allows you to trade with $100,000 of virtual currency, and you can trade on 23 different currency pairs. You can get some in-depth information about the performance of the signal providers they offer, filtering the signal providers by their max draw down, profit factor, the date they started trading, their average pip profit, their winning trade percentage, the amount of profit they’ve made, and the currency pairs they trade with.
You have a lot of freedom even using the autotrading functions. You can select the maximum number of trades that you want to have open on your trading account, your lot sizes (on a per signal provider basis), and stop losses (also on a per signal provider basis). You can pick up to ten different signal providers, and the platform will manage trades based upon their actions and your own personal settings. All of this is done on AvaFX’s server, so you don’t need to have your computer switched on and running the trading application. This lets you get on with other things while trading – you can even trade forex in your sleep!
The minimum investment to use AvaFX Auto Trader is $1000. This is a lot higher than the minimum deposit levels for their standard accounts. AvaFX charges a 1 pip commission on each completed (round trip) trade. This commission is in addition to the standard pip spread. Don’t let the fee put you off, though – the standard pip spread on AvaFX is quite competitive, and the 1 pip commission is worthwhile when you consider the quality of the signals offered by AvaFX Auto Trader. Think of it this way – would you rather trade online currency at a site with no fee but poor quality signals, and potentially face heavy losses, or pay a small fee in order to get higher quality signals? As they say, you get what you pay for.
Paying a small fee on each transaction at AvaFX gets you an easy to use and comprehensive trading platform with tools to help you select which traders are the best ones to use for your style of trading. The one thing that is lacking is an indication of whether the signal providers are making their trades with a demo account – something which is valuable information that other sites do provide.
AvaFX has a good Help and Support section, but there’s not much information about the Auto Trader in that section. You can, of course, get help via the Live Chat, which offers a fast response time, and helpful agents.
There’s always an element of risk with online currency trading, and AvaFX are quick to emphasize that currency can go up as well as down. They have some good features that can help people to avoid margin calls and stay positive, but their warnings about risky margin trades aren’t quite as pro-active as certain other auto trading platforms.
Still, AvaFX is a solid platform for those looking to get into online forex auto trading, and if you don’t like their signal providers, but do like their platform, then the good news is you’re not locked in to using them. AvaFX is supported by other signal providers, such as ZuluTrade – so your platform account isn’t wasted if you decide that you want to move to a different provider.
Ava Auto Trader,