AvaTrade Singapore Review 2024 - TU expert opinion
Is the Forex market legit in Singapore?
Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.
The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.
How to Trade Forex in Singapore
First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.
Detailed Review of AvaTrade in Singapore
AvaTrade is a good choice for traders from Singapore. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
AvaTrade has been providing services at the market for more than 14 years and during this time it has become one of the leading companies. It is consistently on the list of the best Forex brokers. The broker diligently fulfills its obligations towards the customers and regulatory authorities, implements innovations in its activity, and is constantly working to improve its service.
The company's activity is regulated by 7 commissions at the same time: CBI (EU), B.V.I. FSC (British Virgin Islands), ASIC (Australia), FSCA (RSA), CySEC, FSA, and FFAJ (Japan). The broker uses segregated accounts for more reliable protection of customer's funds.
Here are some figures about AvaTrade brokers, which can be interesting for traders:
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a wide range of trading instruments - more than 250 assets;
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customer service that speaks 14 languages, available 24 hours 5 days a week;
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accreditation from 7 regulatory authorities from five continents;
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the company's monthly turnover is more than 60 billion US dollars;
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the company’s experience is 14 years of work at the financial services market;
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more than 200 thousand customers worldwide;
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since 2009 the broker has received 9 awards for the quality of services provided.
Advantages of AvaTrade for trading in Singapore
Traders Union analysts conducted a detailed analysis of AvaTrade for traders from Singapore. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
availability of special accounts forIslamic traders;
large choice of trading platforms, mobile trading;
permission to use advisers, indicators, charts, and other instruments for automated trading;
Training section: Educational platform, tutorial videos, analytical materials and webinars for traders;
provides support by qualified experts 5 days a week at any time of the day;
high level of protection for customer funds stored at segregated accounts;
high level of accreditation. Licenses from the leading regulators across 5 continents.
Analysis of the Main Features of AvaTrade in Singapore
Traders Union analysts analyzed the key features of AvaTrade for traders from Singapore. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for AvaTrade traders from Singapore
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of AvaTrade trading conditions for traders from Singapore. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
MetaTrader 4, MetaTrader 5, Mirror Trader, ZuluTrade, AvaTrader, mobile and web versions of МТ
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📊 Accounts: |
Standard, Demo
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💰 Account currency: |
AUD, JPY, GBP, USD, EUR, CHF
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💵 Replenishment / Withdrawal: |
MasterCard, bank transfers, e-wallets
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🚀 Minimum deposit: |
100$
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⚖️ Leverage: |
1:30 to 1:400
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
0.01
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💱 Spread: |
From 0.9 to 3 p.
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🔧 Instruments: |
Forex pairs, Cryptocurrencies, Commodities, Indices, Stocks, Bonds, Vanilla Options and ETFs
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💹 Margin Call / Stop Out: |
25% / 10%
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🏛 Liquidity provider: |
Currenex
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Instant Execution
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⭐ Trading features: |
Cryptocurrencies and CFDs trading; Islamic accounts.
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🎁 Contests and bonuses: |
Yes
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AvaTrade Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by AvaTrade for traders from Singapore. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
The broker has been checked by our experts for the existence of explicit and hidden commissions, in particular a commission for trading volume and withdrawal of funds.
Account type | Spread (minimum value) | Withdrawal commission |
Standard | From 0 to 20 US dollars, depending on the platform | No |
We have also analyzed commission indicators of Ava Trade competitors - RoboForex and Exness. Based on the results of the study, we distinguished three categories: high commission level, medium and low.
Expert Review of AvaTrade
AvaTrade has proved to be a reliable partner that regularly performs for its customers. The reliability of the broker, as well as its high-quality service and favorable trading conditions, are often mentioned by the company's customers in their reviews.
At times, users are dissatisfied with a delay in withdrawing funds, but the competent customer service finds the best solutions to eliminate the difficulties a trader has encountered. The same users note that, despite some difficulties, the broker transfers the necessary funds in full amount.
All the users, without exception, note that AvaTrade offers almost the largest assortment of various assets and analytical tools that make automated trading possible. Also, the broker's advantages are minimal commissions, low spread, and fast execution of orders, as hundreds of satisfied customers claim.
Of particular note is providing security: customers' funds are stored on segregated accounts, and the broker's activity is accredited in the EU, Japan, Australia, South Africa, and the British Virgin Islands. Fulfillment of all legal obligations regarding these regulators makes AvaTrade one of the most reliable companies, regularly included in the lists of the best brokers.
FAQs
Is AvaTrade legal in Singapore?
Yes. AvaTrade operates legally in Singapore. The broker holds the necessary licenses.
Can you learn trading with AvaTrade? Does the broker offer courses for traders from Singapore?
Yes, AvaTrade offers good trading courses and a lot of educational information for clients from Singapore.
Can AvaTrade be trusted? Has the broker been operating in Singapore long?
AvaTrade has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with AvaTrade.
Is AvaTrade suitable for novice traders from Singapore?
Yes. AvaTrade offers optimal trading conditions and good education for beginners from Singapore.
How efficient is AvaTrade customer support in Singapore?
AvaTrade offers a sufficient number of ways to contact customer support in Singapore, and also provides support in the state language.
Has AvaTrade had any incidents involving theft of funds of clients from Singapore?
No. AvaTrade provides reliable security of funds of clients from Singapore.
Will I be able to file a lawsuit in Singapore if AvaTrade violates my rights?
Yes. If AvaTrade violates your rights, you can file a complaint with the regulator of Singapore, and then with a court.
Can AvaTrade clients from Singapore use the broker’s mobile app?
Yes. The mobile app of AvaTrade is available for the clients from Singapore.
Does AvaTrade provide Singapore market analysis?
Analysis of Singapore is featured in the information provided by AvaTrade.
How can I withdraw funds from my account at AvaTrade in Singapore?
AvaTrade supports bank transfers and debit/credit cards of the banks operating in Singapore.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!